Omaha daily bee., 1901-03-13
COMMERCIAL and FINANCIAL
In Absence Of 0utsid. Support Wheat
Cltss with Decline.
HEAVY TRADE IN CORN DURING FIRST HOUR
Oats Market H. Narrow and shorts
Cover Under influence of Corn
Provisions Rule quiet
hut Firm.

CHICAGO, March 12-In the absence OF
outside support the wheat market closed
with decline OF asc today while the other
leading speculative markets on change held
firm. corn closing hn2sc, oats &c and pro-
visions bdfi5c higher.
May wheat opened isdi4C higher AT 755sc
to 75Izc, under the short-lived support re-
sultant to higher Liverpool cables and the
mildly bullish government report made yes
tordav afternoon. There was fair amount
Of outside buying the first few minutes, but
the bulk of purchases was made by local
shorts. II was soon left to local bulls TO
take care Of the market and they proved
unequal TO the task, although the bear
pressure was at no time severe, or even
serious Considering the divergent views
expressed by leading traders the compare
tive inactivity Of the market is puzzle.
The bull argument, embracing recent re-
ductions IN crop estimates for Argentine,
Australia France and In the northwest. are
answered by pointing to the fact that May
wheat is now Dc higher than II was a year
ago II was this answer which was made
to the government report.
The liberaity II seaboard clearances last
week, az well as today. make = review Of
port inquiry" look peculiar. The days re-
celpts. both In the northwest and including
other primary points, were under last years
receipts and the fact that this Is the crop
scare season was made prominent by dam
age claims from ohio and Indiana The
pressure, worked of during the forenoon to
T7sn15c The report of 200 600 bu sold here
for export and seaboard claims of % loads
taken for the other side caused rally to
75ihd75iac, but this rally failed Of support
aud the market reacted to 7idT7sc aud
closed easy. Sac under yesterday at 7jc.
Seaboard clearances In wheat and -four
wore equal To 367 600 bu.. while primary rc-
ceipts were 55l o0D bu., compared with 6Si
0oo bu. last year. Minneapolis and Duluth
reported 363 cars, against 2lj last week and
932 year ago. Local receipts were - cars,
3 Of contract grade. The worlds visible de-
creased 5000 bu
The government statistical report of corn
reserves was more bullsh by comparison
than that ON wheat and was reflected i'm
heavy trade during the first hour of trade
in that cereal. Unsettled wSather also
helped the bulls. but later the market be-
came more quiet and prices eased off on
the improved grading of receipts. there be-
ing 81 cars OF contract out OF i96 cars re-
CeiVed here today. Country aCceptanCcS
were reported light, while shippers claimed
their market somewhat improved. May sold
between dlhc and i0AniO7sc, closing ANas
higher at 407smilc
oats were, somewhat affected by corn.
shorts covering under the influence of that
markets strength. On the whole the mar
ket was narrow one, lacking speculative
features. a good shipping demand was re-
ported but the business done was not given
out. MAY oats opened at 2ias125a4c, sold
sparlngly at 2iSsc. declined to 2iiAd2iSsc aud
wore 3la cars
Provisions were firm, without much busi-
ness being transacted. The strongest phase
of the market was near the close and Il was
also the most active at that time. The
market was bare of offerings most of the
day. Near the end g little came out and
tween sHs2h and $li9O and closed 15c
higher at sli9o: May lard closed &c up at
S6O and May ribs 7i4c improved at S1321a.
Estimated receipts tomorrow: Wheat 10
cars; corn, 2O cars; oats $50 cars; hogs,
5000 head.