The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-08
GRAINS ARE VERY WEAK
DECLINES RANGE FROM QUARTER
TO FIvE-EIGHTHs OF A ENT
Slump i'm Oats Precipitates n General
~Break-HoE Products Strong, Max
ing Gains in All Lines.

CHICAGO. March Leading speculative
grain options were handled on a declining
market to-day. in conspicuous contrast to
the clear-cut strength of hog products.
The cereal slump was precipitated by
weakness in oats, wheat closing Aa%c.
corn sc and oats &c lower. Pork closed
Soc. lard 7l1c and ribs Tzd10c higher.
Opening transactions in wheat were 40
%c lower. at 752s@75Ac for May delivery. a
condition of speculative affairs due to a
variety of bearish influences. Liverpool
was depressed to begin with; Northwest
receipts were liberal and the weather of a
mild character, calculated to stihe crop
damage reports. Commission houses sold
heavily, and during the first half hour the
market was pounded to 75sd75hc. Then
the market became dull, and under local
buying, much of it covering by shorts. re-
acted to 75hc. A report that some wheat
had been sold direct to Hamburg helped
the market at this time. Meanwhile there
was some activity in July wheat, which
increased its discount under May TO sqlc.
During the afternoon the pronounced weak
ness of corn and oats and the discourag-
ing export situation awoke bears 10 the
possibilities of the situation and the mar
ket declined with some celebrity 10 15c and
closed weak and 1RG5sc lower, at 15u151sc.
Exporters reported eighteen loads taken.
Seaboard clearanceS in wheat and flour
were equal to $4,000 blu. while primary re-
ceipts were $4,000 bu, compared with ooo'Ov0
last year. Minneapolis and Duluth report
ed AL cars, against 22 last week and 52I
a year ago. Local receipts were 43 cars, )
o. contract grade.
ferings, liberal receipts and a slack ship
ping situation. An estimate placing the
amount of corn in farmers hands at $780,
200, 900 blu, compared with 773.000,0O at the
same time a year ago, was also depress-
ing, although 1T was nothing more serious
than a guess. The provision strength eX-
erted itself in behalf of the failing mar
ket and accomplished some recovery, but
the oats weakness prevailed and corn
slumped off sharply TO the low point of
the day, where the market steadied on the
reported engagement of 81 loads for ex-
port. May sold between 4OAc and 40AQ4O%c,
and closed CSC lower, at 409suaJ13c. Receipts
were 35 cars, one of contract grade;
AS was the case yesterday, oats led In the
weakness of the grain markets. Heavy lots
of long oats, from holders tired of the
featureless market, formed the bulk of the
offerings, but on the decline bears put out
some short lines. The market steadied
and recovered fractionally near the close
on proft-taking by shorts. May sold be
tween 25hG25Ac and 24ssc, and closed &c
lower, at 241sc. Receipts were $50 cars.
Provisions were active and strong. The
market opened at a small advance, be-
cause of a light run of hogs, and advanced
sharply on buying by an influential packer.
who, according to an estimate, bought 5000
barrels of pork and 100000 pounds of ribs
during the day. Other packers bought also,
while scalpers sold on the advance. The
close was strong. May pork sold between
$14.& and SASS and closed 30c higher, at
s14.521z; May lard between $3.50 and $751;,
closing NC UP, at $7.52R@7.55, and May
ribs between s7.121z and S7.2047. 221a. with
the close 7l1Q10c up. at $7.17xd7.20.
receipts tomorrow: Wheat,
So cars; corn, 25 cars; oats, 25 cars; hogs,
10000 head.