The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-10
TONE in CEREALS
CROP DAMAGE AND FRENCH CABLES
BULL THE WHEAT PIT.
influence Felt i'm other Grains, DiSpO-
sition To Sell Being Lacking
sProyisions Are Lower.

CHICAGO, March S.-Crop damage re-
ports met favorable conditions for a re-
vival Of strength and activity in wheat to-
day. and other grains profted sympathetic
cally. May wheat closed &c higher. corn
1kGAc up and oats sc higher. Provisions
closed unchanged to 10c lower.
Nearly everything favored an improve
ment in wheat. Liverpool cables were not
as firm as were expected, but Paris had
gained sac since Monday. and this. in con-
nection with the improved situation in all
foreign markets. was bullish in effect. For
a time at the opening there was some little
selling on the English situation, but in a
short time a steady advance began on the
weather reports, and the market ruled
strong the rest Of the day. There was no
news of moisture in the Southwestern
wheat fields, and crop damage reports came
in constantly. The -four situation in the
Northwest was said to be improving, and
with it the cash wheat business. Shorts
were FESTIVE, and in view Of the forthcom-
ing government report of Monday (Which
is expected TO be bullish1, and Of the
usual Saturday ~evening-up argument, COW
ering was in order. The prominent local
bulls also came into the market and COM
mission houses placed numerous buying
orders. Trade was better than in some time.
The heretofore general tendency to sell
was notably absent. Indications point TO
a decrease in the visible supply of about
Loo, 900 bu. on the whole the market pre-
sented a much better appearance than for
several weeks. May started &c lower TO
7Sc, eased on liquidation 10 775sc and closed
firm and &c up at H%c. Local receipts
were Is cars, none of contract grade; Min
neapo1S and Duluth received 3l9 cars, a to-
tai of 332 cars, against, $50 last week and
44 a year ago. Primary receipts were 49,
600 bu, compared with $4,000 bu last year.
Seaboard clearanceS in wheat and -four
eQualed 234,000 bu. Australian pine
for the week were SOC, 900 bu, against $685. 90
bu the corresponding week a year ago.
Corn opened firm and ruled with a good
tone throughout the day. Gables were.
irmer and receipts continued very light.
The markets were sending
out bullish advtces, and the bull movement
IN wheat gave some upward impetus 10
corn. The crowd was fully as bullish as
in wheat. though the market was not so
broad. Selling was restricted. partly on
the fear of a bullish government report.
This same sentiment also checked other
trading TO some extent, and some traders
were. satisfied to even up and wait. The
market was healthy but rather dull, and
no material advance was effected. May
opened a shade to bqAc higher at e2lc to
o214c, sold TO 6215c, but closed only barely
firm and B4Ac up at sac. Receipts were
80 cars.
Oats ruled firm and higher with the other
grains, but business was restricted to
scalping. Receipts were still small, with
little prospect of an immediate improve
ment. There was not as much nervousness
in May options to-day, although som early
selling eased that future. There was. how
ever, an immediate reaction, offerings were
we'll taken and May sold up to 44%c, clos
ing firm and Bc higher at 1850. Receipts
were 50 cars.
Provisions opened lower on a lower hog
market. Fair purchases brought a reaction,
but later selling of lard and ribs eased the
market. The grain strength prevented any
marked decline, and the close was steady
in lard and ribs and easy in pork. Locals
took most of the offerings. May pork
closed 1Oc lower at $3.50, lard a shade lower
at So. 1923 21a and ribs unchanged at $S.3712
QS.40.
cars; corn, los cars; oats, lis cars; hogs.
5000 head.