The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-12
SMALL EFFECT OBSERVED
GOVERNMENT CROP REPORT HAS
LITTLE INFLUENCE On TRADE.
Wheat Closes at a Loss, Corn and Oats
with Small Gains-HOg Products
Are n Little Up.

CHICAGO, March II. - Spectators who
were expecting a jumping bull market on
the strength of the bulIish interpreta-
ton put on the government reserve report
were disappointed. There was an early
short-lived spasm of strength as a result
of the bullish effect the report had last
night on the curb. but rains in the South
west depressed wheat and other pits lost
much of their gains sympathetically. AT
the close May wheat had lost 9sa14c, corn
had gained 14G2sc and oats were &c higher.
Provisions closed 21kG1Oc higher.
Wheat felt bullish at the start. having
for its upturn influences better cables light
receipts and the government report The
latter was not quantitative but, based on
former figures. the farmers reserves. as
estimated at % per cent, indicated 156.17O,oOO
bu. Wheat traders also had an eye on
corn, which was expected early to take
big jump. When it was seen that corn
bulls received the news of the shortest
corn reserve on record with apathy wheat
longs lost hope. Then came recurrent adj
vices of rain in Oklahoma and Texas. At
this the professionals fOrsook the bull
side. plenty of grain came out for sale and
the market turned bearish. The late Liver
pool cables were easier and Paris was
down. The coarse grains lost some of their
early small show of strength, and May
wheat. which opened &c up to unchanged,
at H1440c, dropped TO I64c, with occasional
reactions. The close was weak and Ssu12c
lower for May, at 761k0765sc. Local receipts
were 81 cars, one of contract grade; Min
neapolis and Duluth reported 296, total
OF 31S, against 1886 last week and ABS
year ago. Primary receipts were 43I, 600
blu, compared with $4,000 last year. Sea-
board clearances in wheat and flour equaled
10000 blu. The seaboard reported 26 loads
taken for export.
Although corn prices held, in the main.
better than at yesterdays close, there was
crowd did not take to the bullish view
OF the governments report and support
the market. The reserves in first hands
were estimated at % per cent. and were
figured out to be 394. 100000 bu. compared
with 776.200.O00 bu last year. This started an
early bull movement, and, with the contin-
ued light receipts of corn, May opened IA
/ 9sc to sake higher, at 624u621sc- There
was, however, no prominent buying in sight
and the Southwest sold literally. Small
holders. disappointed at the turn affairs
! had taken. sold freely. The market turned
heavy and, on the mild weather, trade
Jagged. Big holders of long lines stood by
and watched. May slid off TO 6lSsG61$4c,
| pressed somewhat by the wheat weakness.
The close was rather firm and A42sc high
er, at &c. Receipts were 1S6 cars.
Oats showed little effect from the ac-
| ton of other pits or the government-report
| influence. The market opened only barely
| firm, with corn, and on the fact that 100, eco
bu had been withdrawn from contract
stocks for shipment The government esti-
| mated reserves at 80 per cent, which was
! figured out to be 19S000,000 bu, or nearly
100000 short of the usual supply. The
! talent was inclined to the view that it
would take two or three days before the
| full bulish effect of this estimate would be
! felt May was somewhat cratic though
trade was dull. May sold as low as 441ec
and closed firm and l4c up, at 44%c. Re
! ceipts were 179 cars.
Provisions were dull, but slightly higher
/ on the improved hog market. The OPEN
/ ing was firm and the prospects of a strong
| coarse-grain market Influenced small pur-
! chases. May pork closed 15c up, at Sl535;
! lard 21hc higher, at 1910, and ribs Prose
/ higher, at $40.
| Estimated receipts for tomorrow: Wheat
! 10 cars; corn, 50 cars; oats, 55 cars; hogs,
| 34,000 head.