The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-14
LATE BREAK in WHEAT
1T OPERATES AS A BEAR INFLUENCE
IN ALL PITS.
Oats the Only Grain to Establish a
Small ADMINISTRATION Close
at Slight Losses.

CHICAGO, March 13.-There was a va
riety of experiences in the grain pits to-
day. Weakness characterized the opening;
good strength developed later, particularly
in the coarse grains, but in the end the
usual spring-time decline seemed to be in
order and May wheat closed 7sQlc lower,
corn Ease lower and oats sc higher. Pro-
visions, after opening strong, closed a
shade to sc lower.
There was little decisive news in wheat.
Cables were not responsive, Northwestern
receipts were increased enough to be bear
ish, and it was generally conceded that
there was rain enough for the wheat States
for the present. The Weather was season
able and statistical journals gave decidedly
bearish advices. Under these influences May
wheat opened 1sG1sc lower at 76l4c to 76ssc
Corn showed some strength and helped
wheat back to it's yesterdays closing posi-
ton. There seemed for a time to be an eff
fort on the part of local leaders to bull the
market, but the covering, which advanced
May, gave way on heavy selling for St.
Louis, and 1T was evident that it was
bolstering that aided the tone. Spring
wheat seeding has been started and there
seemed to be an inclination to let wheat
East say that foreign markets are pre-
ferring Manitoba wheat to our exports.
Farmers are reported blowing up their
worst wheat fields and damage reports still
came to hand. The selling, however, de-
pressed the price of May to 751Rc and the
close was weak. Sale lower at 751sQ75ssc.
Local receipts were 40 cars one OF contract
grade. Minneapolis and Duluth reported SS2,
a total of 422, against zoo last week and pa
year ago. Primary receipts were 447,0oo
bu, compared with $4,000 last year. Sea-
equaled $4,000 bu. The seaboard reported
30 loads taken for export.
Corn made the best show of strength of
any of the pits. Prices were at little de-
cline at the opening, in sympathy with
wheat. Good support, however, developed
at once. Southwestern markets were higher
and sent in buying orders. Gables We're
slightly up, receipts were small the in
terror movement was slow and reports had
IL that there was q good feeding demand.
There was also a fair immediate shipping
demand. Prices soon broke away from the
depressing influence of wheat and even
helped that cereal to some extent. May
corn easily sold up to 6224c. Then came the
wheat break and liberal selling of corn on
spring influences followed. May lost its
hold and slid off TO 61hc, closing at that
figui {, weak and 1265sc lower than yester-
days close. Receipts were 112 cars.
There was some small action in May oats.
and for a time il was thought the expected
furry was at hand. Prices of other options
were slightly lower, but May started UNI
changed There was only a small demand,
put the corn strength nelu prices up uHtll
almost at the close. The heavy long hold
ings in May options kept the shorts on
tenter-hooks. When corn and wheat broke
May lost some OF Its gain, but other OPP
lions closed easy. May closed 1sc higher at
s513c. Receipts were Sc cars.
Provisions ruled rather steady. The OPEN
ing was firm and higher on better prices
for hogs and there was a further advance
en- buying of pork and some ribs. Brokers
supplied the demand easily and the late
grain weakness took the strength out of the
market. May pork closed &c lower az $15.40,
lard 21ac down at $40 and ribs a shade off
at SIS. 40Q8 .4212.
Estimated receipts for tomorrow: Wheat,
80 cars; corn, 30 cars; oats, 20 cars, hogs,
1900 head.