The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-31
MAY WHEAT'S Low POINT
NEW LOW wi OF RICE FOR
THIS YEARS TRADING.
Corn Strong and Higher on the Cold
Weather west-Oats and Provi-
sions Show Declines.

CHICAGO. March 29.-Speculation in
grains was mixed and only fairly active to-
day. Cold weather upheld corn, but wheat
was offered so literally that a new low
price for May was recorded. AT the close
May wheat was &c lower, corn sc higher
and oats sc depressed. Provisions closed
a shade to l5c down.
Some slight strength was acquired by
wheat from the cold weather reports west
and from their effect on corn. There were
no foreign markets open, however, and
news apart from the weather was meager.
The session also was short and the ten
dency in wheat was to clear up deals. Re
ports from the winter wheat belt con-
tinue TO develop bearish sentiment. Rains
and the warmer weather helped the growth
OF plants materially curing the week. Some
of the Chicago crop experts in Kansas re-
ported ~ TO 20 per cent. or a crop Tor tnat
State. AT the start there was fair buying by
a prominent professional to take in a long
line of shorts and there was also some
Eastern buying. This business did not last
long. but the offerings continued In heavy
surplus OF the demand and prices collapsed
temporarily. May started 1s4Ac lower TO a
shade higher at IAc to H12c, advanced 10
lasc and then dropped 10 the lowest price
since May has been for sale this year-aO1sc.
This new level induced good short cover
ing and some investment purchases and a
recovery to Tssc followed May closed easy.
Ac down, at 1bQI14c. Local receipts FOR
two days were 10 cars, one OF contract
grade; Minneapolis and Duluth reported
59 cars, making a total for the two days or
$50, against one day last week, 29 cars,
and 400 a year ago. Primary receipts were
697. 900 bu, compared with $4,000 last year.
Seaboard c~learances In wheat and Hour
equaled $4,000 bu for two days. Australian
shipments for the week were $4,000 bu,
compared with 1.3S4,OO0 last year.
Showing in Kansas and below freezing in
parts of the Southwest started corn shorts
10 cover hurTiedly at the opening. There
could not, of course, be any growing of
grass with that temperature, and traders
argue a further need of corn for feeding.
There was a good demand most of the day
and only light offerings to meet II. The
crowd that has been manipulating July did
a little buying, but not enough to excite the
pit. Many of the short spectators were
nervous over the firm tone, and there was
considerable covering, supposed to be for
St. Louis. Trade was active at times, but
the small amount put on the market re-
stricted general business. The late weak
ness in wheat took off some of the gain
corn had made. but longs were not in
clined to let the market drop back far.
May opened firm, sold to 60Ac and closed
firm, sc higher at 59kQ60c. Receipts for
two days were 1917 cars.
Oats were weak. Offerings, especially of
May, were liberal, and there was no APP
parent attempt by the bull faction to sup
port prices. Shorts covered freely at times,
but the demand was very slack. The pro-
visions crowd sold in good quantities and
the corn strength aided only temporarily.
May started slightly under Thursdays
close, sagged to Also and closed weak. sc
down at 41l2c. Receipts for two days were
257 cars.
PrOft-taking ruled the day in provisions.
The hog situation was still bullish, the
highest prices for the year being reached
at the yards to-day. The chief buyers of
last week who bulled the market, however,
were content to take their share of profits.
Heaviest shorts had already covered. but
there were enough shorts left to take the
offerings without having TO depress prices
by any great break. The first hour in the
DIT was nervous and nrlCpS in nOrk rose
and fell rapidly. At one time May pork
sold as low as S16.471z. The close was easy,
May pork 15c lower at 1855, lard sc down
at $9.77h and ribs a shade lower at $S.S7h.
Estimated receipts for Monday-Wheat, 95
cars; corn, 10; oats, 155; hogs, 1000 head.
There will be no session of the Board of
Trade on Tuesday, April l, owing to the
election--a legal holiday.
Leading futures ranged as fnllnus.