The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-13
RAIN in THE SOUTHWEST
CAUSES HEAVY SELLING AND A DE-
CLINE IN WHEAT.
short Covering Wipes Out Most of the
Loss-COrn and Oats Strong,
Hog Products Higher.

CHICAGO, March 12.-Strong bearish ar
gument in the shape of news of copious
showers all over the Southwestern wheat
fields Influenced liberal sales in both wheat
and corn to-day. but bears went to ex-
tremes and oversold the markets. As re-
suit a few bits of otherwise unimpOrtant
news started covering and May wheat
closed only a shade under. corn %Q1ac high
er and oats &c up. Provisions gained 21sc
10 10c
Bears started 70 sell wheat literally at
the opening on rain reports. The South
west, which has been reported as suffering
badly for moisture. seemed to have re-
ceived a good drenching. At any rate, the
bear argument was strong and as depress-
ing. At any rate, the bear argument was
strong and as depressing as traders expect
any news to be for some time. In the specu-
lative mind the danger from damaged crops
is past. This started May wheat hd%c TO
HQ5sc down at 7SAc to 76c and influenced
further dip to 755sc. News apart from that
OF the passing of the drought was given
little attention. Cables were slightly lower
but receipts small and the coarse
grains seemed to have an abundance Of
latent strength. Trade was only moderate.
until covering set in. Two days ago May
wheat was selling at 7s1<c. AT the low
price to-day short sales made at the high
figures made good profits and the crowa
soon saw that the market was oversold. on
top Of this came news Of the disposition
toward better business at the seaboard.
May sold up sharply TO 1890 and closed al
most firm, a shade lower, at i61zc. Through
out the day shorts were nervous. The corn
strength also developed an effective in
fuence late. Local receipts were % cars,
none of contract grade; Minneapolis and Du-
luth reported 276 cars, a total of 301, against
$50 last week and 1888 a year ago. Primary
receipts were $4,000 blu, compared with
60SO0O the same day last year. Seaboard
clearances in wheat and flour eQualled
2o3oOO bu. The seaboard reported 60 loads
taken for export. of which 80 were said TO
be OF Manitoba wheat.
Corn opened a little easier on the wheat
weakness and bears did some short selling.
The rain, however, started the bulls to
talking of a further hindrance of the move
ment to market. Trade was NOT active, but
receipts were small usual AS the wheat
weakness began to disappear corn picked
up marked strength. Shorts were nervous.
The market was OverSOld and covering
was the order of the day. This sent May up
from 6l3sc 10 621zc and brought firm close,
4sa1ze higher, at 629s462lzc Receipts were
1913 cars
Oats were fairly active and nervous at
the opening. The tone was strong on a
further withdrawal of As. $50 bu of No. 2
oats from stocks. making a reduction of
one-third of the total Chicago stocks since
Monday. May opened unchanged at 44%4c
and advanced quickly to 45I2c. Trade then
turned dull and was a scalping affair. The
late corn strength and short covering gave
the closing impetus, and May ended the
session strong, 5sc up at 1850. Receipts were
only 81 cars.
Provisions were dull, but ruled firm with
coarse grains and higher prices for hogs.
May pork closed 1Oc up at $15.45; lard, 21ac
higher at $S.421z, and ribs 21ac higher at
S. 421A.
Estimated receipts for tomorrow: Wheat,
Sc ears; corn, 10 cars; oats, 70 cars, hogs.
3D. 900 head.