The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-02-18
SENTIMENT MUCH MIXED
EARLY STRENGTH IN WHEAT AND
CORN LOST AT THE END.
Losses Established in These Two Ce-
reaIs-Oats independently Firm
and Higher-PrOvisiOns Down.

CHICAGO. Feb. T7.-Grains on the Board
of Trade to-day experienced a quick
change in prices. All options had good
early advances. but soon turned soft. May
wheat closed %qhc lower, corn sa%c down
and oats BqAc higher. Provisions closed
sane to 10c lower.
There was a little wave Of bull feeling
at the opening in wheat. Cables were firm
and worlds statistics were bulIish. There
was some fair buying by commission
houses early. and the bullish sentiment
carried over from Saturday, with advances
in corn and oats. helped prices upwards.
May opened hsgAc higher to a shade lower
at 7S7sc TO 1850, and speedily advanced TO
7sc. Almost every bit of available news
was bullish. There was a French cable
claiming probable injury to the wheat
crop from the hard winter Worlds ship
ments had fallen off nearly 2,0OO, 900 bu from
weekly requirements-a total for the week
OF 6,41,Oo bu, against 5000 bu last week.
The amount Of breadstuffs on passage had
increased only 232. 900 bu, and the visible
supply fell off 1,l6O,O00 bu. Dizziness in
trading, however, and the fact that the
outsider was not III the market worked
against prices. When 79c was reached for
May commission houses sold, and as other
grains lost their early gains wheat turned
beariSh. The bears who had been short
early and had covered and thus helped In
the advance took courage and sold short
again. though not to a great extent. May
slid off to 7SBQ7SAc and closed weak, 3sQ
hc down. at 7SAc. Local receipts. were %
cars, 3 of contract grade; Minneapolis and
Duluth reported 535 cars, a total of 800,
against $50 last week and 54S a year ago.
Seaboard clearances In wheat and flour
eQualed $4,000 bu. Primary receipts were
&C., 600 blu, against 661, 600 a year ago. The
seaboard reported 70 loads taken for ex-
port, too late to help the sagging market.
Corn had a good upturn early after a
lower opening on unresponsive cables. The
upturn In oats and the good tone to wheat
had a bullish effect, but when selling was
attempted on the bulge prices could not
hold their gain. Absence OF orders, the
late easier tone in wheat and prospects OF
increased country offerings caused liberal
selling. The sentiment toward the close
changed from a good bullish tone to one
decidedly bearish. No effort was made To
support prices, and May, which had sold 10
62%c, dropped to 61&Q61Ac. The close was
weak. May 5s9&c lower, at 6lAc. Receipts
were 104 cars.
Oats had a nervous opening. The market
advanced easily on commission house buy
ing: Offerings were light. and reports of
cash purchases for the East contributed to
the strength. Elevators also were bidding.
There seems to be a tense feeling over the
May situation. Shorts were very uneasy
and covered. When wheat and corn turned
bearish this pit lost much of it's early gain.
Notwithstanding this oats showed good
strength throughout the session. May
opened unchanged to sc up at 1870 TO 1870,
sold 10 445sc and eased again, closing firm.
h1Ac higher, at 43Sq44c. Receipts were
"a cars.
Provisions were dull and easier. Receipts
at the yards were $1,000 head in excess OF
the estimates and caused a lower opening.
Packers sold some, but the market showed
remarkable strength, considering the run
Of hogs. May pork closed loo lower at
$~15.S715, lard 5q71zc lower at S.4SQ9411a and
ribs 712c lower at $S.4712QS.5O.
Estimated receipts for tomorrow: Wheat,
40 cars; corn. 40 cars; oats, 195 cars; hogs,
1000 head
Leading futures ranged as follows:
Ora,- IIigb- Taw. CloS-