The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-28
BEAR DAY in GRAIN PITS
ALL CEREALS CLOSE AT DECLINES,
WITH WHEAT VERY WEAK.
Losses Range from Lie in Corn to
4 lie i'm Wheat-PrOvisiOns Are
Independently Strong.

CHICAGO. March 27.-Grains experienced
another day of heavy trading and for a
time sold at good advances. Fair weather.
however, dissipated fears of crop damage.
and corn shorts had comforting assurances
against the gossip Of a corner on July corn,
and declines were registered. May wheat
closed 12sG11ze depressed. corn &c lower
and oats nc down.. Provisions again acted
independently strong and closed 5Q71Ac to
soc higher.
Traders who ran TO cover yesterday on
the reports Of crop damage in winter wheat
had their fears allayed soon after the
opening hour. Cables were higher on the
damage reports and there was a fair num-
Der Of buying orders. Small Northwestern
receipts were bullish in their influence. but
only so long as corn held firm did wheat
keep its opening strength. Rains were re-
ported over the whole wheat belt and the
temperature was too mild not TO be taken
notice of. Statisticians reported the grow
ing crop as good as, If not better than, at
first expected. Corn had been expected TO
take a decided upturn, but was soon being
sold literally and weakened. This gave the
weather an opportunity TO be felt to its
full extent and wheat grew sick and stag
gered downward. Liquidation and stop loss
orders added to the decline and bears took
control. May wheat opened sc to &c higher
at 73Ac to re and held there for some time.
The depression took May to NC and in
spite Of liberal covering of short accounts
late in the day the close was very weak.
May 1B4115c depressed at 13sd7119c. Crop
damage reports continued 10 arrive, but
were overbalanced by other reports that
made bears hopeful. Some of the weakness
was due 10 closing up deals over to-mor-
rows holiday. Local receipts were - cars.
none of contract grade; Minneapolis and
Duluth reported 236. a total of 255, against
$50 last week and 40 a year ago. Argentine
shipments were $4,000 bu, compared with
1884, eco last week and 1861 900 last year.
Primary receipts were $4,000 bu, against
Sl1.OOO a year ago. SeabOard clearances in
wheat and flour were $4,000 bu. The sea-
board reported nothing taken for Export.
This point sold seven loads.
Considerable strength was manifested all
DAY in corn. despite the marked weakness
that developed in wheat. There was also
persistent selling of corn by big traders,
especially by the crowd that was supposed
to be trading TO corner July options, but
prices held well. The market was nervous
and excited at times, on account of rumors
that an effort was being made by large
Eastern interests to connect with the
July campaign" crowd. Heavy selling for
profits eaSed prices somewhat and gave
wheat a nance to break. The wheat pit in
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selling as high as 603sc early in the day,
lost all it's gain and dropped 10 59kQ59Ac.
The weather had something of Il bearish eff
feet. but in spite of the heavy pressure
brought to bear on this market May closed
only easy. Ac lower at 59Ad593sc. Country
offerings were moderate. Receipts were
light at los cars.
Oats had some strength at the opening,
under the Influence of corn. They soon
broke away from this lead. however, an
on liberal offerings turned easy. There was
a good early demand in July. which was
easily accommodated, and May options,
which were quiet, declined in sympathy.
The late weakness i'm wheat and the loss OF
the early corn advance helped depress oats
late. Reports of early seeding and plants
starting well had an added bearish in
fuence. May sold from 42c to 43hc and
closed nc off at 42ssc. Receipts were 90 cars.
Provisions showed marked strength again,
que, il is said. to active manipulation by
packers TO bring prices to a higher level
for the purpose of unloading their PRODUCTS
There was another large short line covered
and generally heavy trading resulted. Hog
prices were better. receipts OF hogs light
and a private estimate of Chicago stocks
showed a decrease in lard and an un-
changed situation in pork and ribs. This
taken in view of the recent heavy runs OF
hogs and the better prices was considered
bullish. Offerings were principally by longs
who took profits. May pork opened 10000
up at $16.25 to Sl6.35, gained steadily for 2
time and then Jumped late to SIC. 20. where
it closed very strong. soc above Yesterday
close; lard closed 1OG12%c higher at 50. S21,
and ribs. 5G71zc up at IS. S7RGS.9O.
Estimated receipts for Tomorrow: Wheat
20 cars; corn, 105 cars; oats, lis: hogs, 81
O00 head.
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