The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-11
in THE SOUTHWEST
BREAKS H PRICE OF WHEAT
OTHER CEREALS FOLLOWING.
Result Is N Series Of Losses
from 1-Sc I'm bats 10 3-4c in
Neutrality-suspicious. Also Down.

CHICAGO, March 10.-Meagre reports OF
showers and prospects of good rains in
the Southwestern wheat country took the
bull support of dry weather away from
wheat to-day. After a decidedly bull
ish opening in all grains, spectators were
forced to change front, and at the close
May wheat was &c lower, corn 12q9sc down
and oats &c off. Provisions lost 2As45c.
At the start in the wheat pit there was
a goodly array of bullish arguments; cables
were firm, both Liverpool and Paris; con-
tiEued dry weather was reported in the
winter wheat belt, and commission houses
had good buying orders. Coarse grains
were improved, and added in the upturn.
Under these influences May opened 1sqssc
higher at 77lsdTkc, and advanced 10 7SAc.
On the advance numerous longs who had
bought early last week sold for profits.
Prices steadied for some time around 7Sc,
but when reports arrived OF showers in
some localities OF Kansas and Nebraska,
the prop under wheat gave way, selling
became general and somewhat heavy and
prices declined. There was much specula-
ton as to what the government report
of grain in farmers hands would state.
There were bearish preliminary estimates
that the reserves would be from lS0,0o0,Oo
bu to 200, OO0,0 900 blu. Trade was fairly active.
May closed weak, %c lower, at &c. Local
receipts were "a cars, one of contract grade.
Minneapolis and Duluth reported AS cars,
a total of 47g cars, against 502 cars last
week and e4 cars a year ago. Worlds
shipments were S.Ol1,O 900 bu, compared with
7.742,OOO bu last year. On passage bread
stuffs increased $4,000 bu. Primary re-
ceipts were $4,000 bu, against 417.ooo bu
a year ago. Seaboard clearances in wheat
and flour equaled 10000 bu. The seaboard
reported ii loads taken for export.
Corn was influenced chiefly by wheat,
ruling firm at the outset and sagging of
on the bearish news, though not TO such
an extent as wheat. After the first hour
trade was inclined to dullness. Gables
and light receipts, together with the Wheat
strength. brought the opening bulge. But
the continued warm weather seemed 10
weaken the holding sentiment in the coun-
try. Cash offerings were still light but
as wheat eased, long corn was sold and the
decline oliowed. The local crowd in the
main waited for the government report.
May opened strong and sold as high as
621zQ62ssc, sold down TO 6lhq6lssc, ana
closed weak, Lq4sc lower, at 6lssq6lAc.
Business was confined largely TO pit trad
ers, though the conspicuous selling was
for St. Louis. Receipts were 1Ol cars.
oats were dull. with prices inclined 10
sag in sympathy with other grains. May
was offered freely at times, but was fairly
well taken, and suffered little loss in price.
The range of fluctuations was very narrow,
the bearish sentiment being offset to a
slight extent by reports that large quaint
ties were TO be shipped out May closed
1sc lower at 441ac. Receipts We're LIZ cars.
An excess OF 1900 hogs over the esti-
mated run broke the hog market and in
fuenced liberal selling in the provisions
Fit. Grain weakness worked against a
Slight show Of strength on the absorption
of offerings, and products closed easy.
May pork closed &C lower at S15.25, lard
214G5c down at $9.371z and ribs 213c lower
at $S.35dS.3Th-
Estimated receipts for tomorrow: Wheat,
90 cars; corn, 10 cars; oats, 1O cars; hogs,
81, 900 head.