The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-02-26
GRAINS ARE RECOVERING
COVERING AND BETTER EXPORT
DEMAND THE CAUSE.
Reports OF Damage to Winter Wheat
Also a FactOr-Provisions Easier
ON the Heavy Run of Hogs.

CHICAGO, Feb. 25.-Reaction after yes
terday's heavy depression in grains set in
to-day and covering of short accounts. in
huenced by an improved foreign business,
braced the tone of the market. May wheat
closed with a gain of 12c, corn sac and oats
sc. Provisions closed a shade to 219c lower.
Following yesterdays heavy liquidation
the wheat trade hardly knew what to ex-
pect at the opening to-day. There was a
possibility of another such day, but the en-
tire local contingent felt like playing for a
recovery on the theory that prices had
broken enough. Gables were unresponsive
to our depression and the early business
was marked by covering. Liquidation for a
time. however, held prices down again be-
fore they made a final rally. Then came in
reports Of a better foreign demand Clear
ings were large. Bradstreet reported a
large visible supply decrease and late re-
ports had it that the melting snow showed
damage to the winter crop not known be-
fore. Pit traders bought cautiously, the
liquidation practically ceased and liberal
covering set in again. Trade was heavy,
while prices were on their early upturn, but
quieted down later. Some professional
bulls secured low-priced stuff with a view
TO later profits. Cash business also i'm
proved. May opened a shade TO sc higher
at 75$c to 1850, slid off to 1850 and reacted
to 1850. The close was firm, May 13c up at
76sQ76Ac. Local receipts were large at
seventy-three cars, two of contract grade;
Minneapolis and Duluth reported 401, a total
OF 44, against 4S9 last week and 905 a year
ago: Primary receipts were 1920 bu
against $4,000 bu last year. Seaboard
clearanC6S In wheat and fiOIlr pCnQ1pA Q46 -
900 Blu, of which AIS. 900 bu were flour. The
seaboard reported twenty-five loads taken
for export.
Corn showed a tendency to do better after
yesterdays break, though the feeling was
unsettled and nervous. There was still some
liquidation from the country, but not Of the
urgent sort, that marked yesterdays bust
ness. Buying was started early on the
steady cables, both for shorts and for in
Yestment by those who hope soon TO bull
the market again. There was not much
said one way or the other about country
offerings, though indications were for
rather q restricted movement. There was a
big business done early and the country
came in and played both ways. The in
creased receipts had a depressing effect but
the market was sufficiently strong to over
come that influence. 1t is thought that
liquidation Is about over. Foreigners bought
to some extent and helped with the adj
vance. May, which opened unchanged to
&c higher at 59Ac to $3.50. sagged for q
time to 591sc, then sold to 6Okd60Lc and
closed firm, Csc up at Coo. Receipts were 331
cars.
Oats had a strong market and while trade
was dull there was a decidedly nervous
feeling. The advance was largely sympa-
thetic, though business was improved over
that of last week. Some selling was done
on the increased receipts but corn infu-
enced covering and better prices. May sold
as low as 412c and closed firm at it's top
figure, Ssc higher at 4214c. Receipts were
81 cars.
Provisions ruled dull and slightly easier.
Inc lower prices Tor hogs at the wards in
duced some early selling, but the grain
strength helped later. May pork closed
212c lower at $15.521z; lard a shade down at
$9.35q9.371a and ribs 21Ac lower at $40.
Estimated receipts for tomorrow: Wheat.
% cars; corn, 80; oats, 100; hogs, Al, 600
head.