The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-20
BAD BREAK in CEREALS
WHEAT LEADS on NEWS OF RAIN
IN THE SOUTHWEST.
other Influences About COunterbal-
Leader-PrOvisions Higher.

CHICAGO. March 19.-weather conditions
and predictions favored bears in the grain
pits to-day, and in spite Of numerous crop
damage reports wheat led in a general
break. At the close Of the session May
wheat had lost 7.c, corn &d%c and oats &c.
Provisions went contrary TO grain and
closed sc higher.
Early in the day. when prices were a lit
tie lower on the warm weather reports and
steady cables, the local crowd took the
buying side in the wheat pit. Oklahoma
and Kansas persisted in complaints of seri-
Gus damage TO the winter crop. A Texas
report stated that the recent showers gave
only temporary relief. and that the wheat
crop was not in good shape. Fairly builish
decreases of stocks in the Northwest were
reported, and May, which opened 1sQ4c
lower, at 747sc to 74S4c. advanced on fair
commission trade to 751sc. The outsider,
however, did not buy in large enough vol
ume to support such a market. especially
In view of the bearish feeling prevalent
in the Southwest. Rain predictions for
some of the suffering country gradually
had an effect, and the whole crowd changed
front. Wheat broke, the crowd sold, coarse
grains began to slip downward and promi-
rent lOlSS III wheat lOOSen6Q InSlT BElp anu
dropped a good deal of their holdings.
Early there had been much difference in
the minds of traders regarding the prob
able course of the market, but as the mar
ket turned weak there was a general ham
mering at prices and May dropped to 1890.
There was a fair export business, but the
exporters report the situation at the sea-
board was dIscouraging. Cash business
showed considerable improvement, No. ,
ha-l no civ L., a. ADnat
however, failed to help the market to any
extent and May closed weak and &c lower,
at Hlsc. Local receipts were twenty-eight
cars, none of contract grade; Minneapolis
and Duluth received 262, or 269 for the three
points, against 301 last week and 3S9 a year
ago. Primary receipts were 395. 900 bushels,
compared with $751; last year. Seaboard
clearances in wheat and -four were $4,000
bushels. The seeboard reported twenty-slx
loads taken for export.
Corn was bearish to start with, on the
growing bearish sentiment Southwest and
the good weather in that country. AL
though receipts were small and estimates
for tomorrow are smaller, the crowd was
inclined to the belief that the better
weather could not but start early grazing
and thereby induce a freer movement in a
offering cash stuff i'm that market. the gen.
eral trade was light and the general bear
ish conditions induced considerable sell
ing. 1t was said that a long line of May
was sold out through brokers'. Most OF the
day corn and wheat reacted upon each
other. Toward the close, as wheat became
somewhat demoralized, corn broke In SYM
pathy. May opened slightly lower and
dropped to 60Tsc. There was a weak recov-
cry late. but May closed weak, aQAc lower
at 611sQ61Ac. Receipts were eighty-one
cars.
Oats were fairly steady in the face of
weakness Of other grains until the sharp
break that carried them all down. The
situation had changed little and there was
still that inclination TO stay out of oats by
traders who expect something to happen
soon i'm May that will affect other options.
May was subjected TO some selling and.
although the opening was unchanged and
prices did not huctuate for a long time,
there was an eventual drop to 1880. May
closed weak. sc lower at 1850. Receipts
were ~forty-eight cars.
Provisions for a few moments early in
the day were Inclined to be easy. The hog
run tailed exactly with the mi but
hogs were still firm and as a good cash de-
mand for provisions sprang up, prices ad-
vanced. Scalpers sold all roducts but
the offerings were well taken. Trade was
not large nor was there any important
feature, unless it was the marked firmness
shown in the face of the bad break in
grains. All May options closed sc higher,
pork at $15.4212c, lard at $40 and ribs at
$S.45.
Estimated receipts for tomorrow: Wheat,
p cars; corn, 60; oats. 70; hogs, $4,000 head.
Leading futures ranged as follows: