The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-22
WHEAT ON DECLINE AGAIN
GROWING WEATHER IN SOUTHWEST
MAIN CAUSE OF DECLINE.
At the Close Wheat Showed n 4 1-2c
Loss-Corn Depressed by Weak
ness i'm Wheat-OGts 1-Sc on.

CHICAGO, March T.-Excellent growing
weather in Kansas and Oklahoma took lizc of
the price of wheat to-day. Corn closed &c down,
oats Isc and provisions sc TO lSc.
Additional rainfall over a large section of the
Southwest since Saturday impaired weakness TO
the wheat market at the opening May was
down &c to &C at S2Isc to 9s1sc. and July was
off sGisc to NG2c at SIC TO STAG.
other factors that tended TO intensity the SELL
ing pressure were easier cables. liberal worlds
shipments and an increase in the amount on
passage. The combination apparently was too
much for the majority of holders. and in con-
sequence great quantities of long wheat were
thrown upon the market
May wheat neither wanted nor pressed
for sale in any considerable quantity. but offer
ings small as they were. could not be placed
except at swiftly-yielding prices
Within an hour the price of the May option
had fallen to Ole, while July, in the meantime,
had declined to s5ssc. Shorts. who had put out
wheat earlier in the day. then commenced TO
cover. causing rally of about cent in the
price OF both deliveries
MARKET DECLINES AGAIN.
On the upturn more wheat came out. and the
market again declined There news OF
Importance to encourage buying. As result
about the only demand throughout the entire
session was from shorts who had profits in sight.
Another slight rally from this cause occurred
within the last few minutes of trading. The
close was about steady, with May at 92c. July
closed at S6lsuS6I.c. Clearances OF wheat and
We're 76sOO 6u. against t. sol IL 400 bu year ago
The amount on passage increased Lzz+WO bu'
g iSg supply erssS reporteS
ceipts of 575 cars. compared with GAL cars last
week and 4ls a year ago.
CORN MARKET DEPRESSED.
Weakness in wheat had a depressing influence
h.
early in the day. which resulted in losses OF
lie in July and nearly lI1c in May. On the de-
cline. however. there good buying both by
shorts and commission houses. resulting in a
rally.
wae e on 1aetGr MAS 1ee she
movement OF the crop. although firm cables and
decreasing visible supply We're minor influences.
Trading was mainly in the July option. the near
by delivery being avoided owing to its consested
condition. The close was steady.
July opened shade TO %qIac lower at Nssc
to 5oSsc sold between $3.50 and 50%G507sc and
closed GOWN Nc at 52sc. Local receipts were
l9S cars, three of contract grade.
OATS RATHER FIRM.
Oats ruled comparatively firm in the face OF
the weakness in wheat. The fact that the con-
sentative demand for good oats showed no abate-
ment, and that the country movement is still
small. the chief reason for the f1rmness.
There was some liquidation early in the day,
in sympathy with the heavy selling In wheat.
great loss.
Trading during the latter part Of the session
was largely OF scalping nature. The close
was steady with May b9kc lower at 40c. July
opened &c lower at 3S44c, ranged between 3Sssc
and 39c and closed with loss OF &c at $50.
Local receipts were 203 cars.
PROVISIONS INCLINED TO WEAKNESS.
Provisions were inclined to weakness on sell
ing by commission houses and packers. Lower
prices for hogs at the yards. together with the
break in wheat and corn, were the main bear
influences. Pork showed the greatest decline.
Covering by shorts caused a fair recovery. the
close heing steady with pork 15c lower at sl3. 10
May lard closed down &c at s69212. and ribs were
off 1l2c at s6.T7l2.
No estimated receipts for tomorrow was giver