The Indianapolis journal., 1904-03-05
GRAIN PRICES HELD FIRM
NEWS OF BOTH SORTS TO AFFECT
TRADING IN WHEAT PIT.
Heavy Buying by Provision Interests
and Commission Houses Made
Corn Market Strong.

/ CHICAGO, March 4.-Russian and American
crop reports to-day exactly offset the effects OF
lower quotations from foreign wheat markets
Final figures here May wheat were precisely
the last night. July &c higher.
May is up &c and oats 4sq%c Provisions
are unchanged to 2Jc lower.
Under the influence Of lower cables the wheat
market opened somewhat unsettled with May
unchanged 20 1c lower. 96a97c. Initial quota
tions July Were unchanged to 1sc lower. at
| 91aG9?14c. Commission houses. however were
active buyers the start, owing to reports from
Russia that wheat crop prospects were un-
favorable.
Business was OF considerable volume. and the
rush TO wheat the of tenn
porary rise TO soc in the May delivery. The
price of July likewise advanced to 90. before
there sufficient pro6t taking to cause a
reaction.
Many of the pit traders were bearishly in
clined and the bulge were easily induced to
take the selling side. Offerings became lib
eral that the advance was soon lost, May de-
clining TO 97c. while July reacted to 911ac.
BULLISH CROP NEWS.
Then some additional bun news regarding
crop prospects began to circulate. with a re-
sultant change in sentiment. The Ohio crop re-
port showed the condition OF wheat to be only
GO. compared with "a a year ago. The
good demand reported from the Northwest.
Many Of the earlier sellers began to buy. but
offerings were hard TO find. There was good
demand Tor July and the price OF that option
rose to 9Shc. while May also showed gain Of
The market held firm until near the close.
when another decline occurred on liberal profit
taking; Prices, at the finish were steady. with
May at &c and July at 92%c.
Clearances of wheat and flour equal to
li4.4oO bu Primary receipts were $4,000 bu.
Exports of wheat and -four for the week were
equal to 1.CiS.0lo bu. Minneapolis. Duluth and
Chicago reported receipts of 275 cars, against 2i6
cars last week and POI cars year ago
CORN IS STRONG.
Heavy purchases by prominent provision in
terest. together with active buying by large
commission houses caused strength in the corn
market. There free Liquidation the ad-
vances. but the buying was Of such a character
that prices were not depressed to any great
declines. An increased export demand and
small smaller the re6sRts q yy sSs PGns s th
well toward the tor price OF the day
Of May tN opened tb %s 6igheT m - at Szmsst G sod
July showed a net gain for the day of &c. clos
52i5c Local recents were i7s cars with one Of
contract grade.
OATS CLOSE HIGHER.
Offerings of oats at the opening
and good general buying there a quick
jump in prices. Liquidation by local longs
checked the advance. however. and caused a
sharp reaction. on the break there was active
covering of July. the pit crowd being under
the impression thst attempt being made
by two Of the large interests to accumu-
late a line in that delivery.
The market continued strong the remainder of
the session The ope ping MAY 6GAc to
1sd1c higher, at f0& V411zc- After selling be-
tween 404sc and 41Kc. the close was at 41Ac.
July ranged between 3si{c and 40c and closed li.c
higher. at SsAc. Local veceipts were 20S
PROVISIONS ABOUT STEADY.
Provisions were unsettled. with trading about
evenly divided. The market opened strong with
new investment buying by commission houses in
evidence. On the advance there liberal
realizing. which resulted in reaction. The fea-
ture in trading was the selling of May pork and
a consequent break Of sc in the price of that
product. Lower prices for hogs the yards
the main bear influence.
The close steady at the decline, with Nay
pork 2Sc lower, at S13.s2,e, May lard unchanged
at s7.25 and ribs down 171zc. at S7.07Iz.
Estimated receipts tomorrow: Wheat. 25 cars;
corn. 260 cars: oats, 255 cars: hogs. 49, 600 head.
The leading futures ranged follows: