The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-04
WHEAT BREAKS AGAIN
MAY OPTION DECLINES CENTS AND
THE JULY 3 1-2 CENTS.
Report that Armour Has Sold Out His
Line-COrn and Oats Both weak
Provisions Follow Grain.

CHICAGO March 3.-Abandonment of big
lines Of wheat to-day resulted in break Of
&c in the price OF the May delivery and 3isaS9sc
in July.
Coarse grains and provisions suffered sharp
losses in sympathy. Compared with last night $
close. final figures to-day of PIC for May
wheat ard &c for July. May corn is down ga
2ssc oats &c and provisions zoe to SIC.
At the start traders were bullsh on wheat
owing to reports of a drop in temperature in
the Southwest, forebodIng i'll for the growing
plant. Severe sandstorms in Kansas were also
reported
Shorts at the outset were active buyers OF
the May option. the opening price Of which
&c TO 1Hc higher at SlgLOCz. July
was unchanged to &c lower at s4d94Ac.
good commission house demand for July car
red the price of that option up TO 94Aa9i7sc
May advanced to S1O0A.
The reign Of the bulls. however. was ended
in about an hour. The pit crowd had become
largely overbought and were eager to sell at
every favorable opportunity. With the resultant
declining tendency in the market considerable
long wheat began to come out.
ARMOUR LINE SOLD OUT.
Many traders who had been supporting the
market became convinced that Armour had
succeeded in dumping all of his holdings. Of
ferings became extremely heavy. and with al
most no support. prices declined rapidly Num-
stop-loss orders reached increas-
ing the speed of the downward trend.
Before the decline could be checked May had
dropped to 9eAc-an even &c from the high
point. July lost 31zGSssc. selling down to Ola.
There was good commission house buying Of
July on the break and in consequence the price
rallied slightly May closed at 97c and July at
92Ac.
Clearsuces of wheat and flour were equal
TO 267.0o bu- Primary receints were 593. 500 blu.
and Chicago reported receipts OF 260 cars,
against 25S cars last week and S13 cars year
CORN CROWD TURNS BEARIsH.
Corn was helped some by wheat early in
the session. but that market showed
a tendency TO react decidedly weak feeling
developed in the corn pit There fair
amount of commission house buying at the
start. but the pit crowd bearishly inclined
and became aggressive sellers later on.
Shorts took advantage Of the weakness =, to to
the market late in the day. The close. how
ever. was almost at the bottom. The opening
55c to 55Ac After selling up to 5514 the price
declined TO SPA The close was at 52ssc. July
nsf loss @f & at % local and receps
M cars, of contract grade.
OATS SHOWED MUCH WEAKNESS
| Oats showed decided weakness. there being
considerable pressure the bear side. Heavy
liquidation credited TO Patten was the main
Il
eral during the latter part Of the session, under
the influence of the break in wheat and corn.
Increased receipts and a let-up in the cash
demand were minor bear factors The close
the bottom
After opening a shade to hQAc lower at
| 42As TO 42Ikc May ranged between 40Q+01zc. and
closed at +oiHQ40ssc. July sold between ?sd3sssc.
| closing at q net loss Of ll1c at 3SAc. Local
receipts were 260 cars
PROVISIONS FOLLOW GRAIN.
Provisions quickly fell in line with the weak
| ness that depressing the grain markets.
| The opening showed improvement on a
fair demand from packers. but when the grain
| bulls began to throw away their holdings there
was quick rush among traders in hog prod
uots to stand from under. The result of the
| general selling was sharp declines throughout
| the entire list.
J May pork showed the greatest loss and broke
| l5c. After ranging between S4O7i2 and
| S14S2h. the close was at SALTY. a net loss FOL
| the day of 55c. May lard closed 22lac to 25c
| lower than last night at 1925 and ribs were
down 20c at S725.
| Estimated receipts tomorrow: Wheat, % cars
| corn $50 cars; oats. 100 cars; hogs, 20 900 head
| Leading futures ranged follows: