The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-11
MAY WHEAT GOES TO SIC
ARMOUR SOLD AROUND THE TOP
BIG INTEREST SELLS CORN.
Increased Foreign Demand on Ac-
count of the War the Main Cause
for the Wheat Advance.

CHICAGO Feb. 1o.-An increased foreign de-
mand incident to war movements. combined with
The congested local situation. caused an erratic
wheat market to-day.
At one stage in the trading May wheat showed
a gain Of 2l4c from the low point of the day, and
although all the gain not maintained. the
close firm and 1Ssc higher than yesterday :
closing figure
Coarse grains were weak on heavy liquidation.
May corn closing sc lower and oats down Use.
Provisions sc higher to Zoe lower
Higher prices in all foreign grain markets, due
to actual war, caused a strong opening in the
wheat market here. May was AG9sc to 5sQ1c
higher. at 959s0e6c. while July was sc lower to
S4e higher. at S6s4GS7ssc.
Large quantities were for sale at the advance,
however. and the market quickly lost its early
strength. Before the end Of the first half hour
May had declined to $3.50 and July to s6s4c.
Much Of this selling said to have been for
Armour
SHORTS BUY BOTH OPTIONS.
An urgent demand for July developed from
commission houses. and shorts were fair buyers
Of both May and July. In the absence of any
special selling pressure the market turned strong
again July steadily advanced until it had
reached sslsc while May went UP TO &c, new
The strong cash situation in the Northwest
was an important factor in forcing prices up
ward Stocks at Minneapolis were considerably
decreased and receipts there, small An
Important export demand was also bull factor
There was liberal proft-taking the last hour,
and the market lost much of its strength al
sS e hivSe2 Psse sg I May being
at S&c.
Clearances of wheat and -four were equal to
2l,soo bu Primary receipts were $4,000 blu. COM
pared with 539 600 bu a year ago. Minneapolis,
against 226 cars last week and 4O7 cars a year
ago.
CORN MARKET ERRATIC
Liquidation of May and buying of July by a
prominent operator the principal feature in
trading in the corn pit. The market was ex-
tremely erratic. and fluctuations were rapid and
within a wide range.
The market influenced to a great extent
by the action of the big bull traders. who sold
on every advance and bought back again on the
declines. The weakness in oats had depressing
influence on corn prices After opening &c to
ssc lower to a shade higher at 54lsG544c. May
profit aking. to 5S%c. The close was Sc lower.
July ranged between size and 5sHc. closing &c
lower at 521sc Local receipts were 217 cars.
none of contract grade.
LARGE TRADE IN OATS
There was a large volume of trading in oats,
with heavy selling Of May. supposed to be for
Patten. The market received good support at
times but the oats continued to out. and
the buying power was not sufficient to cause a
rally
Shorts were the best buyers on the decline.
May unchanged TO hc lower at the opening.
at 4S2sq43l5c. The price steadily declined until
1T had reached 41hc. There a moderate re-
covery. but the close weak and 1sc lower.
at 42c July relatively hrmer, closing with
only Ac loss, at SS7sc. Local receipts were 14S
cars
BIG TRADE IN PORK.
Trading in provisions unusually active.
The feature the transactions in May pork.
That product opened zoe higher, at s149o. Selling
by people who had bought yesterday caused a
setback to $1465. There a good investment
demand, however and some recovery was made,
the close being &c higher, S14.75 May lard
closed 719c to 10c lower $40, but ribs were
up 21zc to sc, at ST. 156I7.17i1
Estimated receipts tomorrow: Wheat Is cars;
corn, 220 cars; oats 165 cars; hogs 1900.
The board will be closed Friday, Lincoln S
birthday