The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-27
GRAIN PRICES DECLINE
MAY WHEAT BROKE lac AND
CLOSED 1-2C ABOVE Low POINT.
Armour Was an Open Seller of Both
the May and July Deliveries-COrn
Sold on the Last Hour.

CHICAGO. Feb. 2s.-Crashing down twice to-
day, following a break in prices at Liverpool.
wheat for May delivery went slsc below last
nights final figure.
The market closed &c above the low point
July wheat closed at net loss of 1i2c. May
is down %qhc. oats &c and provisions a
shade 10 27I2c.
Under the influence of large Argentine ship
ments and lower English cables extreme weak
ness pervaded the wheat pit at the opening.
The market appeared to be in an overbought
condition. and the bearish advices from foreign
markets served as an excuse for general profit
taking.
Opening prices were very erratic. Initial sales
of May were made at s1O5 to s1.O7 decline
OF &c to 215c from yesterdays close. July was
sc to 21sc lower at 96c to 97Izc. For time
the selling was fast and furious.
Wher the July delivery touched $3.50 there
were large buying orders. The crowd took the
fact as a hint that the frmness of wheat was
perhaps no mere flash in the pan. but a more or
less lasting state of affairs that might possibly
parallel the duration of the war The demand
during the present bull campaign. A full re-
covery was made, May advancing to Sl.V' and
MARKET TURNS WEAK.
The market turned weak again during the lat
ter part of the day. Open selling of both May
and July by Armour started prices on the down
grade. Moderately bearsh reports of the condi-
tion of the winter wheat brought out some SELL
ing. while limitations of increased movement
of the grain added to the depression: Inc sell
ing became general and prices rapidly declined
May dropped to slO4as and July went back to
| 96c. Covering by shorts caused some recovery
but the close was weak, with May at sloi1sc.
July closed at $3.50
/ 152 700 bu. Primary receipts were o16, 200 bu,
/ against 52s. 800 bu year ago. Exports of wheat
were equal to 2.Os1, 900 bu Minneapolis. Duluth
and Chicago reported receipts OF 246 cars against
/ "a last week and 304 cars a year ago.
| SELLING OF CORN THE LAST HOUR
Lower cables caused weakness in corn at the
start. The break il wheat prices also helped
! TO bring out considerable liquidation from small
holders The large bull houses were active buy
ers after the opening decline. and in consequence
| the market ruled firm the greater part of the
| day.
The late break in wheat. however. caused ad-
dtional selling during the last hour The close
at 56lzc to SIC. After selling between 56Ssd56l9c
| and Size. the close was at 56s.c July closed
none Of contract grade.
| OATS INFLUENCED BY WHEAT.
The oats market a sympathetic one and
was largely Influenced by the action Of wheat
and Germ. There early demand for July
and September which caused considerable
strength The selling in May was general. al
though there evidence of any large sales
/ by the Patten interest.
The late market was weak along with other
grains The opening on May was sc , to sc
age and 45asc. the close at 1880. July
closed &c lower at 421sc. Local receipts were
| 2S4 cars.
| PROVISIONS CLOSE LOWER.
Provisions were extremely nervous under the
leadership of May pork. There heavy selling
by big holders early in the day. with commits
sion houses taking the offerings. May pork
opened with a loss of TIC to 42lkc at SIG Is to
$3.50. but quickly advanced to s16.67is. Profit
| taking the bulge caused another setback, and
Anal figures were down 27hc at $3.50. May lard
| closed 7Izo lower at sS.O5 and ribs off a
| shade at SS02iz.
Estimated receipts tomorrow: Wheat. 20 cars;
| corn. 1S5 cars oats, 135 cars; hogs 5000 head
| leading futures ranped as foIlours-