The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-03
GRAIN PRICES STRONGER
BULLIsH GOVERNMENT REPORT
PRINCIPAL CAUSE OF ADVANCE.
Growing Wheat i'm UnprOmising Con-
dition-Corn Followed Wheat,
Closing Mt High Figures.

CHICAGO, March alarm officially ex-
pressed for winter wheat the railroad strike in
Argentina. and prospects of cold wave COM
bined to-day to create strength in wheat.
Closing prices about the best Of the day,
May being 1lsc above last nights figures July
is up 9tzc. corn shows a gain Of Ease, oats IA
SC and provisions 2lzd221zc.
Perhaps the feature that attracted most atten-
tion from wheat traders the government
crop report. which, in its general summing up
of the appearance OF winter wheat. stated that
the condition OF the plant unpromisiag over
much the greater part OF the wheat belt. because
of severe weather. without snow covering.
The seriousness Of the Argentine railroad strike
was emphasized anew. a cable dispatch from
Liverpool stating that fear OF a curtailment of
wheat shipments from Argentina on account of
the strike caused relative strength in English
markets. in the face of the sharp decline here
yesterday.
Under these influences the market opened
strong. with May UP &c to lac at 9S&c to S9c.
July was 4sG%c higher at s2BQs21ac. The May
option soon lost all its initial strength develop
ing decided weakness on general liquidation.
MAY DROPS TO g7KC.
Before any support came into play the price
had dropped s7Ac. loss of 1z4c from the
opening high point With the timid longs quite
thoroughly sold out. offerings became scarce. and
the price gradually worked its way toward
higher level. The more distant deliveries held
firm. in spite of the early decline in May.
mission houses being active buyers of both July
and September.
The market later became extremely strong.
One of the features in the late strength
marked improvement in the export demand
ported from the seaboard.
Prospects of a cold wave in the Southwest
gave added zest to the buying, the volume of
business reaching a large total. The close was
almost at the top. After selling up TO 9911c final
ngures on May were 99Ac. July closed at the
high point 941.c.
Clearances of wheat and -four were equal to
1850 bu Primary receipts were 626, 600 bu, COM
pared with 10000 bu year ago. Minneapolis,
Duluth and Chicago reported receipts of Ala cars.
against 290 cars last week, and 800 cars year
ago.
CORN WEAKER. THEN STRONGER.
Weakness prevailed in corn during the opening
hour due to heavy liquidation. There
large amount of long stuff thrown on the
ket and with only a small demand prices de-
clined rapidly. The main factor in bringing out
the selling orders was the weak Liverpool
bles. The strength in wheat, however caused
an improved demand from pit traders. and as
the session advanced the market became
stronger. Reports from various points in Illi-
nois of deterioration in the grain. and predic-
tions Of smaller movement influences that
lent support to the situation.
May opened nc lower to &c higher at 541sQ54%c.
sold between $3.50 and 551SG55Ac, and closed at
the latter figure July closed at sac, after SELL
ing between 52Lc and sic. Local receipts were
1SS cars, of contract grade
OATS GAIN LATE IN SESSION
Oats were extremely weak early in the day on
heavy profit-taking, credited to Patten. The
tive selling by this interest followed by
realizing sales by many of the smaller traders.
and for time the market quite democrat
lied. Later some of the big interests began to
reinstate their lines. This caused change in
sentiment, and on an improved general demand
all the early loss was soon recovered.
Offerings were light the upturn, resulting
in a strong market the latter part of the
sion. The opening May sc lower to &c
higher at 4tSsc TO 42&c. After ranging between
showed net gain OF &c. closing at S924c. Local
receipts were 10 cars.
HEAVY LIQUIDATION IN PROVISIONS.
Provisions were subjected to heavy liquidation
at the outset. and in consequence the early mar
ket rather weak. Much Of the selling pres
due TO the weakness in coarse grains
and to a decline in hog prices at the yards.
Packers and foreigners became active buyers of
hog products later in the day.
Under this improved demand prices gradually
advanced. the close being at about the top fig
ures. May pork sold between $l4.37l2 and $14 S.
closing at a gain of 22l2c at S1i7212. May lard
closed 2l2Q5c higher at S7471297.50 while ribs
up SC at $7.45
Estimated receipts tomorrow: Wheat, 30 cars
corn 1875 cars; oats, 2S5 cars hogs, so, 600 head.
Leading futures ranged follows