The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-13
WH~EATG0ESSTILL HIGHER
THE JULY GAINS 81 TO s-SC
THE MAY I-2C-CORN UP L To L I-SC.
Large Flour Sales i'm and
Better Foreign Inquiry Caused
the Strength in wheat.

CHICAGO, March ~12-Improved demand for
-four in the Northwest. together with better for
eign inquiry, caused a strong wheat market to-
day. Compared with last night the May deliv-
cry closed nc higher. July was up AG7sc- May
corn showed a gain Of 1q1Bc, oats AqSc and
provisions 7IsaSoc.
The unresponsive character of the Liverpool
cables had a depressing effect on wheat the first
hour. The English markets failed to reflect the
strength shown in Chicago yesterday, and as a
result opening quotations here were easier. May
being AQhc lower. at 95Ikq95Ac. July was AQ
Ssc lower. at 9OG9O%c.
Another actor of almost equal Importance,
however. was the probability of relief from
drought in Kansas and Oklahoma. The weather
bureau predicted rain or snow throughout the
West and Southwest. Under these influences
there was quite general selling early in the day.
May declined to 95c, while July was carried
down 10 $3.50.
Some information received from the Northwest
at this j~uncture made traders forget about rain
and caused sufficient buying TO advance prices
above yesterdays closing figures.
LARGE SALES OF FLOUR.
Large sales of four-5O,O 900 brls-wer reported
from Minneapolis, and 100, 600 bu OF wheat were
reported taken at Duluth. The figures indicated
a revived demand for flour and a better inquiry
for wheat for export purposes.
A sharp rally I'm corn proved a bull factor in
wheat, starting shorts to cover. A dispatch from
Odessa claimed considerable anxiety is being
felt in regard to the condition of the growing
crops.
The market held strong during the last half
hour. the close being at the top. with May at
96l2c. Final figures on July were at 9lSg9lnc.
Clearances OF wheat and -four were equal TO
pared with $4,000 Blu a year ago. Minneapolis,
Duluth and Chicago reported receipts OF 300 cars,
against SA cars last week and Sl cars a year
CORN WEAK. THEN sTRoNG
An easier tone was displayed in the corn mar
ket early in the day. owing TO lower cables and
the weakness in wheat. II soon became APP
parent, however. that ONE of the bull leaders
were giving the market active support. On lib
eral purchases of May by several prominent com
mission houses the May delivery became con-
gested. the price rising rapidly. There was also
a good demand for the July option. Unfavorable
weather. which will retard the free movement
Of the crop. was the principal bull factor.
The demand continued good the last part OF
the session.. and the market held strong until the
lower, at 52Ag5shc. After selling between d2Ac
tween J04c and 51sc and closed with a gain of
4c. at 5lac. Local receipts were las cars. one
ATS CLOSED IGHER
Absence Of any selling pressure from Patten
and a fair demand from shorts contrib tied to
cause frmness in oats. Prices. however. showed
| only slight gains. the large volume Of trading
being against any decided change in values
The strength in wheat and corn was a bull fac
to-. The market closed steady. May opened
unchanged TO &c lower. at 4lG41sc. After rang
ing between 4O7sc and 41l7c the close was al
41%c. July closed &c higher. at $3.50, after sell
ing between SS7sc and Ssl3c. Local receipts were
al cars.
LIGHT TRADE Il PROVISIONS.
Provisions made moderate gains on a light
trade. There was a firm opening. in sympathy
with a better tone in hogs, but the market soor
eased a trife on selling by pit traders. A rally
occurred later, due to the strength in corn
There was a good demand for May pork and
that commodity closed 27laq30c higher, at Sli. %
May lard was up 71sc, at s7.S71s, and ribs lOc, al
| S735.
Estimated receipts Monday: Wheat, 20 cars
corn, 255 cars; oats. 200 cars; hogs. 1900 head.
The leading futures ranged as follows: