The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-08
WHEAT CONTINUES LOWER
LIBERAL RUSSIAN EXPORTS MAIN
CAUSE OF WEAKNESS.
May Sold Down 2 IL Cents from Days
High Point and July o-s-Corn
Market Showed Some Strength.

CHICAGO. March Liberal Russian exports
and a settlement of the Argentine strike caused
a net loss Of 25sc to-day May wheat July is
down 25sc corn is sc higher and oats &c up.
Provisions 71sc soc lower
Considering the weakness OF cables the opening
I'm wheat was fairly steady. May was sc lower
to &c higher. at e65zaS6z4c, while July was
5sa4c lower to a shade higher, at 91Sa92lsc.
The effect of the downward tendency of foreign
markets offset for the time being by the
failure of the prediction of general rain in the
Southwest Reports from that section were more
decided than before in regard to the critical con-
dition of the growing plant.
American crop considerations were set
aside. however upon the appearance of the
statistics for the day Worlds shipments were
liberal, with exports from Russia as large as
usual. The amount on passage showed a fair
increase and local and Northwest receipts We're
large. Primary receipts also showed an increase
over those OF year ago.
The market eascd off under these influences,
May declining TO 955sc and July TO 91lzc.
A diversion in favor of the bulls resulted in
the announcement OF a report regarding farm
reserves at the beginning Of the present month.
According 70 the authority quoted the amount Of
per cent. of the entire crop, the smallest
reserves in ten years
The pit crowd bought quite freely on this in
formation. Prices a result made slight re-
Spouse to the improved demand.
MARKET TURNS DOWNWARD AGAIN.
The Improvement in tone. however. short
lived Confirmation of the Of the ending
of the strike in Argentina started a selling
movement late in the day The market appeared
to be largely overbought and little wheat was
wanted. Prices started downward at a rapid
rate. Stop-loss orders came out the decline.
resulting in a sharp break.
May sold off to 93Ac, a loss OF 314c from the
to SsIIc' shorts covered freely in the May op-
ton, causing rally OF about cent, but July
held near the low point. May closed firm at
94c. but July weak at S97s9s9&c
Clearances OF wheat and -four We're equal to
compared with 5S5 500 bu a year ago. The amount
passage increased 2.232 O00 hu. but the visible
and Chicago reported receipts Of ga cars against
62S cars last week and 56S cars year ago.
CORN RELATIVELY STRONG.
In view Of the extreme weakness in wheat the
corn market held remarkably steady. There
was a fair commission house demand early
in the day due TO comparatively firm cables. Of
ferings were light and mostly from scalpers.
Later the market eased off along with wheat
The depression was followed by another period
of frmness resulting from the announcement of
a private crop report on the reserves in farmers
hands. This estimate claimed that with ex-
ceptior the amount OF corn still in the farmers
hands on March 1 was the smallest since 1898.
and Indicated that the winters consumption was
The market eased of again late in the session
In sympathy with wheat bat the close was
higher. at 5214S5ssc. and after selling between
5S+sc and 54iad54hc, closed at 53%d5SKc July
ranged between 51%c and 52%c. closing at loss
Of hTl.c. at 51%T51Ac. Local receipts were
lS2 cars. four of contract grade.
OATS INDEPENDENTLY STRONG.
oats were independently strong owing to an
active demand, with apparently little desire to
sell at present by the majority OF traders Offer
ing OF all deliveries were light. due to unfavor-
bic weather conditions which prevented free
movement of the crop. The feature Of trading was
the heavy purchases of May by a prominent COM
mission house, some reports claiming as much as
2 600 900 bu being taken by the one concern. The
close firm. although much Of the advance
was lost.
May opened unchanged TO nc lower, at 4lkm
41Ac. sold between 41Isc ard 42Bc and closed at
42Ac. July ranged between 39ssc and 40sc. clos
ing ts6iic higher. at Ss$QS9f4c. Local receipts
were 256
PROVISIONS CLOSE AT LOSS.
= small run OF hogs with higher prices at the
yards caused early frmness in provisions. with
small advances throughout the list Outsiders
were free sellers on the advances resulting in a
weaker tone.
The break in wheat caused further liquidation
late in the day and additional losses were sus-
tanned. The close weak with May pork soc
lower at $13.S7i5. May lard off l0c, at $3.50.
and ribs 71zG1Oc, at s7.17kG720.
Estimated receipts tomorrow: Wheat, % cars;
corn. 275 cars: oats. 300 cars; hogs, $4,000 head.
The leading futures ranged as follows: