The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-01
Big BREAK In MAY WHEAT
AVALANCHE OF SELLING PUT PRICES
OF MAY OPTION UNDER 81.
Heavy Selling by Packing Interests
Broke Price of May Pork s1.O5-
Corn Comparatively Strong.

CHICAGO Feb. 29.-An increase in Russian
shipments Of wheat forced the price for the May
delivery back past the dollar mark to-day.
The market touched Ss%4c in the midst of
element paralleling the remarkable scenes
which attended the spectacular leap across the
line ten days ago.
Pork slumped more than a dollar a barrel.
Compared with Saturdays final figures the close
to-day is 25sc off for May wheat and 2q21sc for
July. May corn closed uncl anged. Oats are
down AG9sc. Provisions show net loss Of 10c
to 75c.
Under an avalanche of commission house sell
ing. which in shortly after the opening. the
wheat market went to pieces extreme weakness
prevailing the greater part of the day. The
opening on May &c higher TO 2lsc lower at
S1.O1k to sLOSA. July unchanged to 1sc
lower at s614c $3.50.
Around S1.O213 the May option held steady for
a time on a fair commission house demand. but
there was great difficulty experienced in filling
selling orders. the general inclination was 10
sell
ARMOUR ON SELLING SIDE.
Armour had May for sale. The impression pre-
vailed among traders that he had practically
closed out his deal in May wheat. With the big
operator out OF the market for this delivery
smaller holders became urgent sellers. Commits
sion houses also joined in the movement
For a time it looked if there bot
tom to the slough into which the market had
fallen. From around s1O2 May dropped suddenly
to 9924c a loss of precisely &C from the high
point of the day. July went down to $3.50 or
sc below the top figure.
There buying of July by Armour.
who had apparently closed out his May line.
Shorts also bought moderately, the result being
a partial recovery prices. The close was
fairly STEADY the decline. with May at sl.OI.
nod nf Eru1
Clearances of wheat and -four equal to
ls1SOo bu. Primary receipts $685. 400 bu.
passage increased 1855. 600 bu. while the Visible
supply decreased 124ScOO bu. Minneapolis. Du-
luth and Chicago reported receipts of 62S cars,
compared with i63 cars year ago.
CORN COMPARATIVELY STRONG.
The unsettled weather and the breaking up
Of the country roads that will follow caused
considerable commission house buying of corn
early in the session and the market was firm
in view of me weakness in wheat
The market however. naturally felt the eff
fects OF the severe decline in wheat prices and
the profit taking due to that weakness The
showed greater firmness than the July, owing to
the scarcity of contract grade corn The close
The, The opening on May was UNCHANGED to &c
52S4c, the market rallied on covering by shorts.
| the close being at $3.50. July ranged between
533sc and 5S1ac. closing &c lower at 551sQ5514c.
grade.
OATS FOLLOW WHEAT AND CORN.
Oats followed the trend Of other markets but
the selling of only small volume few
longs sold out the break in wheat. but the
| offerings were readily taken by shorts About
| the only feature in trading was the late buying
! of May, supposed to be for the account Of Pat
/ ten.
| The close was steady at slight decline. May
/ opened unchanged to a shade lower at 45d45kC
| TO 451sc and. after selling down 10 44Ac, closed
at 44$.cn443sc. July ranged between 4IIsc and 42c
| and closed &c lower at 41ac. Local receipts
were 29S cars.
SENSATIONAL BREAK IN PORK
sensational break occurred in pork under
| liberal liquidation. Heavy selling by packers
and lack of support caused a loss of s1.o5 in
| the price OF May pork. The weakness in pork
| spread TO lard and ribs. but those products
| showed only moderate declines Trading was
active and the volume of business was large
Liberal receipts OF hogs and lower prices at the
yards were factors in bringing out the heavy sell
ing orders.
| There was good commission house demand
/ on the decline and fair recovery was made
/ The opening on May pork down I21kd32I4c
at sl5SOQl6. and. after selling off TO sl4 IS, the
market closed at sl537lz. a net decline for the
day of 15c. May lard closed 10c lower at 81. s71h
| while ribs were down 15c, at s7.s21s.
| Leading futures ranged as follows