The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-30
WHEAT BREAKS OVER IC.
CONTRADICTION OF CROP DAMAGE
REPORTS CAUSED WEAKNESS.
There Was Good General Trade i'm
Corn, and the Market Closed Higher
-PrOvisiOns show Loss.

CHICAGO. March ACCOMMODATIONS Of crop
damage reports caused heavy realizing sales to-
day in wheat Compared with last night July
wheat closed a loss OF 1850 Corn is down
a shade. Oats are &c off. and provisions 7i2c
to 30c.
Buyers of wheat out in force at the open
ing. but sellers were scarce. The result
strong start the July option being up a shade
to zsqEc. at sS7sqs9Ac. The initial hrmness
due partly to higher cables. but the strength
IN the cash market yesterday was. perhaps the
chief supporting factor.
For a time the market was extremely bullish.
and prices continued TO advance, July selling
up to s9Izc. The upward tendency received some
impetus from rumor TO the effect that the Mis-
terioration in the condition Of the growing plant.
Small receipts in the Southwest also increased
me demand Tor wheat in this market. AS tne
session advanced, however, sentiment gradually
changed. Numerous reports We're received stat
n ing ma, crop damage IN ransas ara
of such reports received from s.. Louis.
and TO add emphasis to this news heavy selling
orders accompanied the bearish advces.
The worlds visible supply was another source
of disappointment TO the bulls. the figures. as
compiled by Bradstreet's. showing decrease of
only 900 bu. as compared with a decrease of
100000 bu year ago.
COMMISSION HOUSES TURN SELLERS.
Commission houses became liberal sellers. and
many of the early buyers FASTENED to take prof
it's On the heavy selling prices started down
ward. the market being void of any material
support. When July had fallen to Slsc. drop
of over &c from the high point. shorts covered
quite freely, causing slight rally. Inc close,
however, was weak with July at SdssqsI12c.
May closed at 957sc, after selling between so%c
and 9I5sc.
Clearances of wheat and flour were equal to
2s63O0 bu. Primary receipts were $4,000 bu,
COMPARED With $500 bu year ago Minn ne 1i
cars, against 800 cars last week and BOG cars
year ago.
An active general trade witnessed in the
corn pit. but nervous feeling was manifested
The crowd was disposed TO follow the
ments of the leading bull. and there good
demand for both May and July corn d1ring the
first hour, the market showing fair amount of
strength.
When the late selling movement in wheat set
in the corn market eased off in sympathy Gov
but the close easier July opened sc 10 sc
higher. at 52s52hc. sold between Size and 5212c
and closed al 5lAq517sc. May ranged between
54Izc and 551ac. closing at soc. Local receipts
were 202 cars. with 81 of contract grade.
OATS FELL ON WHEAT.
Oats followed the course of other grains. the
market being governed almost exclusively by
the action of wheat and There very
few offerings on the market early in the day,
and fair scattered demand caused a consid-
the day owing to the decline in wheat, and in
consequence the market became easier.
After opening shade to SgAG higher go,L at
39Ac. closing at 3Sl2q3Sasc. Local receipts were
205
PROVISIONS CLOSE LOWER.
Provisions were firm early in the session on
an active commission house demand, the strength
in grains being the principal influence. The mar
ket felt the effects of the late selling in wheat
out the entire list The close was weak with
July pork down 30c, Sl3 %. July lard off
1Oc. at S.12ls, and ribs were down nc to 1Oc,
Leading futures ranged as follows: