The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-02
WHEAT GOES STILL LOWER
THE MAY OPTION BROKE CENTS
YESTERDAY AND THE JULY I-2C.
Severe Declines in Foreign Markets
Principal Cause of the Continued
DecIine-Other Markets.

CHICAGO March 1.-Severe declines in for
eign grain markets and increased primary re-
oeipts knocked &c from the price Of Nay wheat
to-day. Liquidation spread TO the provision pit
and resulted in a break OF S71zc in the price OF
May pork
Closing prices showed "A loss for May wheat
Of SIC compared with last night July is down
2laG2ssc. May corn is off &C, oats 2&G27sc and
provisions 421kGS71zc.
Throughout the session the sentiment in the
wheat pit was extrnely bearish. and there was
constant general liquidation Lower prices in
all foreign grain markets caused a weak open
ing. May being 1zalc lower. at s1G1-OOlz. and
July down %G7sc to 1Ad13sc, at 93G93hc.
Unmistakabe evidence was given at the start
that general sentiment had. for the time being.
completely changed from the recent remarkable
bulIishness.
Long wheat. bought under the belief that the
war should be sure to spread for sale in
large quantities. There also enlarged
movement Of wheat toward Western accumu-
lating centers that did much to throw doubt on
the reported smallness of the farmers reserves.
On this view of the situation all of the large
commission houses had wheat for sale. and the
Northwest also liberal seller here. Very
little support was offered until May had de-
clined to 99c and July to 92Ssc.
SCATTERED DEMAND CAUSES SOME RE-
COVERY.
scattered demand from shorts and buying
of July by the instigator of the discarded May
deal caused some recovery. May rallying to 99Isc
and July TO 93lsc. A decrease of nearly 100000
bu in the worlds available stocks had a steady
ing influence for a time During the last half
hour of trading however, heavy selling again
set in and the market broke violently. May
dropped 961sc. a decline &c from the high
point Of the day. July fell &c, to sl1sc.
-. a slight recovery followed on buying by
97Ac. July closed at 914c.
Clearances Of wheat and flour were equal 10
10000 bu Primary receipts were $4,000 6u
Duluth and Chicago reported receipts OF 4O2
cars. compared with $50 cars last week and 29l
cars year ago
CAME DOWN WITH WHEAT.
Corn declined with wheat the market being
without support. There was heavy liquidation
by houses that have been borrowing big long
lines and also profit taking by small holders.
A feature in trading the selling of May
and buying Of July by several commission
houses.
after selling up TO 562c the price broke TO SHE
late In the day, closing sat 54ssc: July ranged
between 547sc and 551sc and closed 13sQ2c lower.
at sac Local receipts were 49S cars, seven Of
contract grade
SEVERE BREAK IN OATS.
There was severe break in oats. especially in
the May delivery. The break was sharp that
stop-loss orders were executed in large numbers,
and these added TO the demoralized state of the
market
large part of the selling was credited to
the principal holder. and this naturally caused
considerable liquidation by smaller holders.
The weakness in wheat and corn together with
an increase in the stocks were causes OF the
heavy selling pressure.
The close weak and the bottom.
After opening hd@sc TO AQI5c lower. at ANA
44zc May sold between 4ssc and 4issc. closing
at Inl at
receipts were 366
LIQUIDATION IN HOG PRODUCTS.
Liquidation in hog products on a scale
similar to that in the grain markets Prices in
all lists showed sharp losses. May pork. how
ever, was especially weak and declined size for
the day. The weakness in grains and lower
prices in hogs at the yards were the bear fac
tors. The ciOse pracIlcaIIy at the cotton,
with May pork at $3.50, after il had sold be-
tween sl4J0 and $3.50 Lard closed 42Ikc lower,
at 81. As. and ribs were down 42Ac. at $40.
Estimated receipts for Tomorrow Wheat, IS
corn, los cars; oats, $50 cars; hogs, Al. 900
head.