The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-17
WHEATMOVESDOWNWARD
BREAK OF DROUGHT IN SOUTHWEST
CAUSED THE DECLINE.
Corn and Onts Follow Wheat, Sus-
tanning Substantial LOsses-Pro-
visions Close Lower, Too.

CHICAGO. March 1s.-Indications of ef
fectual break in the Kansas-Cklahoma drought
knocked 21sc to-day from the price Of July
wheat The May delivery closed at loss Of
1lsc. Corn is down 1sa11.c. oats &c and provi-
sions 1Oc to zoe.
From the start the sentiment in the wheat
pit bearish. The initiative for the feeling
OF depression which permeated the days trad
ing the unresponsive tone OF the Liverpool
cables. the foreign market being barely steady.
Notwithstanding the sharp advance here yes
terday
The comparative weakness abroad was en-
phasized by the predictions of rain or snow
throughout the Southwest, where moisture is
greatly needed by the growing plant. Owing to
these bearish factors there general selling
movement at the opening. quotations on May
being Hc to &c lower. at &c TO 97Ac. July was
down sc to I1@5sc. at 52ssG92izc to 925sc.
PRICES STEADILY DECLINED.
Offerings found few purchasers and the ses-
sion advanced prices steadily declined. The ex-
treme weakness in Southwestern markets seemed
TO confirm opinions that the end OF the drought
in the winter wheat belt in sight.
A big decline at Kansas City brought out in
creased sales from pit traders and caused further
recession in prices. The principal trading was
in the July delivery, which also showed the
greatest loss
in response to buying by commission houses. but
the frmness short-lived. The low point of
the day reached just prior to the Close
when May touchel 96isc and July 90ssc. Final
figures May $3.50. July closed at 907sc
Clearances of wheat and flour were equal TO
273.e00 bu. Primary receipts were 4S9600 bu
against iol.3OO blu year ago. Minneapolis, Du-
luth and Chicago reported receipts of 25s cars
against i23 cars last week and go cars year
SHARP BREAK IN CORN.
A sharp break occurred In a result
of the decline in wheat the weakness in the lat
ter market stimulating aggressive selling
movement by the bear element. Ire local talent
generally against the market and there was
no important buying by any interests. In spite
of steady cables and small receipts the opening
esser along with wheat.
Prices had downward tendency the entire
day and the close found the market almost at
the low level May opened nc TO sc lower at
54Q544c. Near the close the price touched 5s1sc
between 5Ol:c and SIC and closed with loss
OF of Isgl9se at 5oa@.ssse Local receipts were
OATS FOLLOW WHEAT AND CORN.
Oats followed the lead of the other grains. The
decline accompanied by active selling. a
largo part OF which was credited to Patten.
There little. demand. except from shorts.
who covered the break. The close near
after selling between soc and Ale. closed at 4O1s.
July sold bowen 3szc and 3sd3sisc and closed
at 3sl5tt5S3sc. net loss of l2c. Local receipts
1l2 cars.
HEAVY SELLING OF PROVISIONS.
The weakness that developed in provisions was
due to early selling by commission houses rein
forced later by liberal sales from packers. The
break in grain prices and "a heavy OF hogs.
with lower prices at the yards. were the main
factors. The close steady at the decline,
May pork being off 17l7620c at $l3.s2l2. May lard
Was down 1OQl2l9c at sl2l3q7.l5 and ribs l21sc
lower q. $40
Estimated receipts Tomorrow Wheat. 10 cars I;
corn 100 cars; oats lis cars; hogs. g.. 900 head.
Leading futures ranged as follows: