The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-06
WHEAT MARKET BREAKS
LATE BUYING MOVEMENT ON WAR
NEWS CAUSED RECOVERY.
May Closed at Slight Loss and July
lowed Wheat-ProvisiOns Weak.

CHICAGO, Fen. 5.-War tension to-day over
came violent setback in grain prices. due to
enormous realizing sales. Losses OF &c bushel
were made in the May deliveries of wheat. corn
and oats.
But the news offset all other influences
and caused a recovery OF all the loss. closing
prices being at the top.
Compared with last night to-day's final figures
were ssa15c lower for May wheat. sc higher
for corn. with oats unchanged. Provisions were
easier the May products closing &c to 1712c
lower.
Exceptional activity displayed in the
wheat pit at the opening. Prices were extremely
erratic and showed wide fluctuations Owing
to the acuteness of the war situation shorts APP
peared determined to even up trades with little
regard to price.
In this effort the price of the May delivery was
forced nc above the high record mark regis
tered yesterday. the opening quotation being
sac lower to ls47sc higher at CSC to CSC July
Within ten minutes from the time May had
of Pc While nS b nap i9 aen o 70 to sS Sba
below the top figure. After the first minute or
Two OF Iading there was flood OF long wheat
everybody had wheat for sale.
PRESSURE PUTS PRICES DOWN.
Under this heavy pressure prices began to de-
cline. stop-loss orders coming out increased
the downward tendency. and, for a time the
Armour supported the market on the break
and a fair rally occurred. From 931zc, May
quickly advanced to 94Ac, while July steadied
around S4S4c. Trading then developed into a
rather tame affair, but the market was nervous.
early news contained several items of exceeding
~ bearish import. Receipts in the Northwest
and southwest were heavier than last year.
Weather conditions on the Pacific coast and in
the southwest We're materially improved
Argentine reported much more liberal ship
ments than year ago. These factors were in
and innenntav hn out lot OF July wheat at
May option. Fresh war rumOrs circu-
lated in the pit late in the day. resulting in
another active buying movement.
The demand became urgent during the last
gained. Just before the close July sold up TO
e61sc. and final figures were at S57sqS6c, net
gain foT the day of Ac. May closed at csc. a
Clearances of wheat and -four were equal to
against 726, 700 bu a year ago. Minneapolis Du-
luth and Chicago reported receipts of 361 cars,
compared with 25S cars last week and 35i cars
JULY CORN STRONG.
Aside from the heavy liquidation early in the
day the most conspicuous feature in the corn
market was the relative strength of the July
| delivery. Heavy selling OF May by some of
| the prominent holders caused a severe break
early In the session. The violent decline in
wheat prices was the prime cause for similar
The opening on May was unchanged to &c
lower at 551sq5ec. Prices Immediately started
4
| May had sold off to $3.50. There was some in
] fuential buying on the decline and a partial
recovery made.
Late in the day. active buying, brought out
| by war news the market became exceedingly
! strong and prices advanced above the opening
level. May closed 1sc higher 56isc, after sell
! Ing at 56Ac. July ranged between 512sc and
! 53lsc, closing with gain of 1%d1Bc at 533sc.
Local receipts We're 1S9 cars. of contract
/ grade.
| OATS FOLLOW WHEAT AND CORN
! Oats followed the course of other grains suf-
| fering a sharp setback during the first hour
| of trading. Heavy liquidation marked the early
trading, but as the session advanced less pressure
/ TO sell was manifested The market rallied dur
| ing the last half hour. in sympathy with wheat
| and corn and the close at about last night $
| figures. The opening in May was 1kc to &c lower
at acc to 461sc and after declining to 441Lc the
| price held quite steady until near the close
when IL advanced to 46Ac. The close was al
| the top. and on level with yesterdays close.
/ Local receipts were .yS cars.
WEAK TONE TO PROVISIONS.
Trading in provisions active, but weaker
tone prevailed. The decline in the grain pits
and lower prices for hogs had a depressing in
huence early in the day and the market was
unable TO regain losses sustained under liberal
| liquidation at that time The close was steady
at small decline May pork being off 121kc al
! $3.50 May lard down TIC at $755 while
| ribs were sc lower at S6775R.
| Estimated receipts tomorrow: Wheat 20 cars
corn 200 cars; oats, ITO cars; hogs. 23,0 900 head
| Leading futures ranged as follows: