The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-10
WHEAT MAKES &c GAIN
MANY RUMORs THAT GOVERNMENT
REPORT WILL BE BULLIsH.
Wholesale Liquidation Puts Corn
Prices Down 3 Cents in Both May
and JuIy-Oats Weak.

CHICAGO. March 9-Expectation OF bullish
government crop report counterbalanced to-day
in the wheat pit the demoralizing tendency OF
heavy liquidation in coarse grains. May wheat
made net gain of sc. July is up 2sc- Corn
lost 2l4c, oats l7sc and provisions 2l2dloc.
Comparatively firm English markets, notwith-
standing the weakness in Chicago yesterday
caused wheat here to open with considerable
show OF strength. May 1sa4c higher. at
92Q32Hc. July up 1sG$c. at SSisqSS4sc
These were the top figures of the day. Prices
were sustained for a time that level by a
prediction of a cold extending far south
as Nebraska
After the first installment sof buying orders
Rad been hlled the market began to sag gradu-
ally. TIE downward tendency accelerated
by tho extreme weakness which developed in
coarse grains under heavy liquidation.
Later the demand improved and there was a
cessation Of profit taking. The market rallied
under a fair commission house demand. The
advance, by heavy selling by earlier
buyers. the result being another setback.
BUYING ON GOVERNMENT REPORT.
A that the government crop report
to be issued tomorrow might show a large de-
crease in farmers reserve brought out consid-
cradle buying orders late in the day. Shorts
covered freely, forcing up the price Of both May
and July about top figures. The close was
frm, with May at 92Izc. July closed at SS7sc.
CIearances of WHEAT and flour equal to
$4,000 bu- Primary receipts were eo2 200 bu. com
pared with $40, 800 bu year ago. Minneapolis,
Duluth and Chicago reported receipts of 425
cars, against 4O5 cars last week and 23l cars a
BIG BREAK IN CORN.
Under wholesale liquidation the corn market
ruled extremely weak losses of over Sc bu be-
ing experienced in both the May and July deliv-
cries. Aside from easier cables and prospects of a
bearish government crop report TOMORROW there
was little in the general news to create such
havoc in prices.
Apparently IL simply OF leading
longs selling out with smaller holders following
There very little support except from shorts
Toward the end of the session offerings be-
came lighter and in consequence some recovery
was made, firmer tone prevailing at the close
Initial quotations May AG%c higher
at 54Q5isc due mainly to the firmness in wheat
Shortly after the opening heavy liquidation.
set in. Prices started downward and the bottom
| not touched until 50ssc was reached. TIL,
close ", vas e 5lss July ranged between ASS,
| loss OF lac. Local receipts were liz cars, nin'
! of contract grade.
PATTEN SELLS OUT.
The feature in trading IN oats was heavy liqui
Gation credited to Patten. Smaller holders JOINED
| in the selling movement, causing loss Of nearl,
&c in both the May and July options About tn
only support came from shorts who covered oil
the decline. The close barely steady AM
| near the low point of the day.
| May opened 1tc higher, 42c. After selling
down to 40G 401sc the close at 40%c. Jul,
ranged between SSAc and 3eSc, and closed with
net loss of sic, at 3Sl4c. Local receipts were IS
|
MUCH SELLING OF PROVISIONS.
| The break in corn prices brought out liberia
| profit taking in provisions. AS result OF tn
selling, which was mainly by small holders tn
market ruled easier and slight losses mad
throughout the entire list. The early tone wa
firm in sympathy with higher prices at tn
yards. but the market lacked any marked sup
| port, and prices gradually yielded to the weak
| ness in grains
The close was steady, with May pork 10c lower
at 13771z. May lard closed 21zc lower, at 81 &c
| and ribs also down 212c, at Sis.
| Estimated receipts to-morrow-Wheat 80 cars