The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-06
WHEAT SHOWS WEAKNESS
BREAKING OF DROUGHT IN SOUTH
WEST CAUSE OF DECLINE.
At the Opening the Pit Crowd Was
BuIIish Higher Liverpool Ca
bles-Much Trading in July.

CHICAGO. March 5.-An interruption of the
long-standing drought in Kansas and Oklahoma
caused wheat to weaken to-day. the May de-
livery closing sc of. July is down l.g7sc. May
corn closed with gain OF bW54c. oats are IN
changed. Provisions up l5c to &c
reflex effect OF the Ohio crop report was
kecnly felt at the opening in wheat. an adj
at Liverpool being largely creiited to the
Ohio report me pit crowd was quite bull
The general demand caused an initial adj
vance IN May OF Is to lc openins 9uot@ ',.,S
at ss%sG5z%c. ca5leSlam from Odessa. pre-
dieting dieting a eurtailment Of crops owing TO re
other source OF strength.
MUCH TRADING IN JULY.
The principal trading in .he July option,
commission houses having considerable buying
orders for that delivery. Some of the longs in
May. took profits early in the day and caused
decline to &c bu. shorts were active
July sold up to eS1sc
Additional realizing occurred on the advance
and when rain reported in Kansas and
other sections of the winter wheat belt. the
selling became quite brisk The market was
poorly supported, and weak tone developed
May declined TO 9e1sc, while July dropped 10
The market failed TO recover from this setback.
the close being weak and the bottom, with
May at s6ssc. July closed at %q92Sc -, :.
Clearances of wheat and -four were equal 70
is. zoo bushels. Primary receipts were 54j. 200
bushels, against $500 year ago. Minneapolis,
Duluth and Chicago reported receipts of 5ii cars
compared with S2l cars last week and Sls a
CORN STRONG EARLY.
Strength in wheat and an active demand from
a prominent provision interest caused a firm
market early in the day. There was very
little corn for sale until May had advanced
nearly cent abdve yesterdays closing figure
Offerings then became rather free and prices
eased of. Commission house selling. due 70 the
late weakness ia wheat, caused an additional de-
cline toward the end of the session.
The market closed steady with all OF the ad-
vance lost The opening on May was unchanged
to nc higher. at 5S1zc to 537sc. On the early
bulge the price rose to 54ha54Ac. but dropped
July ranged between 51Aa51s4c and 52%c, closing
&c lower, at SIC. Local receipts were 209 cars,
with one Of contract grade.
OATS STRONG THEN WEAK.
Early in the session an impression prevailed
among traders in the oats pit that the big long
in May accommodating a line of July. The
pit crowd was inclined TO follow this buying and
the result strong market with both May
and July showing gains.
the break In wheat and corn resulting In con-
siderable weakness. The tone at the close was
41ssc, May ranged between allsc and 41%c. clos
ing at 4lAc July sold between S9lAe and o, 4oc
Local receipts were 272 cars.
PROVISIONS HIGHER.
A small of hogs. with higher prices at the
yards. gave provisions a strong start. and the
early strength well maintained throughout
the day. There was big general trade and
comparatively few products the market. The
best buying was by commission houses. Selling
by packers caused partial loss of the ad-
vance, but the close was firm
Final figures on May pork were up 25c, at
s141711 May lard closed 15c higher. at $40.
and ribs were zoe higher. at s7.271z
Estimated receipts Monday: Wheat. % cars;
corn. 195 cars oats. 270 cars hogs. 20, 900 head.
The leading futures ranged as follows: