The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-09
ANOTHER SLUMP INWHEAT
MAY DECLINED 1-2C AND JULY
5-sC TO 1 SIC At CHICAGO.
Everybody Wanted to Sell and Buyers
Other Markets Also Lower.

CHICAGO. March s-Indications that the Kan
sas-Oklahoma crop scare has. perhaps, been ex-
aggorated induced liberal selling Of wheat to-
day. The market closed az a net loss Of 2hc
for May and 1850 to 1a4c for July. Corn is down
shade oats are of sc. Provisions arc
shade lower 10 2lzc higher.
Contradiction OF the reported settlement of the
Argentine strike caused at the opening an i'm
proved tone in wheat Notwithstanding consid-
cradle decline at Liverpool. May here was steady,
with prices &c lower to nc higher. at sSla@9il2c
July was up a shade 70 izG5sc at s994d90i4c. For
a time the market ruled quite firm. aided by the
strength in coarse grains. Another bull factor
is the absence Of rain in Kansas ard Oklahoma.
In addition there was as compared with last
year, a smaller movement in the Northwest.
Shorts covered freely in both May and July. the
latter option selling up to 93izc. while May held
firm at eiisc Toward the middle OF the day,
however the sentiment changed On attempt
OF some Of the bull crowd TO dispose of their
holdings the pit crowd suddenly took the selling
side Of the market There apparently no
wheat wanted and before buyers could be Sc
cured prices slumped severely. May dropping to
SIC. while July sold off to ssi1c. Large receipts
in Kansas CITY, which seemed TO show that COM
paratvely little alarm is felt in that section as
to the growing crop. apparently the only
bear factor The market rallied slightly several
times late in the day. but each uDturn COM
mission houses had plenty of selling orders Just
before the close extreme weakness again devel-
oped and May declined to sl%c. a loss OF 2%c
from the high point OF the day July dropped
TO Sl2sc decline OF 2sc from the top. Fi ma
Clearanees OF wheat and Hour were equal 10
2lS,0cJ bu. Primary receipts were 63l,OOO Du
ible according to Bradstreets decreased 429 900
bu. Minneapolis, Duluth and Chicago reported
receipts Of 3l6 cars. against 4O2 cars last week
and 299 cars a year ago.
Higher prices at Liverpool due to reported un-
favorable weather in Argentina, caused strength
In the corn pit early in the session. Inc May
delivery seemed congested and dealings were
sent the price up rapidly. There was also a
tendency among shorts in July and september
| chasers The active demand continued until late
/ IL the day when the final break in wheat caused
/ heavy liquidation. The early advance was all
/ figures. The close was comparatively steady at
May was isGAc to aGlsc higher, at 54G5lAc,
/ and the range was between 5S1zc and 55lsc- July
/ of lzc 10 sc, at 51hc. Local receipts were PSI
! cars, eight Of contract grade.
| commission houses during the first part of the
session. and with light offerings prices were
moved up nearly 1c for the May and July. The
corn strength Influenced some buying. and there
some leftover stimulus from the crop esti-
/ mate Of yesterday. Considerable long oats came
out on the last break in wheat resulting in
! loss of all of the former gains The close was
/ fairly steady. The opening on May was sc TO
/ sc higher at 42AG42&c After ranging between
/ 41q4llse and 43lsc the close was at 4l&c July
sold between 394c and 4O144403sc and closed at
the low point with loss of CSC to &c Local
/ receipts were 500 cars.
A big reduction in receipts of hogs and an ad-
vance in prices at the yards caused hrmness in
| provisions early in the session. There was con-
| siderable LIQUIDATION, both by local and outside
| holders. late in the day owing to the weakness
/ In grains. All of the advance lost and the
/ close was near the bottom May pork closed un-
| changed. at Sl3S7lh Lard up 215c, at $7.S2l5,
and ribs a shade lower, at S7.17h.
Estimated receipts for tomorrow: Wheat, &c
cars: corn, 100 cars; oats. 210 cars; hogs Zoo
| head.
| Ieading futures RANGED as follows