Los Angeles herald., 1905-03-30
CHICAGO GRAIN MARKET
Lively Interest In Corn Pit-3,ooo,o 700
Bushels Sold by One Trader
BY Associated Press.

Bushels Sold by One Trader
BY Associated Press.
CHICAGO, March 2g.-Interest OF
traders today centered i'm the corn pit.
The market was a big affair, with
profit taking by q prominent long a
leading feature. The sales by this one
trader are said to have exceeded g.
100000 bushels. Influenced by this
heavy liquidation, pit traders became
short sellers, thus adding to an already
weak situation.
One of the chief reasons for the un-
usual selling pressure, it is claimed,
was the exceptionally good weather
conditions and the prospects of ex-
tremely early corn planting. One re-
port claimed that planting will be
over i'm central Missouri in two weeks.
Another factor, however, that is said
to be exerting a powerful influence on
the corn market at the present time is
the probability of a heavy movement
from Argentina in the immediate fu-
ture.
The market opened steady with May
unchanged to a shade higher, at 477sc
to 475s04Sc. For a time a comparative
firm tone prevailed, May advancing to
4Sc on covering by shorts One of the
principal longs then started to sell out
part of his holdings and May declined
to 461ac The market rallied on re-
newed covering by shorts, but the close
was weak, with May off Ss@&c at 471s
@47Ac.
The wheat market was affected to a
large extent by the slump in corn. A
secondary factor was the continued eX-
cellent weather conditions and addi-
tional reports of the favorable progress
of the growing crop.
An optimistic report from Kentucky
was that more wheat will be raised in
that region than ever. While the acre
age is not as large, it was asserted that
the condition of the crop is close to 100
and that the weather is perfect. This
report was supplemented by one from
Kansas asserting that the total acreage
devoted to wheat in that state is 5 per
cent greater than ever before and that
the condition of the new crop could
not be eXcelled. July opened Ac lower
to Nc higher, at SShc to SS&c.
During the first part of the session
the market held comparatively steady,
but with the break in corn prices grad
ually yielded, July declining to S7%c.
The market rallied materially late in
the day on covering by shorts. There
also was some disposition manifested
to take on long wheat in view of the
decline in the value of future deliveries
during the past few days.
Final quotations on July were at
SS1aDSS5sc. May opened unchanged at
Ac lower at $1.11%@1.12, sold between
$1.11b@1.12h and closed at S1.12as.
Trading in oats was active, liquidation
by local and outside holders being of
considerable volume. The market was
influenced to a large extent by the
weakness of other grains. May closed
at 29%c.
The feature of trading in provisions
was moderate realizing in pork, re-
sulting in some declines May pork
closed a shade lower, lard was up a
shade and ribs were unchanged.
Market Ranges
The leading futures ranged as fol-
lows:
Wheat, No. 2-May, s1.12ss; July,
SSh@SS5sc; September, s3A@SS3sc.
Corn. No. 2-May, 47$@47Ac; July,
475sc; September, 47Bc.
Oats, No. 2-May, 293sc; July, 299s@
29ho; September, 2Sa4c.
Cash quotations were as follows:
Flour-Weak.
Spring wheat--No. 2. $1OS@1 121b !;
No. 8, $1.00@1.11; No. 2 (reD, $1.11@
1.13h.
corn-No. 2, 47Ac; No. (yellow),
47hc.
Oats-No. 2, 293sc; No. (white),
321ac; No. (white), 2S@2S9sc
Rye-No. 2, 7S1ac.
Barley-Good feeding, 37@39c; fair to
choice mailing, 43@47c.
Flaxseed-No. 1, $1.24; No. north
western, $1.37.
Provisions-Mess pork, per bbl., $3.50
@12.65; lard, per 100 lbs, $7,O0@7 O21a (;
short ribs sides Qoose). $6.S71a@7OO
short clear sides (boXed), $6S71a@7. 90.
Whisky, basis of high wines, $1.23.