The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-06-29
Grain and Provisions.


CHICAGO, H., June 2S.-Wheat acted
qucerly today. The weakness was easily ac-
counted for, b1t the changing about OF the
futures, the discounting Of July and the IA
yoritism shown for September and few
other kinds put the crowd all at sea. The
market, from opening g. close, was active,
tickle and very delusiye 70 the general trade,
Quite an element expected better prices on
the extended rains tho taking OF California
wheat by the continent and q more bullish
outlook for export wheat. Many liberal
operators entered the pit TO buy and did buy
considerable until they found there was no
limit 10 the selling which was credited TO q
lew heavy local Spectators July wheat
which only two days ago ,old at nc premium
over August opened thb morning at s0Hc
with August at 79jsc. Then both went down
together 10 70lsc, and the premium vanished.
Then August climbed up &c TO 70ssc, while
July only rallied TO 7osc, and took its place
ut &c discount Still later, when the indi.
Gator was at 70Kc, for august July could
not be sold in the pit for zoe. The new crop
futures held up better. December went OF
from S2skc at the opening TO size when the
first drop of ic occurred in July, but later II
sold at size. September also was a favorite.
There WIS sharp upurn In wheat just
before 1 o'clock pm, caused by covering
and little fright on the belief that the sell
ing was ovcrdone. Onhhis bulge July went
10 70jkc and August To- JsJtc. The market,
after few erratic midpr changes, closed for
the day ut 70kc for JOY sOhc for August
and s01kc for September.
Corn was In shape 10; break today and II
broke. The receipts We're fifty cars under
the estimate at ii6 crs all told with but
sixly-scven cars Of No grade. There were
other bull signs her and there, and the
crowd was prepared 10 take corn. Prices
were pretty well sustained on the start with
July at lsA4c. August $3.50 and September
5Ol.c. Later the two things conspired 10
send prices away down for time. The one
was the estimate Of 20 cars for tomorrow,
when, by the actual decrease OF late, II was
expected 10 b. about no. The other was the
unmcrciful pounding Of the market by big
local spectators. July was forced down 70
i71sc and August 10 isLc. From these
points thfre was a rally Of about nc, and be-
fore o'clock pm, on covering by the
crowd, Itices were: July, 4Sc August, 4sNc;
septcmtr, l9hc, which were virtually UNI
changed at the close for The day.
In oats the July delivery ranged lower
early, iftervard reacted this was about the
only change d consequences In the market.
Other future, were strpug, and the fuctua.
tons we're unimportapt Good receipts OF
hogs and lower prices coupled with estimates
that stocks Tor manufactured product July
I, would show n large Increase over June 1,
induced libenl selling BY packers and specu'
lators. Trnditg was Increased and weaker
| feeling prevailed, Lard developed the most
heaviness and prices declined ioc, and last
sales at O'Clock. although not at extreme
inside figures, we're 7lfel0c below the last
sales yesterday July sold at ss.l5Cas20,
and August {s2lliCtsS21S and closed at
Ss.22if; year at a 67ls,
Pork closed &c lower. July sold at 1897 =
| ais 90. Short ribs declined &c, but reacted
| a tribe and closed at $1.l0 for July.
The leading futures ragged rs follows