Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-20
WEAK AND FLUCTUATING.
Wheat and Corn Suffer Much in the Early
Trading, but Improve Later in the Day
-Bearish Weather and Crop News
1risio

| Wheat and Corn Suffer Much in the Early
Trading, but Improve Later in the Day
-Bearish Weather and Crop News
Provisions Higher.
CHICAGO-Wheat opened with an ap-
pearance of strength, first sales of July
being made at 94@941%c, against 9311c at the
close yesterday. The strength was only ap-
parent, however, and was due to the bidding
of few nervous spectators, who had ma g
nified the importance of the wet weather
damage in the winter wheat belt where har-
vest is in progress. All of the conditions
were against them. Cable market reports
showed lower prices for spots and
futures at Liverpool and for cargoes for
prompt shipments at London.
A series of private cables from the princi-
pal wheat market centers of Europe was
shown around. These cables reported i'm
proved crop prospects everywhere; said that
French importers had already bought more
grain than the situation warranted which
seemed to account for the sharp drop in
prices yesterday and that $50, 600 bushels
were lying in hulls Off the English coast, for
which there were no bidders. Further
more, the weather map showed but little
rain in Kansas, indicating that the harvest
there would soon be resumed, and the break
In stocks consequent upon the continued
gold exports assisted in the decline.
The local feeling was bearish and the sell
ing pressure quickly overwhelmed the little
coterie of buyers. Within five minutes of
the opening July sold at 931<c. At this point
came reports of serious damage to the crop
In Kansas by floods and heavy rains, good
inquiry for cash wheat here, chiefly for
direct export, and large export clearances
from the seaboard. A French cable also said
that the Chamber of Deputies had agreed to
the measure for the reduction of the duty on
cereals, fixing the date at July 10. As this
was compromise between the Chambers
wish for an immediate reduction and the
action of the Senate fixing the time at August
l, 1t was thought 1t would pass the Senate.
Sellers having been pretty thoroughly
bailed out, prices quickly began to react
Early shorts commenced to cover, and there
was considerable investment buying. There
was change in sentiment and an advance,
with various minor fluctuations, to 943Ic.
Then the market became weak ON free offer
ings, and became lower and weak on English
cables and the decline reported at Paris,
Berlin and Antwerp, and sold of to 9llIc;
covered to 9413c, and closed at that.
Corn showed little strength for the first
minute, and July sold at 56@561sc, but every
body seemed to have selling orders, and
holding off. The result was q surprising
weakness and rapid decline, July dropping
to 54a4c in less than. ten minutes after the
opening. 1t followed wheat to some extent,
but the possibility of warmer and clearing
weather was, also, weak factor. In the
break good buying commenced; shorts COW
cred freely; investment buying was gener-
Gus, and wheat selling up, corn followed.
The moderate receipts for tomorrow were
favorable, and there was an irregular ad-
vance to 561ac. Then the price broke to
557sc, from which there was recovery to
5614 &c at the close.
Oats started at $3.50 for July; broke off in
sympathy with corn, and soon touched 351lc,
but subsequently reacted to $3.50, broke to
351c, reacted to 3614c and closed at Soc.
Provisions opened firm, September pork
selling at $40 co, but fell later to $40 80 Then,
when corn and wheat advanced, it sold to
$40 20, dropped to $40 6215 and closed at
$40 IS, a gain of 10c over yesterday. Lard
and ribs gained DC each.
The leading futures ranged as follows, as
corrected by John NJ. Oakley & Co., 45 Sixth