Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-10-15
DECLINES In CEREALS.
The Early Strength in Wheat Doesn't Last
Long-A Heavy Loss in October Corn,
and Slight Concessions in the Other
Futures-Oats Quiet

The Early Strength in Wheat Doesn't Last
Long-A Heavy Loss in October Corn,
and Slight Concessions in the Other
Futures-Oats Quiet
CHICAGo-The wheat market opened
strong and higher this morning, but soon
weakened and scored decided decline.
| There was q halt in the downward progress
for time, but the weakness was renewed,
and the closing prices were the lowest of
the day and about 1Lzc under yeste erday's
last figures.
The market opened higher on the renewed
reports of serious damage to the unthreshed
grain in the fields of North Dakota and on
indefinite reports about the prohibition of
wheat exports by Russia, but the latter
proved to have no better foundation than
previous reports of similar tenor, and the
Weather Bureau reporting the weather clear
ing III the Northwest. The crowds improved
the opportunity offered by the advance to
load up tee people who had buying orders at
the start.
December opened at 81 O0lL against $3.50 at
the close yesterday. 1t declined without
any reaction to speak Of in the course of the
first two hours to 994c. There was q halt on
the down turn due to buying against the
puts, but that was overcome by the superior
weighs of the offerings and from $3.50 to
9S7Sc the decltns was rapid For time
there was liberal buying by New York on
Northwestern account: the local shorts ccv-
cred freely, and the local bulls were good
buyers; but it soon became evident that
there was plenty of wheat for sale and the
buyers became less greedy.
Then New York and the Northwest began
to weaken, and word came that importers
there were reselling. A rumor that Brad
streets reported an enormous increase in the
available supply helped the down turn very
materially. Firm closing cables caused
rally TO 991Sc, hut weakness followed and
there was another recession, this time to
9s53c, at which the market closed.
Corn declined the most of the day and
shows a loss at the close of &c in October sc
in November and 14c in May. Thnre was no
news to weaken the market except that the
weather wa favorable for the maturing ofthe
crop The short interest in October seems to
have been pretty well covered, and the lack of
support from this contingent seems to have
been the main factor in the exceptional
weakness in that future. Otherwise it should
have been strong, as the receipts continue
extremely light. For the rest the weakness
was probably in sympathy with wheat Oc-
tober opened at 57c, broke to 553zc. rallied
slightly, weakened, sold off to SAC and
closed at $3.50, against 5G334c at the close yes
terday.
Oats were quiet and steady to firm.
The receipts of hogs were heavy, with prices
lower, and the liquidation in hog products
continued. The result was that provisions
were weak in the early dealings, but there
was rally later and the close showed no
significant changes, except in ribs, which
are 5G20c lower,
The leading futures ranged rs follows, as cor
rected by John NJ Oakley & Co., IS sixth street.
member of the Chicago Board of Trade;