Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-25
WEATHER FAvORS BEARS.

Sunshine in States Where Harvesting Is in
Progress, and Rain in States Where
Corn Needs It-Free Buying by Shorts
Has but Little Effect.
CHICAGO-Wheat was apparently friend
less to-day. To be sure, at the opening
shorts bought heavily, lending the marketa
fictitious appearance of strength for time,
but there was nothing in the position to JUS
tify an expectation of higher prices; in fact,
the news of the day was decidedly bearish.
The early purchases were not with the ex-
pectation of profits from an advance, but for
the purpose of evening up deals. The shorts
continue to fear the temptation to manipu-
late in July within the next few days in view
of the perilously light stocks of contract
wheat on hand.
The bearish news consisted in reports of
continued fine weather everywhere in the
winter wheat belt of this country and in
Europe lower cables depressed domestic
markets and general bearish feeling Har-
vest was reported going on vigorously and
new wheat was reaching the Southern and
Southwestern markets. Indian and Russian
wheat shipments were heavy. The Formers
ReuieaU, in its summary of the situation, gave
the condition of winter as exceptionally
good and spring very promising. Secretary
Mohler, of Kansas, wired that his dispatches
showed no material damage to wheat in that
State by the late rain. Late Liverpool cables
quoted weaker markets there, with 3z@ld
decline, and Berlin was lower, with Paris
showing from 20 to 80 centimes decline.
About the only item that was at all bullish
was BrddStreet'S report showing decrease
of 1,6l6, 900 bushels in the visible supply east
of the Rocky Mountains, with an increase of
3S7, 900 west of that range.
Having evened up their deals in the dan
gerous month, the shorts were ready for
scalping trades, and proceeded to offer Sc
lected lots on a descending scale, while the
longs were with them in an effort to get rid
of their holdings. The result was very
weak and declining market. July opened,
at $685. &c, sold up to $3.50, reacted to 923sc,
grew steady for time, but weakened again,
selling off to 90 and closed at 921Sc.
The weather was the leading factor in de-
termining values in corn, as in wheat. Thus,
while it was clear and warm in Kansas, Mis-
wheat harvest is in progress, it was showery
II Iowa, Nebraska and other sections where
the moisture will be of advantage to the
corn crop. This encouraged short selling,
and the later weakness in wheat assisted in
the downward movement in corn. July
opened at SAC against 541sc at the close yes
terday. There was little or no demand, but
the selling was persistent and aggressive
almost from the start. Long corn was sacri-
feed freely. Short selling was on an enor-
nous scale, and the execution of stop loss
orders completed the decentralization. After
touching sac the decline began, and with
one or two minor reactions, dropped to 5S1sc.
Then there was rally to 5S19c, and at the
close the price was $3.50.
Oats had a strong start, due to the fact that
only 81 cars were received where $50 had
been expected. July sold early at a5sl@36c,
then broke in sympathy with corn and sold
off to 35c reacted to 3514c, again weakened,
and closed at the bottom price of the day.
Provisions ruled weak, Influenced chiefly
by the weakness in the grain pits. Trade
was generally dull, and fluctuations were
confined within an extremely limited range
The leading futures ranged as as follows, as
street members of Chicago Board of Trade: