Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-15
WHEAT WEAK, CORN STRONG.
Each of the Two Leading Cereals Has but a
Temporary Influence on the Other
Wheat News All Bearish-Corn Ad-
vapceS StpadfIy.

Each of the Two Leading Cereals Has but a
Temporary Influence on the Other
Wheat News All Bearish-Corn Ad-
vances Steadily.
CHICAGO-Though wheat started higher
than at the close on Monday afternoon, it
was weak from the beginning. The news
was about all in favor of the bears, and they
took advantage of the opportunity to pound
the market. July was the chief sufferer, but
December sympathized with it to some ex-
tent Thare was Il reaction later, and part
of the loss was recovered
The early weather news showed rains in
some portions of the Northwest and in Mis-
souri,, but it was generally clear where the
winter wheat harvest is in progress. The
arrivals of new wheat were about 80 cars
more than had been estimated, and the
quality continued al the high standard set
BY previous arrivals. Cables were dull and
easy and exports were light. A Paris cable
said that there was an overplus of import
wheat: that farmers deliveries were becom-
ing more free: that the crop in dications were
good and that the outlook there was not ia
vorable to higher prices unless American
wheat growers should carry out their threat
to combine and hold their grain. The result
of this combination OF weak news was to
stimulate the selling, and as there was not
enough demand TO absorb the offerings the
market gradually weakened. December
was ut sSc for moment near the start, fluc-
tuated narrowly with a downward ten
dency, finally touching SIssc. AT that point
a decrease of 600 coo bushels on ocean passage
was reported.
The estimate for tomorrow put the re-
ceipts at 275 cars, against sos received to-day,
and at the same time corn began to go up.
The result WIS that the downward move
ment in wheat was checked and an advance
started. December rallied to s75sc, but on
receipt of cablegram from London that the
talk of a failure of the Russian wheat crOD
was greatly exaggerated, and that Russia
would have 100000 bushels for export
against an average export of four years of
80, ,000, 600 bushels, the downward movement
was resumed and the price touched S7l4c
and closed at size. July was the weakest
and fell from S95sc to SSl4c with hardly any
New York wired that cables were easier;
that they were bringing fewer buying or
ders, and that only seven boatloads had
been taken for export.
Corn opened slightly higher, mainly on
light offerings and smaller receipts than
were expected, but the weakness in wheat
caused Il temporary recession in the price of
corn also Then came the estimate of very
light receipts tomorrow. There was an
active demand for cash corn, and the shorts
attempted to cover. The result was an ex-
cited rally, and after fuctuating narrowly
during the last hour OF the session the mar
ket closed about at the top. September
opened at 5l15c, declined to 5IIlc, held for q
time around 5l1%c. advanced to 52Ilc fluctu-
ated and closed there. July started at 56c,
sold at 553lc, advanced to 5s1sc and closed
at 5Sc.
Provisions opened strong and higher on
lighter receipts of hogs than expected and
an advance of 5Il0c in hogs at the stock
yards; but free selling carried prices off
some, though there was recovery later, and
the close was at insignificant changes from
yesterdays prices.
The leading futures ranged as follows as
corrected by John NJ. Oakley & Co., IS Sixth
street. members of Chicago Board Trade: