Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-22
INSIDE INTELLIGENCE
Creates a Buying Movement in Wheat That
Completely Overcomes Public Bear
News-A Net Advance for the Day
%. Corn Inclined to Be Slumpy.


Completely Overcomes Public Bear
News-A Net Advance for the Day
-,. Corn Inclined to Be Slumpy.
CHICAGO-Althought the early news on
the board this morning was of very bear
ish character, it appeared to have little or
no effect on the opening wheat market. Ac-
counts from the districts where harvesting
is progressing reported clear weather The
Iowa State crop report, too, placed the aver
age condition at 104. Both private and pub
lie cablegrams reported the English markets
very weak at lower prices. In the face of
such combination of bearish points, how
the pit at the opening that the price of July
was up to 94l4c' almost instantly and it tar
ried only bare minute or two before max
ing a further advance of &c.
The true inwardness of the influences
which prompted the buying appeared in pri-
vate advices later, showing destruction of
thee the corn nc crop in Kansas counties In
crop, and the Missouri reports were to the
effect that the crop was laid and tangled by
the heavy rains. The parties who had this
information early bought much July wheat
around 9415c and 94s4c. The prices advanced
later to 951sc, and the same parties then be-
came the freest sellers.
Under the influence of these realizing
sales there was drop of &c, but fresh
batch of buying orders came in, and there
was quick upturn to 9516c. Again the sell
ing Cdrrl6u Une price OH 10 J4LM3436C, the
shorts having apparently covered. Late
cables reported hrmness on the Continent
and a reaction here left July at CSC at the
close, net gain for the day of &c. Trnding
was spirited and generous in volume through
the session. The clearings from the Atlantic
seaboard in wheat and flour were equivalent
to 100000 bushels, and the visible supply is
expected to show a decrease in excess of
1000 900 bushels.
There was strong disposition to sell corn
at the opening which was quickly followed
by an equally urgent demand. July opened
at 551sG56c, a drop of &c. The 'gameyr ad-
vance in wheat started the shorts to cover
ing and rapid whirl to 565zGp57c occurred,
followed by heaviness. The market broke
gradually to SIC, and after selling for short
time at that figure, worked up in the last As
minutes of the session in the neighborhood
of 555s@55Hc, closing at 55ss@5515c Re-
ceipts for Monday are estimated at $50 cars
market. The trade was only fair and was
mostly of scalping nature. Trading in the
July future began at 36c, advanced to 1890.
receded to S51sc and closed at 3515c, indicat-
ing &c decline. i
The provision market was lower in re-
sponse to lower prices at the yards. A reac-
ton followed in sympathy with the opening
advance in corn and wheat, but on the sub
sequent weakening of the former, hog prod
ucts also became very weak. Pork declined
2515c from the highest price of the dav, and |
1712@20c lower than on Friday Lard and
ribs also closed, the former 56115c and the |
latter l0@l2%c, lower than yesterday.
The leading futures ranged as follows, as
corrected by John NJ Oakley & Co, 45 Sixth
street, members of Chicago Board of Trade: |