Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-16
DEMORALIZED CEREALS.

Wheat Weak All Day-Corn Opens Strong,
but on Bearish News and Poor Wheat
Market Suffers n Slump-oats and Pro-
visions Follow Corn.
CHICAGo-Wheat opened shade higher
than it closed yesterday, in sympathy with
the strength in corn: but the appreciation
was quickly lost under the influence of the
bearish news of the day. The most potent
. piece of news was an unconfirmed Paris
cable which quoted wheat in that market de-
mora!ized and the equivalent of nc per
bushel lower. The understanding on the
Board was that, earlier in the season, when
the outlook for the French wheat crop was
at its worst, French spectators had loaded
up with futures at high prices; that the sub
sequent better outlook there, and the evil
dences OF q bountiful and fine crop in this
country given by the recent receipts of new
wheat, together with the recent reduction of
the French import duty, had convinced these
speculative holders that their expectations
of high prices could not be realized, and that
they had, therefore, decided to accept their
losses and had thrown their holdings over
board
The Liverpool and London wheat markets
were weak in lower in sympathy with Paris.
Receipts at all winter wheat markets in this
country were liberal and good in quality.
Finally the weather WAS favorable for har-
vesting All of this could have only one re-
sult-a decline in values. Prices gradually
receded under the load of offerings. There
was some reaction later on purchases by
shorts to take profits but it was not sub
stantial advance and when corn broke later
in the dav q wave of weakness swept over
the wheat pit carrying prices to lower fig
ures than before. Estimates of 4S0 carloads
as due to arrive tomorrow contributed to
this recession.
December wheat opened at size; sold up
to S75s6S734c; split and gradually receded to
s63sc receded to s713 down to S613c, and
closed at $3.50.
Corn opened strong and higher with shorts
thoroughly alarmed and covering freely.
The receipts were about 40 cars above the
estimates, but with the light stocks here
and the supposed short interest, the excite
ment for few minutes made an advance of
lc from last nights close. Later, however,
the selling became very free, and the most
anxious buyers having got what they wanted
and withdrawn, prices began to soften.
7 hen came a break in wheat and an eSti-
slump. September opened at 523lc,
sold up to 5SL4c, broke to 52l4c huctuated for
q time betw cen that and 523s15211ac, dropped
again near the close to 515sc, and closed at
SIC.
Oats were quiet and without feature, the
fluctuations in the price of that grain being
mainly in sympathy with those in corn.
Provisions opened strong and higher on
the fact that hog receipts were much below
expectations and prices l0615c higher at the
stock yards. Later the break in grain, and
especially in corn, led to decline. Septem-
Der pork opened at $40 5713 sold up to $40 s.
broke to $40 SPA and closed at that, an ad-
vance over yesterdays close of 215c. Lard
is unchanged and ribs 21It65c higher.
The leading futures ranged as follows as
corrected by John NJ. Oakley & Co.. As Sixth
street, members of Chicago Board Trade: