Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-03-22
MARKETS BY WIRE.
Bearish Advices Unable to Hold Wheat
Down-Free Selling Checks the Ad-
vance-A Great Scramble for
COrn-Oats Hiober

Down-Free Selling Checks the Ad-
vance-A Great Scramble for
Corn-Oats Higher.
cHIcAGo-Everything went hopping when
the bell tapped for the opening on the Board Of
Trade this morning. The squeeze in corn was
mainly responsible for the early troubles In the
other pits. The wheat market was very active
at the start First prices for May wheat were
| from 81 O2 to 81 021s, and the demand was such
as to carry 1t quickly to 81 021< realizing sales
on this rapid advance caused reaction to 81 o.
and 1t fuc' uated neryously for short time be-
tween 81 on and ST. 02115 before again starting
to climb. The second splurge carried it up to
81 O3. July wheat was even more irregular and
stronger than the March delivery. 1t started
| at from around 991Ic to 995Sc, and before 1t
stopped it sold up to 81 0l, gaining nearly lc upon
| May.
All this was in the face of heavy receipts at
minneapolis and Duluth, besides Brddstreefs
| statement that the available stocks of the
world are now 4,0U0. 900 bushels more than they
| were at the corresponding time of last year. in
| spite OF the further fact that, firm as spot
wheat and nearby cargoes were quoted in
England, the farther-off shipments were one
third lower, and New York reported the flow OF
gold to Europe still in progress. The buying by
prominent operators is based on conviction
that Europe must take a lot of wheat from us.
and they are preparing for the higher prices
which they think the statistical situation iusti-
mes. Later in the day, free selling by longs to
realize the handsome profits in sight broke the
market to 81 02lI for May, and 99zsc for July.
The widest kind of scramble for corn took
place among the shorts when trading COM
menced and first transactions were stimuli
taneously made In the May delivery at from &c
to 6S1ac and ever $50 was paid by an excited
trader for one 5000 bushels. General trading
did not get above 6S15c. 1t was simply q matter
of panic among the shorts. The highest prices
paid at the first rush, but sudden and material
changes was the order of the day up to the
close. The closing prices gave very little indi-
cation of the days turmoil, but a range Of 2Ac,
or thereabouts, in the days fluctuations means
unusual agitation in the corn crowd. The
latest trading in May was at 665sc and in July
at 651sc, which is a mere 5SQ54c advance re-
speetlvely on Yesterdays closing figures
The highest price on the oats crop was made
to-day when May sold at 55c, thereby showing
an advance of 1c on the previous high point.
and the squeeze still goes on. the market was
active early and rather quiet toward the close
The opening for May was a. 54c, then to 55c, to
SIC, to 657c. to 5415c, the close being sc higher
than yesterdays latter figure.
The provision market felt the fury Of the
storm which was raging in corn, and for a time
the traders in the hog products were only
trife behind the corn spectators in their
eagerness to come of the short side. For May
pork the opening price was Sll 60: and it shot
up sharply to Sll %, but reacted again to
around Sll 62x. Another excited advance
sent prices booming once more and Sl2 10 was
paid before enough offerings came out to ar
rest its upheaval. Lard was in strong request
but less excited than pork. The fluctuations
were confined TO range about TIC. The COM
paratlve cheapness OF ribs attracted attention
and in such . strong advancing market they
had large share of speculative attention.
The leading futures ranged as follows, as cor
rected by John NJ. Oakley q Co., IS Sixth street.
members of Chicago Board of Trade: