Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-27
GRAIN AND PRODUCE.
Bullish Opening in Cereals Begins a
Bearish Day-Damages by Floods Ex-
aggerated, and Fine Weather Reported
"A Good Trade In Provisions,

A Bullish Opening in Cereals Begins a
Bearish Day-Damages by Floods Ex-
asgerated, and Fine Weather Reported
"A Good Trade In Provisions.
CHICAGO-The feeling was bullish in the
wheat pit at the opening to-day, and for the
first minute or so July was taken at A@1c
ADVANCE over the closing prices of yester-
day, though the deferred futures were not
SO strong: but the situation was quickly re-
versed. The early buyers turned sellers and
pronounced break in prices was the result,
July closing nc lower than yesterday.
The higher opening was due to the pub
llshed reports of the widespread and de-
structive storms in Iowa and elsewhere yes
terday and the day before, and it was a con-
t1nuation of the strength developed late in
Sesterday's session. An early cable from
beerDohm reported that the drought and
neat IN Russia still prevailed. ThebulE shly
inclined, however, were met at the outside
Dy flood of selling orders from New York
ana st. Louis indicating that traders there
were not scared by the flood news and, cables
coming lower, the early bulls made rapid
change and became sellers; shorts also be-
gan to pound the market. Dispatches from
weather to-day in most parts of the winter
wheat region, but said that the effect and
extent of yesterdays storms had been
greatly exaggerated.
close close yesterday, broke to 92]4c, reacted to
9314c went back to- 9211c, up to G23Ic, off to
&c. and finally to 9l54c at the close.
The late advices from abroad were very
depressing. Boerbohm quoted Liverpool Id
lower, and London cabled Cd lower. A dis
patch from Antwerp said: market demon
allied: almost impossible to get bids"
French advices said that while Paris was
quoted firm, quotations were 10 to 80 CEN
times lower. Another cause for the depres-
sion was dispatches from the other side say
ing that foreign wants seemed to be amply
provided for, and that it was very difficult
to sell wheat to arrive
Corn started firm, partly from the storms
reported to have prevailed yesterday and
partly in sympathy with wheat. July sold
during the first few minutes at 55c These
prices proved so attractive that flood of
long corn came on the market and short sell
lers became active. The posting showed the
receipts about 20 cars in excess of the esti-
mates, and cables being lower and wheat
breaking, corn was quick to follow. July
soon went to 53c. There was then some re-
action, but when the estimated heavy re-
celptS for tomorrow were made known
there was another weak spot, and July sold
to 52Ic. 1t rallied to 53c, but broke again to
523sc and closed a shade higher.
Oats followed the course of corn pretty
closely, and was also Influenced some by
wheat
There was good trade in provisions, and
the fluctuations were confiIred to narrow
limits. Mess pork opened at $40 10 for Sep
tember, against $40 OH as the last figures
yesterday, sold up 60 $40 Is, then, on a rumOr
that yellow fever had appeared in New
Orleans, sold off to $40 90, but recovered to
$40 10 at the close.
Tne leading futures ranged as follows, as
corrected by John NJ Oakley Il Co., 45 Sixth
street, members of Chicago Board of Trade: