Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-05-12
A SCARE in CORN.

The Remarkable Western Weather Con-
tinues to Get in Its Work on the Grain
Markets-Heavy Selling Orders for
Wheat Come From the Northwest.
CHICAGo-Heavy orders to sell wheat
came to-day from the Northwest So much
OF the recent buving has been on account of
the supposed sufferings of the natives OF that
region from floods and snow storms. Their
indifference to the alleged deplorable condi-
tion of the country up there staggered the
bulls and caused the wholesale throwing
over of long wheat A temporary bulge OF
2Lcin May corn caused by nervous shorts,
was the other feature OF tho day. Com
pared with last night wheat this evening is.
&c of, while corn is up &c for May and nc
for July. oats and provisions show slight
advance.
The reference OF the Government report
to spring wheat was the only passage which
had not been pretty accurately forecasted.
According to the report, the usual plowing
to May ! is about 766 of the whole spring
wheat area. but this season, owing to mn
favorab BILE weather, the plowing is only 646.
Since May it has rained and showed almost
continuously, and very little farm work
could be done. This had the,effect of creating
an unsettled feeling and higher opening,
but there were pretty fair offerings and
prices receded, only to again advance on re-
ports of continued unfavorable weather in
The Northwest, large clearances from the
seaboard and the decrease in tie stocks, as
reported by BrddStreet'S, of 2,55l,0Oo bushels
east of the Rocky Mountains. The advance,
however, was again met by liberal specula-
tive offerings credited to orthwestern
operators, and prices were carried to the
lowest point.
The opening was 9s@5sc higher than yes
terday'S closing, after which the market
eased off &c, rallied &c, declined l5sc, re-
acted Nc and closed easy. On the afternoon
delivery the clerks we're surprised by the
volume OF wheat going around.
There was great uneasiness in corn during
most of che session. The market again
turned entirely on the weather, and IS the
reports were not improved the prices were
at times run up pretty sharply. The situa-
tion was regarded as so doubtful that few
operators seemed bold enough to sell any
thin. like q line short, traders contenting
themselves with selling out quickly on the
bulge and getting their profits. There was
something OF Il scare at the opening, and
prices were given quick up turn. An hour
later. when wheat was at the top of the day,
corn made a second bulge and sold at the
highest point OF the week for May. This
bulge was helped along by a lew dispatches
from Western points, saying there was more
rain in prospect Before the close, however,
prices dropped back to about the opening
figures in sympathy with the break in
wheat.
In oats trading was less active than on the
previous day. Everybody seemed to be
pretty well evened up and disposed. to hold
off pending changes in the weather. The
business was scattered.
Provisions fluctuated in response to the
changes in wheat and corn. There was some
covering by shorts and some buying as we'll
by packers. but nothing to indicate any
great return of confidence in present prices.
The leading futures ranged as follows; as cor
rected nv John NJ. oakley & Co.. IS Sixth street.
men OF Chicago Board o Trade: