Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-02-04
FUTURE OUTLOOKS In GRAIN.

All Discouragement in the Whest Pit,
While Corn Prospects Are Excellent
Weakness in One Checks Strength in the
Other for the Day-Provisions Lower.
CHICAGO - Yesterdays weakness was
continued TODAY and values struck the
lowest point so far recorded on the last crop.
The chief depressing cause for some time
has been the disc ouraging situation abroad.
Stocks in Great Britain have been large ana
the tendency has been downward ior the
helped to maintain prices on tnls side
for time, but now that that trouble
has been averted, conservative traders
here do not look for any marked
improvement in values until the export de-
mand and the European prices improve. or
unless the growinE winter wheat crop suHers
material damage. The trading in tins marke6
for some days has been largely of a scalplnS
character.
The market to-day was rather slow and de-
cidedly lower. There was little in the way
of news that was encouraging TO holders,
and much that was the reverse. Cables were
lower and weak, domestic markets heavy,
the receipts III the Northwest liberal and the
export clearances moderate. These feat-
ures, with the fact that the depression or
yesterday brought in large selling orders
from outside points, caused the lower OPEN
ing: for n time the offerings were generous.
Liquidation was quite free on the down turn,
and as there was little demand. concessions
had to be made to find a market for 1t.
gan to cover, and cables coming steadily
with decrease of over 100000 bushels in
the available supply reported by BrddstTeetS s
there was rally which carried prices al
most to the closing price OF yesterday. Inc
strength was only momentary, however, as
another avalanche of offers quickly de-
molished the market, and the downward
movement was resumed and continued with
out material reaction till the lowest price of
tho dav was touched. Confidence seemed
to be wholly gone, and this, with exhausted
margins and the vicious courage dlspiayed
by bears, was disastrous to holders. At the
bottom shorts began to cover and took their
profits literally, causing rally to medium
figures in spite of the late weakness ana
lower cables, and the close was steady at the
reaction.
May opened ss15@ssAc against ss1sc at the
close yesterday, settled around bottom
figures for n time, then advanced to S9c,
broke to Ssc, rallied and closed Ss1ac.
Corn showed decided strength at the start
and was going up steadily until the weak
ness i'll wheat became pronounced, when 1t
came to a standstill, then receded IN sym
pathv and closed at bottom figures with
prices unchanged to a shade lower in COM
parison with yesterday. The situation in
corn is generally regarded as having good
many elements of strength. The receipts
are moderate and the grading unprccedent-
edly poor, not single car having proved OF
contract quality in the entire receipts OF the
past three days. Stocks are low everywhere
and decreasing, and the exports are gener-
ous Shorts were little uneasy and dis
posed to cover. The near futures were
strong as we'll as May. The latter opened
unchanged at 4l1Sc. advanced to 4l1ac, eased
off to and closed at the opening price.
Oats we're firm early in sympathy with
corn, but weakened later and closed at yes
terday's last prices to a shade higher.
Hog products were lower. The weakness
in the other speculative pits had a tendency
to pull down provisions, but the chief cause
of the weakness was the price of large out
side orders to sell. Short ribs declined until
there was slight reaction near the close.
Pork shows a loss of 121%c, while ribs are un-
changed to l0c lower, and lard is 21a@5c off,
, The leading futures ranged follows, cor
recfed by John NJ Oakley & Co., 45 Sixth street,
members of the Chicago Board of Trade: