Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-05-11
A FURORE In OATS.
II Doesn't Last Long, the Price Going
Down With the Other Grains-The
Government Crop Report . Factor

I: Doesn't Last Long, the Price Going
Down With the Other Grains-The
Government Crop Report . Factor
Bul,s Have Overdrawn the Weather.
CHICAGO, May Misrepresentation as to the
Government crop report was the chief
controlling factor on Change to-day. There
was, also, feeling among wheat traders
that the worst conditions were discounted.
The bears were quick to see the change OF
sentiment. and they sold the wheat down
llhc. Corr! was equally weak for July de;
livery, and provisions could not withstand d
the prevailing bearish influence OF weak
grain market. pork dropping over 2oc.
Wheat trading on the whole Is not large.
The opening was h@Ac lower than yesseTT;
fluctuations prices declined nc, then rallied
sc, declined &c, and the closing was about
lc lower than yesterday. There was rush
to sell right from the start, and while the
offerings were readily absorbed for time,
they began to get excessive, and very
weak feeling followed. The impression
seemed to prevail that the bulls had been
misrepresenting the situation in the North
west, and this view was sustained by a good
many private messages.
The course of the corn market after the
first burst of rain-soaked enthusiasm, was
rather a surprise. There was no improve
ment in the weather conditions in the corn
belt, but the supply OF timid shorts was
much more limited than on the preceding
QAv, ana as quickly as tnaG IdcG was TeCOI-
ntzed yesterdays purchases were for sale.
July was wanted for a few seconds at from
44c64415c, but 1t took only very short time
to beat the price back to 1870, and after n
slight rally to force n further decline to 42Hc,
the latter break BRINGING in a number of
buying orders. There was a reaction to 1870,
but it was again selling at around the lowest
prices in the last few minutes, and closed ut
42Ic bid. against 44c at the end Of yester-
days session.
Oats were quite excited at the opening,
and the prices made then were the highest
of the day. July started at 303s@30Ac. It
was almost impossible to fill orders at any
price between these two extremes. however,
and number went untitled. There was
considerable liquidation that. with the
prospect of better weather, caused a break
to 1880. This was followed bya bulge to
soc and this, in turn, by a break to the low
point of the dav, 2915c, where the market
closed, net loss of since yesterday. The
action of corn had considerable effect upon
oats.
The provision market was fairly active,
but quickly weakened after a momentary
sem blance of firmneSS near the opening, oc.
casioned by n better hog market reported
from the yards. The decline in grain caused
local scalpers to sell. There were periods
of temporary improvement after the early
break, but the closing phase of the market
was one of uncompromising weakness and
at the lowest prices of the day. Though the
decline in pork amounts to 20 cents, lard
only declined 215c. Ribs are 715c off.
The leading futures ranged IS follows. as cor
rected by John NJ. oakley L Co., Is sixth street.
members of the Chicago Board of Trade: