Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-08
WHEAT MUCH DEPRESSED.

Prices Rule Weak and Lower Throughout
tho Day-Only One or Two Rallies, but
They Were eTemporary-News Of q Gen-
orally Discouraging Nature.
CHICAGO-The wheat market showed
much depression throughout most OF the
session, and prices were generally weak and
lower. There were one or two rallies. but
the strength was only temporary, ana the
close was within Nc of the lowest point
touched during the session, and shows loss
of lZc compared with Saturdays closing
figures. The news was generally discourag-
ing. Weather conditions were an import
ant factor. as they were reported favorable
almost everywhere, not only for the winter
wheat, but for the early commencement
of spring seeding operations Tnere was
no cold weather reported anywhere, and
even in the extreme northern part OF North
Dakota the temperature was SAID 70 De 36'
above zero. Another bear @ iacsor o,ssd vas ne s1e
lower and London from Sd to Sd lower,
while all domestic markets were very p0cn
depressed, New York falling on lc' and
Duluth and Minneapolis about as much. Re-
ceipts continued liberal everywhere, with
q rally in the Northwest and the tEdica-
tions from the start were there would be
supply. Many discouraged holders started
to sell at the tap of the bell, and
for time the pressure was neavy ano
May starting at ssNc ana toucnlng
mand. When the price got down to Ss1zc,
however, the shorts began to take advan-
tage of the drop to cover and there was q
Gradual ily ia TO ss epDrv rT coid that hat
there was some export buying in New York
and that $4,000 bushels had been worked as
Detroit was also some help IN bringing
of As, 900 bushels in the visible supply was
reported the market lost q little but this
was subsequently recovered.
Among the dispatches received from
abroad was one that the Liverpool Corn
Trade Ncaos had reduced its estimates Of the
weekly European requirements from 7,6SO,-
900 bushels to less than 1900 900 bushels. This,
needs Of Europe this year over s., ,ooo, COO or.
in other words, that much less American
wheat will be required.
During most of the last hour the market
held steady at Ss1sQSSAc, but grew very
weak during the last ten minutes and
touched the lowest point of the day, SSc,
closing weak at SS1sc.
The break near the close was attributed
to n cessation of the demand by shorts and
weak cables. The clearances of wheat from
the seaboard Saturday were III 900 bushels OF
wheat and Il, 900 barrels of flour. Late cables
quoted Paris lower, with Berlin higher on
spot, but lower on futures.
Partridge made pretense of selling some
wheat, but was generally believed TO De
buying heavily through brokers to cover his
short line and secure his profits.
New York houses were heavy buyers on
the break.
Corn was quiet and weak, but held its own
much better than wheat, the decline being
only about Nc. The receipts were in excess
of the estimate by some SO cars, and in
cluded l9 cars of contract.
Trade was slow and the offerings were
fair. The shipping demand was slow.
The close was at a loss OF nc, compared
with Saturdays.
Oats were quiet and weak during most of
the session, but closed with a gain of nc.
Hog products were stronger especially for
pork Live hog receipts were below the
estimate and prices at the yards 5@lOc
higher.
After marking an advance of zoe pork
closed with a gain OF 15c.
Lard and ribs 2113c higher.
The leading futures ranged as follows as correct
ed by Jonn NJ. Oakley L Co.. 45 sixth street. mem-
bers of the Chicago Board of Trade: