Omaha daily bee., 1883-04-23
Rapid Changes in the OOndi-
ton of the Chicago Pro-
duCe Market.
The Sudden Advance of Wheat
and Feeble Position
Of Corn.
shium ents Increased by the Reduo-
ton OF Freight Rates

In the position OF operators on
change during the present week. At
Its beginning the ''bears" were nu.
merous and strong enough to give the
bulls" a tight russell, but q boom has
been in progress In the wheat market
that has demorslizsd the former and
brought about o revolution In Ideas.
The advance has been almost phenom.
email and seemingly impossible to
check, until now the situation Is OK.
actly the reverse Of what It was two
weeks ago. There are numerou rea-
sons for the upward movement. In
the panic induced by the recent rapid
decline nearly everybody sold, 80 that
the short interest became extremely
large Meanwhile several rich specu.
lators were quietly absorbing
the offerings at every down.
ward turn. When European and
eastern markets 6rmed up a
check was interposed. At this stage
q food Of unfavorAble crop reports
came pouring In, notably . gloomy
estimate Of the winter wheat yield Of
Illinois by the state bureau of agrl.
culture. Chinch bugs made their
appearance In Kansas dispatches and
all at once the idea became universal
that In the scare values had been
forced too far downward. The afore.
said big "bulls" became more eager,
and Immediately the ''orowd" realized
that they had oversold and rushed
frantically to cover their deals, Par
ties who had thought dollar wheat
about the right thing became possess
ed of the opinion that July wheat
would be worth 81 20 or even 81. 40.
Everybody turned ''bull," Lester and
MoGeoch being now about the only
prominent ''bears" left. Whether
or not the reaction from the
long depression Is too sharp or being
carried too far Is an open question.
One Shear" argument Is 10Y being
removed. Tne constantly aocumulat-
Ing stocks of grain In store here have
been q bugbear for some time. 1t has
been explained that the quarrel be-
tween shippers and carriers, and the
nearness of the opening OF lake navi-
CATION Is largely responsible for this,
but 1t exerted q dispiriting influence.
On Thursday the railroads met the
demands of shippers by according to
q reduction In freight rates to New
York of 8 cents per 100 pounds, or to
20 cents. This has already had It's
effect In causing q large increase Of
shipments, and the lake feet Is busy
preparing to augment the movement.
A week hence will show a large falling
off In the amount Of grain In store In
Chicago elevators. The May deliver.
Is the future most oversold by specula.
tive traders, but, while 1t still leads
other options In the aggregate tran
~saotiona, there Is a strong and growing
tendency t change the base of opera,
tions to June aud July, the lattor be-
Ing now the favorite.
The brokers for the New York
clique still lead the buyers, aud have
sent another representative here in
the peraon of VIM. O. Bldd, o broker
of some note.
A leading commission firm here,
sent the following circular to Its GUS
toners this week: Operators now
begin to realize the truth Of the re-
ports as to the serious character ofthe
damage to winter wheat. At this date
We estimate the crop as likely to ap-
proximste as follows: Illinois end In
diana, 30 per cent of an average; Ohio
20 per cent; Kentucky, Tennessee and
Missouri, rs per cent; Kansas, 80 pc,
cent. Any variation will be to lower
these estimates, az weather, weeds and
insects have yet their work to do"
On the other hand, another firm
writes: ut is true thai the growing
weather OF the last week has shown
considerable areas to have been prac'
tioally winter killed, especially In the
southern half of Illinois and Indiana,
but It should be remembered that THU
IL not unusual, v In good oroI
years. So far - observant people car
Judge, the weather of the last si1
months has not been nearly 10 unfa'
vorable to winter wheat a. wa tn,
corresponding season two years ago
the Increased acreage promises NOR
for equivalent weather conditions, ant
there is nothing in the way Of . fall
yield of spring wheat this year."
Corn, during the latter days Of the
week, showed strong sympathy Will
the movement in wheat, but its slow
ness In responding Is an evidence o
Its Task Of inherent strength. Tn,
varying prospects of the wheat har
vests will rule the course Of the mar
kets until next fall, when speculation
a. to the yield Of oorn will again a.
sumo Importance. However, . some
what better feeling has prevailed dur
Ing the past few days and the fallinI
of Of receipts had something to d
with this. A scare Y alleged heate
corn, both here and In st. Lcui
elevators, and stuff passing inspection
- rejected that Is of too poor qualit
to be given any grade, appears to hav
little foundation.
Oats are doing fairly. Trading Il
May has greatly lessened, and muo
Of that months trades have bee
changed over to June delivery.
Rye Is firmer, but is very unsettled
fuctuatlng widely.
Barley Is extremely dull.
, Provisionsa are again being advanced
Both the speculative and shipping dc
-, mand have increased. McGenoh
lard and Armour's pork deal are sti
talked. The latter appears sure OF
, good profit from May lard.
Flour, too, is again held firner, tn
almost disrirlted holders gaining me-
confidence from the course of wheat.
There LIS not much talk of any col
ner In the leading cereals nowadayI
: 1t would require too vast q capital I
absorb the great amount OF cash stuff
"Scalps' are the present past time
% the what traders. and millions Z