Omaha daily bee., 1883-04-09
COMING CROPS.
The Aspect Of Winter Wheat il
Changed for the Better,
Review of the Grain Market for
the Past Week.

Review Of the Grain Market for
the Past Week.
CHICAGO, April 7--[Herald spec
isl The week juot closed has
put q much more favorable aspect
on the condition of tho winter wheat
crop, aud materially changed the views
of legitimate dealers and spectators in
cereals. 1t Is now conceded that the
prospects are favorable for q harvest
not nearly 30 much below the average
as has been calculated on, and values
have changed accordingly. Some SEQ.
lions have undoubtedly suffered severe.
ly. In the southern belt the loss
through tho extreme winter and the
drouth succeeding, Is now reckoned at
20 to 20 per cent. Secretary Smith OF
OF the California state board of sgrioul-
ture estimates a yield of 30 per cent.
for the Pacific slope.
Ia all parts of the country a more
encouraging Idea of the situation is
current than wat q week ago. Tbi.
fact CO operative clrcu instances have
induced a sharp In prices on change
here, starting on Wednesday with q
tumble of two cents q bu,hel, followed
by a feeling Of weakness and continued
e~asiness, until at last It seems to be
believed that for the present, at least,
the bottom has been reached. The
weather has also favored the fears,
while the English market has been
weak and depressed under heavy ar.
rivals, Of which, It Is inoidently men
iioned, only about IA per cent, 10
American wheat, sho wing that Yves.
tern Europe Is comparatively indepen.
dent of the United States on the food
question.
When prices weakened millions Of
bushels OF long wheat were thrown on
the market. Lester & Co., Rumsey
Bros, and others of the staunches,
bulls, began unloading. This started
the crowd, aud many who had held on
for Q long time, hoping for q reaction,
became discouraged and closed on,
their deals before their lesses were
greater. Margins IN hundreds Of
small lots we're exhausted and the
trades cleared out, thus adding to thu
offerings and increasing the downward
tendency. Shorts who were satilfist
with theNwinnings already accrued t.
them weie the principal buyers
the outside orders being small
It has been rumored tina
Teuman B. Handy, the kius
man,pulator, had concluded thaI
prices were now low enough to war
rant o oorner in May wheat, and wal
working with that end In view. Mr.
Handy states that he still believer
wheat too high; that there IL no con
sumption at present prices and can b.
none. It will have to 60 yet lower
he says, for the Elropeon oountrie
have ample supplies, and there 10 onl,
limited demand for the immens
stores of grain now In sight. An,
clique which attempts to manipulat
wheat must buy at the outset seveI
and . half million bushels In stor
here, and that Il bat the first steI
When the January oorner was RI
!; there was but three and Q half millic
bushels in Chicago elevators.
Nothing Is doing In the f,ur trade
nor will there be while prices az
~here they are. Even when ooncel
/. siops Of 80 cents we're granted fe'
purchasers we're to be found. TIL
market Is over supplied, and the d.
mand must be allc we'd to catch ur
which must be the case soon II th
mills continue their present low rat
production. Stocks are kept ligt
here. notwithstanding the absence {
business, tho receipts little excesdin
the local consumption.
o With wheat have followed the othe
food markets. CJrn has had especi,
cause for weakness In the unu ual II
a crease in the accumulation here,
which was added 700, 900 bushels lal
week, and probably 80 much more tn
j week. Large arrivals from 81. Louisa q,
said TO be part OF a consignment
500 900 bushels ordered here frol
= elevators where there are three mt
lion bushels ready to come. Ninei
per sent of this Is grading No. 2, an
the percentage of all receipts no
= graded has Increased to 60. SDi,
and Mccormick and Nichols & @
have unloaded large amounts f
western parties and the piincip
brokers have been sellers. TIE bres
in prices has been 81 fl ,ient to ha'
caused o panic In the old days
' cliq los and corners. May, heretofo
the fsvorite option, has been dropp,
and Is selling three cents under Jul
q When 1t touched 544,, however,
found a good many buyers who saw
profit In 1t at that figure. The Quito,
for higher prices Is not good, the
being little shippieg demand, foreil
markets ruling easier, and Kansas,
3 we'll as Missouri holders pressing sal
: beyond the demand.
O.ts have been cheaper owing
Information that the principal lon
have sold out and abandoned the
Q ,rner yet shows more strength ths
. other grains.
y Rye and barley are dull with vel
0 little demand, tho former being shade
= to suit buyers, but barley holdir
rather firm.
Provisions are suffering from IL
depression In the hog market al
have been on a decline all the weel
The demand vas only fairly scti'
and a farther break is feared, q
!. though strong parties are long q