Omaha daily bee., 1888-07-04
THE SPECULATIVE MARKETS,
Wheat Rules Strong Under Many
Favorable Influences.
A FIRM TONE IN THE coRN.PlT.
Oats Also Rule Steady-Provisions
Still Quite Dull Prime Cattle
in Good Demand Young
Cattle Weak-Quotations.
CHICAGO PRODUCE MARKET.

CHICAGO. July 3.-ISpecial Telegram to
THE BEE. The wheat market was firm and
steady; for a time it was actually strong at
a range of Mc above yesterdays closing, Au-
gust being quoted at S04c, September at
S0Ec and December at S3Lc. The advance
and general firmness was caused by buying
for foreign account on a fairly generous scale,
moderate purchases by Hutchinson and good
local support induced by buliish foreign crop
advices and improving market cables. About
the most important bit Of news from the
other side was the announcement that the
deficiency in the French crop was estimated at
$4,000, 900 bushels. Crop prospects in Russia
were described as good, and an unusually
large number of cargoes are 'off the coast"
awaiting sale. The pressure is not great, how
ever, and English and continental markets
show a better tone. The local tone, however,
Is not rampantly bouyant. On the con-
trary, the feeling is one of decided
uncertainty. Conditions are bullish, but
the speculative support is thin and not gen
eral. Probably the most depressing influence
is the crop prospect in the northwest. Thus
has not yet assumed tangible form, but it
exists in the background, and the effect is
felt. The season in the spring wheat coun-
try was from two to four weeks late, but
plo CIV mo INV bSSh NSaJ ''s' ~
the weather has recently been such as to ad-
vance the crops wonderfully. The state
ment is frequently heard now that "pros-
poets were never better in the northwest"
The crop has cot been sowed yet, however,
and has yet to pass through its most critical
stages. but it looks well now, according to all
authorities, and the present is, after all. the
controlling influence, as n rule. The estl-
mated 100000 bushel deficiency in the
French crop fell fiat. 1t only stimulated
local buying, aud that to a moderate extent.
Where the market is really and genuinely
bullish it would have caused a big jump, most
likely. The closing range to-day was HW9Sc
above that of yesterday. The friends or
wheat are encouraged but not j%ubilant; they
are hopeful but not aggressive or pulled up
unduly.
A discovery that $50, 600 bushels or there
abouts of corn had been chartered yesterday
about which no report was made served to
give to the market a firmnes of tone around
the opening and made bulls of most OF the
local traders. August advanced to 49c and
September to 1910. A large proportion of
the corn that goes out of here now is No. 2
and No. 2 yellow, and most of 1t is destined
for shipment to foreign parts. Some excite
ment was caused by the receipt of dispatches
from New York that 10000 bushels of corn
had been posted there as out of condition,
and the inference was that it was corn
shipped from Chicago lately. This proved
not to be the case. however, as the corn had
been in store In New York since tIle mluule
of May. This little incident furnished an
excuse for selling, and the market broke 40
&c. 1t recovered, however, and the price
closed a shade higher than yesterday.
Oats followed corn, except that 1T did not
recover as strongly after the break in the
middle of the session, and closed only frac-
tionally above the bottom. There is quite a
respectable speculative trade passing in
oats now, and interest in this cereal seems to
be improving. July is still a full sc above
August.
In provisions the late dullness was in a
great measure continued. For cash prop
erty there was perhaps a little more inquiry,
but speculation was slow and mainly on
local account. The outside interest eXhib-
tied was limited and in tie general
market the changes made only increased
the discontinue of holders and sellers.
for delivery later than this month. Pork at
the close of business showed a decline of
1215c and lard of 5m113c. Short ribs for Au-
gust and September were unchanged. July
pork and short ribs being well settled or
placed, closed only a tritie under August,
pork 2lIc and short ribs DC. Lard for July
ranged nc under August. The stock show
ing, though exhibiting u large increase in
meats and lard Z was no surprise to theItrade,
vet it helped to increase the depression wit
messed. August was the pivotal month in
the days light trading.