Omaha daily bee., 1888-06-14
The SPECULATIVE MARKETS
An Abundance Of Bull News in the
Wheat Pit.
BUT FLUCTUATIONS ARE NARROW
Corn Weaker Again Under Heavy Re.
ccipts-oats Quiet But Feature
less-Provisions More Active
10.
Cattle Advance.
CHICAGO PRODUCE MARKET.

CHICAGO, June 13-[Special Telegram TO
The BEE. Absolutely all the news about
wheat this morning was bullish and yet
under the influence of a rumOr that Jack
Cudahy had sold out all his wheat the crowd
proceeded to sell the market down &c.
Wien they undertook TO realize their profits
they found they could not buy wheat and
under the bidding of these shorts the market
regained all it had lost and nearly as much
more, but again sagged slowly for a while
and more swiftly when Ream began openly
TO pound prices down, falling this time to
within &c of the lowest price of the day.
Then the suspicion got abroad that Ream
was buying through brokers more than he
sold and prices advanced &c in short order
and the close was comfortably near the top
The array Of news was such as to please the
bulllsh heart. Early cables were stronger,
exports were larger, there was a big decrease
in the amount of wheat on passage, and
chinch bugs, smut and cheat were reported
from southern Indiana. The emperor of
Germany was likely to die soon and
English consols had fallen two points in
consequence, and as strong point any
was the news that Italian bugs were
devastating the wheat fields of France.
This fact was cablei to James r. Boyd &
Bro. from Antwerp, and although nothing
was given as to the extent of the damage
done, it had as much to do as anything with
bringing in the shorts on the last up turn
New York dispatches said the Germans
were buying wheat in that market This
may have been because of the emperor's
illness or because of the insect pest in
France. The market here was rather mar
row, and although there seemed to be good
investment buying on every break, yet it
was by few houses, and chiefly those with
professional speculative clientage. Statsti-
clan Dodge added a little more to the stock
of crop literature by a telegram to Secretary
StQpe c2ncerninS the acreage, p?4se's re.
ports are now the most powerful influences
in the market but there are a fair number
of people who think their credibility for the
future will be greatly strained by his
recent estimate of the probable yield
of spring wheat made while the plant
is SO young that no merely finite
power could presume to predict its harvest.
July wheat opened at S4ssc, declined to S3Hc,
advanced to S494c, fell to sake, advanced to
and closed at S456c. August wheat, which
started in at &c premium over July, had
fallen to &c premium at the close Decem-
ber wheat opened at S616c, sold down to
S559c, up to S65sc and closed at S614c asked.
The receipts of corn to-day were So cars
more than the estimate, and the first effect
of the circumstance was to weaken the mar
ket, the opening being 1403Sc under yester-
days close However, yesterdays upturn
had given the bulls fresh courage and they
were free buyers and the short sellers pres
emily took fright and began to buy their
grain back. News of the clearance of 105 900
bushels of corn from New York seemed to
spur them up and prices rose fully 1c very
quickly. With this demand from the shorts
satisfied the market sagged and declined
again almost to the starting point
but recovered part of the loss just
before the close. The crowd of local
scalpers seem to be very bearish on corn and
keep the market in condition to be suddenly
advanced at any time by shorts covering on
favorable news. July corn opened at 5236c,
advanced TO 531sc, declined to 52$1c, ad.
vanced to and closed at 31S@53llc. Septems
ber corn kept at premium Of about 1c over
July.
The speculative oats market was quiet
without special feature. The greatest fiuc-
tuation was in the July option, but slight
change in prices as compared with yester-
days close was made by the morning trading.
July oats opened at 80 &c, sold at 81 a 6l32asc
up to and closing at 3294(d324c; September
oats opened at 273sc, sold up to and closed at
2714c, and June oats opened at 32c, sold up to
and closed at 3213c.
The provision trade recovered a little of its
old-timed interest under the influence of ad-
vices from the stock yards where hogs were
in better supply and lower. The bear element
felt encouraged to hammer the market.
paratively strong, but free selling
turned the tide and from the highest prices
touched pork declined 2CG2715c, lard 50U713c
and short ribs l0c. Later II considerable
portion Of this break was regained and as
compared with last nights close the depreci-
alton in pork ut | O'Clock was only 5G17I6c
and in short ribs &c. Lard closed unchanged
to 2l6c lower.
AFTERNOON SEssIoN.-Wheat easier; June
closed at about SIC; July sold at S414cC0S43Sc
fell TO S43sc and closed at about S435c; Au-
gust closing at s59sc. September closed at
about 4I4c, December closing ut S64c.
Corn opened at 5311sc, July sold at 5395c and
eased off, closing ut 531s@531c, August
closing at $3.50, September closing at 54I6c.
Oats frmer; June closed at 32l3c bid, July
sold at 321s0D33c and closed at 33c. August
closed at 2S9sc, September closed at exc.
Pork was Quiet and UNCHANGED. Lard was