Omaha daily bee., 1888-05-29
THE SPECULATIVE MARKETS
Visible Supply Statement Disap-
points Both Bulls and Bears.
FARMERS STILL HOLDING OFF.
Corn and Oats Rule strong and Higher
in Spite OF Unexpected Receipts
Provisions L~owcr-Cattle
mt Hogs Brisk.
CHICAGO PRODUCE MARKET.


CHICAGO, May ~es.-rSpccial Telegram to
The BEE. Wheat traders spent most of the
morning session waiting for supply figures,
and when they came there was not enough
surprise in them to cause much movement
either way. The decrease of 1850. 900
bushels was not so much as the bulls
hoped for, but was rather more than
the bears predicted, and so there was
no encouragement in it for either party.
Estimates had varied widely because of the
uncertainty regarding the amount on tho
lakes, and then about the opening of nav
igation each year, and for a few weeks after
wards, wheat disappears and reappears in n
manner which puzzles all but the official re-
corders. Duluth showed another large de-
crease, but this was not as significant as the
fact noted by the friends of
wheat TINT the four principal pri-
mary winter wheat markets of Toledo
Detroit, st. Louis and Kansas City have now
III store in the aggregate but 1855. 900 bushels
OF wheat. They claim that farmers who are
still holding their winter wheat are those
who are able to carry it, and they will do so
unless there is q very considerable advance
in prices. In view of this and of the small re-
serve in farmers' hands anyway, these small
stocks in winter wheat markets are thought
to be very significant. Chicago increased
her stock of winter wheat during the week
23,3S2 bushels. Trade was in small volume
during the early part of the session, while
traders were waiting for the visible supply
figures which came more slowly than usual.
The opening was 4@asc higher than Satur-
days closing on the natural reaction from
the sharp break of that day, but the disposi-
ton of the local crowd was rather bearish.
Ihere was nothing new to stimu-
late prices, and upon this absence the
bears counted for sagging the market,
However, the downward tendency was not
marked and at one time, when the returns
seemed to indicate a large decrease in the
visible, there was an advance in July wheat
of Nose from the lowest point touched, but
this was all lost later and the close was at
the bottomp price of the session. July wheat
opened at SIC, sold during the early trading
at S6%@S75c, then dropped to S656c, adj.
vanced to SIC, fell to S634c, then advanced to
Si4@S79Bc, and gradually declined to s656c,
which was the price at the l o'clock close.
June wheat opened at SEC, sold at S61Sc, with
the nominal low point mt $3.50, and closed at
l o'clock at S5Nc.
The corn market was strong and higher,
much to the surprise of a number of traders
who reckoned upon the extraordinary large
receipts to depress prices. The receipts
were l,251 cars against Saturdays estimate
of $50 cars. OF these receipts 954 cars were
of contract grades, nevertheless the price
advanced. A large part of these re-
ceipts did not come on the cash market
and there were two explanations offered for
this circumstance. One was that they were
delivered on old contracts for May; another
that they were controlled largely by parties
who rushed them in just at this time. and
who proposed by that means to break the
market so that they could protitably cover
their May sales and sell June or July against
this grain, and thus make something in car
rying charges or, if that plan failed, deliver
the grain about the last day of the month.
For such spot grain as was offered there was
an excellent demand. The bull point was
that the wet weather would prevent shipping
and loading to the extent that that has pre-
vailed forthe past few days, and that q falling
off in receipts might be expected. However,
the estimate is for ], 123 cars for tomorrow,
but the correctness of this estimate was
that Sundays inspection on the
Illinois Central and Wabash roads, which
was included in to-day's receipts, was also
included in this estimate. The greater part
of the present arrivals is from Illinois. July
corn opened mt 54Hc and advanced directly
to 551sc, then fell to 54$Ic, tluctuated between
sac and 55c for n time, advanced TO 551Ec,
declined to SOC, and closed, at l O'clock, at
to 55@5536c, and closed, at / o'clock, at
54Tc.
The receipts Of oats were also much larger
than expected, being 4S4 cars, against the
estimate of $3.50 cars, but in the face of this
prices advanced. May oats opened at Satur-
days closing price, 35%c, sold up to and
closed at BIC. July oats opened at 32Ec, sold
at 32Mc, up TO and closing at 38kc.
June oats opened at 1890, sold
up to and closed at 83&@33Ec.
The covering of May receipts was the
feature of the market, they having to bid up
for grain, as Norton q Worthington were
buyers of May and June whenever offered.
In provisions a lower range of prices was
witnessed. Large receipts of hogs, coupled
with a decline in the same, increased the
weakness developed at the close of last week
and initial sales We're made this morning at
a decline of 20c in pork, nc in lard, and l0c
in short ribs, from Saturdays c~losings.
Lard subsequently recovered from It's de-
but for short ribs the days actual
depreciation was Sc, and in pork l0dl2hc.
Pork, before showing any recovery, declined
nc below the opening price.
AFTERNOON SEssIoS-Wheat slumpy; NAV
closed at S4MmS4Ec; June closing about
S4TSc; July opened at S635c, fell TO S5Lc,
closing at about $500; August closing at
September at S5c; December closing
at S7ch. Corn easy; May closed with sellers
at soc; June closed at 54@sc; July opened at
55c, sold sparingly at 5i8Ic, closing at 54Tc;
August closing at 55@55l6c. Oats quiet and
lower; June closed at 33%c asked;
July sold at 33bm334c, and closed at 33hc
bid, Pork closed 21&c lower, or at Sl4.021% for
May am June; Slf10 for July; S1i.20 for
and Sl4.27H for September. Lard
was 2%c lower for May; June closed at
July at SS.47b; August at s.. so, and
September and October at SS.52I%; quiet.
for May and June; S7.55 for July;
1922 for August. and S7.7G for September.
We're 2Hc under the O'Clock Blessings.
"