Omaha daily bee., 1888-07-01
THE SPECULATIVE MARKETS.
Wheat Rules Dull in Contemplation
of Heavy Receipts.
CORN SIMILARLY AFFECTED
Oats Ruled Rather weak-Fair Trad
ing i'm Provisions-Cattle Slow
Throughout the Session
Hogs Firm.
CHICAGO PRODUCE MARKET.

CHCAGo, June 30 Special Telegram TO
The BEE. Whether the wheat in store
here would or would not be delivered out
next Monday was the question which most
interested wheat traders today. The pre-
vailing opinion was that it would be de-
livered, and in consequence the market dur
ing the early part Of the session was .,eak
and depressed, the extreme limits of the de-
cline being &c from the opening price, but
evidently the short selling by scalpers was
overdone, as before the close all but Lc of
this decline had been recovered. This is
true of the August delivery, which is the
truest guide to the market. The Jul v
option again shifted in its relationship to
other futures, at one time selling at &c dis
count, at another at &c premium. The
opening in July and August was the same,
but at the close July was at 18@%c discount.
The reasons given for this were varNss.
One was that there was still such a groea
short interest in July that the longs were
holding and the shorts anxious to cover.
Another, that the owners of ''regular'' ware.
houses were bidding the price up so as to
make carrying Improbable for private ware
housemen, who, in order to deliver their
wheat on contracts, must put it into 'regu-
lar houses, whereby owners Of the latter
could reap their reward. This would ac-
count for the two deliveries selling for the
same price but would fail to account for the
subsequent widening of the difference unless
the intended attempt mentioned had been
made and failed. Hutchinson was again "a
large seller early in the day and the crowd
was following him. Cudahy was a seller
early but bought wheat later. Public cables
were not significant but there were said to be
some hrmcr private ones which brought buy
ing orders. An upturn just before the close
was begun when Pool and Sherman began
buying some wheat presumably to cover
some shorts, as they were large sellers yes
terday. This demand disclosed the fact that
there was no wheat for sale at low prices
and that the scalping element was short.
Then there was something of a scramble.
Vt the same time it was whispered about
that there would be no great deliveries of
WI eat on Monday and that reports to that
effect had been put IN circulation by inter
ested parties simply to depress the market.
Then came a report of IA boat loads taken for
export in New York to-day and this induced
that 100000 bushels of wheat had
been taken there for Buffalo millers.
August wheat opened at 79lEc and sold down
slowly, with few reactlons,t to 1S@Sc, advanced
to 19c, fell to 1S34c, advanced to 10lIc, fluc-
tuated thereafter between that price and 79c,
closing at 794c. July wheat opened at 1910,
sold down to 1890, up to and closing at iS%
@iSMc. December wheat opened at S2$sc,
Olu db C-L2WIDlrSC, anu CIpStu ii OSIC.
The expectations of large deliveries on
Monday also acted as a heavy weight on the
speculative corn market early in the session.
and prices went down in spite of the fact that
receipts were the smallest of any day since
corn began to come in to fiji May contracts.
There were 10 cars less than even the
moderate estimate of yesterday. The scalp
ing crowd was bearish and went too far with
short selling. When the small estimates
for Mondays receipts were made known and
n decrease of 1,0O0,0 900 bushels to l, $50, 900
bushels was talked of, there was a hurryiug
to cover short sales and the market adj
vanced to opening figures again, but fell
back a little before the close. Boyden & Co.
We're buying July and selling August. j. b.
Dutch & Co, Mccormick & Co. and Padker
were selling, and Swartz and Dupee and
Baldwin were buying. August corn opened
ut 4s&c, sold at 4slac, then down to 4I$Sc, up
to 4S3sc again, and closed at 4Slsc. Septem-
Der corn opened at 4S1sc, sold at 1890 i9c,
down to 4Sc, and closed at 4SH04S34c.
In the speculative oats market, Hutchin-
BON bought July freely early in the session,
and that delivery advanced nc in conse-
quencc. but after this buying stopped and
this advance was lost and the close to-day is
lower than YESTERDAY for June deliveries,
July oats opened at 30c, sold up to 30Rc,
down to 2994c and closed at 3O1Sc. June oats
opened at soc, sold up to 30$4c, down to and
closing mt 291Ec, August oats opened at 26l4c,
sold down to 25Hc and closed Ii at PC.
Provisions received rather fair attention.
No increase was reported in outside trading,
but changes and the covering of contracts in
cidental to the closing of the month made the
pit comparatively lively. In pork monthly
emit charged on changes was, as q rule,
l0c and in lard 71I0l0c. On changes of July
short ribs to August l5c was the premium
asked at the close, and for September, l2c.
In the general trade the feeling was more or
less be arish, though the decline suffered in
both pork and lard was only 214M5c while
short ribs were unchanged for deliveries
later than July which was &c lower.