Omaha daily bee., 1888-04-29
THE SPECULATIVE MARKETS.
Wheat Bears Disappointed BY the
Limited Rainfall.
THE SHORTS HASTEN TO COVER.
A Featureless Day in the Corn Pit
Fair Trading in Oats-Provisions
Practically stationary-Cat-
tie Slow.
CHICAGO PRODUCE MARKET.

CHICAGO, April 2s.-fSpecial Telegram
to the BEE. Nothing but rain or rather the
lack of rain was of much interest TO wheat
traders this morning. These gentleman had
gone home yesterday with confidence in the
prediction that it would rain last night, but
what title rain did come was far from the
winter wheat belt. Now preparations had
been made for a weakness and q drop in
prices which should attend a liberal rain fall
in the winter wheat country, such prepare
tons consisting in '~'selling short" Of greater
or less amounts. There was an early dispo-
sition to cover that short wheat with the least
possible loss, and under that demand there
was a &c higher opening and an immediate
further advance of &c. There did not seem
to be any great demand for wheat from out
side sources, however, and aside from the
weather and crop reports generally, news
was a trife bearish. Receipts were large
and exports practically nothing, while New
York advised that orders for wheat for ex-
port were below the market, though later 1t
was reported that fourteen boat loads had
been taken. Cables were no lower,
but that was the best that could
be said for them. Moreover, it was esti-
mated that the visible supply would show
little or no decrease. These things made
some longs willing to take small profits and
encouraged some short selling, the price de-
clining to about the opening figures, then, on
the report of wheat taken for export as men,
toned above, there was a sharp advance of
about &c, half of which was lost before the
close. June wheat opened at S1%c, advanced
to S21&c, declined to S28c and closed at $3.50
S24c. May wheat opened at S024c, sold at
S0%@S0Ac, up to size and closed at S0Ic.
The estimates of the winter wheat crop were
much talked about, the bears claiming that
they showed a better prospect than other re
cent reports, but If the condition in Michigan,
Ohio, Indiana and Illinois be taken as there
given and from that be deducted the proper
tons to be plowed as is evidently meant, the
prospect would seem to be quite as bad as
that of all but the most extreme reports. In
dividual reports continue bad and one of the
most important received to-day was from
California saying that the San joaquin valley
could not exceed two-thirds of last years
crop and would probably be less.
There was no especial feature to the corn
market to-day. 1t was almost monopolized
by scalping local traders and the course of
prices seemed to depend very much upon
whether a majority of those traders were
long or short at any particular time. Re
| ceipts were considerably less than expected,
and this, with the continued dry weather,
helped to advance the market which fell
| again, when the estimate of still larger re-
ceipts for Monday became KNOWN, then ad-
.vanced again on an evening up by shorts,
preparatory for Sunday. June corn opened
at 5424c, which was 4@3sc higher than yes
terday's close, advanced to 55c, declined to
5411c, sold up to 55c again and closed at 541Sc.
May corn opened at 536c, sold up to $500
553Sc, down to 54Mc and closed at 55b@55Ac.
The report of the secretary of the Illinois
grain dealers association upon the amount of
corn outside the visible supply has Just been
made. 1t estimates the amount still in
farmers hands in Nebraska, Iowa, Missouri
and Illinois at 10 per cent of the crop. 1t
states that there are but about SOC, 900 bushels
of corn in the aggregate at all the stations on
the IS. & M. road. Both estimates are much
smaller than has been generally believed.
There was rather IN active speculative
trade in oats with the market strong and
higher early, declining later under free real
izing sales, but recovering again before the
close. May oats opened at 321ac and closed
at 32Tc. Jun and July oats opened and
closed at 3216c, August closing at 2919c.
September oats sold from 2S4c to 2S12c.
usual change. Cash property met with a
comparatively far demand, but the specula'
ton INDUCED in was limited and featureless
Still the market commanded fair attention,
and prices were held steady at the late de
preston. Based on last nights final prices
the closings showed a scarcely quotable
alteration. May, June, July and August
at S13. 55@13.60, lard at S7.SO@7.S2H, ant
short ribs at S7.l5. Pork, for the same
month, closed at $13.571@, with June 10c and
July zoe higher. May lard stood at $7.S21a a
the close, June being quoted at S1S5, July a
$3.50 and August at S7.95. Short ribs fol
May closed at S7.15, with June at $3.50, July
at s7.30 aud August at $40. Late futures
Nvarn uuint-