Omaha daily bee., 1888-04-28
THE SPECULATIVE MARKETS.
Wheat Rules Dull and Suffers a
Slight Decline.
THE BEARS WELCOME THE RAIN.
A Dull Day in the Corn Pit-The Pro-
vision Trade Continues Depressed
Cattle and Hogs Steady
Quotations.
CHICAGO PRODUCE MARKET.

CHICAGO, April 27.--rSpecial Telegram
70 the BEE. lit was q weather market and
q waiting market in wheat this morning. The
opening was strong and higher apparently
because promised rains in the principal win
ter wheat states did not come. This fright
ene1 some shorts into covering and gave the
speculative market almost its only activity,
and that just at the opening. After that the
market sagged very slow indeed, and with
occasional small reactions, but it had q per-
sistent downward tendency, and during the
morning session amounted to nearly 1c from
the highest point. The bearish feature was
contained in the reports of rain from Mis-
souri,, Kansas and other points in the south
west, coupled with the information that these
rains were extending eastward Aside from
the immediate affect of the weather, how
ever, it looked as If believers in wheat had
bought about all they wanted at these prices
and were waiting for some bullsh news to
compel the shorts to cover and put prices up
where they would have a profit,o or for the bears
TO sell the market down, when wheat could
be bought lower. On the other hand, the
bears seemed to have put out about as much
short wheat as they cared to ut the price,
and were waiting for rain or WEAKNESS and
impatience to make the bulls drop their long
wheat and so put the market down for them
Extremely light trading, with scarcely any
outside orders all morning, seemed to indi-
cate such Il state of things, and the express
sion of opinion, both by the bulls and bears,
pointed the same way. moderate decline
was not unexpected, and indeed was rather
welcomed, even by believers in higher prices
as giving an opportunity to buy at lower fig
ures The great majority of crop news Is
still bad, but occasionally there is n report
of opposite tenor There were some better
reports to-day from Missouri and few from
Indiana. Receipts of wheat IN the north
west grow larger instead of smaller and ex-
port clearances were not worth mentioning,
all of which was an aid to the bears.
But, on the other hand, cables were
stronger, and the demand for cash
wheat here does. not indicate that
the grain is drug. Hard wheat was bought
here to-day at SEC f. o. b. for millers in south
ern Illinois and also for millers in Ohio. A
dispatch from New York said that futures
were sold there today for London account,
but bought for the continent. June wheat
here opened at S219c, which was &c higher
than yesterdays close, held between that
price and S256c for awhile, then fell to S2I4c,
advanced to S23sc, and very slowly declined,
with small but infrequent reactions, to SEC,
and just before the close dropped to S15SQo
SlIc, closing there at l o'clock. May wheat
opened at Sl12c, sold down to and closed at
S05Ec.
The speculative corn market opened strong
and higher, and advanced somewhat early in
the session, but fell later in sympathy with
wheat and upon some free selling by recev-
ing houses. The pit was very dull during
most of the session All the trade in May is
by those who have open contracts in that de-
livery and are closing them up or changing
them over, all new contracts being made
in the more deferred futures. Dry weather
is called bullish influence in corn, because
it compels the feeding of greater quantities
through the failure of pasturage; but, on the
other hand, it tends to make grading better
and is rather favorable for preparing the
ground for the next crop. June corn opened
at % &c, sold up to 55a6c, down to 55c up to
55aScM551lc, then gradually down to about
SAGE, and more rapidly to 5i13c. when sew
eral houses began selling freely near the
close. The closing Mt l O'Clock was at 54]9c.
May corn opened at 551sc, sold up to 5G14c,
down TO and closing at 55c.
May oats opened at 32l4c, sold at 323sc,
down to 32a5c, closing at o'clock ut 32l2c
June oats sold from 1890, down to 32hc,
closing at 324c. August oats opened at
294c, sold up to 29B@2919c, down to and
closing ut 2SMc. For September oats 2S4c
was asked at the opening, and they sold down
to and closed at 2Sis SC.
The provision trade is still in depressed
condition. The syndicate in pork, as well as
foreign houses and others interested in lard
and short ribs, have apparently withdrawn
their support simultaneously, and as a conse
quence the market recedes under the slight
est pressure.
Hogs were again in fair supply to-day
and for pork, prices at l o'clock showed
a decline, based on last nights closings, of
10c, lard of 124@l5c, and short ribs of
2lG@5c.
AFTERNOON SEssIoN-Whcat weaker May
sold at SO19@SO9sc, off to S09s@s019c,
split, closing at S013c. June opened at Sl3Gc,
ranged at Slas@Sl$sc, closing at about sl5sc.
July closing ut S219MS2$sc; August closed ut
about S2asc, December closing at s4%c bid.
Corn was easier. May opened at 55c sold at
b41Ec, then at 55@55Bc, split, off to
5i&c, closing at 54J5@55c, June closing at
543s Gl54IIc. July sold from 54&Ic to 5416@
5456c, closing at the inside. Oats were steady.
Pork advanced l0c and closed at Sl3,G0 for
May Sl370 for June, and $3.50 for July,
Lard was DC higher. May closed at S7S216,
June at S7.S5 July at $3.50 and August at
S795. Short ribs We're 219c higher, closing
at S7.15 for May, sT22l9 for June, S7.3215 for
July, and 81 40 for August.