Omaha daily bee., 1888-06-10
THE SPECULATIVE MARKETS
Wheat Badly Demoralized by Gov
ment Report Rumors.
EVERYBODY GETS TOO PREVIOUS.
Many Mistakes Made in Endeavors to
Anticipate the Oficial Document
Corn, Oats and Provisions
DuIl-Hogs Lower.
CHICAGO PRODUCE MARKET.

CHICAGO, June Especial Telegram TO
THE BEE. The only influence IN the wheat
market to-day was the government crop're-
port, together with a guess or two as to what
IL would be, and several interpretations of
what il actually was. These influences were
sufficient TO give us a market which fiuctu-
ated more widely and wildly than any seen
here for a long time. TIL mistakes that men
made in their haste to take advantage of the
earliest news furnished a strong argument
for the issuing of the report at night, or at
any rate at some other time than in the midst
of the session. The crop report began to
come at IL o'clock. Up to that time the mar
ket had 1uctuated about &c, with no consid-
cradle trading and no especial tendency in
either direction. July wheat, which had
opened at S515c and sold at S55Sc and S5c,
was standing at S54c, which was last nights
closing price, at the time the
first crop rumor arrived. This was
TO the effect that the condition given
was 1s, and Immediately the price fell
toS4Xc. Almost immediately dispatches came
from New York giving the average as 66.
Then July advanced in less time than it
TAXI TO tell it to S6lSc. BY this time the
genuine press report had arrived and a hasty
:. glance at it showed the average condition OF
winter wheat to be 1873. Without waiting to
further investigate the report the longs
began 10 sell and the downturn was about
as rapid as the advance had been. 1t was
not checked until July wheat had sold down
to s4szc, a continuous decline of 124c from
the top price, and all accomplished in a very
few minutes. Here buying by one strong
local house stopped the decline and steadied
the market giving spectators a little chance
A. IL. r1o.,. nn,,,,nt,nn &c thn .p yn
ment report showed a decrease in the spring
wheat acreage of 1874, 600 acres, and of winter
wheat of |, $50, 600 acres, and as the govern
ment statistician put the per centage of re-
duction of acreage through the entire winter
wheat region at ~, il was seen that the fig
ures which came first from New Gork-66-
were not so far out of the way with every
thing taken into consideration. The senti-
ment of the pit changed and an advance
began which was slow at first, but presently
became quite rapid and did not stop until
July wheat touched S6haS64c, n fraction
higher than it had gone on the previous
bulge. This was within five minutes OF the
end of the session and the close was at S61sc.
December wheat opened at S619c, sold up to
S7lsc, down to S5l9c, up to and closing at
S74c.
Large receipts of corn press upon the spec
ulativc market for that grain with almost ir-
resistible force. To be sure receipts to-day
were less than expected by S3 cars, and the
market was q trifie firmer at the opening in
consequence, but even these decreased re-
ceipts were so much larger than the corn
bulls expected u week ago that they found
little encouragement in the decrease. Then
came an increased estimate for Mondays re-
ceipts to give confidence to the bears. July
corn opened mt 53c, which was &c above last
nights close, and sold soon after the opening
at 531Sc, then gradually dropped with &C.
casional reactions to 5213c, advanced to 53c
again, then under the influence of the esti-
mates for Monday, fell to 534c, advanced to
522lc, partly in sympathy with the strength
in wheat, and closed / at 52l9M52&c. Septem-
Der corn opened at $3.50, sold mt 531sc, down
to 5314c and closed at $3.50.
The trade in oats was very light with mar
row fluctuations, no special feature and but
little change in price from yesterdays close.
July oats opened and closed ut 229Ic, ranging
from 1890 to 1890. September oats opened
mt 27asc and closed with that price asked,
selling down at one time to 211sc.
In the provision trade the week closed with
q better showing of strength than was antic-
ipated. Business failed to show any particu-
lar enlargement, but the dullness witnessed
was Offset by light offerings and with hold
crs refusing to press their property, better
prices prevailed. In pork the days actual
advance was Sc, in lard 5a10c, and in short
ribs 211@5c. Lard led in strength and in
tercSt.