Omaha daily bee., 1888-04-22
THE SPECULATIVE MARKETS.
Wheat Trading Stin Active But
More Conservative.
A SMALLER AREA BEING sowN.
Corn Rules Considerably uower-oats
Quiet But Steady-Much interest
Shown in Provisions-Hogs
Remarkably Active.
CHICAGO PRODUCE MARKET.

CHICAGO, April 21.-GSpecial Telegram
70 the BEE. THE temperature of the wheat
pit was less feverish to-day than for the past
week. There appeared TO be but little trad
ing for outside account and the local element,
left TO itself, kept within close bounds, as Is
its custom of Saturday. The market had
closed weak last night, and opened about &c
lower this morning, and soon declined from
&c to &c more under offerings of holders
who feared the drop would go still further.
At the decline, however, there was good buy
ing, local talent evidently working for a re-
action, and il came. But at the top there was
nobody to take wheat at the price, and the
s~calpers, in their efforts to even up over
Sunday, sold the market down again, until
about half the early ADVANCE was lost. The
holders of wheat and the wheat bears had but
one incentive to sell to-day, and that
was found in larger receipts OF wheat
in the northwest, where the movement had
been expected to ease up a little by this time.
But there is no easing up in $4,000 bushels
of wheat in one day at Minneapolis. Exports
were better today but arc still small. 1t is
expected that the visible supply statement
will show q decrease of from 100000 to
10000 0 bushels. Tn bullish influences were
rather b~etter-cables, talk that former wheat
bears had gone over to the other side and
were buying for a rise, and crop news. This
last, as far as the winter wheat belt is con-
cerned, does not change much in character,
but il gathers intensity from day to day.
Nearly all, if not all, the commission houses
have reports of great damage to winter
wheat and general newspapers are printing
reports of that kind, by the column. The
wheat bears think that all this damage has
been discounted, and has had It's result In
the advance in prices already gained. An
other kind of crop ews however, is only
now becoming important, and that is from the
spring wheat seeding in the northwest which
reports now indicate will be considerably de-
creased in amount on account of the lateness
of the season. AS an Offset to big receipts OF
grain in the northwest, the report of a repre-
sentative of a large harvester manufacturer
of this state was given. He said that their
eighty-four agents through Nebraska, Min
.nesota and Dakota reported the amount OF
wheat now remaining in farmers hands less
than they had ever known at this season.
Seeding was also much later thar last year.
May wheat opened at S11sc, sold down to
S0slc, by the official quotations, but transac-
tions must nave been small at that figure, as
most traders gave S0Tc as the low price,
then advanced to S134c, fell to size, sold up
S156c, then down to and closed at Sl4MSls5c.
June wheat opened at S21sc, sold at Sl94c, up
to S2Xc, back to and closing at S2s5@S2Hc.
Large receipts and the increased proper
ton of corn of contract grade were the weak
ening factors in the corn market this morn
ing, particularly in the May delivery, which
opened just 1c under yesterdays closing
price. This was the bottom price for the
day, however, as strong parties were taking
all that was offered at that figure. From
I@13c higher, however, the market ruled
quite steady for some time. The selling did
not appear to be for short account so much
as by the longs, who in a slowly dropping
,narlyat Jaunn;rnd IF 6oinu hatta,. That II
was not short selling was seen when two
local scalpers bid the price of May corn up
from 54I3c to 551sc without getting much
grain. In trying to sell what they did get,
however, they ran the price down &c quite
as quick as they had put it up but found no
buyers on the way down. In the cash
market, there was a good demand for corn
+. o. b. and for lower grades in store. May
corn opened at 54c, advanced to 5413c and
fluctuated between that price and 541sc for
some time, then advanced to 5515c, dropped
to 5415c and closed at 1890. June corn
opened at 54c, sold down to 5311c, up to 543sc.
and closed at SIC.
The speculative trade in oats was quiet,
with a very slight change in prices. May
oats opened and closed at 3l&Ic, selling down
at one time to 3l3s@31Ic. June oats opened
at 314c, sold at 3l19c, up to and closing at
3ls4c. July oats opened and closed at 3lMc,
ranging from THAT price to 3l1Gc. August
oats ranged from 2SLc to 2S3sc, opening and
closing AT former prices.
Provisions claimed considerable attention
Lard. however, again led in interest and &C
tivity, though short ribs were traded in quite
freely, and pork was by no means neglected
The latter article was also well held and a
the adjournment shove a decline OF 2H@5t
from last nights final prices. Short rib:
were confined TO narrow limits in their fiuc
tuations and rested unchanged to a shad,
lower. In lard the buying of English houses
was the feature of the trade. They Dough
on bulges and breaks, and with a good follow
ing Of shorts covering they controlled tn
market. The days actual advance in larC
was 7Lc.