Omaha daily bee., 1888-05-03
THE SPECULATIVE MARKETS,
A Flood Of Bull News Reaches the
Wheat Pit. t
STEADY IMPROVEMENT RESULTS.
The Corn Market without Special
~Featuro-oats Active Throughout
the Observation-Disclosures Rule
Strong-Cattie Rather Slow.
CHICAGO PRODUCE MARKET.

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CHICAGO, May Especial Telegram to the
BEE. Taking yesterdays history OF the
wheat market and turning it end for end, and
it would answer very well for to-day. The
opening this morning was about at the range
established at yesterdays decline, and a slow
but steady Improvement throughout leaves
prices about where they were the first thing
yesterday morning. Boarish hews was
scarce this morning. II consisted of some
better crop reports from ST. Louis and an
increase OF $40, 600 bushels of wheat ON pas
sage. On the other hand the bulls had
plenty of encouragement. Most of it came
from California in the form of bad crop
reports. One dispatch, which was reckoned
to be reliable, put the acreage in California at
one-fourth less than last year, with q pros
pect of only two-thirds yield on what was
sown. Another dispatch said that another
week of drouth would destroy oil prospect
of a crop this year. A New York dispatch
quoted a Liverpool cable as saying that no
California wheat was offered there by holders.
The strongest of yesterdays bull news came
from California, but it was Intellectual
to prevent a decline. To-day il was con.
hrmed, and even worse reports came. and
many more of them. Moreover, prices had
advanced in San Francisco, and some good
buying here and in New York was thought
TO be for California account. This was the
chief cause of the advance, but there was
also cheering news for the bulls from the
northwest, of slow progress and much delay
In spring wheat seeding. Indeed the last Lc
advance just before the close was attributed
to reports of snow and sleet falling in the
northwest. 1t was also reported that the
weather in England was very cold today.
The change for the worse in the condition
OF the emperor of Germany and the move
ment OF Russian troops with promise of
trouble in Macedonia, were not much talked
about because there appeared to be plenty of
other and more important bull news, but
doubtless 1t afforded some comfort to holders
who might reflect that the prospect of a
foreign war would be a great help if bullIsh
crop news should happen to give out at any
time. July wheat opened at $3.50, and after
selling down to SS}sqS3Ac gradually ad-
Vanced to SAC, tiuctuated between that price
and S3g7c for some time, then advanced TO
SAGE, fell to SS1Sc. improved to sake again,
and closed at ! O'Clock at sac. June wheat
opened at S24c, sold at S2kc, up to S3c, and
closed at l o'clock at S2%mS3c.
The speculative corn market was rather
dull and seemed to be without special feature.
There was some natural sympathy with The
stronger wheat market, and to this was at
u "a tuNdiCc WHICH occurred In SD1tG
OF receipts larger than expected, a large
estimate for tomorrow and a greater propor.
ton OF contract grades in the arrivals. Re
ceivers are not expecting the present liberal
receipts to continue much longer, and the
withdrawal of a large quantity from Chicago
stocks as soon as the straits are open tends
to make short sellers cautious. July corn
opened at 54Tc, sold up TO 55s6055Lc, back
TO Boz g554c, up to 5515c, back to and clos
ing at h5ssc. June corn opened at 54s<c, sold
up to 55Ssc and closed at l o'clock at 55km
55Ssc. Receipts of corn here were 82S cars,
against an estimate of 293 cars, and of these
Tecelpts 10 cars We're of contract grade.
The estimate is for 800 cars tomorrow.
There was quite a speculative trade In oats
and the market was strong throughout, es-
pecially so for the nearer deliveries. June
oats opened at 324c, sold up to and closed at
l O'Clock at S219c. July oats opened at 82s6c,
sold up to S2H@325so, and closed at 32JSc.
August oats sold up from 2Sel to 28Xc. Sep
TENDER oats sold from % to 25kc.
In provisions a strong feeling controlled
the movement. There was no marked actiy-
ity in trading, yet sellers had no trouble to
dispose of their offerings at advanced prices.
From the opening the tendency of the mar
net was upward, and as compared with last
nights closing, pork at l o'clock rested at an
appreciation of l2h@l5c, lard of 12k(0l5c,
and short ribs 7bM10c.
AFTERNOON SEssToN-Wheat lower; May
and June S2}5c. July sold from 1915 to Sac,
sPlt 10 eS4c, sold very sparingly up to $3.50,
SS&c. December closed at S62Ic. Corn
steady; May closed at 559Ic bid. June closed
at 554c: July sold at 554 @559sc, closing at
about $3.50. August closed at $3.50 bid.
split, and closed at 323g@3213c. Pork was
&c lower, and closed at Si3.TO for May,
$l3.So for June, 1890 for July, and $1,000
for August. Lard declined 2Kc and closed
at SS.O219 for May, SS.05 for June, $S.07JS for
July, and SS.l28 for August. Short ribs
steady; May closed at $3.50, June at $7.35,