Omaha daily bee., 1888-05-06
THE SPECULATIVE MARKETS.
Bull and Bear Influences Well Bal
anced in the Wheat Pit.
FLUCTUATIONS VERY NARROW
Shorts Still Buying May Corn and
Near Deliveries of Oats-Prices
Average High in Provi-
sions-Quotations.
CHICAGO PRODUCE MARKET.

CHICAGO, May 4-TSpecial Telegram to the
BEE.l-This was the most uninteresting day
the wheat market has seen for weeks.
Fluctuations only attained q range of &c
throughout the session and for an hour at
a time &c was the extreme variation. The
Liverpool quotations for TO .day-'quiet and
steadyn-would do very well for this mar
ket. There were no particularly strong in
fluences either way. Foreign news was un-
important. One pleasant feature for the
bulls is the falling of in northwestern re-
eeipts which is considerable. Not a few OF
the believers in higher prices think that the
next upward impulse will come from a de-
cided decrease in receipts at Minneapolis and
Duluth. Foreigners are not taking our wheat
to any considerable extent, but it appears
from the diminished deliveries that we have
but little to sell them and the effect upon
prices would naturally be the same as il
there was n better export demand. The
most important crop news was that
from the Missouri state board of agriculture
which gives the prospective yield OF the
state as IA, 100, 393ibushels. If this is nearly
correct it indicates u decrease OF about
IS, 800 900 bushels as compared with that OF
last years crop. People found 1t difficult to
reconcile this with the conditions given OF
the 1887 crop, but a st. Louis dispatch said
this should have been us. Other cropnews
received to-day was not important, except as
confirming previous reports. The volume OF
business to-day was not large, and very little
of itcamc from outside sources. Hutchinson
was q buyer early, but later sold some, and
offered more in larger blocks than found
buyers. Ream was also selling wheat.
However, most traders seemed TO be waiting,
and the government crop report, when Will
come next week, is expected to decide IN
which direction the market must go. Expecta-
ton that it will show n considerable falling off
in the condition within the past month Is
encouraging many holders to hang on" who
would otherwise unload on such q market as
this which refuses to advance for days at a
time. That report also is a discourager OF
short selling. July wheat to-day opened at
S33Gc, advanced to S35kc, and for more than
an hour only fuctuated between S319 and
$3.50, then ecllned to S34@S314c and closed
at S336c. June wheat kept just under july.
1t is estimated that next Mondays visible
supply statement will show a decrease in
wheat Of abont SOC, 600 bushels. =,
The shorts were again active buyers OF
May corn and the price for that delivery
went up to 5Sc again, but dropped nc before
the close. The longs in that month who are
fixing the price, are, to a considerable ex-
tent, changing over into July at &c difference
in price. This serves to keep the price OF
July uclVeTy Steduy Ill Iuc luz VI
Increased receipts present and prospective:
1t was said that q considerable amount OF
short corn which is now being covered is for
foreign account. July corn opened at 55Mc,
held between that price and 55%c for a long
time, declined to and closed ut 553Sc. June
corn opened at 5516c, sold up to soc, down to
55I5@555Sc, and closed at 555Sc.
There was a very active speculative trade
in oats, the demand being chiefly from shorts
and for near deliveries. The shorts do not
so much fear of manipulation in this market
as they do the effect Of manipulation and
possibly much higher prices in corn, which
would take the oats market with it. May
oats opened at 331sc, sold up to 34l14c, but late
in the session fell to 1890 and closed there.
June oats opened at 3254c, sold up to 334c,
down to and closing at 1890. July oats
opened at 3296c, sold up to 33c, then down to
and closed at 321fc. August oats sold down
from 2Sa4c to 2Sl4c. For September oats 2Sc
was asked at the opening and the close was
nominal at 27Tc.
Provisions again displayed unmistakable
strength. The extreme prices obtained dur
ing the day were not maintained, but the
average was materially higher as a rule than
yesterday. In pork an actual advance of
22L@25c and in short ribs of 21G@5c was es-
tablished. Lard closed unchanged but firm.
The bull side was regarded with great favor,
with pork leading in interest.