Omaha daily bee., 1889-05-30
THE SPECULATIVE MARKETS.
Wheat Forced Down by the Bears
and the Crowd.
SELLING ON WEATHER CHANCES.
Corn More Active and Exports Very
Large-Oats Depreciate Slightly
Provisions Up Little, aud
Cattle Down.
CHICAGO PRODUCE MARKETS.

CHICAGO PRODUCE MARKETS.
CHICAGO, NAV 20.--fSpecial Telegram to
THE BEE. THE wheat market started of
brislSly and brashly today, with July selling
nt nc right at the opening, and 7714c few
minutes afterward. December was worth
7656c The object Of greatest interest and
closest study, before and around the opening
was the weather map This showed general
rams in the latitude Of Chicago as far west
as Iowa, and as far east as Ohio. Wisconsin
aud Michigan were down as frosted, and the
northern half of the latter state was labeled
SHILLING frost" An area of high barometer
In the northwest is looming up on the map,
and this was taken by Il majority Of amateur
weather students to presage warmer and
drier weather. The average of temperature
Is still very low, however,, over an extensive
area, including almost all the territory north
and northwest of the Ohio river, and clearing
skies and frosts are expected tonight, which
may be dangerous. Some weather experts
contend that the high barometer, mentioned as
leading the way does not mean that the
weather is going to turn out warmer imme-
diately, but the reverse. However, the local
crowd jumped to the conclusion that the
danger of the further extension of the iost
area to the southward was past for the pres
ent, and that the thing to do was to sell
wheat. This they did with the result that
the market eased off. The outside world
sent in good many buying orders through
the day and Hutchinson gave the market his
support, but to no avail July sold down to
s63sc before 10 o'clock and did not react
sturdi!y or strongly from any Of the inter-
mediate fractional declines. The year and
Dncpmbn bOupht frealy nv Hnfcl NJ
son, and Poole figured as the largest seller
of remote futures. December worked do wn
from 16%c to 15Hc. Probably the most po-
tent feature of tho weakness was the news
that came in from Minneapolis. Sample
tables on 'change ut that point were repre-
sented 20 be loaded down, and the demand
limited The local tendency to pound the
market strengthened as the session drew
to close, and operations became large. Tho
crowd did not succeed, however, in breaking
prices, which closed at u small reaction from
the inside range, viz May 7S4c,
June ,75c, July 7e]3@16%c,. December
1c in June, 9s@11c in July, and 9sc in De
cember. Counselman led in the selling of
July and June, and was reported to be I'M
loading elevator stocks for local account.
AS before stated, however. the big move
ment of the country wheat back of Mime
apolis was the chief factor of the depression,
apparently.
There was moderate amount of trading
in corn and "a fairly firm feeling existed.
The receipts were about as estimated yester-
day, and for tomorrow "a quantity equal to
to-day's arrivals was calculated on Clear
ances from Atlantic ports were quite mode
rate, but from New Orleans they were con-
siderable, 1000 bushels having cleared from
there yesterday for Liverpool and 100000
bushels for Cork. There was an active
shipping demand here for cash offerings, and
New York advised good demand there to-
day from exporters. The other domestic
crops was considered not quite
as promising US before. The cold,
wet weather, with frost in some
localities, gave strength to the market,
which might yet result than from any which
has yet accrued. The estimated receipts fol
tomorrow were no cars. Freight engage
ments to-day We're for 225,00O bushels. The
advance in prices, which was the result Of
the days trading, was confined to 1s C in May
June and September deliveries. July closed
at the same prices as on the day before.
Oats were in good request and &c higher
early, but the strength was not sustained tC
the close. Reports Of possible crop damage
as the result of recent rains caused the loca
shorts to cover, and there were fair outside
buying orders. The increased offerings a
the top proved excessive, however, and, aftel
selling as high as 22Ssc,July declined to 224c
or below yesterdays lowest price, June sell
ing down from 22J4c, early, to 212l@
21Jsc, September ruling relatively steadicr
Sales OF cash oats We're largely by sample
and to go to special houses, with No. 2 regu
lar salable at about 2l5s(921ac.
Provision traders passed q somewhat un
interesting day. From the opening t,
within thirty minutes OF adjournment trad
ing was dull and practically featureless. Al
the close approached, however, some shorts
unwilling to stand on their trades. as the.
should go over the holiday rest tomorrow
showed some disposition to cover For
brief time they bid freely for products, ant
taking advantage of the uneasiness mani
tested, the holders gave prices something o.
boom. The closing consequently was
marked by strong and advancing market
z that of yesterday. In pork, the appreciation
actually established amounted to 50o1216c
and in short ribs to 2}S@5c.