Omaha daily bee., 1889-03-11
THE SPECULATIVE MARKETS.
May Wheat Sinks Below the Dollar
Line.
CORN CLOSES DULL AND LOWER.
Another Active Day in Oats-A Small
Decline in ovisions-Little
Change i'm Cattle-Hogs
Close Strong.
CHICAGO PRODUCE MARKET.

CHICAGO, March Especial Telegram TO
The BEE. MAY wheat got below 81 today,
and July was broken TO S61c. The market
opened about 1c OF as compared with yester
day, the excuse for the over night break
being the financial panic in Paris. The
bears were alert and aggressive. They di-
rected their attacks first to the distant fu-
tures which were VIGOROUSLY weak on crop
reports. This started May down, aud it was
not long before the crowd discovered that
that delivery was not well supported
Hutchinson, who was the largest buyer
yesterday, figured to-day as the principal
seller. He helped to start the break and at
the best was moderate buyer after prices
got down. The receiving houses had good
deal of wheat to sell for May delivery
to-day. Indeed the sales by the receiving
houses have been on an increasing scale ever
since the weather began 10 give promise OF
an early spring. This would seem to midi
cate that there is little wheat accommodating ut
the country points in readiness for shipment
To Chicago. The fact that the prices now
ruling for May are proving so attractive for
country holders may be one of the causes
leading to the disinclination of the bull lead
crs to sustain The market. II has been plain
for several days that the Eairbank party had
not been lending the market any material
support. II has been left to run itself, so tar
as Fairbank has been concerned, for all that
anybody could detect Hutchinson is at the
front once more as a personality worth con-
siderng. He is quite as much talked about
as F'arbank, and in his great role as dis
turbng factor he may conclude not to let
May 20 down to point low enough to stop
the country target practice, which some pco-
pie think is what the tairbank party would
like to see. There was excellent buying of
July wheat on the break to-day. There has
been seemingly good deal of selling OF that
future in this and other markets, on the
theory that the 1889 crop of wheat
was not only going to be the largest
ON record, but that it was going to be hnr-
vested next week. The conservative opera
tors, who do not lose their heads easily, are
looking upon July with yer" friendly eyes at
the prices now ruling They hold to the
theory that in any event, no matter how
large the next crop may be, the reserves of
old wheat at the end of the crop year will be
drawn to q lower bed d-rock level than
has been reached in years, and that the first
months receipts will go into immediate con-
sumption, thus rendering the accumulation
OF the stocks during the month of July al
most an impossibility For that and other
reasons they are disposed to think that the
selling of the crop that has not vet been
raised, for delivery in July. may be carried
too far. Hence this class of operators are
as chary of sshorting July as they are
at slol1S, with sales Immediately at
slOlss. 1t then ran up to Sl.02 and in
successive breaks declined to 9S$Ic the bot
tom being reached just about O'Clock. Raj
lies of 4M13c were frequent, but the market
gave way at any point under pressure of
free offerings. There was active trade in
June, and the price at one stage was down to
93lsc. The transactions in July were on
larger scale, larger probably than in May.
July opened at SSc, sold off to SiI5c, up to
S71Sc, and by irregular jumps or jerky move
ments to SG19c, June !3l4c and July &c.
As compared with Yesterday this shows
decline of 3aSc in May, &c in June and l9lc in
July.
The weakness in the other markets af-
fected the speculative branch of the corn
trade to a limited extent but the small re-
ceipts, which consist IN the main of grades
below No. 2, were in active request for ship
ment and are working gradually to
closer approximation to their consumptive
value as compared with the price of con-
tract grade. The opening was firm on the
small arrivals, here and elsewhere, but for
the reason already named, the offerings be-
came frcer and trade lap5ed into dullness.
The local operators did the bulk of the bust
ness orders to buy or sell on outside account
being reported by commission houses as
scarce. The market held up we'll IN the face
of the serious and disQuieting financial con-
ditious reported from Paris, which had such
a depressing effect upon wheat, May closing
a shade better than it did yesterday but all
other futures were from l-16 TO sc lower
In oats another active day was recorded,
with the decline in the speculative market
unchecked. The further weakness was due
to the continued pressure to sell evnced by
a number of large operators, and in addition
to the reputed unloading of long oats at
least one trader was credited with selling
short To a liberal extent The lntere5j was
chiefly in May, which opened steady at 2js5c
and later declined to 251Sc, with subse-
quent partial recovery, while there was
rather more doing in June than recently at
4 ,,nt Of
market was quiet and quotably 14QQssc
lower with No. . regular around 24&Ic
In provisions fair activity and Il compara-
lively strong market We're the features of
the day. Notwithstanding the closing
showed n small decline from Yesterdays last
figures the bulk of business was transacted
at an advance, during the morning. when
the greatest animation was witnessed, and
pork sold up 25c, lard DC and short ribs 10c
from the first quotations made. Later, how
ever, the market, under free realizing, broke
badly and the early advance was more than
lost, the resting prices for the session show
inu an actual decline of ne on DOrlk and lard