Omaha daily bee., 1889-05-07
THE SPECULATIVE MARKETS.
Wheat Rules Higher Because Of a
Lack of Rain.
CYCLONES DUE IN NEBRASKA.
Reports are Decid edly Bullish From
the Northwest - June Wheat
Touches Its Highest Point
Corn Ranges Higher.
CHICAGO PRODUCE MARKETS.

CHICAGO, May 6.-[Special Telegram TO
The BEE. The weather was potential
factor in the speculative wheat market TO
day and the sentiment was bullish on the
non-fulfllment of predictions OF rains
throughout the northwest. The signs are
still strongly indicative of rains, not only in
the spring wheat section west Of the Missis-
sippi but throughout the whole western
country. The indications point to especially
violent meteorological disturbances in Kan
sas, Nebraska and Iowa, disturbances of the
cyclonic order IN fact. Thus far, however,
the big rains that were expected in Dakota,
Manitoba and Minnesota have not panned
out There have been few show
ers but high temperature and
high, dry winds are the rule.
The situation back of st. Paul and Min
neapclis IS extremely critical if half that is
heard can be believed. There have been no
rains to speak of there for nearly year, and
no snow fell last wutcr. This has left the
ground as dry as bone and streams
and ponds everywhere are repre-
sented as dried up. Rain is certainly badly
needed. 1t is also as badly needed all over
the western country quite as much in Hi
nois an Indiana, perhaps, as anywhere else.
The spectators in the wheat pit are just
now strongly disposed to operate on the
theory that Providence, already laggard IN
this particular, will provide adequate moist
ure at this juncture. To-day the market
was exceedingly nervous. The advance OF
the day was made early in the session and
reactions from the best prices were neither
numerous nor violent. June wheat, partcu-
The pPy crOwd w%S was aS'Te nformsd Sss nes00 g
&c bulge in the months of May and
June was due TO "cash demand, - but the
market acted more as though it was still the
short interest, which was struggling to get
through. May wheat, which closed on
Saturday AT S0Hc, opened at SEC bid, and
sold up to S34c. June climbed nimbly to
SIC and only sold back to s22lc when the ex-
citement died May closed at 50 &C and June
at S2Lc. July opened nearly 1c up, at 7Si4c,
and advanced to iSHc. Hutch" or some
other whale, let the crowd have more than
1t wanted and the price worked to 7S16c.
Then it climbed to 791s c and worked back to
7S&c, thereafter tluctuating around 1890
T11Sc, and closing at 7S$EM7S9lc. This
is 94c below Saturday. The feeling at the
close was somewhat strained, and the last
few days has shaken the popular faith in the
promised bumpor-crop of wheat even under
favorable conditions. And there is greater
willingness on the part of the bears to ac-
knowledge that the market, around the cur
rent quotations, has two sides TO it. Gen
erous and general rains might
produce decided Cnunpe OF opinion
within a period of twenty-four hours.
Heavy shipments and active consumptive
demand are causes of strength. Io-day's
corn market was firm, cables and a stronger
wheat market likewise contributing, and the
later decrease in the visible supply of 100000
bushels was confrmatory of first impress
sions. The clearance from Atlantic ports
were only moderate, but the improved feel
ing abroad is expected to bring them back to
the former average. The home demand, as
fnpnSnrpt bV SliDmpntS from here
to continue good at the present level of
values. The opening prices were an i'm
provement over Saturdays closing quota
tions of &c. There was firm undertonc
but no activity in dealings. From New Or
leans AZ, 600 bushels were cleared on Satur-
day for London. The estimated receipts for
Tuesday are $50 cars. The result of the
days trading was gain over the closing on
Saturday of 3kc. Cash and May corn closed at
3414c; June, 3419c, and July, 35MM354c.
Lake freights were about ~ easy, which re.
suited in the chartering of vessels to take
$50, 900 bushels.
business recorded prices advancing eICG1Ec.
Offerings were fair but there was better
demand"as the result of the dry weather in
the west An increase of 439, 600 bushels in
the visible supply was unimportant with
about one-third of it found in augmented
local stocks which are four times as large as
they were year ago. The receipts were
liberal and more than half passed into CON
tract grades. After opening &c higher May
improved, selling at 23lsm231Sc; later react
ing trine June advancing to 2396c, and
July to about sc premium. No. oats to 90
in store were quiet and light sales at 226e
1870 were reported.
The provision traders were treated
to a little surprise; Saturdays break IN
prices made the majority of them afraid,
and as the run of hogs was larger If any
thing, than predicted, still further decline
was confidently expected. The opening, in
fact, was accompanied by depression and
the first transactions were very generally
made nj an easier rapge. The weakness
shown however, was short-lived. The
bears were given to understand that
they were to meet some opposition in the
control of the market. Brokers, supposed to
represent Cudahy bought freely of pork, and
with Armour good buyer of short ribs and
lard, a sharp rebound was developed. In
their upward turn prices were well SUP
ported and the closngs, ali around, approxi-
mated the days outside quotations. The re
action practically recovered the ground lost
on Saturday. In pork the advance estab-
lished was 'rc, and in lard and short ribs 5Cu
shc. fe general market was Il little slow.