Omaha daily bee., 1889-05-03
THE SPECULATIVE MARKETS.
Wheat Breaking Badly Under a
Large May Delivery.
HITTING THE NORTHWEST HARD,
A Considerable Activity in Export
Wheat and Flour-wall Street
Not Particularly Active-Chi
cago Provisions Down.
CHICAGO PRODUCE MARKETS.

CHICAGO, May 2.-lSpecial Telegram to
THE BEE. THE wheat market was bulled
hard and easily to-day. To begin with,
about 81, 900 bushels of slump-tail wheat in
New York was delivered out in May con-
tracts Most of il was sold right out again
making sick market there. Chicago sym
pathized and sold off, and the weakness
everywhere demoraized Minneapolis, which
broke 10l3c. The northwest is getting bad
roasting" these days, and great amount of
wheat that has been clung to, with desperate
tenacity, all the way down, is slipping
through exhausted hands The price is still
5Cd1c higher in Minneapolis than in Chicago,
and the principal holders continue in defiant
attitude, but IL is noticed that the product Is
being crowded into consumption on both
sides OF the Atlantic at considerable conces-
slons. For instance, an attempt was made,
only this morning, TO make little bull capi-
tai out of the sale of l0, 600 sacks of flour for
export by Minneapolis milling firm. Later
II was learned that offer of that line of
-four at decided concession had been
accepted" and the bears conceded that such
an item of news could not be twisted into
bullish construction.
On the break in New York the foreigners
picked up considerable wheat and the wires
ranging from twenty to twenty eight boat
loads. Right on the heels of this, it was
learned that 65, 900 bushels had been worked
for export here, and st. Louis reported
10000 bushels worked. The northwest, also,
had good deal to say about unfavorable
weather, but, at the same time, a strong sus-
picion took root that the northwestern
parties were selling wheat. Later this sus-
plcion was confirmed though the statement
was made, and staunchly adhered to, that
some OF the larger orders that came in from
minneapolis and Duluth originated in Chi
cago, and that the selling was for account of
Chicago bears, and not for northwestern
longs. This conflicting gossip is given for
what 1t is worth There was good buying in
this market, early, by usually influential
parties, Linn, Ream and Cudahy leading,
and Hutchinson chipping in. But the offer
ings from some source were very heavy, and
prices could not be sustained. July opened
at 1890, sold off sharply to 77Tc, worked
back to 7S13c, and was active and steady ut
fS14c for an hour or more. During the last
half hour or so, however, the feeling was
that of great weakness, induced by heavy
selling, supposedly for the northwest, and
the price broke to 7714c. The close was 77}Sc
"a shrnkage of &c on the day.
May wheat closed, yesterday, at Sic 1t
rested to-day at 7S2lc June closed yester-
day at size. 1t opened to-day at Sl15c and
closed at 7SHc. The latter month was quite
active at times and was especially slumpy.
Outside markets were as sick as Chicago;
St LOUIS and New York leading in this re-
gard. Perhaps, though, the decentralization
was the most pronounced in Minneapolis.
The possible effects of bad weather on the
next crop will not piece out the exhausted
market. Bad weather is not proving the best
Of collateral.
The corn market was frmer to-day Re-
ceipts were considerably less than yes.er-
Gay's estimates, and wet weather was ex-
pected to restrict deliveries. In the mean
time the Liverpool market was quoted weak
ana lower, and the export clearances were
light. There was good demand for export
reported from New York and inquiry for
shipment here was quite active. The opening
prices were an improvement of about &c on
the closing prices Of the day BEFORE and this
was practically well maintained today. The
estimated receipts for tomorrow being 325
cars had a steady effect and the weakest
feature of the surrounding circumstances
was the lower tendency of the price of
wheat. Outward inspection from here, as
noted above, was very heavy and good in
quiry foi vessel room was reported, ipdicat-
ing continuance of the present liberal rate
of shipment. The market was not very
active after the first hour, but was fairly
maintained in the midst of weak surround
ings. The closing prices were at about &c
Improvement over those of the previous day
Oats were moderately active in a specula-
tive way, ruling 9s@l9c higher after a firm
opening, and later averaging more quiet.
Deliveries on May sales did not prove so
large rs anticipated by some operators and
there was no special anxiety to sell, with
good buying orders noted including some
from the country May sold up to 2216 0D255Sc
and June was about premium, with July in
moderate favor. Receipts were again liberal.
with large proportion passing into contract
grades, and number oats to go to store
were about the same as May.
In.provisons, trade followed rather an un-
certain course. Early in the day the market
was depressed by large run Of hogs re-
ported, and the free selling which the same
encouraged. From the mornings best prices
pork suffered a break, before any reaction
occurred, of 171c; lard of 2I9c; and short
ribs of &c. As the day advanced, however,
the weakness witnessed was supplanted by
sharp upward turn. The product having
sold off to point to make covering, or re-
duction of short lines, advisable, Cudahy
Singer, Baldwin, and many of the smaller
bears began 10 buy with more or less liber-
atty. They entered the pit in sufficient
force, at any rate, to make their influence
felt, and In brief time the ground lost
around the opening was more than recovered
Pork on the rebound sold up to 2216c; lard
at nc; and short ribs at 10c; and all closed
higher than yesterday. In pork the actual
advance established was 10@l2Iac; in lard,
GI(l5c; and in short ribs. Sc.