Omaha daily bee., 1889-05-16
THE SPECULATIVE MARKETS.
widespread Rains and the Crop
Prospects-Suit the Bears.
WHEAT is STILL. GOING DOWN.
Done Business in Corn Yesterday al
4. An Advancc-Foilowed BY Oats
Provisions and Cattle
Closed Lower.
+, ,cHrcAeo PRODUCE MARKET.

" CHICAGO, o,May15.-[Spccial Telegram toTHB
! BEE. THE wheat market ruled heavy TO-
lay, and prices averaged lower than yester-
lay. Speculative business was light, and
news OF an influential character was scarce.
The market opened lower on the whole list
Of futures. and rallies were infrequent and
not lasting; even cash wheat was off and the
activity in demand, which has been one OF
Its recent features, seems TO have been
dulled appreciably. In brief, the whole situ-
alton looked heavy and weak. Soft SHOWS
In the northwest, and general rains pretty
much everywhere, were looked upon as
being most beneficial TO the growing crops.
This is just what the farmers have been
clamorinR for, in any event, and 1t stands to
reason that the rains were what they
wanted and needed In their business. Re
ports continue to come in freely from all
quarters indicating a streaked or mixed ccn-
dition Of wheat, spring and winter.
But, on the WHOLE the prospect must have
been materially improved during the past
three or four days; such, at least, is the pop
ular impression, and the sentiment seems to
be shifting around again to the bear side.
July wheat opened at 7S56c, rallied &c
settled again to 7SAc, advanced to 1890
7ss4c, fell back to 7s}1c, and, during the
between 7s1fc and 1890 Toward the close.
however, the market took on complexion Of
unmistakable weakness, and n sharp decline
marked the closing half hour, or rather clos
ing fifteen minutes. No specific explanation
could be offered for the break, beyond the
fact that there were no supporting orders;
Partridge, Fraley and other large local and
outside bears were given the credit OF being
good buyers early, and to their purchases
played. When they were through the
market was unequal to the task
Of standing up alone. II was in good shape
for the raid, ana the crowd broke through
the thin crust of bull sentiment. Prices set.
tied TO 7S1xc, hung there few minutes, and
then started of, going to 77Hc, which was
the closing quotation. The bulk Of the busi-
ness Of the day was concentrated in the final
thirty minutes of the session. The decline
In May and June was less than in later
futures. May closed at $500, and June at
$3.50, q shrinkage OF nc and Ec respect
ively. July lost &c as compared with yes
terday's closing. September left off at 75c,
and December at 7611c
The receipts of corn were about as esti-
mated yesterday, including the receipts by
canal The heavy proportion of No. rather
strengthened than weakened the market,
from the fact of its being delivered on pre-
the offerings on cash. Liverpool was quoted
long, but unshaken in price. Exports were
fair, and the demand from local shippers
was good in all positions and for all grades.
speculative dealings were on u llInlteu SCale
and principally local in their character.
Some purchases of June and July made yes
terday by heavy local operators were sold
out to-day at about 1sc advance on the cost.
Oats were quiet, though, in the aggregate,
liberal speculative business was done ut a
fractional advance. The opening was 1S@
nc higher, due partly to reports Of colder
weather in the crop districts, and fair buy
ing was noted with July as favorite. Sell.
ing orders were not plentiful, and the month
nasped advanced to 235sc or &c above yes
terday's close This called out an increased
selling, with q partial reaction following
May sold up to 23l4c and June to 233sG923]1 &c
while long futures were neglected. The re
ceipts exceeded the estimate by forty-eight
cars, but only 20 per cent passed into con-
tract grades, and the Withdrawals were re
duced to 152, 800 bushels. No. oats to good
were quoted at 231s(D23hc.
Provisions continue to be affected un favor
ably by hog marketing. The receipts o.
stock at this and other packing centers agair
exceeded expectations to-day, and, as prices
for the same declined &c or more, the aver
age product suffered another bearish turn
A lower opening, followed by easier price
subsequently, was the universal rule, and
all around the closings showed a marked
shrinking from yesterdays last quotations
In pork the decline experienced reached 25a
27}Gc, in lard 71fc, and in short ribs 719@lcc