Omaha daily bee., 1889-05-17
THE SPECULATIVE MARKETS.
Wheat and Corn Heavy and the
Prices Lower.
FAIR TIMES FOR THE BEARS.
More Stuff Dumped Into the Pit Than
the Bulls Could Carry-Oats,
Provisions and Cattle
Follow.
CHICAGO PRODUCE MARKETS.

CHICAGO, MAY 16-TSpecial Telegram TO
Tue BEE Wheat was narrow but more
active, to-day, than IL was Monday or Tues
day. Crop reports came in from everywhere
In the most encouraging way. Only occa-
sionally were advices from the country indi.
cative OF poor or spotted conditions. There
In more rain IN the northwest and cool
weather; and the Ohio valley is now in the
full enjoyment Of what IL has been craving
and praying for-moisture. The cables re.
fiect quiet foreign markets, and New York
fails TO report anything like the new export
business that mi yht naturally be expected
with prices as low as they now are. The
seaboard clearances of both wheat and flour
were liberal, according to the postings. The
market ruled heavy the day through. and
the prospective big crop looked very much
like certainty to-day. Leastwise, the
bearish individuals were selling as
though 600000 000-bushel crop had
been safely harvested and warehoused, and
the bulls had neither spirit nor money to
buck the current The conditions were all
bearish and it was useless to try and see
anything else but heaviness in specula tion
that is speculation reflected on Change.
The opening range was S31Sc for May, SEC
for June, and 771<c for July, shrinkage in
values OF about &c over night There was
some action in June carly, and sales at SIX
CDS21sc; and in a little while the price was
run to S215c, apparently for effect on July,
for with the withdrawal of "muscle" the
price dropped back, and eventually it got as
low AS S0S4c. July ranged from 7T9s to 779sc
for the better part of two hours, but the
pressure proved too great and a break to
78Tc followed AT and around nc a great
mass Of wheat came on the Market on ex-
haustive margins and stop orders. The bat
tie of the session was around 77c At that
figure and fractionally under there was buy
ing on large scale by strong people, but the
amount of stuff that was dumped out
proved more than the market could
take, and the result was further yielding of
values. The dead weight of unlimited long
and short wheat was irresistible. The mar
ket had next 10 no outside support, and the
best local help it had came from the shorts
who were able TO cover on such advantageous
terms that they were inspired to put out
fresh lines. During the last fifteen minutes
of the session, July sold down to 1890 and
at the close was quoted at 7691c, a loss of &c
on the day. May rested at SIC, June at S09Ic
and September at 7416c. The trade during
the final hour was very heavy. 1t was un-
mistakably liuuidation, helped along, of
course, by free speculative offerings. The
break in prices has brought the market right
down close to some good-sized open orders
and at the end of the regular session negotia
tions were in progress between the buyers
and sellers with n fair prospect of cash bus-
ness resulting Some semblance of excite
ment was occasoned about noon by dis
patch from New York that o cargo of 10000
bushels of wheat had been sold to go to the
Argentine Republic. 1t was subsequently
explained that this wheat was for seed, and
thus Invested of its bullish coloring the bulls
had no further use 6Or the item.
The demand for spot corn and its com
parative scarcity here were the principal
supporting items III the corn market, and on
the other side were arrayed the very weak
feeling in wheat, the magnificent growing
weather, and the downward tendency of
outside domestic markets. There was also
to the credit of the bull side of the argument
q good inquiry from exporters at the sea-
board, but this was in the face of weaker
foreign advances. Continued heavy clear
ances from here are an Offset to the increas-
ing receipts. The market was fairly active
all day, and was at its weakest point towards
the close. There was good buying carly in
the day by strong partiesi but, with such de-
cided slumpiness in wheat and nothing IN
sight of an opposite character in favor of
corn. holders weakened and offerings were
quite heavy in the last fifteen minutes and
figures of the day. The decline since yester-
day was from 14c to &c per bushel on active
futures.
In oats large speculative BUSINESS was
recorded, with July the pivotal future. The
market was steady, early, under good buying
by permanent operator with later weak
ness edeveloped and decline of ss0D1fc
from the top prices. The generally warm
and favorable growing weather exerted a
downward tendency and called out plenty of
sellers. After the initial trading at 23li
23Ssc, July sold off at 221sc with deferred
futures dull at nearly the same range. May
was bought in exchange for June ut &c pre-
MUM for the latter, with May at 23c. Re-
cepts were again liberal, while nothing of
consequence was reported as withdrawn
from store and No. 2 regular was dull at
about 2384c, with car lots TO go there sale
BILE NJ points above.
In provisions easier prices were again the
ruler. Considering, however, the severe
break suffered in hogs, which sold off from
15c to zoe, the days depression WAS remarka-
bly, small In lard 1t was only 216c and in
short ribs DC, while pork closed the same as
yesterday to sc lower for more extended de-
livery.