Omaha daily bee., 1889-07-03
The SPECULATIVE MARKETS.
Many Fluctuations In Prices Char
acterize the Wheat Pit.
THE OPENING SOFT AND LOWER
A Good Deal OF Strength Witnessed
In Corn Dealings-CattIe Open
Active and Close Easier
General Quotations.
CHICAGO PRODUCE MARKETS.

CHICAGO, July 2--TSpeca Telegram TO
THE BEE. Wheat opened soft and lower
this morning on generous rains through the
Red river valley and an increase Of 1,04O,0Or
bushels in the amount on passage" July
wheat opened at soc and sold off 10 1870
7gSkc. September opened at 7s19c and sold
of TO TS16c, and Decemcer opened at sOBc
and sold down to 599zc. The market reacted
from this range of prices and recovered &c
or such n matter, where 1t hung for time
in an indecisve fashion, but, suddenly gain
ing strength, made spurt OF considerable
Importance. In this Improvement July led.
Indeed, the bulge in July constituted the SEN
satlon of the day. Starting from around
1890 IL climbed TO above Sic, and
after momentary reaction steamed to s2$4c.
II subsequently broke back to SOBc and
recovered to Sl1sc, where there was pause
and another spurt TO S215c, which was the
close Hutch's brokers were especially
active in July and he was given credit for 1T.
AS matter of fact, there is still a good sized
open interest in July scattered about among
commission houses, and ON any little furry
the shorts run for cover. Finding little
wheat for sale they became panic stricken.
While this open interest continues anywhere
near as large as it is at present, the expert
ence Of today is liable to be repeated al any
moment. One thing that made the July
shorts nervous this morning was disappoint-
ment with regard to the movement in the
southwest. Monday was to witness the
beginning of the de1uge at st. Louis, but
the postings were only 1000 bushels, The
delay in the early movement is vtxatious
to the bears and they are
easily disturbed on that account.
While July was behaving IN this eccentric
manner the rest of the market was naturally
more or less affected. Only light trade
was passing in September. December was
the popular month. Operations in July were
of q desultory character, but steady busi-
ness on moderately large scale was done in
December, though trade was not of the first
magnitude" December advanced early from
1890 to S01<c, sold back to S0c advanced to
S036c reacted &c, advanced TO Sic, went 10
SOHc, up to S09lc and down to sos. 1t then
steadied and advanced once more 10 ou&c
closing ut S0l4c. The following cash sales
were reported, however: $4,000 bushels OF
choice hard at 944c, free on board; $4,000
bushels at 9314c; $4,000 bushels of No; 2 red
at S4c free on board, and three lots OF
10000 bushels each at SEC, S24c and S3c IN
store. Foreign houses on change were good
BUYERS and George Smith bid for 200
bushels at one time during the session. The
northwest Is a source of a great deal OF oull
bility of rains in the winter wheat sections
was among the later items discussed up-
easily by the bears. Viewed as whole, the
course of the market was extremely irreg
ular. July established u gain OF l16c and
December lost 1z09sc. August and Septem
ber show q loss of &c
The demand for export at the seaboard and
the excellent inquiry here for shipment
together with the appearance OF DELIVERIES
slackening, gave good deal of strength
to the speculative dealings in corn.
None of the stock here appears available
for delivery on July contracts. AT
any rate it is not yet forthcoming for that
purpose and the amount of it is only 1885,
600 bushels. The quantity going forward
from here Keeps stocks quite bare, and the
foreign demand is only limited by the
amount of freight room. An uncertain reel
ing likewise prevailed concerning the grow
ing crops in some important localities. Liv-
erpool was quoted firm and higher, and the
New York market was in full sympathy
with the advance here, ST. LOUIS, however
inclining to hold back. The estimated re-
ceipts here tomorrow are 465 cars. The
price advanced &c on July delivery, s6c on
August, and 149ssc on September over yes
terday's closing figures The final quota
tions were: July, 519935Ssc; August, 35s4c
and September, 86@361c
Oats were quiet and featureless, with
future deliveries tending to fairness. Some
of the recent free buyers of July were again
present, but the aggregate speculative busi-
ness was only moderate, the struggle in corn
extending in mild degree TO oats. July
sold ut narrow range of 22s4@221c, with
two following months ut about &c discount.
Receipts were liberal, but the Withdrawals
from store were reduced 4,700 bushels. A
few sales of No. oats to go to store
were made generally at 1880, indicating a
fully steady tone.
Provision traders were not particularly
troubled TO handle their business.sThcir cash
orders were not us liberal as OF late, and in a
speculative way trading was wanting in
yigor, freedom and volume. The day, all
told, was scarcely moderately active, yet the
market showed the possession of surprising
underlying strength. The monthly stock
showing, though in many instances larger
than expected, was overcome in its influence
by advices from the stock yards and rumors
that prominent pack her was supporting pork
and short ribs. Lard was the weakest
article on the list, yet the actual changes in
prices all around were confined to small
limit The closngs, however, were generally
under yesterdays last figures. Both pork
and lard suffered decline Of 5@71Sc, whilc
short ribs rested unchanged for July to &c
lower for later deliveries