Omaha daily bee., 1889-03-06
The SPECULATIVE MARKETS.
Wheat Closes With Material
Shrinkage in Values.
CORN PRICES elRMeR AND HIGHER
Moderate Interest i'm Oats-Provisions
Experience Another Sharp Ad-
yance-Cattie Generally Barely
Steady--Hogs Brisk.
I .cHicAGo PRODUCE MARKET.

( CHICAGO PRODUCE MARKER.
CHICAGO March Especial Telegram. 10
THE BEE. May wheat closed yesterday
morning at 81 0iaS0IL0l3. 1t sold down to
sl.O01 to-day, within less than an hour of
the opening, recovering something like &c
later, and closing nervous within &C of the
bottom. Hutchinso son smiled to-day fo the
first time IN six weeks. He said that wheat
was worth as much to-day as it was when it
was quoted at clio, but that its intrinsic
commercial value was about 90c a bushel.
E'airbank stated fatty and emphaticaliy that
he had not sold any wheat and that he is
long as much as ever. Some of the bears in
innate that he doth protest too much"
but then the bears are chronically skeptical.
The belief is general that If he has not sold
out any wheat his line is less commonly esti-
mated and that IL cannot exceed 100000 TO
5CO0, 600 bushels. A line of 100000 TO
5000, 600 bushels, or even 100000 bushels is
not enough to control this market ex-
cept temporarily. A year ago last
June Harper and hls crowd had over d., 00O,-
600 bushels bought at one time through three
houses and the taller wheat must have
been half as much more. At the moment of
the collapse of the deal there were about
Is, S,O0O, 900 bushels OF cash wheat here That
left trade short % 600, 900 bushels to the clique
and quite 10000, 600 bushels to tailers.
There may be no great stores of wheat in
the country, but few in trade really doubt
that there is not enough to fill contracts for
10 000, 600 bushels, or that grain would not
come il prices were doomed. 1t is yet
eighty.five days to the end of May, and trade
in that month is narrower than II has been
since last fall The bears have made a can
vass, and falling to develop any enormous
short interest in May they have arrived at
the conclusion that there can not be any
dangerous long interest after deductng the
amount of wheat in store They feel en-
couraged to believe, therefore, that the dan
overestimated. The foreign news was mildly
encouraging. The private advices were, as a
rule, rather better than the public cables.
The foreigners are in the market, but they
are far from beng greedy or panic,stricken.
They have no fears that they will starve.
Merchants at the seaboard markets fail to
report any special activity in the export
trade These weak markets will probably
result in good business later The other do
mestic markets were lower to-day in sympa-
thy with Chicago, but they did not break so
far or so fast. The decline here has been
&c in three days. May wheat opened at
sl.03S and July at 9O24c, shrinkage of Ac
in May and 5 6ay nnS aver ooss tss Nay
selling up to 90jsc. May worked back to
81 OBJ. and hung around there for quite a
while, July in the meantime displaying signs
,Sn;sg of great GScnsG Wspkaess w%Sh broke Nae ui
started, however, it made up for lost time.
There was u plunge to Sl.O2 slight pause,
and another plunge to S1,0Ol4, July going
like Il shot to SSc. These were the bottom
figures and 9hey were before 1890. Until
the bottom was struck the market seemed to
be absolutely without support. A rally of lc
was the next thing in order, followed by
&c reaction and another nc rally. From
'SiOl5s and sS1ac for May and July, respec-
lively, the market worked down fraction
ally and then rebounded to Sl.O2ss and 9O1sc
for May and July. The last half hour wit
messed gradual depreciation, the closing
being sl:Ol94 for May and s914c for July,
met shrinkage of 2l4c in the nearest month,
and I95c in July The excitement to day was
largely local, the outside interest in wheat
not being very large at the present writing,
comparatively speaking. The splendid
weather and reported increase in the amount
of wheat on passage, when large decrease
was expected, may be said to be the under
lying causes of the weakness in wheat apart
from the increasing disposition to scott at
the idea of manipulation. ST. Louis reported
q large milling demand for wheat there Cal
ifornia, too, sent bullish weather advices.
The demand for corn was unaffected by the
slumpy disposition displayed by wheat and
it was firm in the face of several other Cir
Cumstances ordinarily tending to produce
weakness. The receipts here were % cars in
excess of the estimates made yesterday, and
81 cars, or about 15lR per cent of the total,
were of No. 2 grade. The exports also were
smaller than of late, and the recent heavy
shipments seem now to be affecting the Liv-
erpool market, which was quoted as tend
ing down for American corn" From New
Orleans there were export shipments yester-
day of 6S, 900 bushels. The demand for cash
corn was good at higher figures, and the
cnp OF nfn ph
ment Of the local speculative element ap-
peared to favor the buying side on the the
DRY of comparatively low prices and the prob
ability of sharp advance in the event of
any untoward circumstance interfering with
the prospects for another good crop. There
was a fair amount of business. and the course
of the market revealed a considerable short
interest existing. The average OF the days
dealings was at and over 36c for May. the
closing price being &@36lSc, at which it was
offered. The general market was sc higher
at the close than ut the corresponding time
yesterday.
In oats there was only moderate interest,
with the room traders the principal operators,
ana but few outside orders received. The
market was heavy, with the principal options
ruling ls@l4c lower, through lack of sup
port. fairly large lot was thrown on the
market selling it off as noted, as the buyers
were indifferent and wanted but little after
the opening. May declined to 27@2716c.
with partial recovery later, while June and
July were slow mt about &c discount No.
. to go TO store shared the weakness III the
speculative market, selling at 27l4@213sc.
Provisions experienced another sharp ad-
vance. The receipts of hogs were smaller
than was very generally anticipated, and
with the continuation of the outside buying
noticed Yesterday the bull side had the call,
Trade was strong from the start and for all
descriptions of product the prices moved up
with readiness that made the professional
bears slow to take hold The extreme out
side prices touched were not sustained, yet
the closings all around were ut substantial
improvements In pork the days actual ad-
vance was lT14@20c, in lard 5@71Sc and in
short ribs l0@l2J4c
CHICAGO LIVE STOCK