Omaha daily bee., 1889-05-11
THE SPECULATIVE MARKETS.
Selling Effects Of the Recent Rains
Not Very Great.
WHEAT ApvIces CONFLICTING
California Growers on the Anxious
seat-New York Supposed to BE
working" Chicago-Corn
Holds Its Own.
CHICAGO PRODUCE MARKETs.

CHICAGO PRODUCE MARKETS..
CHICAGO, May 1O.-[Special Telegram to
THE BEE. The wheat market had a tame
opening, followed by season OF weakness,
which, in turn, was succeeded by a full re-
covery and gain upon the previous best prices
of the session. The rain area continues TO
move slowly eastward, ana has, at last,
crossed the Mississippi. No general rains
have yet been reported, but we seem TO have
entered upon a period of showers. The
showers are good as far as they go, but they
are a poor substitute for soaking rains,
where the ground is very dry, as was the
case from the extreme northwest TO the
Ohio river Ninety five per cent of the crop
reports from the winter wheat sections indi-
cate pressing and present need of rain, and
something more than "apprehensonsn of
damage TO crops by drouth The rainfall in
the northwest caused only slight inter
ruption in the flow of unfavorable
crop ireports from that section, though
II must be admitted that spring wheat ad.
vices are conflicting and confusing to a GER
tain extent, ranging as they do from very
favorable TO very unfavorable. New York
reported clearances of only $1,000 bush els,
which are figures that were not in accord
WIFI tne DOSltlVe statements maze NeSUpr-
day, that one steamer load of 104 900 bushels
had cleared on Wednesday evening, too late
for the official returns of that day, which
amount would appear in this mornings
postings. This tended to intensity the skep
ticism cngendered by yesterdays mixed ad-
vices from New York, and selling move
ment was started. July opened at SOl4c,
sold up to S03sc ana declined under pressure
to 79s6c with a large business passing on
the break Hutchnson's brokers bought
heavily around the bottom, and the market
turned up with a considerable show of
vitality. The price went back to soc,
dipped once or twice nc, rallied to S014c,
made feint or two, aud then steamed up to
6OXc This last advance occurred between
IL and o'clock, and had its origin in ca
blcgram that French and other continental
Importers were free buyers of csrgoes "off
coast There was plenty Of wheat for sale
above S014c, ana the market eased Off The
local crowd and general public have "loaded
up' pretty freely on dry weather, and ex-
port news, and every little rally evinces a
Willingness to part with little property and
cake moderate profits on investments. 1t is
safe trading that makes tho market narrow
and keeps ii free from violent excitement.
California is getting little too much of u
good thing in the way Of rain. 1t is on the
eve OF harvest out there and wheat grow
ers are on the anxious seat Operators who
derive inspiration from California and Eu-
rope were observed to be the most liberal
buyers to-day. They were mostly short and
their purchases were largely to fill contracts.
New York was heavily on botn sides of the
market There Is n well defined and grow
ing suspicion that New York spectators
have been working" Chicago, lately, on
padded export news. Should later reports
confirm all the recent gossip about 'boat
loads worked" New Workers can have the
laugh again on Chicago disbelievers. Ru-
mors of all sorts about the government crop
report were flying around. Some had it
that 'the advance information, made the
hnllpfin nnfaVOrnDla
their ear to the tunnel insisted that good
tips to the contrary were ont: A report
was was issued .s. at at ! g. O'clock Washington
mention in the later editions of this paper,
and too late to have a positive and definite
influence on the market, except that the con-
iectural closing quotation for July was 5000
S01c May ranged from S41ac at the open
ing to SIC, and closed ut the outside June,
which opened at S31ac, ranged at S254G0S416c,
and closed at the top. Some inquiry for spot
wheat was reported and the withdrawal Of
25,000 bushels of No. red from store was
reported, the sale having been effected at n
over May in store. This wheat goes to Ohio
Local receipts are light, and the same condi-
tion holds good at other primary points, Min
neapolis excepted. Final prices here show a
slight gain over yesterday.
There was a weaker feeling at the opening
of the corn market. The rain which was re-
ported, to have been widespread,
through not very heavy was the chief factor
inducing holders to throw over their prop
erty, and encouraging the bears to raid the
market The bearish feeling, with which
wheat started in, had likewise weakening
influence Receivers were free sellers of
May, early; and July was also offered in lio-
eral quantities early in the session, but the
same parties were observed to be buying,
later in the day, The export clearances were
heavy, the demand from local shippers was
good, and the shipping movement continued
to make heavy drafts on stocks in store.
From New Orleans, yesterday, 5000 bushels
were cleared for Liverpool and 20, 900 bushels
for Havre, and New York reported good
demand existing there among buyers for
foreign shipment. The early weakness
had its effect upon the cash
market, but at the close there was u
firmness, in sympathy with the strength in
futures, and the strengthening later, towards
the end was mainly due to sympathy with
the advancing tendency in wheat at that
time. The close was just a tritie better than
on the preceding day, May closing at the
same as on Thursday, and June and July &c
higher. The estimated receipts for to-mor-
row arc 405 cars.
Oats were unsettled, with final advance
Of h@2Ec, after a period of depression in
the middle of tho day The opening was
full and steady to fam. followed by later
slight downturn. With n fair demand from
the shorts, however, and indirectly sym
pathizing with the strength of wheat, the in
creased activity and improvement noted was
developed with June and July the favorites.
The receipts were larger than expected, but
inspection was poor, with only 3O out OF loi
cars grading contract Withdrawals were
increased TO 80, 4S7 bushels. May sold uu &c
TO 239Ec, and June TO 24c late in the day, with
plc paid for a quantity of July After an
cartier trading at 23l9c, No. 9 oats, to go to
store, closed AT 23I.c, with sales chiefly by
sample
In provisions, the pit feeling was quite
nervous. The trade is still affected by the
recent Representation by Armour s. Cudahy
on the long side and there was not much dis
position to-day to do much more than in
dulge in scalping The shorts covered little
In the few depressions witnessed, but witt
the general public trading was slow. Prices
owever, were well supported, and for porI
and lard the range was a trife higher thar
that of yesterday. Short ribs averaged
shade easier, closing at decline o.
2lIc. Lard closed unchanged to 2Idc higher,
and pork ut Quotable advance OF 50el2hc.