Omaha daily bee., 1889-05-08
THE SPECULATIVE MARKETS.
All Over the Country They Opened
Soft and Lower.
THE CASH MARKET HARoehs.
July Wheat Holding Up In Chicago
Unfavorabic Reports From Win
ter Wheat Districts-Pork
Held Considerably Higher.
CHICAGO PRODUCE MARKETS.

CHICAGO, May 7.-[Special Telegram to
THE BEE. The signal service bulletin, this
morning, gave information of general light
rains throughout the northwest, but not
enough, as yet, TO do much good AS Pills
burg wired, later in the day, "Our low
barometer is bringing us more wind than
water" Private advices mentioned rain at
many points in Dakota aud Minnesota, but
very few selling orders accompanied these
dispatches. Usually this is the fault found
with bull news about the crops, they seldom
bring buying orders. But in this case II is
the bears who are cautious. They report
rain, but do not act as though they thought
there had been rain enough. Nevertheless,
the local market, and for that matter, the
markets all over the country opened soft
and lower. July wheat started in at 7S4c,
and sold off to 7IMc. This was 5s(@ &c
below yesterdays closing range. The crowd
was disposed TO help the decline along, but
the market was supported. and in the ner-
vous state existing, caution was the
governing sentiment. 1t did not take much
buying to start prices up again, and values
soon got back to nearly where they were
yesterday, especially long futures. May and
June were strong on the understanding that
buyers were standing around ready to take
everything Ill SlPut III JHc SllbuueSJ eNlucHCc
on the part of holders to treat with them.
AS the day wore away the cash end OF the
market continued to harden, while late
futures remained about stationary. The
closing quotation for May was S3c; for June,
s211c, and for July, 7Ss6@TShc. AS com.
pared with yesterday, this shows a gain of
&c in May, nc in June and a loss Of &c in
July. After first decline, July worked up to
7S5sc, which point was reached several times
during the session. Most Of the business
done was below IS19c, however, and it was
not on a large scale. In fact it was exceed
ingly light in volume most Of the morning.
The eyes of the traders were lifted to the
skies, rs it were, and IL the expectations Of
rain are not verified to greater extent than
they have been, so far, operators will begin
TO take to their "cyclonc cellars" The ur-
favorable crop and weather news is not con-
fined to the northwest The winter wheat
districts are sending out bad reports OF
discoloraton may be the result of dry
weather, or nugs, or both Continued
heavy shipments and tirmer feeling III
foreign markets, with dry weather
generally prevailing, were in favor of the
strength here, and the decrease of $4,000
bushels in the quantity on ocean passage also
contributed to support the market. There
was no activity, however, in the speculative
branch of business, which was principally of
a local scalping character. Inspection re-
turns now show continued improvement in
grading, as will appear from a reference to
the quantities given above. The market
ruled steadily firm all day, with occasional
symptoms of uneasiness among the shorts,
but not decided enough to advance prices
much. AT the close the market was from =
to nc higher than 1t closed yesterday.
Oats were less active than yesterday, al
though fair to aggregate business was re-
corded The feeling was easier IN the main,
especially in new crop delivery, which sold
1IM$5c lower. prominent operator who
has been buying recently was, to-day, sell
lcr and the reports of rain in the northwest
helped to depress prices May sold down to
223a 0p?21sc, and July touched 231sc after
opening steady AT 233Sc, though there was a
final small improvement from bottom prices.
Considerable May was sold in exchange for
July mt &c premium for the latter The re-
ceipts were liberal and the estimates for to-
morrow, only moderate, while the outward
movement continues large with more than
10000 bushels withdrawn from store during
the past two days. Oats to go to store sold
at 22s1c, or about l4c lower
In provisions, yesterdays advance move
ment yves continued. Fortunately for the
bull interest, the receipts of hogs fell CON
sderably short of the number predicted,
and, as there was no particular desire TO
sell, the product ruled higher, without Great
ing any particular stir. The upward move
ment was also remarkably steady, ana at the
adjournment pork showed q net appreciation
for the day of 20c, lard of 5@i1ac and short
ribs of 10c.