Omaha daily bee., 1889-06-08
THE SPECULATIVE MARKETS.
Croakers Getting in Their Work on
the Coming Crops.
YESTERDAY WAS VERY euLLlsH
Wheat Closed Up and Firmer-Corn
Stronger but Inactive - Oats,
Though steady, Were Quiet
Cattle Rule Low.
CHICAGO PRODUCE MARKETS.

CHICAGO June 7-TSpecial Telegram TO
THE BEE. This was an ''up'' day for wheat.
The cabled news was bearish in tenor, both
in regard TO condition OF foreign crops and
the foreign markets. The domestic crop sit
uation, however, is an interesting and exct-
ing theme. Reports from California and
Kansas are Of the most encouraging cast,
but no other part OF the country is enjoying
the prospect OF an unusual yield. Indeed,
Indications now point TO barely average
yield in many important winter wheat states,
with the outlook in the northwest somewhat
dubious on account OF the poor start the
spring wheat got, and the generally tough
time 1t has since had. The Missouri official
report, which came in yesterday, gives a six
point reduction in the estimates. Kansas,
Ohio and Indiana came in to-day. Kansas
predicts a big increase in production, on
an enlarged acreage, and Ohio repre-
sents the outlook as very unfavorable with
probable production Of 100000 bushels
less than the average, and 100000 bushels
less than last year. Indiana also makes
poor showing, ana private crop correspond
ence from the Ohio valley represents the
situation as vastly less favorable than
pictured, up to within month. The weather
throughout this latitude is warm and
ture is moderating, but the country is IN need
of rain. The speculative element was slow
in getting excited. The facts were all in
early, aud the blackboard returns, showing
receipts of / II, 600 bushels at all points, and
total shipments of 100000 bushels, were
posted with unusual promptness, but it was
after 12 O'Clock before the bull spirit got con-
troll. Up to that time the market was dull,
and the fluctuations in prices were confined
TO limits of less than &c. June wheat
had ranged TM@7Sc, July, 1890
76}Sc, and December 752I@761sc. About
noon the market took an upward shoot, and
speculation increased in volume and interest.
Several of the most active and energetic
local operators got rapidly bullish, and
"whooped her up in great shape" They
not only bought freely themselves but en-
gagged in incessant missionary work to good
purpose. The result was a sharp advance Of
about 1c and firm closing. July doomed up
to 771sc, and December to 77lsc, with a very
large business passing. The market acted
more as though there was genuine propell-
ing force behind and under it than there has
been any time since trade got into de-
pressed condition two months ago. The
closing was strong and other domestic mar
kets sympathized actively with the improve
ment here. No new business was expected
from New York. but business at that point
has taken to showing up in actual clearances
instead of "boat loads taken" one day and
resold the next. This is an encouraging
feature. The closing range was 7S94c for
June, 7715c for July, 7539c for September
and 7716c for December. This makes gain,
as compared with yesterday. of from &c to
1ssc, July showing the biggest Improvement.
The corn market, though inactive, was
strong at the close in sympathy with wheat,
but there was not much trading ut the ad-
vance, the extent of which was from d to
ssc on active deliveries
Oats continued in the dull and narrow
channel outlined yesterday, ruling quiet and
about steady. The receipts were fully as
great as anticipated, and the estimates for
to-day were liberal. Outside speculative
orders were few and unimportant and a
2216012211c, and that is where it sold part of
the day, with June at asc discount, and Sep
tember quiet at 223s@221ac. There was a
reported demand for cash oats for shipment,
but with vesse-room scarce, little was done.
A few cars Of No. 2, to go to store, sold at
2l&c.
The provision trade is still slow The inter
est developed today was again confined al
most wholly to short ribs. In pork
and lard the movement was without life or
significance. Short ribs simply saved the
market from decided dullness. The leading
packers, credited lately with buying, con-
tinued to compete with the shorts for the Of
ferings on sale. Their operations, in fact,
occasioned even more uneasiness than here
tofore, and led to good deal of gossip to
the effect that short ribs had been selected to
work an Improvement in prices generally
The shorts, at all events, are growing ner-
vous, and the underlying feeling appears to
be gaining strength. The product of all de-
scrptions averaged higher to-day than the
Level of yesterdays closings. In pork the
advance actually established was from 21s
to 10c, in lard 21lc, and in short ribs from 2}s
to ~ cents