Omaha daily bee., 1889-05-28
THE SPECULATIVE MARKETS.
Bulls and Bears All Waiting for
Weather Developments.
EXPORTS EXCEPTIONALLY DULL
Very Little Grain I'm sight-Wbeat
Nevertheless Rules Low, and
Corn Goes Fraction Of
Provisions Firmer.
CHICAGO PRODUCE MARKETS.

CHICAGO, May 27.-rSpecial Telegram to
THE BEE. The wheat market opened
frac tionally lower, recovered por-
tion of the loss, and remained dull and just
barely firm for the greater part Of the ses-
sion, but weakened decidedly toward the
end. The offerings were in the excess, and
the inquiry was equally limited, so there
was no means of determining what was the
power of resistance in the market The
early cables were dull and rather easier,
but later private advices reflected better
tone to the foreign markets on account OF
cold, wet weather on the continent Some
of the best authorities in the old world con-
tinue to report hattering crop prospects on
the continent and the unfavorable turn mem
toned can not yet be serious enough to be
considered of Importance by them. New
York had no new export business to report,
though bids were in close to the market
1t was said. The difficulty of obtaining
ocean freight room was assigned as one Of
the reasons why nothing came of the negoti-
ations. The visible supply decreased 1,O5O,-
COO bushels last week, according to official
postincs. This brings the total down to
21,24, RAJ bushels, against 1861, OBI bushels
year ago, and 43, 20o,0i6 bushels two years
ago. on the corresponding date The total
stocks are now about 100000 bushels less
than they were at low water mark last year,
two months later, and the interior stocks are
now admittedly smaller than they were
then. This fact lent TO the market more or
less sentimental strength and inspired not a
little buying. Hutchinson was seller on
every little rally measuring his offerings,
however, by the urgency Of the demand.
Towards the end of the ses-
sion feeling of weakness took
possession of the market and prices eased off.
Well authenticated reports of low tempera-
ture in the Manitoba country were in clrcu-
lation to-day, but they had no appreciable
effect. The minimum temperature at Win
nipeg last night was given by the signal SER
vice Office at 22o, st. Vincent26 269 and Prince
Albert 26o. The posted list giving the later
observations quoted moderation of temper
ature Should the cold area work south into
the states some excitement might be caused,
but up to this writing no alarm whatsoever
is felt in the speculative arena. July wheat
opened at 7616@165sc, with sales lmmcdi-
ately afterwards at 761&c. The market slowly
worked up to 76slc and swung listlessly
around 761f@894c for couple of hours !;
then, on receipt of favorable cables and
frost news from Manitoba it bulged
feebly to 761c. Hutchinson's' offerings put
the market back to 765sc, and Pittsburg
plunger broke it TO 1890, on sales of few
hundred thousand bushels The brokers
generally believed to represent Cudahy
bought on the last decline, but not in suffi-
cient quantities to check the downward ten
dency, and the price got to 764c. The close
WINS 7614(9763sc, The weakness in May and
June was one of the conspicuous features of
the market late in the session. June sold
off nearly &c, or down to 1S3Sc, closing at roc {;
May left off at 7816c. December opened at
inside. There was more life in the deal
during the last half hour than at any time
during the session.
There was fairly active trade in corn, but
at lower prices than ruled on Saturday.
July was in good demand by the shorts
around 331 &c, against 333 C, on Saturday. and
in the cash market, although the shipping
demand was good it was at decidedly easier
prices. The price of July at the close showed
decline of SO as compared with Saturdays
closing quotation. Cash corn was nomlnally
AT the same price at the close, to-day, as on
Saturday, but the bulk of to-day's business
was transacted at from 1s@Ac lower figures
than prevailed on the preceding trading day,
Oats were fairly active IN the way of
changing near deliveries into more deferred
futures, while new business was light, and
values ruled 4@ssc lower The weakness
was largely due to very heavy receipts and
the estimates of both oats and corn. The ar
rivals Of oats were greater than expected,
with some four hundred cars talked of for
tomorrow. May sold down to 2l9Sc, and
June to 2lNc. while July was about sc pre-
partial recovery. September was about &c
above June. Car lots of No. 9 oats to go TO
store sold lower at 2l94c.
In provisions the week opened with ner-
vous feeling underlying the trade. The re-
ceipts of hogs, to-day, scarcely reached the
number expected; and, as there was some
disposition upon the part of the professionals
TO cover their short contracts in short ribs
and pork the changes in the market favored
the selling element. Prices, all around, av-
pra hiuhnr IN Inu 10
upward movement was more noted in porl,
and short ribs than in lard In the las,
named article the closing, in fact was the
same as on Saturday, to only 21Sc higher
was Sc and in short ribs 21lc to Sc.