Omaha daily bee., 1889-06-22
THE SPECULATIVE MARKETS.
heat Averages Higher With q
Lower Closing.
CORN euLLlsHLY AFFECTED.
The Provision Pit Shakes or Its
Bearish Feeling business I'm
Cattle Slow and Prices Tend
Downward-Quota
CHICAGO PRODUCE MARKETS.


CHICAGO, June 21-fSpecial Telegram to
THE Bee Wheat averaged higher to-day,
but the closing range was slightly lower
than yesterday, the Improvement having all
eeen lost Hutchinson figured as n heavy
and continuous seller, and as the market
was not particularly broad his influence was
felt TO a considerable extent. In the matter
of crop news, the bad reports from the south
and southwest were offset by encouraging
advices from the northwest. Captain
Phillips. who has just re turned from q trip
through the region around Cairo, in three
states, says that the harvest outlook Is bad
Heavy rains have left the wheat fields IN
such shape that the ripe grain can not be
harvested though it has been ready for the
reaper for some time. Tho wheat
is Of splendid quality, but farmers can not
get at it on the bottom lands. He regards
the situation in that respect as critical Gen
orally speaking, the news afloat was merely
threshing over Of the straw that has done
service for two or three days. Advices from
the spring wheat country are of the most
fatty contradictory character imaginable. 1t
can not be possible that the views represent
difference in Judgment as to the crop
merely. Statements of facts from the same
localities specifically and directly conflict in
letter and spirit The trade is naturally
confused by the contradictory adviccs, but
the tendency is to attach faith to the theory
that serious and perhaps fatal injury to the
crop over large area had resulted before
the Eains came. Radical views arc not gen.
orally entertained, however. The delay in
harvesting operations along the southern
edge of the winter wheat belt is perhaps the
most potent cause OF the frmness to
the wheat market. Heavy receipts
in July are hardly expected by the most
hopeful bears, ana the cash wheat market is
plainly showing an increasing spirit of inde-
peudence on the part of holders. Export
ciearances, to-day, foot up to nearly 100000
bushels, and the out movement from all
points indicates q very rapid reduction of
supplies Minneapolis stocks thus far this
week show decrease of 300, 900 bushels, and
it will be no surprise if the total reduction in
the visible is not close to 1,000,0oo bushels.
The opening prices were soc for June, 1890
for July, 751sc for September ana 11S4c for
December. The low point of the early trad
ing was reached soon after the start, June
going to 1870, July TO TSlsc and December
TO 771Gc, The market advanced to
7S9S@7SMc for July, 76c for Sep
tember and TSic for December.
but at the top and on the subsequent decline
Hutchinson sold heavily. The market grad
ually worked back to 17(@1Sc for July, 75aS0g
751%c for September and iTlsc for December.
The last hour of business was characterized
by dullness and languor. The final prices
were SOC for June, 7SQpfSlSc for July, 1o>sc
for September aud I714c for December. AS
compared with yesterdays closings these
prices record very small changes. Cables
were firm and in some cases u shade higher
prices were quoted. Private wire corre-
spondence indicates some slight uneusincss
on account Of probable deficiency IN the
Russian and Indian crops. New York con-
tributed nothing to the budget of news to-
day.
The wet weather in illinois and Indiana
and small receipts were still bullishiy affect
ing corn and again caused good deal of COW
ering by shorts. There were also good
many scattering orders to buy from various
parts of the country where excessive rain
has injured the prospects of growing grain.
Gables were encouraging to holders and
there was brisk demand reported for ex-
port at New York. Tho decrease in lake
from Chicago. There was good deal Of
buying of July corn and selling of September
at 80 on special account. There was
ess es tSaa ssvty on in the preHoss aay
and the bulk of it was on account of resi-
dent spectators and scalpers. Fluctuations
were narrow and were to slight degree IN
tluenced by the changes in values of wheat.
After the close of Change yesterday, the con-
cession in freights referred to above induced
shippers to charter, and engagements were
made to ship out 10000 bushels, besides
what was regularly repor, cd yesterday,
There was very little change in the price at
the close to-day from that of yesterday, July
closing at 3494G03+1Sc, against 34s4c.
Oats attracted fair share OF speculative
attention, with an early advance in near fu-
lures of 4(04c, which was subsequently
lost. The shorts were again buying, with
the principal business Of the day in July,
which improved to 231sG92314c and back TO
22Xc, as holders were disposed to sell at the
top and buy September. There was
some changing at &c difference in favor
ef next month while deferred deliveries
lere quiet and easy. Receipts were liberal,
2hile Withdrawals from store were increased
% 225, 400 bushels, chiefly No white. No.
eregular was quiet at about 22Elc, or only
steady.
Provisions shook off their bearsh feeling
of the past few days. Lighter receipts o (
hogs than were anticipated, coupled with
another advance in the same, occasoned
something of change in the prevailing
sentiment. Tho disposition recently shown
TO sell was suppianted bya buying turn.
Late bears made free purchases of the pro-
duct against their outstanding short con-
tracts, and us their anxiety to cover de-
yeloped better Investment demand, an i'm
proyement occurred in values. During the
last hour of the session the advance move
ment was particularly strong, and in the
different speculative lines the ruling quo
tations were at the days highest notch.
Based on yesterdays closlngs the apprecia
tion actually established amounted to 25(G
271lc in pork, 5@11Ec in lard and 71EQl0c in
short ribs.