Omaha daily bee., 1889-05-02
THE SPECULATIVE MARKETS.
Movements of Grain in Chicago
Yesterday.
puLLNess THE CHIEF FEATURE.
Holiday Lack OF Business and had
Weather Reports Both Ope rate
Badly California Crops
All Right.
CHICAGO PRODUCE MARKETS.

CnIoAoo, May 1.-[Specal Telegram TO
THE BEE THE wheat market was dull and
tame to-day. IL was the first day OF the
month delivery day. and the day after
holiday. New York did no business IN its
own exchange, and sent neither trade nor
news here. Tho local crowd operated In
lazy fashion and the market was narrow and
listess in its character
"rhe crowd seems TO have got left on
long wheat and in the absence of bull
news, or strong buying, was disinclined to
hold on with that degree of determination
indicative Of high purpose to "do or die."
This gave prices a downward inclination
after the firm little boom near the opening.
Public ables were quiet, but most OF the pri-
vate cables reflected an undcrtone Of weak
ness in foreign markets The northwest sent
in a great many bad weather reports, in the
nature of high winds and dry, cold weather
which still prevail in many sections
OF the spring wheat country. From innu-
merable points in the Ohio valley reports
come in of need of rain, but these, as yet,
fail TO excite special alarm, though they do
inspire more or less nervousness, and give
''crop killers" something to talk about. The
southwest continues to issue bearish bulle-
tins but from all the sections south and east
of Kentucky advices indicate weak, back
ward spring.
AS the season advances it becomes evident
that "the bumper of 1882 has not yet been
made This does not apply to California
Reports from there are all one way, and the
crop seems to be practically out of danger.
July wheat was in demand early. At 1890,
and the price was run to 79l@'9%. Inc
crowd acted as thoug it felt strong, but ere
long the price worked down to 19asc. The
market held steady at about 7914GgI9sSc for
an hour or more, after the first half hour;
49,, "a f,,rtl tl.n.,
decrease of values and the price got down TO
7SJzc Some watchful people in the
pit thought they detected rather a
sti.i selling for northwestern account, which,
coming on the heels of the bad weather re-
ports, filled them with suspicion. Skepticism
soon filled the pit, and thereafter something
better than moderate buying was needed to
create higher prices or bull sentiment.
The price of July got above 19c, however,
and again worked under that point, but
Hutchison had orders in roc of sufficient
magnitude to Offset the foreign demand. The
close was 19c.
Nav wheat broke from s19ic at the open
ing to S0sdc, recovering toward noon to 81 &c,
but selling back subsequently to Sic, and
closing there. June opened at S2lsc, went to
S21ic off to S12lc up to S2l@c and Off to 81 &c,
closing at the bottom figures. As compared
with Monday, the closngs mark shrinkage
of A0016c In spot wheat the market was
good and q fair demand is reported, sales of
about fifty car loads having been effected at
,1c over the May price. Unexpectedly small
deliveries make shippers anxious to obtain
wheat, apparently, and the blackboard re-
cords shipments of l25, 900 bushels since Mon
day.
Notwithstanding the heavy receipts there
was good demand for corn. The weather
beng dry and cold it was regarded as less
favorable for the prospects OF the next crop
and to this cause added to small deliveries
on May contracts was ascriDed the strength
of the market The receipts OF American
corn at Liverpool for the past three days
n-t s.,Ir tI, tYnr
of the amount on ocean passage, according
to BeerbOhm, of 52S, 600 bushels. Stocks i'll
Liverpool were estimated at from 100000 to
100000 bushels. From New Orleans 10000
bushels were cleared yesterday, for Liver.
pool The opening strength was not main
tanned throughout May, which opened at
33l4 c and sold to 34lsc, having early declined
under free offerings to 3319c at the close,
being sc lower than the final price on Mon
day, June and July suffering about equally.
The demand for cash corn for shipment was
good with No. =, 3, at the =, close
only e a,trate5 unte ,he ie usua attention with
good speculative business at firm figures,
early in the day, followed by later decline
of 5faXc. Deliveries of May contracts
were fully as great as expected, and made
large aggregate, two clique houses alone
being credited with taking the total of nearly
LOCO 600 bushels The early strength, with
May selling up B@Ac TO 222d@22.sc, was
due TO good buying for account of shorts.
With this satisfied in degree, and with con
tinued large offerings, the market declined
TO 22c, June being at only Ac premium and
July selling down Slc, Receipts were liberal
and included 1872 cars Of contract grades.
Sales of car lots to go to store were not
heavy, with prices about sc under May.
Provisions were quite bearshly inclined;
sales were made at prices approximating to
MONDAYS close, and for brief time exhibit
ted a comparatively strong feeling The
bears however, were in the majority, and rs
soon as the demand subsided they found it an
easy matter to depress the market. Hogs were
IN good supply and lower. The cash
product was quiet and influences usually
nffiicting values favored II decline. After
the mornings temporary showing of strength
the bears had control and under the exces
sive speculative offerings prices suffered a
severe break From the best quotations
made, pork sold off 22196o2715c lard. 5G17}5c,
and short RIBS, 5G1Oc. Compared with Mon
davis last quotations the days closing were
at decline of l5@20c on pork, 5G7I5 on lard,
and 5I6(0l2l1 on short ribs.
At the start it was thought that the moder-
ate receipts this week would justify a strong
market and many kilograms were sent to the
couLtry quoting the advance. Eastern or.
ders however were not liberal and gencr.
ally carried instructions to operate carefully
The dressed beef men took advantage Of the
situation and worked against all local sales
tals m nIU