Omaha daily bee., 1889-05-18
THE SPECULATIVE MARKETS.
Values in Grain Continue Steadily
to Go Down.
DEPENDANT ON COLD WEATHER.
An Exceptionally Low THERMOMETERS
in the Wheat Ranges-Corn is
Falling and Provisions Look
UP n Little.
CHICAGO PRODUCE MARKETS.

TBR BEE. The wheat markets Of the coun-
try are dull and dragging. Crop conditions
throughout the whole western country seem
TO be about as near perfect as they often get,
and the California correspondents continue
TO forecast phenomenal Pacific coast yield
On TIE other hand, exports are only moder-
ate and there seems TO be very slight gen.
eral speculative inquiry for property. The
sample wheat market is active and large
aggregate business Is being transacted In
hand to mouth way. Cash wheat commands
q good round premium over the futures, the
price beng based strictly on milling merit.
The crop and weather conditions, the quiet
and dull cables, and the domestic specula-
tive inactivity have generated very gen.
eral feeling of bearishness among the rank
and file of regular or professional operators.
The belief in lower prices is far more pop
ular than it was when the market was l0c
higher. This is due, in great part prob
ably, TO the fact that the crop is getting well
along toward the safety point, though alb
solute safety can not be assured until the
harvest is over and grain is Tin out OF the
wet" "Scenery," however, is glorious, and
the prospects invite boundless short selling.
The only thing that apparently stands in the
way of 60-cent wheat is the small stock of
old wheat, visible and invisible, and the
fact that this wheat is having an
actual cash value for shipping
and milling purposes. Why this
should be SO is not plain to the chronic bears,
who have no use for wheat except to fill
contracts with. A cloud no bigger than
mans hand has Just appeared to disturb the
restful consciousness of perfect safety with
which the crowd continues to sell wheat up
hill and down. The temperature in the whole
Rocky mountain range as far south as the
Rio Grande, ranges from cool to freezing,
and the cold area is spreading down over the
eastern foot hills and across the contiguous
plains IN queer way. Up in the northwest
this climatic condition Is not so marked as
further south. Fargo reports "cool and
clear"; Cheyenne, "freezing," and Denver,
''snow'; while at Santa Fe the thermometer
registers 500 lower than ut Chicago
Nebraska and portions of Kansas are re-
porting too much rain and operators in these
localities are covering" corn and wheat in
this market. The opening range here today
was SlHc for May, Sic for June, and 76Sc
for July. The latter month advanced to
771sc, and sold off to 7eAc, with hutchison a
again to 71sc, when Hutchinson again ''let
the boys have what they wanted" The
market gradually worked down to 76]9c
which point was touched Just once for a
moment shortly before II o'clock. There
after it ranged up to 1890, and toward the
end an improved demand carried prices to
above 77c. Hutchinson again turned seller
and sold good line of sauff. The market
yielded slightly but recovered with with
good business was done during
the last ten minutes at nc, aud 77@771sc.
The last quotation was 77B@TAc which
was the outside price of the day. June
wheat ranged from Sic, at the opening, to
SOc and back to Sic, where it closed. May
rested at s21c, and September at 74%c. The
final quotations averaged about nc better
than yesterday. There was fair amount Of
the last two hours of the session, dullncss
was the feature and weakness was the pre-
vailing feeling in the minds OF spectators.
Cash corn suffered most losing about nc
since yesterdays close and futures declined,
also, about NC. The weather and the re-
ceipts were the controlling influences in corn
and both were inimical to the interests of the
bulls. Tho receipts were not appreciably
heavier than yesterdays estimates, but a
realization of these was a sufficiently bearish
feature. Then, again, for tomorrow 642
cars were promised from to-day's indications,
so that the previously expressed op,nion OF
increase as soon as the spring work on
the farms was over appeared to
be having it's realization. The Liv.
erpool market was quoted as tending
down for American corn. With the source
of supply showing such symptoms of weak
ness as have been seen here, II would be sur
prsing to receive anything but bcarish dis
patches from. Europe. The quality OF the
present receipts is seen in the closeness In
prices between the different grades; and
their excellent conditions are reflected in the
heavy proportion grading No O.
Oats were quiet, though, in the aggregate,
4 fair business was scored. The eastern
markets were reported better, and there was
o good inquiry here for cash oats for early
shipments. May was changed into June al
even figure with the latter in fair favor al
: c2s.c and split above. Prices averaged
nearly steady all around, with July the fav
orte, selling in some instances a
]6c lower than yesterdays close
Deferred futures ruled dull ana easy. The
receipts were liberal, but this was Offset by
the increased Withdrawals from store, PCS 00(
bushels being taken since the previous re
port. No. oats to go to store sold at 2296c
with round lots at about May prices
The provision trade recovered a little from
its late depression. A material falling of il
the receipts of hogs, accompanied Dy an ad
vance in the same, changed tine color of tn,
bear side somewhat. 1t was certainly les
attractive, and when buyers made their bid
the product failed to come out with any free
dom. Hence. though the demand was IA
from active, there were more buyers thar
sellers, and prices moved up few notche
all around Based on yesterdays closings
pork sustained an Improvement OF l5c TO 2Oc
lard of be and short ribs of 11hc.