Omaha daily bee., 1889-05-29
THE SPECULATIVE MARKETS.
Wheat Takes an Upward Turn as
the Thermometer Lowers.
DlscouNTlNG The WEATHER.
The Corn Deal Favors the Buils-oats
Higher for Near Futures Pro.
visions Rule Lower and
Cattle Follow.
CHICAGO PRODUCE MARKETS.

1HlCAUO, MAY SO.-lCDtClhl lcltkldm w
THE BEE. 1.-The wheat market to-day recov'
cred from the loss occasoned by the raid at
the close OF Yesterdays session, and a better
feeling prevailed. The market had more
tone, though business was dull. The cold
wave, whose approach was noted yesterday,
has been moving southwark and eastward,
and according to the latest report of the sig
nal service. the area of dangerously low tenn
perature tonight Will include southern Wis
consin and Michigan, and northern Illinois,
Indiana and Ohio. Frost visited many points
In Michigan and Wisconsin last night, while
back of Duluth the cold must have been ex'
treme. There was a disposition on the part
of many to make light OF the report Of frosts
and to ridicule the idea OF damage resulting
to the crops. To hear some OF the
bears talk, one might be led
TO think that tho only thing
needed to insure a magnificent crop of wheat
is succession of hard frosts. The conser-
vative element, while slow to accept as true
damage reports of any kind, is quick to ad-
NIT eof the possibility of damage from
weather vicisstudes; and. for that reason,
merchants are strenously advising against
short selling at this juncture. This is hav-
ing the temporary effect of dulling trade
and as bright operator was moved to re-
mark: while the frost might not have
hurt wheat it has killed business" His
remark was made at dull moment Before
the close of the session the market got
active. The initial trading was on the basis
of 7636c for July, and 7511c for December.
The market started off quite firmly but July
backed to 7616c and December TO 1855 before
a start up was made; July moved upward
rather briskly to 1890. but hung around
7611@i65sc, for long time. Then IL
hitched up another peg and q was
the favorable fraction. 1t held around 76Ss
0T6Sc for another hour or more. and just
touched TIC for an instant. During the last
half hour operations were on large scale
and the price got to 771sc; the close was nc.
During the early part of the session g good
lot Of June and May was offered for sale
with the result that both months broke to
about 1SISc. At this price the market
steadied, closing at 79c MAY and June being
together exclusively. New crop futures
were strong and unusually active. Decem-
ber, which is now l0c lower than it was
year ago, advanced, ander rapid, urgent in
quiry, from 75ssc to 7619c, and closed firm at
76Lc. September, too, advanced from 1890
to 74Hc. The weather conditions have in
them the possibilities of great market ac
tivity, If the predictions of the prophets are
realized.
Corn trading was Of q much more active
character than has been seen in the corn pit
for some time. There has at length been
ueVelODeu u ulHerenCe vi OpluHn regarding
the probable future courses of prices, and
the contending parties in the argument
backed their respective sides to q large eX.
tent by buying or selling, according to their
views Of the case. AS far as to day was con-
ccrned the bulls were winners, prices being
&c to 3sc higher at the closesthan at the cor
responding time yesterday. There were goo
cars less on the inspection sheet than the
smallest of yesterdays estimates, and for to-
morrowf75 cars were all that were expected.
That ia larpp QllanLitV hut il anpna rcd
small to the spectators, who have been
looking for ten days at regular receipts of
over one thousand cars. The amount on
ocean passage, according TO Beerboehm, has
ago. The fear of frost spreading
in the corn belt was perhaps
the chief reason of today's strength. The
shorts were mildly solicltous concerning the
security of their position. yesterday, and
much more anxious in that regard to-day.
The market was fairly active in the specula-
tive branch of business, and there was q
good shipping demand at about PC improve
ment in the cash market
Oats Were in good request and averaged
stronger to 14c higher. After steady open
ing prominent operator stepped in and bid
prices up nc, and the market was fairly well
sustained thereafter, under fair buying or
ders. While the receipts were as large as
anticipated, the estimate for tomorrow is
cut down to 220 cars. No change was shown
In May while there was considerable chang
ing OF June INTO July at sc difference; June
selling at 2l9S0Q2lMc, up to 22c, with Sep
tember at 221S Q122%c. A large part of the
supply consisted of No. 8 white, and many
cars were sold to go to store. For No. car
lots 2l5sc was paid, or hc Improvement.
Out of 359 cars received, sixty-fve passed
INTO tract grade.
In provisions. the trade suffered something
of a change. A good run of hogs at Chicago,
and other packing points, occasioned revo-
luton in sentiment. The bear element felt
nm nfrn1 nph n TO inf
and as it received assistance from moderate
disposition upon the part of certain leaders
to sell, the tide was easily turned downward.
There was no serious break, but the days
prices were at lower level than yesterday,
and the closings all around, showed fair
reduction, In pork the decline suffered
amounted to 15c to 20c; in lard to sc; and in
short ribs to Sc to nc.