Omaha daily bee., 1889-07-02
THE SPECULATIVE MARKETS.
Wheat Spasmodically Active, With
q Higher Range Of Prices.
A FIRM uNoERroNE TO CORN.
Provisions Show a Fair Interest, With
Slight Falling OF in Cash Prop
erty-Cattie and Hogs Firm
and Steady.
CHICAGO PRODUCE MARKETS.

CHICAGO, July l.-TSpecial Telegram TO
The BEE. The wheat market was spas
medically active to-day, with the average
range of prices higher than Saturdays clos.
lug. News from the northwest continues to
be Of sensational character. Rains
were reported at several points Satur-
day and yesterday, but they do
not appear to have been general, and
the budget from the northwest contains the
most gloomy tidings of crop prospects. If
half that is heard from Dakota and Mime
sofa can be believed the crop failure in that
part of the country will amount to n calam-
ity, The trade is willing TO believe good
deal, but it is not yet prepared to accept the
ory of total failure or even half a
crop. 1t prefers to think that there is fair
promise of as per cent of crop
Few really expect anything above
that. Interest in the northwestern situation
overshadowed everything else. Reports
from the winter wheat districts are of the
same tenor as those received last week, eX-
cept that they are possibly toned down
somewhat. Gables are rather easy and New
York reports unimportant export inquiry.
A few bids are in, but under the market
The winter wheat markets east and west are
inclined to softuess, but in spite of the feel
ing values are being well sustained. In the
northwest prices are higher. The reduction
in the visible supply had it's influence on
prices, undoubtedly. July wheat opened at
S05Sc, September at roc and December at
S05Ec. This was at the advance on futures
as well as in July. July, in which there is
still "a fair-sized busi ness in the way of clos
ing up the open trades, sold off to I994c,
but advanced to S016c, and closed at SO2Sc.
)pliynripS .July contracts llSlpnln-
cant September wheat sold of to 1870, up
to T9$lc, and back to 1870. The price
touched roc several times ana advanced to
7919c, closing however, at 19c with an under
tone of weakness though the feeling was
one of extreme nervousness on account OF
the conditions in the northwest Decenber
ranged from S015c to S156c, and closed at
SO3iMS0%c The heaviest trade OF the seS-
sion was in December. and several times 1t
looked as though prices were going to
smash. The support was of the muscular
sort, however, and the bears are in rather
conservative mood. They are much more in
clined to prudence than to daring ventures
far from shore. AS compared with Satur-
day, the market closes slightly higher.
The corn market opened without much
change from Saturdays close, but soon be-
came firm, and trading for the balance of the
day showed firm undertone to prevail.
Trading was moderately active near the
opening, but ruled quiet after the first hour.
July was about &c higher at the close today
than it was on Saturday, and other futures
advanced in about equal proportion. The
final quotations were: July, 35y935!2ci
August $3.50; Septembr, 359lc; October,
36c bid
Oats were quiet with only a moderate
trade recorded at slightly hardening prices
There was a good demand for July, attrib-
uted to shorts covering with this month, i'm
proving a to 2224@22Isc Longer futures
were fairly we'll sustained in consequence,
with May at 261Ic. Deliveries on July con-
tracts were not heavy.
In provisions fair interest was shown.
.rhe movement IN cash properly fell off a lit
tie from its recent liberality, but in specula-
tive circles there was considerable stir, as
usual on the opening day of the month.
Operators, however, were more buslly en-
gagged in settling or transferring their July
contracts to September than in handling new
business, which was only moderate. The
premium paid on transfers of the kind in
dicated were 171fC020c on pork, 1']992215c
on lard and l21l9 9l5c on short ribs. In the
general market the feeling was de-
pressed by the large receipts of
hogs and an apparent desire on the
part of the packers to sell futures. Still
short ribs closed for the day 232@7c higher
than Saturdays final quotations., while lard
was unchanged to 219c easier and pork only
2k@71<c lower.