Omaha daily bee., 1889-03-21
THE SPECULATIVE MARKETS.
July Higher With Quite Bulge
In May.
A MUCH LARGER TRADE IN CORN.
Good Business In Oats-Provisions 8
Experience Something of
Boom-Cattie Not Quotabiy
Different-Hogs.
CHICAGO PRODUCE MARKER.


THE BEE. Thumbs went up in the wheat
market to-day. The advance in July was
small but May had quite bulge and there
was no great amount Of wheat for sale at
any time. Aside from the weather the news
was generally bullish, and the weather is
MOI what it might be. The signal service re-
ports fail 10 note the continuation of the
general rains throughout the winter wheat
districts, but there have been warm and
timely rains throughout the northern spring
wheat belt. California reports steady and
welcome rains on the coast. Gables are gen.
orally dull, quiet and seemingly inclined to
weakness, but this probably does not reflect
the spirit of the foreign markets budget
of cables was received by Boyd & Bro. this
morning which may be summarized in the
statement that the dullness in the foreign
market is generally believed TO be only
temporary; that foreigners now look
upon the American seaboard markets as
down to fair export basis; that there will
be good demand for New York wheat at
around the present prices, and that the situa-
ton is generally healthy. New York re-
ported that good export business had been
done yesterday afternoon, and that to-day
vessel room had been engaged in the Balti-
more for 900 bushels of wheat on New
York order. The subsequent report that the
amount should have been 100000 bushels
was not confirmed. New York advices were
generally buIlish and gave indications of
considerable activity among the exporters.
The posting Of 104, 600 bushels cleared yes
terday must be accepted as confirmatory
testimony in this direction. From the other
coast advices were received going to prove
that Yesterdays report about the Australian
business was not cdnard after all. From
the interior points of accumulation reports
come in of activity in cash wheat. Detroit
reports 80 carloads taken by millers.
Toledo reports a moderate milling demand,
and ST. Louis and Buffalo the same. AT
Milwaukee 80, 600 lshels are being loaded
to-day for Kingston, reducing the stocks OF
the No. 2 at that point to ass, 600 bushels. II
Is true that this healthy renewal OF activity in
the cash wheat trade is not on the basis of
Chicago prices but on the other hand 1t must
not be forgotten that prices ranging from &c
TO 20c a bushel above the other markets for
period of five months have failed to bring
wheat in any considerable quantities to Chi
cago, thus Strengthening decidedly the view
entertained by leading bulls that there is no
very great amount in the country available
for shipment to Chicago. With these re-
ports coming in from all quarters, 1T is not
to be wondered that the speculative demand
snould have been brisk here to-day. The
feeling was very, very bearish at
the outset, but this did not .s, last
long alttr IL WAS olsSONCicu
that there was little long wheat
for sale. Hutchinson was large buyer, and
he bought heavily on every reaction through
out the day, though he was disinclined, ap-
parently, to let the market stay above $3.50
for May. 1t started at 9514c aud quickly ad-
vanced to $3.50. During the last two hours
the fluctuations were within a range of about
&c 96ss6196Ec being the extremes. July
closed at Sc. May left off at 96sc AS com
pared with yesterdays closing this is gain
of ll4c in May and &c in July. The volume
of trade in the pit was not especially large,
though there were periods OF excitement and
activity. The local sentiment seems to be
undergoing another change. 1t is generally
admitted now that the leading bulls have moi
changed their position, and that from state
of inactivity Hutchinson has developed into
an ally. 1t is believed by many operators OF
cool Judgment that the policy of the big mer
will be to scalp the market around the pres
ent prices for a time, to encourage the con
sumptive and export movement before work
ing for material advance.
In corn, to day, there was q much larger
business done, and the attendance of the
brokers in the pit was considerably above
the recent average. good deal OF Ions
stuff was sold out at loss, and a good many
of the shorts covered their deals at a moder
ate profit Near futures were rather the
weakest, May and the more distant future.
being relatively firmer, and closed slightly
higher than they did Yesterday. The fina
lower, May unchanged and June and Juiy
slightly higher.
In the regular market for oats good bust
ness was recorded within narrow range
averaging easier. May met with only fa
support. while there was considerable prop
erty offered for June, which sold down Is q
14c to 25c, and ruled slightly steadier later
The so-caled clique We're moderate buyers o.
May, which sold chiefly at 27Ssc, and spill
above and below, while July was more quiet
No. oats in store or for March delivery wer
dull and easy around 2414c, with car lots to
90 to store commanding fractional premium
Provisions experienced something of
boom. The trading opened at prices littl
under yesterdays closing quotations, but il
was soon found that the bull side had th
call, and the market moved up sharpl.
under the lead of pork. The shorts in thu
article named were frightened into purchas
ing freely by the buying of Warren, Baxte
and some smaller trades, and with the de
mand exceeding the offerings the sellers ha,
matters their own way. The product wa
wanted by urgent buyers, and before an.
reaction to speak of had occurred pork wa
advanced 35c, lard e@7}9c and short rib
121Sc. In the upward turn witnessed lar
and short ribs simply followed pork, whic
was the center Of interest. The extrem
outside prices paid were realized during tn
last hour of the session, and at the close por
showed net advance OF Csc, lard of sc. All
short ribs of l0c.