Omaha daily bee., 1889-06-28
THE SPECULATIVE MARKETS.
European Gables Blunt the Edge of
the Bun Movement.
ESTIMATES ON THE WHEAT CROP.
A Considerably Easier Tone Prevails
In Corn More Doing in the Pro-
vision Pit-More Cattle
Than Necessary.
CHICAGO PRODUCE MARKETS.

CHICAGO, June 27.--lSpecial Telegram to
THE BEE. THE wheat market opened 16e
114c off this morning, with trading around
sl2lc for June, SO966sOj6c for July, JSJ6c for
September and S016@S096c for December.
The edge of the bull feeling was violently
blunted by weaker European cables, due to
free and general rains in southern Russia,
removing ali apprehensions of crop fail
ure." The bear feeling was fed further
through the day by Harvester returns" from
Kansas and Missouri, giving 2S and 81 bushel
yields per acre. The gains in that quarter
reported yesterday do not appear to have
been important. They have not interrupted
the progress of harvesting, except locally.
Reports from southern Illinois, southern In
diana, Kentucky and Tennessee are coming
in most favorable. Advces from the north
west continue to be conflicting and contra
dictory in the extreme. From the very best
sources it is learned that the crop Is u par
tial failure, and also that it is promis-
ing big yield. There Is reason to be-
lieve that the Improvement" mentioned in
so many dispatches and letters is from a
very low point. One very conservative
writer, after lecture on the foolishness Of
operating on the short spring wheat crop
theory, says that the prospects are fine, and
that there should be "three-quarter CROP
If conditions are maintained. The Oregon
letter, quoted elsewhere, cannot be construed
as bullish, and neither can Pillsbury's esti-
mate of 60 per cent Of an average crop in
Minnesota and Dakota. On the other nand,
almost no bad reports are coming in from
the winter wheat districts, Murray esti-
mates that the winter wheat crop will be
nm nIn al.
4S5,Q00,O00. The total may be right but the
final estimates may render shifting of the
detail figures necessary. The winter wheat
crop may be 50OO0,OO0 bushels, and the
spring wheat less than expected. The mar
ket was very active, very nervous and very
irregular from first to last. July sold down
to 1890, reacted to S01sc. and broke to 7911c.
less than half an hour to N1sc
again. This low point was reached shortly
before the close. The rally carried the
price up fractionally The close was at Tg19c,
or &c lower than yesterdays last quotation.
September ranged at 7SlGG1194c and closed
at 7794c. December, which was the most
active future on the list, broke to 1880, re-
covered on the general swell to Soc sold at
914QDT936c, and closed at 1890 or &c under
yesterdays final figure. The feature of the
day was the heavy selling by leading bears
and the "throwingn Of long wheat by New
York people and by the mass OF little bulls
anu DyTu1nlu DUliucTS. IL uOU Seeill us
though the strong bulls had turned tail.
though the last weakness was probably
caused by the selling out OF some good sized
lines of long wheat. The bears were aggres-
sive on the fine weather, the bright harvest
news from the winter wheat country and on
easier private cables The market was big
and broad.
The tone of corn was considerably easier
today, owing in a great measure to the lower
and less active wheat market but also due in
some degree TO the general absence of rain
in such heavy quantities and the increase in
temperature. The demand for export is still
active Mt the seaboard, but the clearances
yesterday were inconsiderablc, due, however,
1t is clalmed, to the scarcity of vessel room.
Trading was not very active, and the range
of prices, as usual, was restricted to narrow
limits. Closing prices show the following
comparisons with the final quotations yester-
day: June, 351 sc to-day, against 353sc; July,
35c and September 35tG3579c, against 35ssc
and d361sc, respectively, yesterday.
In oats there was considerable changing of
July into September, at shadSin favor of
the latter, and also some transferring of
September to May. The actual now business
was not great, with favorable weather con-
ditions, liberal recepts and a lessened east.
ward movement, causing an easy tone, which
was intensified by the weakness in
other cereals. Nearly all the months
sagged 1s@Ac Considerable long July came
out, selling as low as 2219c, and later recov-
ering slightly, while September was around
1880 chiefly and May at 2t@26tsc. No. 2
oats to go TO store were dull at about 225Ec.
In provisions there was more doing. Cash
bayers continued TO have in hand good
many orders from domestic consumers and
exporters and In Il speculative way in
creased activity was the rule In lts move
ment, however. the days market was irreg-
ular Early, under an uneasy feeling in
duced by advIces from the stock yards, a lit
tie boom was developed, and prices all
around touched higher figures than those of
yesterday. For a time the trade had bull
ish tendency, but as soon as holders showed
n disposition to realize sharp reaction oc-
CURED. The morning advance was lost and
the receding turn generally sent the market
under the opening quotations. In pork the
decline actually suffered was 7l9@1lOc and in
short ribs 2lG@5c. Lard closed unchanged.