Omaha daily bee., 1889-07-04
The SPECULATIVE MARKETS.
Very Bearish Influences at Work in
the Wheat Pit
FlRMNess IN CORN.
Provisions Surprise tho General Trade,
Spectators Showing Disposition
20 teaIize-Native Cattle
Stronger.
CHICAGO PRODUCE MARKETS.


CHICAGO, July 3-fSpecial Telegram to
THF BEE. Very bearish influences were at
work to-day in the wheat market. Rains in
the northwest were general and the change
in temperature that followed was exactly
what spring needed. so experts say. The
weather through the western winter wheat
country Is showery and some damage and
delay will doubtless result, but u vast ma
jorlty of harvest reports indicate satisfaction
on the part of producers, both in the matter
OF yield and quality. The movement still
hangs back, and the receipts from western
markets continue light st. LOUIS only got
5000 bushels to-day That market is soft,
however, and yields readily in sympathy
with the reactions here and ate other
points Foreign market dispatches reflect
unquestioned iirmness abroad but not any
special activity IN trade Foreign crop news
Is more favorable, the recent rain in south
ern Russia having done q great deal of good,
though an acknowledged deficiency exists.
Private repor,- from tho northwest are of a
hopeful character, but they show very clearly
that the condition throughout largo part of
Minnesota and Dakota was exceedingly bad
prior to the rains. The rains have lighteneu
rp the gloom wonderfully, however. The
natural tendency of prices in Chicago was in
vented any important depression in the later
futures until the session was half gone. July
opened at S3c, over night a gain of &c. The
screws were put on promptly and the price
run up to 1880 with sales unofficially
reported at S5c. The market broke back to
Sac and was run up or let back &c every
time anybody wanted to buy or sell. 1t was
one of Hutchinson's picncs. About half
past IL o'clock the price broke sharply from
B414 to S214c Subsequent fluctuations were
violent within decent limits and the close
was at S2l5c. Trade in July wns active, but
not large In the aggregate. Dealings were
in small lots and the business done was on
an unsatisfactory basis, so far as the general
trade was concerned. Operations in Sep
tember were on restricted scale. This
future opened at 1880, ranged at 7914C97s9sc
and closed at 7SaSc. The bulk of the specu-
lative trade was in December, which opened
at S0S6c, sold off to S03sc, advanced irregu-
larly TO S0Hc, from which point there was a
gradual yielding of values until 1890 was
touched about o'clock. The close was at
1890, a shrinkage of &c as compared
with yesterday. The weakness was most
strikingly manifest after IL o'clock, when
the local bear crowd, under the leadership
Of Linn, began pounding the market aggres-
sively. Linn and his following have been
getting decidedly bcarish for several days.
and they go at the market every time it
shows weakness. News from the spring
wheat country to-day gave them renewed
courage. Winter wheat reports are also an
important aid to them III their campaign.
The tirmness which characterized yester-
days corn market continued at the opening
today. The demand for shipment was again
active at higher prices, in explanation of
which it was said that some shippers had
contracted 20 deliver considerable quantities
in New York early this month, and were
finding the current receipts under the cul-
CulatiDDS
based. The renewal of the heavy
rams in the southwest had like
wise some effect on speculative feeling,
interfering, rs it does, with the cultivation
required to keep down the weeds. Liver
pool quotations We're lower and after some
anxious shorts were satisfied an easier feel
ing prevailed. New York and st. Louis
were featureless, except that from the for
mer there came reports of q good export in
July and the taking of twelve loads for for
eign account After the disposal of the days
receipts the market was weak both for spot
and futures, the demand being apparently
exhausted and sellers still left with corn to
dispose OF for future delivery at n shade
under Yesterdays closing figures. July
closed at 3513c, August 353Sc, September
351s@S6c, and October 36lIc sellers.
In oats there was little desire to trade,
speculative business being confined almost
exclusively to the professionals. The market
was narrow and featureless aside from II
fair TO good demand for July, which resulted
in irmness. this month selling nc better.
The early strength in new crop deliveries
was not sustained TO the close through lack
of support. The receipts considerably ex-
ceeded the estimates and Withdrawals were
only fair. No. 9 to go to store sold at 23J60
23c, indicating frmnoss.
Provisions rather surprised the general
trade in their movement and changes.
They opened Mt prices approximating yester-
days closing, bat before business had
fairly commenced it became evil
dent that the market was bearsh in its
leaning. Though there was no develop.
mcnt, such as unusual receipts of hogs, or
weakness in other lines, to make selling de-
sirable, an extraordinary disposition came to
the surface to realize Packers, scalpers and
professionals sold with the greatest freedom,
and offerings of pork and Its companion arti-
cles exceeded all expectations. Buyers for O
good portion of the session had everything
their way. They had no trouble to fill then
future orders and often practically at theii
own prices. The selling witnessed was
largely of the nature of bear raid and 6
severe dechue occurred all around. In pork
it amounted to 20@25c, and in lard and short
ribs 10 719c.
CHICAGO LIVE STOCK MARKET