Omaha daily bee., 1889-04-02
The SPECULATIVE MARKETS.
Bloom Continues to Poster the
Clique Occasionally.
HEAVY sEAeoARo cLeARlNes'
An Improvement in the Price OF
Corn-DuIl Trading I'm oats-A
Decline in Pork, Cattle
and Hogs.
CHICAGO PRODUCE MARKET.

CHICAGO, April 1.-ISpecial Telegram 10
The BEE. Tho wheat market dragged TO-
day. During the first hour or so prices
ruled fairly steady, but during the last hour
the drift was downward. There was moth
ing like sharp break, prices settling slowly
Trade in May was light and fluctuations
were controlled entirely by the operations of
few men, Bloom is still "pestering' the
clique by an occasional dash in and out, but
generally the trade in that future is practi-
cally dead. There was rather free selling
Of new crop futures at the outset on general
light rains throughout the entire winter
wheat area. There was also good buying by
parties who were moved to invest on the
theory that the market was already heavily
oversold, and that further sales would be
likely to result in sharp twist. Opening
trades were on basis of S711c advance to
S7%c following Immediately. The market
sold off TO S796c twice with quick rallies,
once to sI2{c and again to s75Sc. There
were some large buying orders IN at
about S7l6c but by noon these
were either filed or withdrawn and
the market got well on its way down from
s716c. 1t worked down to the vicinity of SIC
several times and by o'clock it had crossed
that line, touching S61sc, and then, after q
pause, slipping down to $3.50. There was
strong buying on the Decline but stronger
selling. The later weakness was due in a
large measure to the signal service forecast
of further rains and an elevation in tempera-
ture. Moisture and warmth being the only
things the bears are IN need Of at this juno
ture, they felt greatly braced up. The pres
sure of speculative offerings was added to by
miscellaneous unloading of long wheat.
The prevailing opinion seemed to be that the
httllu spsAt1l MT lyn ft.l rta
July without loading up with more wheat
than they wanted, provided, of course, that
the indications of rain are fulfilled and that
the selling side was the safest for the time
being. There was a slight recovery in prices
toward the close, but the tone of the market
was not strong. May sold down to 81 and
left off there. July rested at S6S4(opS65Sc.
As compared with Saturday, this showed
shrinkage of &c in Mayand 1c in July. The out
side markets were weak the country over and
foreign news was not encouraging. New
York wired that there were export bids in for
good round lots, but from eI@1c below the
market. This early and later in the day
the limit might have been reached though no
tidings to that effect reached here. The
clearings from the seaboard for the day were
heavy, as predicted on Saturday. This was
the March clearing up, however.
There was more doing in corn to-day and
at some impr provement in price. Receipts
were lighter than Saturdays estimates by 43
cars, and it was apparent early in the day
that the visible supply figures were likely to
show little or no increase over last week
and when the decrease of 212, 900 bushels was
posted the demands from the shorts became
fairly active and prices made slight ad-
vance. The market gave some signs of weak
ness on estimated receipts for tomorrow
and the fact of the intervening holiday on
account of local elections being likely to
cause an accumulation of receipts which re-
ceivers would probably be pressing for sale
on Wednesday morning. The final close was
frm however,. at slight advance upon
Saturdays resting price.
Trading in the regular market for oats was
dull with only O light volume of business re-
corded. No outside orders of consequence
were received, and outside from moderate
local deal in May and June futures were neg
lected The feeling was about steady all
day, with 26c bid for May, and sellers at
that to a fraction above. The indications
pointed to the belief that any pressure to sell
would cause sag. June was salable around
25iSc and July at b@l4c discount. Cash re-
ceipts were fair and sales of No. 9 to go to
store were at 25}sc, or suggestion of easi-
ness.
Provisions opened weak with an easier
tone than the trade expected. Largely in
creased receipts of hogs at Chicago and
smaller packing points, made the bears more
aggressive, turned the tide against holders
and forced prices to lower level. Based on
last Saturdays last quotations the closing
for the day indicated an actual decline of
21166as0c in pork, 597115c in lard and 71l(6lOc
in short ribs