Omaha daily bee., 1889-06-07
THE SPECULATIVE MARKETS.
Future Wheat Ruled Lower in a
Dull Market.
BEAR NEWS FROM ALL QUARTERS
Corn Shades n Fraction or and Oats
Close Weak - Provisions Hold
Their Gains and Cattle
Take Tumble.
CHICAGO PRODUCE MARK BTs.

CHICAGO PRODUCE MARKETS.
CnrcAoo, June 6.-fSpecial Telegram to
THE BEE. The cash end of the wheat mar
ket was dull, strong and higher, to-day, on
account of the scarcity of offe ings, but the
futures were inclined TO 60 lower, the remoter
the delivery, the greater the weakness dis
played. So, while June wheat was ranging
at 771fCd1s1<c, on small trades, July worked
of Nc and December nearly 1c. The more
cautious among the bears pounded July gen.
tly, and went at December with greater
vigor. The short interest in July is suf-
flciently heavy to imbue them with feeling
that perhaps it would be safer to sell wheat
for delivery at time when there will proba
bly, be good deal Of grain within reaching
distance, should it be needed to fill. About
July there is some uncertainty, in view OF
the small reserves, and the bare possibility
that there might hot be enough new wheat
to go around. July wheat averages nearly
&c under June, and December was about the
same as July. The local crowd took
another flop and turned bearish in sentiment
once more The big bears who bought
wheat around 75c for turn have seemingly
cold out, and their influence is being thrown
the other way. Ream, Cudany, Linu and
pretty much the whole list of local specula-
tive whales were in receipt of Dearish news
from the four quarters OF the globe. The
California harvest is progressing finely under
the best possible conditions, and the same is
true as to south Kansas and Missouri. There
are showers in the northwest and the bugs
are disappearing from Indiana. Besides all
this the export demand has ceased and gen.
eral and copious rains have repaired the
damage to the Russian crops. The foregoing
comprised the budget To Offset this, the
bull side, which now embraces quite as many
conservativethlnking people, as the other
side believes that America is not going to
raise more than an average crop of winter
wheat and that indications are against even
an average crop OF spring wheat. They keep
aweather eye on the small and rapidly de-
creasing visible supply, and lend willing
ear to reports Of injury to crops in Russia,
and in the wheatproducing countries, south
of the equator They recall the fact that
wheat in Chicago rarely got down as low as
glutted with wheat and speculators
were pressing the market with
untold millions of bushels of fiat wheat "sold
for carrying charges" They confess feeling
friendly to wheat at the present prices, and
profess to see merit in the property. July
opened at 7614c, sold off to 759sc rallied to
76l4c, and worked down to 1870, where it
closed. December opened at 761Sc, ranged
down to 75JSc, and closed 'wobbly' at 16c.
June closed at 7Sc. The aggregate volume
Of transactions was about half as great as
yesterday, perhaps. There were no special
features to the dealings beyond the fact that
the northwest was a free seller and Hutchln-
son good buyer most of the day. Outside
markets were just barely steady, and the
cables led to trmness.
The weather continuing to be more fa-
vorable to the growing crop of corn, kept
buyers for investment out of the market,
and the tendency in absence of orders to buy
was for the most part in favor of sellers
Export clearances were very light, but
Withdrawals from store here were liberal
The receipts were heavier than the estimates
Df ypstarday and for tO- mi the pypprtpl
quantity was estimated at 525 cars. AT 34c
for July some demand sprang up but the
offerings in the end exceeded the demand.
Business in the trading pit was dull for the
greater part OF the session, The little activity
near the opening exhausting the little vi
tality it possessed. Prices closed Ac to 5sc
lower to-day than yesterday.
In oats there was at no time any special
activity, the market ruling rather dull and
weak The receipts were greater than eX-
pected, and the estimates for tomorrow ex-
ceed 200 cars. The weather was generally
favorable to the new crop, and while there
was general disposition to sell, buying Or
ders were comparatively few, and but little
support was shown. July sold down Il &c to
221S @224c, and September was fully that
much off, at 2219c, down to 223s92215c. The
initial trading in the year delivery was nj
2l1lc. Car lots, to go to store, were dull al
about 2lT0G22c. A round lot was sold for
shipment at 21T@22c, for short receipts,
with September taken in exchange at 2219c
IHe pro'isioh eraue was SuNeu lfoti uull
ness by n continuance of the life recently
shown IN short ribs. In that article there
was again considerable doing The shorts
continued to cover their outstanding con.
tracts, and some brokers, said to repre-
rent compile of the leading packers, com
peted with the shorts for the offerings or
sale, the uneasy feeling was easily main
tanned. Short ribs We're the center of inter
est and attracted to the market the little at
tenton it commanded Lard sold moder-
ntely, and in pork there was no movement tc
speak of. The fluctuations in prices were
confirmed to a narrow range all round, with
the tendency inclined in favor Of the beal
side. Hogs were in better supply and alst
easier. In the cash product transactions ap
pear to indicate an improved demand for i'm
mediate delivery; lard sold at 81. 65(I6. 70
lGo b sweet picked hams, 99Sc. The clos
ings for futures showed decline from yes
and short ribs from nc to l0c, aud in lart
f.n.., Il 20. Ia,