Omaha daily bee., 1889-05-23
THE SPECULATIVE MARKETS.
Dullness and Heaviness the Features
of Yesterday.
WHEAT TENDING STILL LOWER.
Corn sympathizes and Oats Fail or
Only Unravorabie Weather
will Help the Bulls Now
Cattle and Hogs.
CHICAGO PRODUCE MARKETS.

CHICAGO PRODUCE MARKETS.
CHICAGO, May 22.-rSpecial Telegram TO
THE BEE. Tho wheat market was dull and
inclined 10 heaviness to-day. Fluctuations
were within narrowed bounds, and seem
ingly little new business was undertaken;
for while the market remains dull and moth
ing positively bullish turns up, operators
who feel friendly TO wheat hesitate 10 buy
and the price is too low TO induce free sell
ing. The open speculative interest, at this
juncturc, is probably smaller than usual on
that account. New York had great deal to
say, to- day, about export business, but intel
Igeuce Of that sort has slight influence now.
Actual clearances are necessary now to
fortify and confirm previous statements about
foreign buying and, in the absence of such
shipments, the conviction forces itself upon
the trade that n goodly proportion of the ex-
port business is imaginary Dispatches this
morning, to the effect that seven boat loads
had been worked for Lisbon, and that any
where from 10 to 25 loads additional were
about to be worked, provoked no enthusiasm
whatever. The bears smiled in a doubling
way, and the bulls said they would wait un-
til the stuff went out before enthusing.
In loca. trading no especially interesting fea.
lures were discoverable Kaufman, the big
ST. Louis short, covered line of PROBABLY
100000 or 2, 500, 600 bushels yesterday and
to day, and other operators of lesser account
did likewise. The general trade seems to
be taking the position that as prices are low
any change must be in the direction of i'm
provement put so long as operators display
reluctance to 90 in, about the only bull
feature in sight is the low range of prices.
The market is Enthusiastically in a duh and
IanraaupI OF Mt A 1nr1n1 t,hnptrp N rho
weather conditions or crop conditions, or
marked improvement in the export trade
might stimulate speculative inquiry But
the weather continues generally favorable,
though the temperature is uncomfortably low
in some localities, frost being reported at
several points in Iowa. Gables are weak
and foreign supplies are seemingly ample,
and the prospects from that quarter are not
encouraging. July wheat opened at 164c,
advanced to 761ac, sold down to 75Ec, and
during the last two hours and half ranged
as 75%0i6l4c, with 761sc, as the point about
which the bulk of the trading was done. The
close was 76c, or 1lc lower than yesterday.
Operations in December were on the in
crease, and the tendency is developing to
jump September and go into the later fu-
lures. The largest sellers of December and
year wheat are foreigners, who seem to pre-
fer the remote months to July or September.
The trade in long futures is, therefore, lin
bering up. December ranged from 150G753sc,
and closed at i514c. June wheat had little
action within narrow limits SO1l being the
high and 79$dc the low, and at the close was
Soc Negotiations were on foot for the trans
fer of good-sized lots of spot wheat, and a well
authenticated report got around that 80 600
bushels of choice wheat had been sold for
shipment at &c over the June price. This
seems TO have been premature announce
ment, inquiry of the supposed principals
meeting with denials. The receipts at pr-
mary points show very slight increase, and
the consumption Of visible supplies is going
at DIV 1Nh taxy. ctyta,lN a
rate.
The corn market was fairly steady, and
rather inclined to 6rmness until near the
Close when it was affected sympatheuically
with the weak feeling in the wheat market,
and closed at the lowest figures of the day.
Trading was of u light scalping character
until the closing weakness started some
activity on the selling side, which gave the
shorts an opportunity OF taking IN their small
profits. The close Of the market was about
1sc lower than yesterday. Receipts keep up
to the estimates, and the bulk is now grad
Ing No. 2. The estimated number of cars for
tomorrow Is S15, which is regarded as more
than enough for any hope of improving prices
80 long as that volume Is kept up. Without
some change in the prospect for another
large crop, spectators do not appear TO have
much faith in buying, although they
knowledge the present price as being
dangerously low, in the event of any in
jury to the growing corn. The same
slight apprehension was aroused in this
Regard UO-udy, Oh reports Ol lreeElnp temper
ature last night at several points in Iowa.
This is, at present. the most dangerous prob
ability to corn, but has nothing beyond posi-
bility to cause any present fear. Certainly
no damage has occurred so far. The export
demand at New York was active and the
English markets were firm. Clearances from
Atlantic shipping ports were heavy and an
altogether healthy movement of property ap.
pers to be going on at the present prices
/, Oats were featureless, with a light specu-
lative trade only, which later developed into
position of 6ullness, with an easy tone. The
receipts were liberal and the estimates for
tomorrow are fair with decreased withdraw.
ais from store. Few outside trading orders
appeared and there was some changing Of
June into July. The latter sold early at
22sSQ12216c, but this slight snow of frmness
induced selling which carried the market
down to 229sc, through lack of support. June
and September was shade below July, and
No. regular sold early at 2219c.
In provisions the feeling was surprisingly
weak. The bull turn OF yesterday being un-
expected, developed general desire to sell,
and as adviccs from the stock yards reported
nm increased run Of hogs and lower prices,
the bears had no trouble to obtain and re-
tain control. From the start the tendency
was unmistaKably in their favor, and IN
short gibs, at least, the depression witnessed
almost upproximated slump. Short ribs
were simply offered for sale in excessive
quantities, and Mt the adjournment prices
showed decline amounting to l24 to Ike.
Lard and pork received less attention than
short ribs, vet in the former the shrinkage