Omaha daily bee., 1889-06-14
THE SPECULATIVE MARKETS.
Unfavoreble Crop Reports Tend to
Send Wheat Up.
ARGENTINE REPUBLIC GRAM.
Corn Takes a Slight Tumble and Oats
Follow Dealers
Get surprise-CattIe
Decidedly Lower.
CHICAGO PRODUCE MARKETS.


TnE BEE. THE wheat market ranged higher
to-day, and, contrary to expectations, the
sentiment is veering around bullishly. The
quotations in ali the markets of the country
testify to the fact that the government re-
port has becn and is, discredited. Private
information is overwhelmingly in support of
the theory of poor prospects in the north
west, and not above an average crop in the
Ohio river states, and spectators are very
generally operating independent of official
estimates. The opening was 4@1lc of, as
compared with last evening, with June quot
ing 7s1sc, July 761Sc, September at 731Sc, and
December at 75ISc. June sold as low as
1890 and July 75@76c, but a good inquiry
turned the market up. English cables were
easy and continental cables were steady.
The cash markets on this side of the Atlantic
ruled firm. The activity in the cash wheat
market is very general in its character. Re
turns are coming in slowly from every quar-
ter. Minneapolis reports good demand for
the best samples; Milwaukee worked
$4,000 bushels o.day for export, and Chicago
$4,000 bushels. New York reported five boat
loads, with possibility of fifteen more. Ex-
port clearances to modern amount are
posted, and business acts as though the
Crop news of one sort and another had more
than ordinary interest and Importance.
Banking houses brought "reliable informa-
tionh that the wheat crop of the Argentine
Republic had been practically ruined North
western advices of a dlscouraging tenor
poured in. The bad news from that quarter
was Offset in measure by reports of rains
In northern Dakota, but these rains do not
seem to be either important or general.
The news had the effect, however, of break
inc the m 8Ip hut the
prompt, and thereafter the tone of the mar
ket was strong and Duoyant Advices from
the northwestern wheat fields are rather
less favorable than expected, not so much
in the point OF yield as on ac-
cunt Of the non-realzation of hopes
Of phenomenally early movement
from that section. July wheat rose from 76c
to Tasc. The early advance eliminated
about the middle of the forenoon on receipt
of the rain tidings aforementioned, and prices
receded to 1890, but pulled up very soon to
7716c, and toward the close to 7T1fc. The
close was T14@T5sc. June wheat ranged
7sM@79c, and closed at 79c, with only a
moderate business passing. December sold
]Sc below the opening figure, 7519c, and ad-
vanced to 71slc, receding to 7654c, and ad-
vancing to T61sc, leaving off at 1890. There
was evidently steady buying on large
scale by strong people, it could not be def
nitely located whom, but the influence OF the
persistent purchasing was plainly seen in the
course Of prices, and the behavior of the
market. Dealings were on rather a larger
scale than usual, and the trading was more
general in its character than has been wit
messed of late.
The fluctuations in corn were confined to u
narrow range, and the trading was, in the
main, local in its character. July closee SO,
ana June Nc lower than they did yesterday.
Oats did not have the strength displayed
In wheat, but on the contrary declined about
&c. The trading was chiefly local, and the
downward course was most marked in the
deferred deliveries, with receivers selling
freely and no buying support of any conse-
quence. The opening was nearly steady,
with September subsequently selling down
to 2214(1223sc, ora fractional discount from
July, which was offered more sparingly.
May declined to 2594c, and cash and June
for round lots. No. 2, to go to store, was quo
table at 221sc
Provision traders were little surprised
with the action Of the market. Hogs were
again easier, under continued heavy arrl-
walls at Chicago and other points,
yet the product held up remarkably
well, under the circumstances. In fact the
strength was unexcelled and made the boys
feel trifle uneasy. They argued that the
late mysterious movements of a certain promi-
nent packer were sufficiently advanced for
him to show his hand, and that the firmness
displayed was due to his influence. At any
rate the boys were nervous, and good
share of the days speculative business con-
sisted of the covering or transferring OF
short contracts. Based on yesterdays clos
ing, the actual changes IN prices were unim
portant save in short ribs, which expert
enced an advance of from 21Sc to &c. Lard
was unchanged to 215c lower, and pork un
changed to 215c higher.