Omaha daily bee., 1889-06-19
THE SPECULATIVE MARKETS.
Operators Closely Watching the
Weather Bulletins.
WHEAT YESTERDAY TOOK A DROP
Corn UP a Fraction-Oats Held at
About the Former Days Prices
Provisions Lower and
Cattle Dull.
CHICAGO PRODUCE MARKETS.

CHICAGO, June 1s.-lSpecial Telegram to
THE BEE. l-Operations in wheat are now
being governed very largely by the weather
conditions and prospects. 1t is essentially
"weather market" The general heavy rains
through the Ohio valley, and in the south
west, influenced the trade bullishly around
the opening, but as these rains were shown
TO have extended to Dakota and Minnesota,
where the weather is reported 10 be showery,
this bullish sentiment was subsequently
modified to an appreciable extent and values
developed less buoyancy. The railroad news
bureaus continue 70 make the most OF the
rain in the northwest and OF the promises of
more rain, but the burden of information
emanating from private sources Is that, as
yet, very little rain has fallen and that vastly
more is needed, right away to save the
crops from very serious damage. Many
correspondents advise that the crops IN large
areas have already been injured beyond re-
pair, and that, at best, the production Will
be far below the average. This sort OF
news has been pouring in steadily for
ten days or two weeks, and it has produced a
deep impression on trade. On the other hand
it does not seem to be generally thought
that the rains in the winter wheat country
have, as yet. done anything worse than in
IeTIeTc WIFI bNc HaTNCSb NY Woih
and delaying the ripening of the grain to
measurable extent. That wheat is, as yet,
seriously endangered, is not supposed to be
true, and few bright days would undoubt-
edly very materially change tho aspect of
things. Clearing weather is what winter
wheat farmers are now praying for. 1t must
be confessed that the weather map does not,
at this writing, promise much in that dircc-
tion. The market opened just about where
it left off yesterday, with June quoted at
S01Sc, July at 1890, September at 7514c, and
December at nc. The quickest action was in
July, which "gigged back" to 7S1s@TS nc,
ead then started on up grade, work
ing up to 7S%@7S4c. Hutchinson
helped the movement along. But at the top
he turned seller and acted on that side until
the market got to 7S4c. AT this point his
brokers were reinforced by Cudahy's, and by
the general crowd. The price dropped off
very quickly and easily to 77slc, and, after
&c recovery, to 7715c. Hutchinson was a
good buyer from 7Sc down to 7734c. At 7I11
(1175Sc the miscellaneous buying by the COM
mission merchants gave the market an ap-
pearance of strength, and it quickly advanced
to 7Sc. Here the "yappers" took hold and
lifted the price to 1890, when Hutchinson
took another scalp, letting the crowd have
the property he had bought under 'Sc.
About this time fresh grst of rain news
came in from the northwest; light rains
were represented to be general throughout,
practically, the whole states of Dakota and
Minnesota, and several parties hastened to
edd. s'Crops are now looking splendid"
These swift and willing witnesses were
not all railroad people this time,
circumstance which was remarked by many
who had been waiting for the confirmation
of the railroad reports before arriving at u
conclusion as to the actual situation. The
market took on n heaviness of tone during
the last half hour, and July got down around
csc, and hung there, with only moderate
business passing. September wheat ranged
749l@75ssc, and closed at 754c. December
fractionally, selling off again. and closing of
at 1890. As compared with yesterday clos
ings these show an average shrinkage OF
about NC. June wheat left off ut sO4c, and
July at 7S(07S15c.
Ihe irmness characteristic of corn was
muinuained to the close, though final price:
were somewhat under the highest of the day
gain of &c over yesterdays closing figures
was the final outcome of the days business
Oats were duh but firm. The receipt.
We're considerably larger than expected with
liberal estimates for tomorrow, but The
speculative offerings of near futures wer,
not great, and the strength in corn extended
in degree to oats. Plenty of May oats were
offered at figures around 26c, but the bids
were usually below that. July sold up t,
o256@2294c. and September to 221sc, whil,
June and cash lots were duh, with No. 3 reg
ular about 2214922ssc. The withdrawal
from store were again large, consisting
chiefly of No white
Provisions were slow and without specia
feature The old leaders left the trade Il
take its own course, and as the outside spec
ulative orders were limited, there was no in
ducement for the regular pit freauenters L
do more than an occasional scalp to help til
day along The fluctuations wero also con
fined to small range and when compares
with yesterdays final prices the CLOSING
showed no change of Importance. In por
the days business rested or a decline o
from 2j5c 10 &c, and IN lard 211c of
Short ribs were unchanged to 213c lower
The monthly carrying charges were 71Sc
1Oc in pork, and &c TO lO1Sc in lard and shor
ha