Omaha daily bee., 1889-05-22
THE SPECULATIVE MARKETS.
Wheat Went OF Cent Again Yes-
terday.
DEPRESSED EXPORT ApvIcEs.
Favorable Crop News Combines to
Down Prices--Corn Makes
Slight Acknowledgements
strong-C Cattle and Hogs.
CHICAGO PRODUCE MARKETS.

IHt DEE. l-lHc WHcdJ HluTheb uIHBBcu w.
day, and prices went lower, the days shrink
age amounting to &c to l cent Cash and
June wheat acted weaker than long futures,
though very little animation was shown at
any point of the line. Cables were depressed,
and the lower sea board markets had moth
ing good to report. Exports were small, and
no new business was done TO amount to any
thing Hints are heard about arrangements
having been made to ship out large guam
tity of inferior wheat that is depressing the
New York market, but gossip TO that effect
carries little weight. Another thing that is
beginning to be talked about in shipping cir
cles is the actual scarcity of ocean vessels.
The actual scarcity of foreign buying orders
Is probably causing quite as much anxiety as
the lack of freight room, just at this moment
but the suggestion is a cruel one to make. July
wheat opened at 76Ec, and there was quite
desire for wheat at that figure. The price
got to nc, when the offerings increased and
the market slowly yielded. There was good
buying all the way down, but the rallies
were feeble, and the decline had very little
interruption, though it was gradual and un-
accompanied by any special excitement.
clutch" figured as heavy open seller from
the beginning to the end of the session. He
seemed bent on forcing decline, not by
raiding so much as by sheer pressure,
adding to the dead weight, as it were. His
selling brought out considerable weakness
IN those who held long wheat, and encour-
aged free speculative selling by the bears.
At the same time it was observed that many
of the stronger commission houses were
heavy buyers, notably the Boyds, Schwartz,
Dupee, Weares, Jones, Kennett, Irwin,
Green, and some of the local traders like }.
Bryant and Tuttle. The market kept set
ting, however, until 76l4c was reached,
from which point there was nc recovery.
The gain was not much and the price worked
down to 76xc. This seemed to be about as
low as anybody cared TO press the market,
and a fractional rally ensued. The
close was 7614c The feeling throughout
the session was that of heaviness and weak
ness. One of the leading bears expressed
bis view of the situation in this terse phrase:
''The market will sell lower but the price is
tco low to sell wheat at" May wheat, which
closed at S3c, yesterday, opened at S2l2c,
scld down to SIC, and closed there. June
opened at sOI$c, sold off at 1910 and closed
at SOC. December ranged from 75%0751sc
and closed at 754c. As compared with yes
terday, the closing shows u shrinkage of lc
in May and June, &c in July, and sc in De-
Cember. The only crop news that were lis
tened to were favorable news. A farmer
from southern Wisconsin brought in reports
of chinch bugs, and to fortify his statements
produced a fruit can full of sections of old
corn stalks in which were to be seen millions
of insects in the process of Matching. He
said the bugs were already beginning to work
on wheat and rye. Kansas City contributed
n batch of exports TO the fund of chinch bug
information but as yet nobody is paying any
attention to this sort of news or warning.
Crop reports, as rule, are full of splendid
promise; everything looks rosy. There
properly everything looks green.
The exports were 42,502 bushels;
and, including -four reduced to its equivalent
in wheat, it aggregated 50. 162 bushels. There
were inspected into store, since the last eX-
port, % cars; OF which were No. 2. The
outward inspection was $500 bushels of
winter and 3,ll0 bushels of spring wheat.
The receipts Of corn for the past twenty
four hours according to the official returns,
We're 592, 1916 bushels and the shipments were
1852 bushels The exports from the three
principal seaports were u, 1O9 bushels. The
inspect on into store since the last report was
1891 cars. of which 1,O27 cars were No. 2;
and 1895 bushels were inspected out.
There was fair activity in the corn market
and at remarkably steady prices, in view of
the recent neavy receipts. The closing fig
ureS show u gam since yesterday Of 1s(04c
in spot corn and about the same in futures.
The heavy receipts, predicted yesterday,
were confirmed by the returns from the in
spection sheets this morning, 1927 cars being
phenomenal quantity, The demand from
the shorts maintained thsiprice in the face of
such heavy arrivals. TIN price showing no
evidence Of yielding further, created feel
ing among the outsiders who had done
great deal of yesterdays selling, that If the
price should not break under such receipts it
might be expected to advance should they
slack up: and it was on this theory they
Cd considered purchasers ought to go prudent
nlra tteth Nlaf 10
markets. and home centres as well, were de-
pressed by the weight of the arrivals here.
Export clearances were light from the At
lantlc ports, but were fair from New Orleans,
172000 bushels having cleared from there
yesterday for Rouen.
Oats were quiet but firm, especially for de-
livcries beyond this month, which were Of
fered rather sparingly. Although continued
large receipts indicated plenty of old oats
remaining III the country to come forward,
there is u lack of much disposition to sell
short at the low price now ruling. July, to-
day, sold up 4c to 22Hc, with later que-
tude, while June and September were about
&c discount. Offerings of May were in
creased depressing the price barely sc, sell
ing at 22l5c, and ut 229Sc, with 22l6c paid for
car lots OF No. to go in store. The out in
spection was large, aggreGating 2SS, 600 bush
els, and of 300 cars inspected in and out, 40
passed into contract grades.
Provisions rather surprised the general
trade in their movements. Notwithstanding
of prices tho produce market exhibited an
increased strength and ruled higher Ad-
vices from the stock yards lost their potency.
Intradors were governed wholly by what
may be said to be 'pit" influence. Consd-
cradle property was bought by brokers, said
TO be representatives of leading houses and,
as several of the old contingent of bears COW
cred freely, an uneasy feeling was devel,
oped The buying witnessed was believed
to be outside of the ordinary lines and an
impression gained ground that plans were
being arranged for a bull turn in the near
future. The long side, at all events. was
looked upon with great favor and from the
start very sensitive condition of affairs ex-
listed. Prices were little weak for short
time at the opening, but they advanced rap
idly subsequently, and closed substantially
higher. In pork the Improvement actually
established was a gain of &c to IKE, in lard
OF 2l1c to Sc, ana in short ribs of &C.
CHICAGO LIVE srOCA MARKET