Omaha daily bee., 1889-06-15
THE SPECULATIVE MARKETS.
Wheat Takes a Decided Upward
Turn in Chicago.
THE VISIBLE SUPPLY is LOW.
Corn Remains Steady in Price with
Fine Outlook and Large Receipts
Provisions Bearish and
Cattle Quiet.
CHICAGO PRODUCE MARKETS.

CHICAGO PRODUCE MARKETS.
CHICAGO, June 14.-[Special Telegram to
The BEE. The wheat market was very
''gilpyn and q substantial gain on top of yes
terday's Improvement was the result of the
days doings st. Louis cash wheat jumped
11fc, New York was strong and higher, and
Chicago scored an average advance OF about
1Ac. In Chicago, as in st. Louis, and, in
fact, in every otner domestic market, cash
wheat led in the improvement. Rains in the
southwest, preceded as they were by several
weeks OF cold weather. seem to have de-
stroyed the hope of an unusually early har-
vest and movement of wheat; and the atten-
tion of buyers has been rather forciby and
unpleasantly turned to the scant supply of
old wheat available for consumption and ex-
port. The total In sight was down to
Is, SOC, 900 bushels week ago. and this week
promises to show further reduction of
100000 bushels. The general feeling is
that the supplies have been brought to a
point below the danger line and more
thought is being given to the subject of
short supplies than at any time of the crop.
Early last fall the market was run on that
anticipation, and now that trade is
confronted with the practical realization
of these estimates, the government forecast
Of an extraordinary crop ls not sufficient to
altogether quiet the apprehensons. The
strong undertone to the market may, there.
fore, be said to have, for it's ch ief basis, the
light stock Unuualifiedly bad reports from
the northwest, during the past few days,
have served to still further awaken trade
uneasness and intensity the popular convc-
tions that facts do not warrant the easy con-
clusion arrived at by the official statistican,
whose report is openly and very generally
discredited. The whole burden Of private
information is that the government estimates
will not be realized either in the Ohio river
states or in the northwest. The condition of
the crop in Dakota and Minnesota may,
without qualification, be described as crit
ical. The crop is in urgent need of rain.
They are having showery weather, to-day, in
some sections of the territory. but not enough
10 afford general relief. Advlces on that
point are in substantial accord, though dis
patches were on the floor that Manager Hill,
Of Manitoba, reported fine rains along his
line Of road. These reports, as was the case
yesterday, produced temporary weakness
In the market and decline of prices; from
which, however, there was o recovery
The initial range was 7919c for June,
77a9c for July, 75c for September,
and 7624c for December. June ascended the
scale until S014c was touched, July went to
7S14c, and December to 7714c. July, several
times during the morning, worked back to
7794c, and once or twice fractonally lower,
but the recovery was always quick, and the
tone of the market did not, for any length of
time, lose its appearance of strength
Stronger cables and budget of foreign
buying orders, here and in New York toward
the close of the session. impaired increased
frmIess, and the highest level of the day
was reached about O'Clock, or little after;
July touched 1899, and December 771fc.
7s19@7ssSc; September, Zoe; December,
7714c; as compared with Saturday this range
shows gain Of l14c in June, 1l4c in July,
and Nc in December. The aggregate volume
New York was a conspicuous buyer, and the
majority of heavy weight local shorts covered
with more or less freedom. Most of the
commission houses had fine business, and
the telegraph companies reported goodly
increase in the number Of orders received.
Considerable long wheat bought lower down
''for turn" came out on the advance, and
Hutchinson, who has been buyer for sew
eral days on ''soft spots," did his level best.
to-day, to keep the market from staying
above 7Sc. He was q free seller at and above
that figure. One feature of the trading since
the market turned up has been the tendency
on the part of the shorts to fill in their July
contracts and put out new lines in December.
The latter month has, a consequence, gone
1c under July, after keeping it company for
several weeks. The bare possibility of q
manipulation in July is doubtless accounta-
BILE, in great part, for this state of affairs.
The tine growing weather for corn and the
heavy receipts prevented any material ad-
vance in the market notwithstanding the
strong feeling in the wheat pit The receipts
exceeded yesterdays estimates about sc
cars, and for Saturday 342 cars were pre-
dicted. Trading was fairly active for a time
but it lapsed into dulness about the middle
of the session, with the scalping operators in
control of tho narrow fluctuations from that
time. The prices al the close, June 34c
July Sac, and August 34s4c, show gains on
Thursdays resting figures of sc on the two
early deliveries and &c on August.
The interest of the operators seemed to be
diverted TO other markets, with marked
dullness in oats. AT tho same time the feel
ing was firm. especially in near futures
which were offered sparingly, while there
was moderate business in May, which due
not maintain its early strength. Bids or
July at 2216c and September usually at /
fractional discount No. 9, regular, wa.
quotably firm ut about 22l4c.
Provisions were unexpectedly bearish
The initial transactions, this forenoon, We're
made at prices only trifle under yesterday.
closings, but it soon became apparent that {
downward turn was in order. The receipt!
of hogs here, and at other points, showed NJ
larger than the trade had counted upon ant
IS they sold off from 3 to l0c the bear Side
was suddenly regarded with great favor
Cudahy under run and Jump movement
almost demoralized the market by his offer
lngs He sold short ribs, lard and porl
antil he filed up the buyers in the pit, an,
broke values from the opening figures l1l9
Tor pork, 216 to &c for lard, and to 71ec TO
short RIBS. Cudahy's sales OF short ribs
alone, were said to exceed 100000
pounds The shorts bought freely, and mori
activity than on any day for over weel
characterized the trading. AS tho session
advanced there was some recovery from tn
sarly depression, though tho closings,
rule, were considerably under yesterday
last prices. In pork the decline actual
suffered was to 10c, and in short ribs sc
Lard closed unchanged TO &c lower.
CHICAGO LIVE SrtsCK MARKEr.
CHICAGO. June l4.-TSpecial Telegram I