Omaha daily bee., 1889-04-24
THE SPECULATIVE MARKETS.
Wheat Values Slip Backward Still
Further.
CORN SHOWS MUCH sreAplNess.
Oats Quiet and Narrow-Provisions 3
Strongly Bearish In Their
Movenents-Little or No
Change in Cattle.
CHICAGO PRODUCE MARKETS.

CHICAGO PRODUCE MARKETS.
CnrcAoo, April 23-[Special Telegram TO
The BEE. The wheat market slipped back
still further to-day. About the only ray Of
light for the bulls was a London cable from
Walker & Co. bringing confirmation Of tho
reports Of damage TO the Russian crops by
frost and consequent frmness in the Russian
markets. This, however, failed to revive the
dropping American markets. except momen-
tarily. The weather was against improve
mont IN tone or price, and foreign market
cables averaged rather easier. The export
movement from the scaboard fails to show
up as might be desired In the local fields
the bears covered steadily and an amount
enormous in the aggregate, was bought to
6li outstanding speculative contracts. On
the other hand long wheat keeps pouring out
by wholesale and Fetal. The most stubborn
Of the bulls are the ones who have suffered
the worst punishment. and they are at length
confessing defeat and getting out from
under the ruins Of one Of the most promising
bull movements ever seen in this market.
The rout seems complete. The decline has
been greater than the advance. II was said
to-day that July wheat had never sold so low
in April as this morning. Such proves not
TO be the case, however, for on the 4th OF
last April July wheat sold in Chicago at
76llc 1t got down to I78c for moment,
to-day. There was some reaction from the
mid session break to 1886 on reports OF eX-
ports business working at the seaboard for
England and The continent and on the local
covering, but the market did not hold at the
recovery and during the last half hour bad
break occurred, accompanied by trading on
D very large scale and considerable excite
ment. On this decline July went 10 'IHc,
MAY to SOC and June to s0ssc. One OF the
principal factors of the weakness to-day was
The pressure of May and June wheat. The
liquidation of the concentrated lines for
these months has been progressing on
large scale for some little time, and to-day
seemed to be the elimination OF the opera
lions in this direction. The market has
been plugged as full of May and June as it
could possibly stand, and with the close OF
the session, whatever fears might have been
entertained up to that time of manipulation
were dissipated. The crowd seemed to ''feel
in its bones" that not only had the last rem
nant of the Fairbank and Lyon wheat gone
by the board, but that Hutchinson had at
last joined the procession. Hutchinson was
o big buyer early, but by common consent
he was great seller later in the day, and
towards the close in particular. Ream,
Cudahy, Linn and most of the hear leaders
were heavy buyers, and in proof that they
had evened up and perhaps gone the other
way for turn, it was noted that almost TO a
man they were preaching 'reaction." George
Smith and Captain Phillips were the cx-
ceptions to this rule, and they were counted
large sellers. Wheat opened at Sic and sold
off to S0l5c, reacting to SlBc, but selling off
again to Soc, and closing sc above the bot
tom. June had action earlier than May, and
opened at Sl94c, Just where II left on Mon
day. sold down to S0lGc, rallied to 81 &c. sold
off to sOsSc, and closed ut S015c July opened
at 19c, gained 1sc, sold off easily to 7S19c,
seemed strong about 7S96c suddenly slumped
to 7S1Sc about II o'clock, recovered to TSAc,
and, as before stated, broke off to 771Sc, and
A ral wifi tprla
this range shows loss Of 14c in May, 1Hc
in juno and l14(cl6c in July. The aggre-
gate Of speculative business transacted in
the pit was very large.
The brilliant weather and the weakness in
wheat were predisposing causes for lower
prices in corn, but although business was
dull and the surroundings discouraging the
market for that article showed much steadi-
css, if not strength. The export clearances
,rom the Atlantic coast were the lightest
which have been seen for some time. From
New Orleans II 900 bushels were cleared for
Queenstown yesterday. There was consider
able changing of May contracts into July at
about lc premium, but, taken all together,
trade was light and principally between the
local spectators. New York showed symp-
toms Of weakness, but ST. Louis was in SYM
pathy with the steadier feeling here. The de.
mand for shipment was again good and
prices in the cash market were at q slight
Improvement upon yesterday. The closing
weakness in wheat encouraged some selling
by the local scalping element and made the
closing prices TO near the lowest of the day,
showing in the end decline, compared with
the corresponding time yesterday, OF from
-,-t-l6c TO &c on May and juno, while the moro
remote futures were unchanged.
Oats were quiet ana narrow averaging
fully steady to firm at yesterdays close,
with some trading AT = C to 4c Improvement
There was considerable changing of May
into the two following months with July at
shout &c premium, and May was offered
with moderate freedom py few prominent
houses. After opening steady May sold up
&c to 221Sc and back a fraction, with June
ut point above and below 23c. The receipts
were fair and u moderate business was done
In No oats to SO to store at 22asc, or &c
Improvement IL was reported that consid
erablc contract grade is being transferred
from private to regular warehouses, which
will tend to enlarge the available supply for
May delivery if SO desired.
Provisions were strongly bearish in their
movements Trading opened at about yes
terday's closing prices, and for a time the
market was held pretty steady under the
buying of parties engaged in transferring
May holdings to July. AS the day advanced
however, the bears became more aggressive
and meeting with less opposition thar
they anticipated, their operations were
converted practically into raid. During
the closing forty-tive minutes of change they
hammered trade with good determination
and as the breaks forced in values brought
out large quantities of poorly margined o.
stop-order property, they were greatly us
sisted by the general desire developed Z
realize. From 1890 O'clock TO ad
iournment the offerings were exccs
prices touched were quoted The closing
were also at or near the bottom figures, ant
as compared with similar quotations of yes
terday, showed net decline of 2716@35c il
pork, nc in lard, and 1i58l0c in short ribs
Packers openly took little or no interest il
the market. and failed TO give any intlmatio
rs to how they stood or felt. Speculation, q
usual. was confined mainly TO May and July
The last named month ranged at a premium
over May of l7I1@20 on pork, 71sc on lard
and l5c on short ribs.