Omaha daily bee., 1889-05-21
THE SPECULATIVE MARKETS.
Values Are Probably as Low as
They Will Go.
CORN MOVES SLIGHTLY UPWARD
Fluctuations in Wheat Not Very Ma
terial-Oats Shaded Slightly Bet
ter-Provisions Down and Cat
tie Closing Firm.
CHICAGO PRODUCE MARKETS.

CHICAGO PRODUCE MARKETS.
CHICAGO, MAY 2O.-ISpecial Telegram to
THE BEE Speculative attention is once
more directed toward wheat. The market
Is far from being active, in the comm only
understood sense of the term, but the public
is taking hold with increased freedom and
the character of the trading indicates re-
turn OF n better class of investors than have
been in the market since the elimination of
the grand boom of last fall. This may not
mean higher prices but IL means that
the opinion is strengthening tnat values are
down TO the vicinity of a legitimate and
healthy basis. Soon after returns began
coming in this morning, it became evident
that the decrease in the visible
supply was going to exceed cxpecta-
tions and the market turned up.
July opened at i715c, fluctuated for n time
between a a and nc, and then advanced to
T11c, on prospective big decrease. 1t
touch 119sc at least twice, but when the
result was posted as 1,50S,00 bushels de-
crease, the temper of the scalpers under
went one of those queer changes and prices
went lower. The certainty of a big shrink.
age in stocks was the signal for q general
selling, and the market moved back &c,
July going to 716c. In the decline there
was good buying, and the market
again hardened During the last half hour
the sentiment again changed, and further
sharp break of u: followed. The scalpers,
who had gone long early in the session,
dumped their wheat with the unanimity of a
flock of geese. The big short sellers turned
in and helped the market down. increasing
their offerings as the anxiety of the longs
became more marked. The last fifteen min
utes of the session were characterized by
rout in a small way. The little fellows and
quick runners were the sufferers. On the
break clutch" bought heavily and stopped
the decline at 7694c. The price got ffac-
tionally below 76s4c once or twice, but only
momentarily. The close was 769lc, with May
resting Mt S3c, June at Sic, and December at
759sc AS compared with Saturday, these
figures show an advance Of nc in May, no
change in June, sS(91sc loss in July, aud &c
loss in December. The burden of outside
news was bearish. There was no snap in
cables. Exports from countries other than
the United States are showing up literally
and foreigners are not uneasy on the sub
ject of supplies. That is evident. NeverIhe-
less, these same foreigners are buying our
cheap wheat and flour moderately, and to. day
20 boat loads were worked; Is for Lisbon and
for a destination not stated. At the same time
advices from the seaboard are discouraging
in the man to holders. News from the
field" ls not one way, but it might as well
be, for the remonstrance against the swell of
the song about splendid prospects" Is too
feeble to attract attention. St LOUIS wires
that there is too much rain in the southwest,
and California continues to report super
abundance OF moisture on the coast Corre-
spondents from many sections of the west
ern winter wheat country call attention to
the fact that wheat is 'headlng out shortn
: II this should be, the general expectation of
the mammoth average yield may have to
be modified when the harvest returns come
in. These matters hardly excite ripple Of
comment now, however.
The corn market surprised its friends by
the way 1t stood up in the face of 1,075 cars
received to-day, and l,275 estimated for to-
morrow. There were not wanting plenty of
sellers, either, but the offerings were alb
sorbed by the crowd without the price suf-
ferng materially. The bulk of the present
receipts have been sold to arrive, which,
preventing any undue offerings in the cash
market, is probably one reason why greater
weakness was not the result of such
heavy receipts. Export clearances were
very light; cables were weak and the
weather all that could be desired to promote
the growth of the recently sown grain
About the only point in to.days influencing
items in favor of holders was decrease Of
1,593,000 bushels in the visible supply.
Trading was fairly active and some of the
heavy commission houses did considerable
business. Another bull item, but which was
not generally known until the close of the
session, was the heavy charters of to-day
amounting to a carrying capacity of 635 900
bushels. Prices at the close were very little
changed from Saturday, but what change
existed was in an upward direction.
Oats were quiet within &c range, averag
ing steady to 1S@l4c higher, with the specu-
lative interest centered in June and july
The receipts were very large, exceeding the
estimate by 35 cars, with 325 cars expected
for to-morrow's posting. The decrease in
the visible supply of but 1000 bushels was
Insignificant. though the decrease in the local
stocks, aggregating 81, 500 bushels as a result
OF the liberal cash movement of last week.
tended TO hold up prices In the face of good
crop weather in the west. After opening
easy, July sold up 22S4@221sc, with about
1900 bushels going at one time at 2294c,
while June was sc discount, and May and
No. regular inactive. The latter was sale
able at 2216c, and deferred deliveries ruled
dull.
The provision trade was little bearish.
The receipts of hogs were under the ex.
pectations, but the outlook promised in
creased arrivals, and, in anticipation Of u
large run later in the week. traders felt en-
couraged to hammer the product The bear
side, at all events, had the call and prices all
around touched a lower level than on Satur-
day. On pork the decline actually suffered
amounted to 5(o71Sc; in lard to 2L95c, and
in short ribs TO 2J12@719c
CHICAGO LIVE STOCK MARKET.