Omaha daily bee., 1889-05-10
THE SPECULATIVE MARKETS.
Enormous Increase In Exports Re-
ported From New York,
RAINY WEATHER plsREoARoeD.
But Yesterdays Markets Weakened
Nearly All Around-CattIe
and Hogs Not
Very Brisk.
CHICAGO PRODUCE MARKETS.

THE BEE. The continuation OF rains in the
northwest, and the extension OF the rain area
TO the south and east, proved TO be factor
OF insufficient Importance TO cause Q break In
wheat, to-day. Towards noon, however, there
was fairly liberal swing in the pit on the
prospects of general showers throughout 1lli-
nois and Indiana, the territory that has been
prolific OF complaints OF drought of late.
New York fired in whole broadsides of ex-
port news II one-half that is told about
the export business is true, stocks in
New York will be reduced very largely in
the near future, because the wheat reported
"worked for expOrtr during the past week
or ten days has not been all shipped, aud
good many people on 'change are disposed to
regard the reports as "faked.n A good part
OF the news comes from sources that are
usually regarded as trustworthy, and in the
absence Of direct proof to the contrary, it
must be accepted as reliable. The fact
that gram has not yet cleared can
not be considered evidence that business
is not genuine, although 1t can not
be said that it does not go out because Of the
scarcity of vessel room or unfavorable
freight rates. The clearanccs, yesterday as
posted on the blackboard, foot up only $4,000
bushels, but a dispatch from New York
bhShbiOHS All dCluul ClcuIlllg Vi uOdu
loads Q04, 900 bushels) additional to the late
reports yesterday, TO be included in the days
official returns. Reports of new business
done in New York, to-day, vary from sixteen
to thirty-five boat loads Dutch gets a bill
in particular OF freight room being taken for
fortysix loads of grain, twelve to Portugal
eleven to Avonmouth, twelve to Cork, seven
to Marsailles and four to Glasgow This
may not mean wheat, aud the buying of
freight room does not necessarily mean
shipment of grain at all Still, the indica-
tions may be considered favorable to an out
ward movement. Mcdonald wires that the
best posted men in the trade believe that all
OF the wheat in store in New York and vicin
ity has been placed, except 1000, 600 bushels.
AS stocks there approximate 100000
bushels, this means that 1000, 900 bushels are
held in readiness for shipment if conditions
are favorable. The story of the local market
may he best told as follows: July, popular
delivery, opened anywhere from S0cto S014c
and advanced Immediately to S0Mc Above
S011c there was very free selling by Linn,
Cudahy and other professionals, who had
gone "long for turn" and equally liberal
buying by George Smith, Partridge and
Phillips who had presumably gone short at
lower figures. What Hutchinson was doing
was cloudy, but he was suspected Of heavy
purchases in Il quiet way. New York was
certainly good buyer on all the soft spots
After the heavyweight professionals had
got pretty well evcned up, the market sold
off on skepticism Oh the subject of export
business; and on expectations of rains
through the winter wheat districts, the mar
ket was run down to 1880. IL subsequently
advanced to S015c, and off to SOC, closing
however, at S014c, or Nc above Yesterdays
last price. Viewed as to wheat, the market
may be said to have displayed considerable
breaks according to the scalpors' rec.
ord, which applies only to one ses-
sion. without regard to to-morrow's
prospects. May ranged at S5(9S6%c and
closed at S51Sc June ranged at S3ll (9S416c
and closed at SIC.
The firm opening to the wheat market,
strong cables and the nervousness of the
shorts, caused corn to start in fairly active
and firm, at about the closing prices of the
previous day. On free buying by the shorts
some advance on the opening was estab-
lished, but the offerings of July corn at 36c
and over were IN excess OF the demand and
On easier feeling and u lower range of prices
was established. st. Louis became very
weak on the prospects for rain in the corn
belt, and New York was similarity affected.
The export demand was reported active at
New York and shippers were also taking
hold freely here. From the seaboard, clear
ings were very heavy. There were 10000
bushels shipped yesterday from New Orleans
to Liverpool. The reaction from the early
strength was not again made good, the clos
ing figures being nearly the lowest Of the
day and from &c to sc under the prices cur
rent at the corresponding time yesterday.
Oats were active with the recent see
saw mOJlOn carrying prices downward t3(U%B.
1t was conceded that the sharp advance of
yesterday was not altogether warranted, and
with reports of rain in the west and indica-
tions Of further moisture. there was desire
to sell. Furthermore, the local scalpcrs
were disposed to take in the profits resulting
from the recent advance. The opening was
fraction lower all around, with May selling
down 1Sc to 2311sc, and June to 234c. July
maintained its premium of nearly14c over the
next month, and September was quiet with
light trading in No. oats, to so to store, at
2316c. Barely % per cent OF l24 cars inspected
is graded contract oats, and the Withdrawals
from store were reduced to @, 425 bushels.
In provisions the feeling was O little
nervous. The opening and closing were
characterized by decided strength, but dur
ing the day the market exhibited more or
less uncertainty, with trading largely of the
scalping sort and between professionals
The gossip lately circulated concerning the
movements of Cudahy and Armour naturally
placed the trade somewhat lat sean In all
quarters u strong disposition was manifested
TO keep close to shore until something de-
finite was developed, hence the days market
was largely pit deal Quotations were
kept within moderate range, and for pork
and lard the final quotations were the
same as yesterday In short ribs,
the changes actually made were
limited to an advance of 2ISc.