Omaha daily bee., 1890-05-24
The SPECULATIVE MARKETS.
The Wheat Crowd Shows a Favoritism for
the Buying Side.
MANY FRIENDS OF THAT CEREAL
Corn Rules Steady Early in the Day
Provisions Fail TO Meet Early
Expectations-CattIe and
Hogs Slow.

CHICAGO May 23.-[special Telegram 10 THE
BEE .l-Wheat did not break enough on pleas
ant weather at the opening TO get up selling
craze, so the crowd went wild on the buying
side. Tho wheat market today was the most
remarkable, In some respects, OF the season
II showed very plainly that wheat has too
many friends for any man or clique to make
any hcadway In opposing an advance. The
range OF prices the first hour was &c and this
all one way from the opening-toward st.O0
July started all the way from 95Mc to 051ic
and once past 05bc, the closing price last
night, 1t went climbing to the high point Of
the week-065c There was n setback OF &c
to O69sc and another wave of buying put July
up to 01hc, n clean rise of &c. From this high
point II went of &C TO O6Ic and a third bulge
carried II TO Na6c, the top price of the morn
ing, and the top on the crop up to date. There
was q third drop to 07c and q fourth rally to
G19c before o'clock. June wheat was quoted
at @a0sc and September from 9ic to O6c. The
trading OF the day was significant at times.
The st. Louis bull crowd sent another batch OF
bad crop, dispatches, one being that Mcpherson
county, Kansas, VIII have but 30 per cent OF n
crop These dispatches were followed by
buying orders. Cudahy again cut a figure
septe9ber rS but was was UHdS credited po With % Selling ling
out very, largely on the first bulge to
Mhc and II al I,taSIao enormous line Of wheat
ter bought heavily and also sold around the
top, Mccormick Co; sold on the same break
70 @alc before noon; Foreign agents here had
buying orders, partly to cover. The southwest
bought on the poor crop outlook. The country
is back Of wheat and nothing but n panic,
which no one Is able to start, Will shake the
outsiders all this time. Cables were bearish
and there were no export clearances to speak
OF, but this made no difference. The sentl-
possible before the close Saturday
IL the news does not change. The wheat mar
ket lost much OF its activity the last half hour,
but there was no material yielding in prices
The last prices quoted in the pit were: May,
Ghc; June. 97l1c; July, N&c; August, O0Aci
September, O6c.
The corn market was steady early and even
cereals the first hour. Later the market be-
came heavy, declined 9sc from the best prices,
and closed II fraction under last night. Hutch
inson, Robert Warren and Arthur Orr were the
best buyers OF the morning. Baldwin and
Farnum sold. Receivers anticipate large
ceipts. May sold at BE and off to }1c:
June sold at Hlsc and closed
to 41ac at the close, August sold at 35l4 @35@Sc
and closed at35isc. September closed at 3535c.
May oats touched j0c, closing at 21Ac. July
27asc, closing at 2O6c.
The provision market promised early to be
fairly active today, but the principal business
was done before the morning call, and then
trade petered out, as usual OF late. MessNpork
houses see fit to put prices down The first
price for Julyowas OFF lOc at 1926 and after
selling at $1,000 the price went back again
to the opening figure. Juno sold Off to Sl277R.
Norton WorthingtOn and Poole & Sherman,
two clique houses bought, and one sold. Ar
mOur Il Co. started the day by selling ribs and
lard pretty freely and July ribs were or to
TO the closing OF yesterday for ribs and
HG ooh for lard.