Omaha daily bee., 1897-05-30
COMMERCIAL AND FINANCIAL
Grain and Provision Markets Continue to
ihjw Great Weakness.
WHEAT LOSES A FURTHER HALF CENT
Corn, Oats and Provisions Also Record
snnll neutrality-suspicious. of N
Bumper Crop the Cause
of the Declines.

CHICAGO, May 29.-Speculative markets
were all weak and prices lower today. july
wheat lost nc, corn &c, oats hc. pork il2c
and ribs 2isc. The improvement in the
weather and estimates of a $50, co0,00 bushel
crop of winter and spring wheat affected
that article, and corn suffered from similar
causes. The holiday on Monday, with ac-
cumu.ated receipts and perhaps fine weather
in the meantime, was an additional element
in creating the weakness.
Trading In wheat commenced at the price
1t left Off yesterday afternoon. Ii soon be-
gan to weaken, however. and in about
twenty minutes July dropped sc per bushel
below the price 1t started at. The Liverpool
quotations were no lower than they closed
yesterday. which was the reason for the
irmness at the immediate opening. notwith-
standing the bear!sh influence which sea-
sonable weather usually has upon the minds
of the spectators that soon began to have
Thoman's crop report came out, predicting
a Yield of Us, 900, OO bushels more than last
year. The market became very weak on
this. July opened at 6Stzg6S7sc, sold at ss!sg
69c for a moment, then declined to 6Sleg
6SNc. Business was apathetic and dun. The
caused a general reluctance to enter into
fresh transactions and a desire to clear up
existing trades. Chicago received II carloads
and 9i,6S4 bushels were inspected out of
store. Minneapolis and Duluth received 400
cars, against ga on the previous Saturday.
The clearances from both coasts for the
week were equal to 2,OSl, 600 bushels, against
$685. 900 bushels the week before and O6i,0OO
bushels the corresponding week Of 1896. Ar
g%entine shipped to Europe, $4,000 bushels,
against 5000 last week, and 4OS.coO the like
week of ,ast year. This was one of the
bearish factors of the day; Being a short
abroad, there is seldom any business done in
| wheat for shipment Saturdays and none
was reported today outside of a few small
lots to domestic millers. The. market became
weaker as the session progressed for lack of
anything to encourage buyers, and that was
enough to stimulate short selling. The trade
was very small, however, even. at its
briskest, when July was on the. decline. from
! around eSSsc to 6SAc, to which price 1t
finally declined. The latest trading was at
6S2sc.
In corn large receipts were again too much
for the market. which ruled weak on a very
limited amount of trading. Country dealers
and elevator people were general sellers.
The cash demand was slow. July opened
a shade lower at 2SSsc to 23Ac, and gradually
declined to 23hc, where 1t closed.
The market for oats was very slow. Prices
yielded some in spite of statements that the
crop in Iowa and Nebraska Will be 9O,oO.NO
bu. smaller than last year. Receipts were
heavy-5O cars-and this and the weakness
of the other grain markets turned the scale
downward. July opened a shade lower at
17hc to 175sc, declined to 1Tisc and closed
at 179sGl7ikc.
Provisions were slow and weak. There
was an inclination for a time to play for a
| reaction, and prices during the early hours
showed a slight advance. This was lost
later under liquidation, English houses
bought on the break and some reaction fol-
lowed. At the close July pork was about
nc lower at s7.95Gs7. 97ls. July ribs about
unchanged at s3.6215, and July lard 215c lower
at S4.S5.
Estimated receipts Monday: Wheat. 81
cars; corn, 1,2O cars; oats, 600 cars; hogs,
| ~, coo head.
Leading futures range as follows: