Omaha daily bee., 1897-04-04
COMMERCIAL AND FINANCIAL
Modern Miller's Crop Estimate Turns a
Strong Market Weak,
WHEAT OPENS WITH A SUBSTANTIAL GAIN
Final Figures, However, show n Loss
of Half ~ Cent for the Day
Corn. Oats and Provisions
All Decline.

CHICAGO, April 3.-Wheat opened strong
today and continued so for nearly two
hours. 1t turned suddenly and radically
weak, closing with a ikc loss. after an
early gain of A9bc. The weakness was
caused by the Modern Miller's crop esti-
mates, and was somewh remarkable in
view of the fact that only a few crops
were estimated at much larger figures by
Thoman. Other markets were weak from
the beginning, corn declining hq9sc, oats
Ac and provisions 7h0i2Rc.
India bidding for two cargoes of Cali
fornia wheat off coast" in England, was
tho reading of a cablegram which had
much to do with a strong desire to buy
May wheat which disclosed itself at the
opening. Besides that, and perhaps be-
cause of 1t, Liverpool quoted an advance
Of Id per Genital each for May futures and
Nd gain for September. Spring wheat
going from Chicago to millers' use in
Kansas and red winter wheat at great
premium over May price from Detroit to
Jacksonville, ILL.,, were such picturesque
and original characteristics of this seasons
trade that they had more than a passing
Interest In the current of the trade. Argen-
tine shipments were again very small, but
this has become so common an occurrence
as to excite but little m Nav wheat
opened at from nasc to 7hc. as against
lVts@I1c at the close yesterday and rose i'm
the course of the first hour to 71Ac. The
character of the. early news kept the mar
het STRONG until about fOrty-fiye minutes
from the end of the session, when a bear
ish estimate of the growing winter wheat
crop, issued by the Modern Miller of St.
Louis, knocked the recently erected bull
ish sentiment completely off it's pins and
again sent skepticism of a bad crop report
simpering around. The estimated winter
wheat crop of that authority is 1884, OO1. 900,
against 1~c,00o.OGo estimated to have been
harvested last year and compared with
Ihoman's estimate of S69, 900, 600 bu. for the
however, the private reports from this
state were generally to the effect that the
wheat crop was all but a total loss. Coun-
inquiries from the southwest were numer-
Gus. The days sales to millers amounted
to 10000 bu. Nothing, was reported sold
Of the Modern Miller estimate the price
broke gradually to I0Ac. then gradually to
7ossc. 1t closed at Iossa7Okc.
Corn was weak. Only at the opening was
there any strength displayed. That was
through sympathy with wheat, which was
soon dissipated by liquidation, which was
were said to be improving and farmers
were already at work in the fields. May
opened a shade higher at -24aq24Bc. which
was the high point of the day. 1t gradually
declined to 24sc and closed at 2iasG2itsc.
oaos were hrm at the opening, but under
and corn, prices fell off at once. For a
short session a fair business was trans
acted. May opened a shade higher at 17%
WlI12c, sold off to 17bc and closed at 17lSc
bid.
Provisions were decidedly weak all day.
ket a weaker opening and under free
liquidation. particularly by the packers.
prices declined steadily. The cash demand
lower; May lard, 712c lower, and May ribs
about loo lower.
Estimated receipts for Monday: Wheat,
] g corn, 20 cars; oats, 25 cars: hogs,
The leading futures ranged as follows: