Omaha daily bee., 1898-06-01
COMMERCIAL AND FINANCIAL
UlOse Of the Month Finds a Remarkable
Slump in Wheat.
MAY DECLINES FIFTY CENTS A BUsHEl
other wheat Options Are Lower but
Sors and Oats and All Lines
of Provisions Are
Higher.

CHICAGO, May N~.-Today's session saw
the close Of perhaps the greatest wheat deal
In the annals of the grain business. The
May option. which left of Saturday at
Vie, ranged today between $40 and t1.25,
closing at the lower figure. a loss of SOC a
bu- The slump in May, coupled with bear
ish statistics. enormous worlds shipments
and bright crop prospects. caused a severe
decline OF the deferred futures in wheat.
AT the close July showed a loss OF 6G6tzc
and September 2d2ikc. Corn was 5-Sc and
oats hc higher. Pork is up 2tzc. lard 10c
and ribs TIC.
The demand In the wheat pit today was
from shorts, who took advantage Of the
break to buy In and secure profits. July
had a sensational decline. during which
some longs sold out. II started at from
Sl.0l to S.02 and was offered down from
slol1t' a cent at each trade, until II dropped
TO e4izc. 1t recovered a portion of the de-
cline later with a little help from Letter.
May, which closed Saturday at 81. 20, opened
at Sl40 and quickly dropped to Is in the
nrst Few minutes. The evident intention
was to make n price for the heavy receipts
Inc trade was confined to Letter brokers,
who We're both buyers and sellers and
made what price they choose. A well known
statistician the wheat crops Of
Texas, Oklahoma and Kansas at 100, 900. 600
bu., as against s.. 600. 900 bu. last year. The
crop news at home and abroad could hardly
have been more bearish. The worlds ship
ments last week were enormous, showing
that wheat was being pressed for sale the
world over. The India movement was n
surprise, that country having shipped about
5ibUo,WO bu., and Russia put afiOat more
than America. The visible supply Increased
nearly 1900 bu., where n small decrease
was expected. Chicago received 65S cars.
OF which 404 cars were contract. while Min
neapolis and Duluth got g5 cars. Exports
from Atlantic ports in wheat and flour were
equal to 10000 hu. July opened 2iac lower
ut H.OlMlG2, fell to 94lzc and rallied to ga
81 5-Sc at the close. September started 2lac
OF at 81 5-SMS2c. advanced to S2i4c. declined
to so Csc and hrmed up to 81 1-SGSlAc, the
last quotation.
There was a quick dip in corn at the
start on large receipts and wheat break.
1t rallied soon on good buying and wet
weather reports. July started i1G@c lower
at 52LI32Isc. sold IN steadily to 80 5-Sc
asked, the final quotation.
only a moderately large business was
transacted in oats. Prices followed corn.
July opened Csc lower at 232 G23 Use, sold
up to 24isc. declined to 23&c, then rose to
"a Csc at the close.
The firmness in provisions was largely
aScribed to the signing of the reciprocity
treaty with France. The treaty cuts the
French meat tariff in two and reduces the
tax on lard a third. July pork opened y.
M1lsc lower at 81. sail 80, sold up to 81. 62ia,
declined to sll424, then rose to sll.50 at
the close. July lard started Iiac higher at
$500. up to 1917, down to s6171s and closed
at S6.22i2. July ribs ranged from $3.50 to
S.9Iis and closed at S.92iI.
receipts for tomorrow: Wheat
2l5 cars; corn, 900 cars; oats, 3S5 cars; hogs
2S, 600 head.
Leading futures range as follows: