Omaha daily bee., 1902-05-08
COMMERCIAL AND FINANCIAL
Grains Hinge on Weather and Prices Drop
Of Considerably.
WHEAT AND CORN LOSE OVER A CENT
Oats Also Depressed, but Provisions
Quit Unchanged 60 Higber-BuIIs
Lose Heart with Northwest
ern Fair weather Reports.

CHICAGO, May .z-Grain SPECTATORS
traded on the weather. mar again today
and pressed PRICES hard ali around. July
down and July oats sc lower. Provisions
closed unchanged to SC higher.
There was a fair show of strength In
wheat at the outset on the influence Of
yesterdays cash business and more rains
last night In the over-wet northwest. Trad
ers changed their stand, however, on later
reports of seasonable weather. The weather
map showed clear weather southwest and
what was still more important an end to
the wet weather in the northwestern spring
country for the present. Both these locali-
ties sent in liberal selling orders on the
weather news and their own markets were
weaker. This caused local speculators to
lose sight Of bullishly small receipts, Kan
cables. Longs deserted their holdings and
threw stun overheard, but as
many shorts covered their accounts yes;
terday buyers were scarce, except at good
declines. When the bears understood this
position they began to hammer the pit
generally was not very heavy and the mar
the TINS; July opened K8&c 70 a shade
Closed weak, 1%gitS lower al 7GHS7i&c. x
good export and cash business had little
cars. 3 Of On Contract grade; Minneapolis and
for the three points Of 10 cars, against iss
last week and go a year ago. Primary re-
ceipts were 10000 bushels, compared with
$4,000 bushels last year. Seaboard clear
AnCeH IN wheat anu nOuT eQuAleO Zel,UOO
bushels. Chicago sold 20 loads for export.
Corn started with a good show of
strength on firm cables and a fair cash
situation. The leading bull crowd also was
buying some July and selling September.
The strength, however, was short-lived,
for when wheat broke the bulls began to
consider the favorable crop reports and re-
duced their support. Bears jumped into
the market and sold short and broke prices
over a cent. Trade was not large and the
greater part OF the session the market
dragged. July bull manipulation was still
talked Of, but inasmuch as the supposed
manipulation did not hold prices up many
lost faith in the bull situation. July sold
from @kc down to 60Ac and closed weak,
INC lower at 60Dc. Receipts were 70 cars.
Oats were dull and suffered from the de-
preston In corn and wheat. Crop advices
were favorable and the cash situation still
good. There was little support on the de-
cline and July sold from 35Ac to a weak
close, &c down at 5hc. Receipts were 157
cars.
Provisions were dull and huctuated mar
rowly. The weak hog situation at the yards
onset the general disposition to buy when
the market opened. Ribs and lard were in
good demand especially by packers
brokers. The weakening grain markets
also worked against the advance and the
early gains were not held well. July pork
closed unchanged at 1855. July lard a
shade higher at 1910 and July ribs sc up at
$e.62A.
Estimated receipts for tomorrow: Wheat.
70 cars; corn, r5 cars; oats, 40 cars; hogs,
$1,000 head.
The leading futures ranged as follows.