Daily globe., 1882-10-08

AOD R CUNUA1 Mll1LNlN
free offerings. Prices declined 1O@15c
early in the day, but rallied and regained
half the loss. Notwithstanding the pres
emit tendency downward the market for
hog products during the week just
closed has been active, and closes
considerably higher than it did last week.
The offerings for future delivery were not
30 free, while the demand from the short
interest was apparently more urgent.
Consequently the market in general way
has exhibited more strength and material
appreciation in prices was gained and
moderately we'll maintained. The light
stocks reported were little unsxpected,
and this tended to strengthen the market
and make operators little moro
anxious about their outstanding
contracts. The shipping movement was
about their outstanding contracts. The
shipping movement was fair, but business
was restricted by the limited offerings and
high price demanded, Merchants in dis
tributing markets are pursuing very con-
servative course, and purchasing only
smah quantities to meet current wants. as
they anticipate lower prices when the win
ter packing fairly opens. The small stocks
on hand are understood to be well under
control of parties who are abundantly
able to carry them for the pres
ent. There is no doubt but
the winter packing season will open at
Chicago with the smallest supply of hog
products on hand for several years; in fact
the stocks will be practically exhausted.
The outlook for the future is regarded
with great uncertainty, and operators ap-
pear to be ''all at sea- in reference to the
cause of the trade. 1t is pretty generally
admitted that the hog crop will be lO to
Is per cent, smaller than last year, though
the country tributary to the Chicago mar
ket will probably make better exhibit
than the more eastern sections of the west.
There also appears to be quite general
opinion among operators that the supply
of hogs will be larger during the latter
than during the early part of the packing
season, for the reason that the corn crop
of the west is better in quality where the
hogs are greater in quantity, and farmers
will, no doubt, send them to market in as
good condition as possible. Some calcu-
lations are made that the receipts Of hogs
here during the month of November will be
575, 1000 to 625, ,OOO,or about thirty per cent.
less than last year for the same period,
with no export demand to speak of, with
the probability that packers will be COM
pelled to manufacture almost exclusively
of those descriptions required for the do
mestic trade. Some operators are still
disposed to discount prices for the future
delivery rather freely. Besides It'll anticl-
pated that packers as usual in past sea-
SONS will make an effort to reduce the
price of hogs early IN the season, and that
prices of the product will
naturally decline, which may be
taken advantage of. On the other hand
the longs look for liberal prices during the
greater part of the season. They regard it
as being fully demonstrated during the
past twelve months that we can convent
emily dispose of our products without a
very large export demand; that the mar
ket is bare of stocks, as was the case with
all kinds of grain when the new crops were
placed on the market. They are
also aware that the speculative
trading in provisions has largely
increased during the greater
portion of the winter season without very
serious fluctuations on prices, That means
that the short interest will be sufficiently
large to create demand each month for
all the offerings, and that sellers will look
for marked decline in prices and follow
the season through without reaching it.
When prices set in on downward scale
there will be sufficient number of anx-
ious operators to check it. They also re-
gard the producing element as little
more independent in their views and
believe that farmers will market
their hogs when values are satisfactory ,and
not otherwise.
A good business was transacted in the
market for mess pork during the past
week, but almost exclusively on speculative
account. The feeling was irmer, and
prices were advanced SIG 1.5O on the near
and cog 75c on the more deferred deliver
les. Offerings were not SO large, and the
demand from the shorts quite urgent.
Trading has been transferred to some ex-
tent to the longer deliveries, January,
February and March attracting
considerable attention. The receipt from
the!inte1ior were light, while the shipments
were liberal, and it is estimated that the
stock on hand does not exceed 10000 to
$4,000 barrels. A good quantity of mess
pork is being forwarded as strips.
There was good speculative business
reported in the lard market during the
week. The offerings were not so large,
while the inquiry was more active and
prices were advanced 2O@3O per 100
pounds, 1 though the extreme
figures were not maintained to the close.
Trading was chiefly on speculative &C
count, with November, January, February
and March delivery commanding the pref
erence. Shipping and refining demand
moderate. The receipts we're fair and in
cluded about 1000 tierces returned from the
East. The shipments were not very large;
and the movement and manufacture in