Omaha daily bee., 1888-12-22
The SPECULATIVE MARKETS.
Local Wheat Sentiment Again Quite
Bearish.
CORN CLOSED A TRIFLe LOWER.
Provisions Slow with Some Advances
The Feeling Among Cattle al
ers a Shade BIuer-Hogs
Active and Higher.
CHICAGO PRODUCE MARKET.

CHICAGO, Dec. 2i.-lSpecial Telegram to
THE BEE. The usual Friday break in wheat
occurred right at the start almost, instead Of
at the latter end Of the session, as has been
the rule for the past half a dozen weeks.
Indeed, it may be said to have occurred yes
terday afternoon, after the regular hours Of
'Ofice trading being on a declining scale of
values. The majority Of the local crowd
were on the lookout for a big slump to-day.
Earnest predictions were made that May
would break 81 .02 before the close of business
to-day. The market opened about &c off,
with sales of May at sl.O7}i. The price went
TO $l.0s@1,0s1s, worked back to s1.07H,
where some very large buying orders were
encountered, and a rally to s1.0S followed.
At this point Hutchinson became
"a free seller and values eased
down to the vicinity of Sl.0I15l. Here Hutch
inson turned buyer. That gave the market a
turn-up. For an hour or more the price was
kept around sl,072lml.0s and shortly before
! o'clock it shot up to slOSls, but slowly
dropped back again when the supporting
muscle was withdrawn, and sought a resting
place at sl.0s. The range of prices at which
there was trading in less active options was
as follows: January opened at s1.03, ranged
$1.02@l.03, and closed ut Sl.02SE. June
opened l.04, ranged 81 .040l. 0il{ and closed
at 81 04l4. July opened at 91l4c, ranged 974
d9s1fc, and closed at CSC. December wheat
opened at Sl.OlA, ranged at 81. Ol60lO and
closed at - .0l2l. The ret average decline
for the day was L@$lc. July wheat alone
shows no further shrinkage. The tone of
the market was that of weakness. Beyond
any question, a great lot of long wheat has
been unloadeG during the last two or three
days, and it is equally true that large lines
of shorts have been covered. This was
particularly true to-day Most of the large
~ Ynt a. ntNGn Ill "a att1In hlio / ~ q
both ways. They had great quantities of
long wheat to sell and great quantities of
short wheat to buy in. There is no way of
determining whether any leading lines of
long wheat have been dumped or reduced,
but the impression prevails that there has
been a very general scaling down of the load
that leaders started out to carry. Many of
the greatest bulls made their money on the
bear side and they dislike very much sweat
ing through a deal when it promises to 90
against them-even temporarily. Their
training and natural disposition leads them
to desire to shift the load upon other shout
dCrs until a more advantageous time is pre-
sented for rcsuming it. The consensus of
local opinion seems to be that had it not
been for the support given the
market to-day by the shorts,
prices would have gone materially
lower, though there seemed to be solid in
vestment support at 81. 07W1.07S4. How long
this support could have damned the food,
however, is a question Of speculation that
lullSJ tllldl ullutlcIl lllt L nc lOCil tlIl
ment is still bearish, and bulls are not able to
obtain signal encouragement from the out
side at this juncture.
Corn was stronger early today. The boom
in December corn in New York yesterday
was not forthcoming to disturb values, but
the promised receipts for to-day had again
been over-calculated, and although there
were q few more cars of No. 2 corn in to-
days receipts, the amount coming forward OF
the grade required to fill speculative con-
tracts, continued to be on a limited scale.
Exports were larger, and the movement from
this point continues liberal, The Liverpool
market was steady, and American corn is APP
parenJly a necessity in the European market
this season to a limited extent. The
early strength exhausted itself
when May corn reached 3719c.
The amount of offerings at that figure,
though in small lots, aggregated more than
could be absorbed, and a gradual decline set
in, which was kept going in a desultory
ness done was largely on local speculative
account, and the closing price shows all the
early advance to be lost and a fraction in
addition thereto. May closed at 31@374sc,
tionate declines occurred in the other
futures. -,
Provisions were slow. The day was re-
lieved by the development of n squeeze in De-
cember lard. That article appears to be
under the control of Fairbank and the Eng
lish houses, and though Armour and some of
the smaller packers sold pretty freely. the
demand from the shorts proved sufficient to
advance it sharply. 1t opened at IS. 10, sold
up to SS.45, and closed at $40, or 211&c
higher than yesterday. In deliveries of lard
later than December, and also in other de-
scriptions of the product, the movement fav-
ored the selling interest. Higher average
prices prevailed, and at the adjournment pork
showed a net advance of 219@5c, lard for
January, ana later, of 5@lOc, and short ribs
of 5m1l2c.