Omaha daily bee., 1888-11-25
The SPECULATIVE MARKETS.
A Bearish Tendency is Apparent in
Wheat.
CORN OPENED WEAK AND LoweF
In Provisions the Feeling Was Quite
Strong-Cattio Steady and VAL
ues Slightly Changed
Hogs Firm.
CHICAGO PRODUCE MARKET.

CHICAGO, Nov. 24.-lSpecial Telegram to
The BEE. Wheat opened this morning
about lc W than 1t closed yesterday. with
sales of May at Sl.09i su1 .Ug5I. The Official
opening was SiOJja, but there were only a
few trades at that. The market advanced
promptly to S1,09X. 1t acted firm at 81. OgS..,
but gradually yielded to the pressure put on
by the bear party. The decline was very
slow at first, but the down movement gath
cred as fractions dropped of. Some of the
big operators jumped in and pounded away
at the market in vigorous style. Place, the
Pittsburg plunger. made the most noise in
the pit, ana probable sold as much as any in
dividual, getting out his line early. Hutch
inson and Ream were also quoted as free
sellers. The latter was a buyer on the break,
however. May wheat broke to 81. 0S i IA 1. OSss.
II recovered to Sl.0SS4 and then about noon
sold down sharply to Sl.07$4, December in the
meantime having gone from Sl.06l5 to s1.04Si
and January from sl.059s to Sl.04. TIL GOV.
ering by shorts and purchases on support
ing orders carried the price Of May up to
Sl.0s5s, but the market did not hold at the
improvement. The tone was weak and the
tendency was TO sell on rallies. A break to
$l.O1A brought wheat to the lowest price
touched since the price crossed these figures
on the up turn, nearly sixty days ago. Since
then the market has been up to sl.23 once,
and to Sl.22 later. The break of l5c may be
considered as a pretty good shrinkage in
values. The bears, however. insist that prices
are yet too high. Bearish influences are
certainly in control ut this juncture, not
only here, but in other markets.
Even in the northwest a great weakness is
apparent, and No. 2 northern sold to-day as
low as 81 a bushel. This grade is not quite
up to our No. 2, and little better tina Chi
cago No. 8. 1t this market the difference
between No. 8 and the speculative grade has
been narrowed to Ice. Millers say this dis
parity is still too grea, and that the differ
ence, on the basis for current quotations for
No. 2, should not be greater than SC. The
weather continues brilliant and the move
ment of wheat in the northwest is large.
There will be a big increase in Minneapolis
stocks this week ana the feeling up in that
section is getting bearish, Judging from the
advices that drift in. New York broke
&c before IL o'clock and closed soft.
The other American markets share
in the weakness shown at the
larger c%enters. and cable news is not encour-
aging to bulls. The raid this morning in this
market brought out a great lot Of long wheat,
and rather shook the faith of some bulls.
Just before the close the market eased off
'uiNn Ay anu viz NioolIG IIoldllch " wa
was Sl.0Sls, December resting at 81. O5, and
January AT 81. O416. This shows a shrinkage,
compared with yesterday, of 2l4c in Deccm-
Der, 2]2c in January, and 23sc in May. The
closing range is about the bottom for the week.
The aggregate Of trading in the pit was large.
The public is not, as yet, taking hold with
the reckless abandon Indicative of a sublime
and deep-seated confidence in the rock ribbed
solidity of the market at these prices. Wheat
is coming in, too fast, and going out
through eyport and taDSumntiOn channplS
too slowly to suit: the popular taste.
The brilliant weather is stimulating country
deliveries. though advices from tho interior
go to show that farmers are disposed to hang
to their wheat like grim death, in the belief
that the prices are going to be very high next
spring. This is especially true OF sections Of
the northwest, and emphatically so of the
large districts tapped by the Northern Pa
cific, where the country'S reserve, tightly
held, are represented to be heavy.
Corn opened weak and lower, in sympathy
with wheat, and as the latter became weaker
after the opening, increasing courage to sell
short was impaired to the local crowd of
SPECTATORS. The opening prices were only
about sc under yesterdays close, except
for November, which is exceptionally |
by the near close of navigation.
The receipts were smaller than had been |
looked for, but in the temper of the operators |
they were quite large enough, and the later
estimates of 5e5 cars for Monday increased
the bearish feelings. TIL trading in the pit
dull and principally on local account, |
but there was a brisk business in the cash
market, at from 1X@l94c under yesterdays
prices, with premiums still being paid for
parcels. No. 3, guaranteed ready for dellv-
cry on the vessels, not later than Monday, |
for Liverpool, remains firm and export in
JURY at the seaboard is good. New Orleans
shipped out $1,000 bushels yesterday, and the
amount inspected out of store here
vas of good proportions The prospect
If. heavier receipts, if the weather
remains favorable, and the improve
nent IN the condition of near futures
caused a heavy feeling to predominant in the
speculative minds. The course of the mar
and the feelings all day was for lower
prices, with closing prices at near the lowest
November closed at 3916c, being 1714c
lnder yesterdays clOsings; December, at
'1I4c, when it closed, is &c lower, and May
1t 3S56@3S$4c, shows a loss Of s@4c for the
or the day.
In provisions the feeling was quite strong,
md trading slow, without any SPECIAL feature;
yet there was no pressure 20 sell and the
changes in the market were limited.
'rlces, however, averaged a little higher,
nd at adjournment short ribs showed an
of 2ll3c and lard and January and
Nay pork of 5@11ac.
<yll1raT,<N pn~