Omaha daily bee., 1888-12-29
THE SPECULATIVE MARKETS.
Wheat Generally Stronger, With
Some Improvement.
CORN IN A BETTER CONDITION
Oats About the Same as Yesterday
Considerable Interest i'm Provis-
ions-Cattic Again on the
Ragged Edge.
CHICAGO PRODUCE MARKET.

CnrcAGo, Dec 2s.-[Spccial Telegram to
THE BEE The Chicago local wheat market
was bulled about lc--largcly on the publca-
tion in the Cincinnati Price Current that
there is surplus of only about -. 100, ,0J0
bushels of wheat cast of the Rocky Noun
tains remaining for export. There is nothing
new or startling in this estimate. 1t is in cx-
act line with numerous previous calculations
In the same paper and is in harmony with
the news of the daily business and the best
Individual estimates of the probable export
able surplus. Nevertheless the announce
ment seemed to produce something of an i'm.
preston on the trade today. Probably it
was only incidental, but it afforded the crowd
in the PIT the easiest explanation OF the rally,
and it was accordingly mentioned as the
prime cause Incidentally, too, the reported
taking Of eight loads of wheat for Baltimore
and Philadelphia was chronicled as verygood
reason why wheat should be higher at once.
Very little was said about the drying up OF
the western receipts, and the rapid inroad
that is being made into the stocks of Hour,
and the abnormally light stocks Of contract
wheat, or any of these stale points, The
crowd felt bullish for the day, and the scalpers
bought in very much the same spirit that they
sold IN on Wednesdays slump. The market
seemed strong today. The opening trades in
May wheat were on blsis OF Sl.O5 The
market sold up to Sl0Jl4, down to SlOlas,
up to SlO4js, down to SL0ll5, up to .Oi3I,
sharply down to Sl.u4l 3. from which point it
worked up to Sl05 then to Sl0j13. off to
Sl.O5l4, up to Sl.05%, off to 81 05ii, and back
to SlO59S. The latter figures seemed to be
the principal fighting line from II TO |
o'clock. The close was $l05l5. There was
almost nothing done i'll December, the only
quotation up TO noon being 81. January
opened at 99Isc, sold off to gSISc, up to 81 UU1s
and closed at sl.OO. July was inactive rang
ing from 95c to 96'sc and closing at 95&ic.
The closing range shows some Improvement
from yesterday, aud the feeling may be de-
scrlbed as generally stronger. December was
quoted at 09$4c at the close Hutchinson was
Il steady buyer on a rather extensive scale.
The covering of large line by Poole, sup
possibly for Kent's account, turned the at
tcntion of "A great lot of the smaller shorts to
The advisabiliJy of doing likewise This
covering was general. Then there was
lively scalping trade on the bull side and
large investment buying by the commission
houses and by the brokers, who have become
more or less identified with the movement of
the recognized bull leaders. Early in the
day there was free selling of wheat, com
monty believed to be for the northwest. 1t
was that which caused the break to Sl.0i1s.
If the price had gone below SlOi, some very
broad and deep buying orders would have
DCtu SUIuth. AS ~ was, DuSIllS was VI IL
very good character, and stimulating
in its influence. The foreign news
was not especially significant. The
foreign markets are steady, but the arrival
of several cargoes from California off the
coast, has advertised the fact that the regu-
lar supplies from that source may be eX-
pccted at the rate of 2,OOO,O00 bushels IL
month, until next spring. That will not fill
the European cavity, but it will help out
The continental markets are stronger than
the ENGLISH markers. and some DnSlnpSS
futures for the continent is reported from
New York.
There was n slight infusion of life into the
corn market after the weak and spiritlcss
beginning, when to-morroW's estimated re
Ceipts were placed at only 13O cars. The re-
celpts to-day were ten cars under the antici
pated number, and good demand was cX-
perienced for offerings on the cash market.
There was altogether a better tone to the
market and more confidence among buyers
than has been seen for a considerable time.
1t was not so exclusively controlled by local
influences, as has lately been the case, the
outside business on the investment side of
the market being more conspicuous and to
greater extent. The clear frosty weather,
while it will probably increase the proper
tion of No 2, will put all grades into better
shipping condition, thus imparting more CON
tdence to handlers. To the covering by the
shorts some of the strength was certainly
iuo, hut what appeared to be more lasting
Influences were also present The closing
PRICES SHOW All Improvement over IUOSo pre-
valing at the corresponding time yesterday,
Of from &c to 14c and the feeling was firm
10 the close.
The course of the oat market was much the
Same as that of yesterday, with only fair
aggregate trading in a speculative way at
nearly an unchanged range of prices May
opened steady and was sold down fully &c
10 2S16c, recovering later under the buying
on the part of the shorts, and ruling steadier,
with the near months dull, though frmer
AT the inside prices thore were few sellers,
and there seemed to be fair inquiry at me-
dium figures.
In provisions considerable interest was
shown. The new business transacted on
speculative or distrbutve account, was quite
moderate, but traders were busy changing
over their January contracts to May. The
differences between these months were also
widened somewhat AT the close May
commanded n premium over January of 4116c
Tor pork, 714pl0c for lard, and 200 for short
ribs. In general trade the feeling was lit
Tie hearsh and the days closngs showed
decline of lO0li52c on pork and 2160i16c on
short ribs Lard was unchanged, to 215c
lower.