Omaha daily bee., 1888-02-15
THE SPECULATIVE MARKETS.
Wheat Opens With Good Strength
But It Fails to Last.
LOWER FReleHTs pEpRess CORN.
Another Slow Day Experienced in tho
Provision Pit-Cattie Fail TO
Show Any Advancc--.Gen-
eral Quotations.
CHICAGO PRODUCE MARKET.

CHICAGO, Feb IA Special Telegram to
the BEE. The first Liverpool cable quoted
spot wheat firm, with an upward tendency.
Exports of wheat were fair and a cold wave
was predicted and beginning to be felt ',is
traders came down town this morning. It
might hurt winter wheat. AL these things
combined to make a strong opening in the
wheat market this morning, but IL did not
last. There was somc talk that the effect of
the cut in storage rates upon futures had been
misconstrucd yesterday and that the lesscning
of the premium ought to result in depressing
futures rather than advancing them, ire
spoctive of the situation in other respects. AT
any rate local traders, who had bought wheat
in anticipation of an advance, began to take
their profits and very soon began to unload,
whether they had profit or not,
and prices dropped &c before the
decline was stopped. Prices in
New York were declining somewhat and for
eigncrs were said to be selling there. How
ever, AT the decline there appeared TO be somo
good buying here and part of the loss was re-
covered, but there was no very urgent de-
mand and the bears gained fresh confidence
from the fact that all the bull news of two
days had not resulted in any substantial gain
and they sold the market down again. Tho
after selling at Slasc straight the price
worked down to SOJsc, advanced to 81 &c, fell
again to Sic and improved 11sdl4c, which
was the O'Clock close. June wheat opened
at S1M@SlTc, sold down to size and closed
at O'Clock at SlMcMSlAc.
The big cut in freight rates from the west
was the only thing talked about by the corn
traders this morning, and it was a strong
enough influence to deprcss prices at one
time &c. Accordingly the bears made a raid
and drove Drices down with tho pxpnctution
of long corn and stop orders, but in this they
were disappointed. Then followed partial
reaction, another break and another
smaller reaction, with the final result on the
mornings trading Of u decline of 1a0Ac
from yesterdays closing prices. May corn
opened at 5l4c, fell to 50560D5O94c, advanced
to sic, fell to 505sc and advanced to 50Lc,
where it closed ut l o'clock. June corn
opened at 81 4 s0p5l &c, sold down TO 505Sc aud
closed at O'Clock at 5OLc.
Fluctuations In the speculative oats market
seemed to follow those of corn pretty closely,
although the decline suffered in the morning
trading was not so great. First sales of May
oats were at BIZ and then the price fell to
3lssG3l19c, advanced to 3lA@3lkc and fell
TO 81 &c, which was the o'clock close. Juno
oats opened at SIC, sold down to 3l9Sc and
closed at 3l$4c. August oats ranged from
3O1lc to 293sc. This was the first trading in
that delivery.
In provisions another slow day was expe-
rienced. Cash trade was limited and in IL
speculative way the trading failed to show
any Improvement or change. The light future
business transacted was mainly on local ac-
count and the only feature developed wus
the continued buying of pork by a house sup
posed to he leading the long side in that ar
ticle. In the general market strong feeling
prevailed. Based on last nights closings,
pork at / O'Clock showed an advance of 1O(D
12lac and lard of 2Lsc. Short ribs were un-
changed.
AFTERNOON SEssIoS.--Wheat was easier;
opened at slls@Sllc on the split
Corn easier May closing at about 5O5kc. Oats
were fairly active, but weak, and 140p&c
lower Pork was 2lSc easier; May closed at
Sl4.37lf, February and March, $l4.12I5. Lard
was quiet; February S7.65, March $7.87Iz,
May, ST.S2% and June $3.50. Short ribs were
quiet; February and March $I.371S, May
x7.55.