Omaha daily bee., 1888-09-13
THE SPECULATIVE MARKETS.
Many Things Contribute to a Strong
Feeling in Wheat.
CORN RULES FIRM AND ACTIVE.
Oats Quiet But Steady-Moderate
Trading in the Provision Pit-Con-
tinued Activity in ~Cattle-Hogs
Fair-Quotations.
CHICAGO PRODUCE MARKET.

MAIh ET.
CHICAGO, Sept. 12.-TSpecial Telegram to
TIE BEE. The wheat bulls had an inning
in wheat today. 1t didn't begin at the
opening, but it lasted nearly all the session.
AT the start there was a great amount OF
wheat for sale, for the outside as well as
local speculative account, st. Louis and
New York being especially anxious TO sell
before the market had a chance to decline
further. They were ccommodated. De
cember wheat sold in great blocks from 904
TO 9024c, and the price did not stop advanc-
ing until it reached 9lNc. A great many
bulls who had been waiting to get in on the
break got in in the morning. The sc break
brought in a world Of buying orders from
every direction. There was a large in
fusion of new blood and accompanying en-
thusiasm. Market cables were dull and gen
orally easier in tone, but never
theless, several sensational items of
foreign news were sprung which had
considerable influence in stimulating the bull
spirit. The first of these was a cable esti-
mating European necessities, over and above
all possible supplies, at lac, 100000 bushels.
The next was a dispatch that the French
crop shortage was officially admitted to be
1l5 DOC, 600 bushels. The third was another
report to the effect that the 'thinking'' the
French government was credited with in
dulging in yesterday had borne fruit today
in a presidential recommendation to the
chamber of deputies for n rebate duty on
grain in view of the crop calamity. The au-
thority to do this is vested IN the president
of the republic, but the responsibility of such
an act is probably more than a discreet exec
utive would care to assume. The last report
was not confirmed, but there is nothing inn
probable about il, aud the French will proba-
bly, come to it sooner or later any way. This
conviction may account for the frequent re-
iteration of late of the stories of
contemplated action in that direction
by that government. Then again there was
q revival of bad news from the northwest.
Dakota, Minnesota and Manitoba were Wis
tied by severe frosts last night. III there is
anything left there that can be hurt it went
last night, tho temperature at some points
being 100 and lee below freezing. The har-
vest returns from the northern part of the
spring wheat country are not as favorable rs
recent bulletins promised. On the other
hand very little wheat is beng shipped from
the seaDoard and cynics are ringing the
bell" on the oft repeated explanation that
the export movement has been checked by
high ocean frcights. 1t is not denied that
ocean freights are high, but the other part of
the explanation is not quite satisfying to the
souls of doubters. But to resume the recital
Of price variations: December wheat paused
awhile around 9l1Gc and sold off little, but it
started off toward 92c at a gallop. 1t touched
that price several times and worked
range the last half of the session
was given at 0lH@92c. The ruling tone of
the market was strong. From the moment
the upturn commenced buying was of a good,
substantial character, and confidence was re-
stored to the bulls very easily. 1t is under
stood that several leading local operators,
who have been conspicuous raiders from
9514c down, covered yesterday afternoon and
this morning, and went the other way.
Hutchinson was again buying on a liberal
scale. Indeed, the whole floor sentiment
seems to have undergone q marked change.
Receipts of winter wheat continue to fall off
and spring wheat receipts to increase. The
range on May wheat was 95@96hc, and the |
O'Clock range records an Improvement of 1c
over yesterday.
The corn market was fairly active for near
futures, and tolerahlS firm and steady, clos
ing with No. 9 and No. 9 yellow a shade
better than yesterday, and low grades also
firm. Seller September closed about &c
better than last night. and October about nc
better. Long futures were firm with May
about &C higher. The cash demand con-
tinues brisk and the reduction Of SC per 100
lbs in rail freights has had u strengthening
influence on cash grain. Business in near
futures was active but without any new
ltdIuTt, WullC OllS WSICa lSO dIllcE
firm. The whole fluctuation in October was
only &c, and in May &c.
Oats were quiet, and while the aggregate
business recorded was only moderate, there
was q general tirmness Characterizing the
trade. As was anticipated, receipts were
rather light, and under light demand from a
few shorts who were covering, near futures
ruled 4@4c higher. Deliveries beyond
October were dull until May was reached, in
which there was fair trading at substantially
UNCHANGED pricpS within ranges Of Oso<G0
2SAc. Cash oats on the regular market We're
quiet but about sc higher at 24I%c for No. 2
in store, with fair business noted in the sam
PIE market.
At the morning provision call sales were
$3.50 barrels of pork, 1880 tierces of lard and
10000 lbs of short ribs. In the pit the
trading INDUCED in was only moderate in
Volume. Fair interest, however, was shown,
and, though averaging easier, the market
was able to commund good support. Fluctu-
ations were also confined within a rather
limited range. Based on last nights final
prices, closings at | O'Clock were unchanged
fercnt deliveries of lard, l0c lower for Oc-
tober short RIBS, 12lSc lower for November
pork, nc lower for January pork, and 211c
higher for January short ribs.
AFTERNOON SESSION. Wheat was irregu-
lar and easier. December sold up to 92bs@
@Ac, OF to 9lssc sparingly, closing al
gl3l@91Ec. September, 9O1ac; DC
tober, 909sc; November, Ole. Corn, quiet
and easy; October closing about Nc lower
than at | o'clock; September, 45$6c; October,
45lsc, November, $3.50. Oats were in mod.
crate request and steady; September, 243sc;
October, HH@2i%c; November, 249kc; year,
2iasc. In pork there was no trading; Sep
tcmbor and October closed 216c easier than
at O'Clock, and January unchanged; Sep
TENDER, Sl4.31H October, slt371e November
Sl3.91H. Lard strong, and for October 21SC
higher, and for January 2hc easier. Other
deliveries were nominal. September, S9.g7b
October, $685.; November, 500. Short
ribs, quiet, steady and without quotable
change; September, $50; October, $50.
CHICAGO LIVE STOCK.