Omaha daily bee., 1888-08-04
THE SPECULATIVE MARKETS.
Wheat Continues Strong, but Buy
ing Orders Decrease.
CORN RULES DULL AND LOWER.
Oats Open Firm and Later Score n
Sharp Advance-Provision Nerv-
ous-Little Change in Cattle
Hogs Still Declining.
CHICAGO PRODUCE MARKET.

CHICAGO, August 3.-[Special Telegram to
THE BEE. The grain markets were steady
to.day at a lower range. Yet the situation
seems to be extraordinarily strong, but it is
with difficulty that advances are held. Wheat
is actually selling for less money to-day than
it did at the opening Monday morning. The
week started in wrong end first. The nat
ural improvement was all made between Sat
urday night and Monday morning instead Of
by easy gradations through the week. The
bulls have since been fighting to hold the
ground gained. Still further gains have been
made but not maintained. Nevertheless the
undertone of the market IS apparently strong
as ever and buying is Of good sort TO day
the opening was lower and speculative sentl-
ment weaker on heavy cables. The weather
abroad is rather better, but it Is still unset
tied and both English and continental markets
are sensitive TO an unusual degree. Under
cover of this discouragement there was
steady and, in the aggregate, large buying
here and in New York by exporting houses.
Some of the local houses with foreign con-
nections were sellers early in the day, but
they were buyers later. The buying was
led by local parties, however, Ream and
Cudahy openly espousing the bull side.
Ream gave it as his opinion, based on
private advices, that under no circumstances
could the yield of spring wheat be within 10
per cent of last years when there was raised,
according to government figures, 1856, 100000
bushels. The continuation of unfavorable
weather conditions would, he thinks, still
further reduce the yield from the estimate
given. This, coming from Ream, who is one
Of the last men to place confidence in crop
damage reports, was not without influence.
Practically all the reports from the north
west are cOrroborative of the estimates of a
probably reduced crop. The basis of most
of the reports that are sent out from the
northwest, in which special stock is taken
by leaders, seems to be that which points to
q crop below the average. September wheat
opened at S219c, ranged at S2asMS31sc and
closed ut S2SS(GS2a4c. October opened at
S3c, sold off &c, ranged at sa136S33Sc and
closed ut SIC. December started at IAc,
ranged at S43sWS5c, and closed at "a q 0ns494c.
Final quotations show a shrinkage of &C as
compared with yesterday. 1t is exceedingly
difficult to explain the reason of the decline.
There was no particular pressure to sell, but
the majority of buyers seemed more anxious
to get wheat cheap than they were to boom
things Trade was rather below an average
volume.
Corn was dull and somewhat lower with
out being heavy. There was noticeable
absence of general speculative trade, but in
shipping circles trade was brisk enough
Receivers find plenty to do. Price ranges Of
ing prices work a shrinkage of 40oasc in the
day. Last prices were fractionally better
than the opening.
Oats opened firm and later ruled higher
with August at one time exhibiting an ad-
vance of fully 1c, while extended futures
were relatively less strong, though all op-
tions indicated a fractional gain. Country
shippers evidently prefer to hold back new
oats few days rather than undergo rigid
inspection rules on soft grain, hence receipts
continue light. The advance in August al
the noon hour was attributed to the demand
from shorts who feared retarded move
ment of new oats. September and May were
in fair request at L40l9c advance, and inter
mediate months quiet but correspondingly
firm. The in store market was quiet with
No. old oats quoted at 2S1ac and cash sales
chiefly by sample.
The provision trade was nervous and some
what unsatisfactory. Yesterdays sever,
''slump" upset operators in their calcula
tons and made outsiders reluctant to taxi
hold, and disturbed generally the entir
market. Fair activity, however, character
lied to-day's trading, but the offerings wer
much larger than the demand was able u
absorb and a weak feeling prevailed Price
all around suffered fresh break. and at tn
close of business pork showed an actual de
cline for the day Of 10@15c, lard of 10@l21s
and short ribs Of l5@l1xc.