Omaha daily bee., 1888-07-29
THE SPECULATIVE MARKETS.
A Very Strong Feeling Takes Pos
session of the Wheat Pit.
CORN OPENS STRONG BUT WEAK
Oats Slow and Featureless-Provis-
ions Still Advancin g-No Improve
ment i'm the Cattle Trade
Hogs Continue Active.
CHICAGO PRODUCE MARKET.

CHICAGO, July 2S.-[Special Telegram to
THE BEE. For the second time this week
wheat advanced &c in aday. 1t opened strong
and &c higher on bullish cables and ad-
vanced another 1l4@1&c, ~reacting from the
extreme range of prices, but closing strong
with an important gain as compared with
yesterday. Compared with a week ago the
market shows an improvement of lHc or
such a matter, but the advance from bottom
prices is nearly &c. On the great advance
to-day there was comparatively little buying
by commission houses. The country, by
which term is meant general outside specu-
lative trade, was possessed of a desire to
realize profits to-day, and a great deal of mis-
cellaneous selling vas of that character.
Commission people sold many times more
than they bought according to the state
ments of a dozen or more representative
concerns. The buying was led by Ream,
Cudahy and Hutchinson, and the whole pro
fessional' bear element followed. as near as
could be ascertained. There was also
most excellent buying by foreign
houses; Geddes probably doing more than
any other to-day. st. Louis covered large
lines of short wheat and their covering was,
as before stated, very general. There have
been days when fluctuations in prices were
within &c limitations that more business was
done in wheat than to-day, but times have
been rare when a stronger sentiment had
control. August ranged S0@4@S24c, Septem-
Der SlAMS2Mc and December S2@S4hc. The
close was within &c of the top. After a
strong advance early to SIC in August the
market reacted &c and there was another
&c %reUction from S!4c but the recovery was
irresistible. A small increase IN the visi-
bic is anticipated, some putting it as high as
sec, 600 bushels.
thing else doomed. In started off in step
with wheat, August going from 453sc to Acc,
September from 45c to 454c and October
from 4425@4414c to 45c, but the pace was too
rapid. 1t bolted and then it turned down,
and kept on going down, closing prices show
ing a decline of nc as compared with yester-
day. The range was l@l4c.
Oats in common with some other cereals
failed to respond to the advance in wheat
and ruled heavy and slow with most new
crop deliveries exhibiting q fractional de-
cline. There was only a moderate demand
for seller the month which sold down late
from 3Oc to 29hc, while new crop deliveries
were without special interest, ruling weak
through lack of support. Outside order
business was unimportant and traders were
evidently in something of Il waiting mood.
No. 9 in store was dull around 243Ic or nearly
the same as seller July while the days bust
ness in cash oats was chiefly by samples.
Provision maintained it's late record of
daily advance. Another upward turn in
hogs which continue to come forward spar
ingly strengthened the bull side and occa-
stoned a general rise in values. In pork the
appreciation established based on yesterdays
closings was 15c, in lard 2H@5c and in shor!
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