Omaha daily bee., 1888-11-09
The SPECULATIVE MARKETS.
Wheat Rules Strong Until Just Be-
fore the Close.
CORN ENCOURAGES HOLDERS
Better Feeling in Oats-Provisions
Again Exhibit Considerable Firm.
ncss-Cattle Fair--Hogs
Weaker-Quotations
CHICAGO PRODUCE MARKET.

CHICAGO, Nov. Especial Telegram TO
THE Be The market averaged higher to-
day and IL was one of strength and buoyancy
until toward the close, when prices turned
down sharply. The market closed soft with
about all the Improvement lost. The open
ing range was ]4G94c over yesterdays close,
the principal cause Of this being the export
business in New York coupled with bullish
adviccs from the northwest. The export
business that sprung up so suddenly and un-
expectedly, seems TO be sporadic, however,
the seaboard is still quotably above le-
gitmate parity with most foreign markets.
Although business is small, it shows that the
difference between the views of foreigners
and Americans is no longer so wide that it
cannot be bridged. II is not now absolutely
prohibitory. Under exceptionally favorable
conditions, the working" of a quarter OF
million Of wheat more or less for the lists on
account induced free purchases in all mar
kcts by speculative bulls and when that
powder had been burned additional courage
was extracted from the reports that Spain
and Portugal were about to take off the i'm
port tax on grain. This could not be traced
10 an authoritive source, but il was used as
an effective lever for the time being. The
same influences that inspired scalpng ana
speculative purchases caused good many
shorts TO cover here and Ill the country. The
sharpest rallies occurred during the process
OF covering, and when this sustaining ele
ment was measuraby eliminated the market
was in good shape for Bloom, Ream and
other local heavy weights TO pound it down,
which they promptly did. Hutchinson was
moderate buyer on soft spots" but there
were many little circumstances to warrant
the opinion that he was feeding the crowd all
the wheat the market could stand on
''hard spots.n New York got overloaded
on its export bulge and broke off sharply
when the longs undertook to unload. The
advance in New York seemed to be a specu-
lative bulge that couldn't hold. The i'm
provement in the northwest, however, was
more solidly founded Good buying in that
section for millers was reported. The re-
ceipts of spring wheat are not excessive, and
in Minneapolis the blockade of loaded cars is
being reduced. Winter wheat receipts are
light, keeping up to about the recent level
The shipments from all points of accumula
ton are light, but indicative of a continued
milling demand from interior points. For
eign markets are reported better as gen
eral thing, and not quotably higher. Initial
quotations were Sl.l5i6 for December and
Sl.l716 for May. The latter month went to
Sl.lsls, back to Sl1i14, up to Sl.lS&5, down to
Sl.l7@S, up to Sl.lSas and down to $l.l61s,
where it closed amid considerable excite
mcnt, the most serious break taking place
a.
full &c under May at the outset but the diff
ference was narrowed to nothing, both
months being quoted at 81 Is. AT the same
moment an advance i'll December was caused
by the covering of possibly $50, 600 bushels by
Counsclman and others. When this demand
was satisfied December broke back to 81 l6$
and thereafter ranged }30l4c under May
and closed at 81 Ii.
The corn market had many items of en-
Couragement for holders in to-day's news.
Receipts, which had been estimated yester-
day at $40 cars, turned out to be 90 cars short
of that number. The outward inspection
was heavy. Gables were very strong, the
morning was wet and for to-morrow receipts
were estimated at only $50 carloads.
Under such circumstances, with large and
nervous short interest, an advance of &c
over yesterdays closing price for this years
deliveries was hot extraordinary. Novcm-
ber opened at 4l9lc, December at 401fc aud
May at 39l1c. December sold up TO nc
shortly after the opening and more than
once thereafter, but there was plenty for
sale at 4lc and over and there was reaction
from that point carrying the price back 40ac,
but IT remained steady around 401sc during
the greater part of the session. There was
good deal Of activity in the pit at times and
there was an excellent demand for cash corn
by shippers. The closing of the day was nc
under the average price, selling off near the
end in sympathy with tho lower tendency of
wheat ut that time. Closing prices, however.
show good gains on deliveries; November at
higher than they We're at the close OF
business yesterday. but January and May at
3Sl4c for the former and 39l4c for the latter
were unchanged from the preceding day.
In oats there was a better feeling, with the
prices touching A@3sc advance. This was
induced by the generally strong market in
other cereals, together with lighter receipts
in May. There was considerable purchasing
on the part of the shorts in that month.
Near futures were in some favor, with
fractional advance quoted. Cash oats in
store or to go there sold up ;4G13sc, at 245.c
and at 24Mc.
Provisions again exhibited strong front.
Light receipts of hogs, combined with the
Improvement in grain, strengthened the bull
interest in its position and the days prices
averaged higher than yesterday. Still, the
chan ;es shown at the close were compare
lively moderate. Pork for November, De-
ccmber and year rested at an advance of only
q 3W5c, lard for November, December and
year at 219@5c and January short ribs ut