Omaha daily bee., 1888-11-28
THE SPECULATIVE MARKETS.
Dealing in Wheat Was Largely
Among Professionals.
CORN HEAVY AT THE CLOSE.
Provisions Depressed and Lower-The
Demand For Cattle Fair and
Prices Steady-Hogs Slow
-Quotations.
CHICAGO PRODUCE MARKET.

CHICAGO PRODUCE MARKET.
CHICAGO, Nov. 2I-tSpecial Telegram to
The BEE.l-Wheat sold "in Offices" yester.
day afternoon as low as sl.O7, and this morn.
ing it was offered at Sl.O65s. The oficia
opening to-day was S1,07. In reality hardly
a trade was made below 1904, and trans
actions we're not heavy below Sl.05. The az.
vance from S1.O7 to s1.OSlf was compressed
within a period of a very few minutes. Linn
opened the ball by bidding on an exceedingly
scarce article, aud shorts began to inquire
for it, when n discovery was made. The
price kited nc, as stated at the top. Hutch.
inson and other Of the bear contingent sold
freely and the market broFc back under
sl.0S. The next boom carried the mar
ket to s1.09. 1t subsequently re
acted to sl.0s, barely touching it, how
ever, and jumping back above sfOSi1.
For the last half hour the tone was very
strong, and a further advance of Hm2sc was
scored, Muy going TO sl.09ls and closing
there. December ranged from Sl.O34 at the
opening, down to sl.0!H and up to SI.03lE,
closing at s1.03L January opened at Sl.034,
sold up to Sl.04aG, and closed at 81 .0I S. The
great bulk of the trade was in the May deliv-
cry. Full carrying charges prevail now for
wheat, and professional carriers are doing
what they can for themselves. Dealing to-
day was largely among professional traders.
The two parties seem to be more evenly
matched now than they have been yet, and
the daily volume Of business is heavy,
despite the narrowness of the market.
The struggle is very earnest, and the open
interest in the market is unQuestionably
heavy ut this writing. The bull leaders are
Btubbor and rich. The market has gone
against them seriously of late, but they stand
by their guns manfully and refuse to concede
for an instant that their pramises or calcu-
latiOnS can be wrong. The break of 1870 in
December and l0c in May only confirms
them in their opinion, and their refusal to
sell out at any terms offered by the bears is
O source Of annoyance to the latter. A re-
concentration of the large lines of wheat
that were scattered during the early stages
of the last decline from Sl.1S, has taken
place, and the bears find themselves con-
fronted by quite as determined n party as at
any time. They can sell the market down
easily enough, but when they undertake TO
cover, they mecv with the same old trouble,
viz: scarcity of offerings. The bull party
seems TO add a little to its lines on every
break, despite the warnings that are given
continually that prices are artificiall.y high
and must break n good deal further before a
permanent Improvement can be hoped for.
As the price of cash wheat In New York and
Chicago approaches low water mark the mar
kets ut both points perceptibly harden. New
York reports considerable buying of futures
for foreign account, and some correspondents
advise their friends here that wheat could
now be worked for Antwerp, if ocean freight
room could be had. Not much is heard about
it. but foreigners are quietly feeling for
wheat on this break. Talk is also heard of a
reduction of Russian supplies in
the near future, and the foreign market
news is beginning once more to assume a
favorable color. From a variety of sources
IL is learned that the farmers deliveries in
the northwest are rapidly falling Off. Along
some lines they are lighter than ever before
at this season. The receipts at Minneapolis
promise to diminish materially in the near
future. Duluth reports a shipment of over
200, coo bushels to-day, making the shipments
at northwestern points to-day about equal to
the receipts. The stock of contract wheat in
Duluth now is almost nothing, against 250,-
900 bushels a year ago. Sanderson of Mil
waukee reports an inquiry for flour, and
agents at this point are doing considerable
business in u quiet way. 1t is quite certain,
however, that the interior millers who have
been accustomed to buy supplies in Chicago
literally at this season, are dong almost
nothing in that line now, though they may
resume buying later.
The opening Of trading in corn was fairly
active, and first prices were nc lower than
the close of the previous day. December
opened at $3.50, and November ut a premium
of &c over that price, with May at 3S19c, as
1t closed on the preceding afternoon. The
opening figures soon gave way to u lower
range, December declining to 36l4c, and May
to 3S1sc. The receipts were again in excess
of the previous days estimates. The weather
was promising for n continued free move
ment from first hands. Liverpool wa
quoted dull and lower, and railroad freights
ale now staring shippers in the face, in
place of the low rates by lake, which can not
be much longer available. The heavy crop
Is now having more influence upon trade
thar before, and the feeling among
spectators is bearish in tendency.
Trading throughout was fairly large in vol
ume, and considerably over the recent aver
age, but extra activity was brought about
by the efforts of the holders to unload their
property on a very weak market. The feel
ing was heavy at the close, and prices were
near their lowest. November was within
/ l-l6c of December, closing at 364@363Sc,
with December at 364c. May closed at3Skc.
The provision trade experienced a sharp bear
movement. The unexpectedly large receipts
of hogs at Chicago and other points devcl-
oped an unusual disposition to sell. The
opening was heavy, and when Cudahy and
other prominent traders furnished the buy
ers with more property than they wanted,
selling assumed the proportions OF a raid.
The offerings for a good portion of the day
We're, in fact, largely in excess of the de-
mand, and, as n consequence, prices suffered
"a severe break, with only u limited recov-
cry. Based on yesterdays Closings, the dcs
cline actually established amounted TO 300
35c on pork, l0G012hc on lard, and l5c on
short ribs. The best prices of the day pre-
vailed at or near the commencement of trad
ing, and the lowest shortly before l o'clock,
The depression witnessed naturally encour-
aged covering of short contracts, and in a
general way business was quite active
throughout. A large amount of stop order'
and poorly marglned holdings were also I'M
loaded. January and May were, as usual,
leading months.