Omaha daily bee., 1888-10-25
The SPECULATIVE MARKETS.
Wheat Opens Strong But Grows
Weak Toward the Close.
CORN DEALERS BREATHE EASIER.
Less Fear OF NEUTRALITY-SUSPICIOUS.
Steady but without Special Feat
ure-Provisions Slow-Prime
Cattle Scarce-Hogs Active.
CHICAGO PRODUCE MARKET.

TIE BEE. If the wheat market had done
as the majority Of traders wanted IL to do it
would have broken to-day. But it didn't
that is, not until the tail end Of the session.
There were weak spots, and early In the day
the whole list was nc under yesterdays
closing range, but q general rally followed
and prices averaged considerably higher
than yesterday, taking the day through,
though a little furry shortly before l o'clock
caused a break to the extreme inside prices
Of the session. The controlling sentiment
was bullish, and the news, as q rule, inclined
that way. The market owed a good
share Of its early strength to ad-
vices and orders from the northwest.
Receipts are falling of sharply at northwest
cru points, and a seemingly earnest and com
petitive demand from millers advanced
prices over recent figures. Duluth and Min
neapolis led US to-day, and several operators
of the ''professional" list got themselves in
line with the news from the very start.
Winter wheat markets ruled steady as q
general thing, though they were not in
hearty sympathy with the development OF
strength at this point. Gables were steady,
but foreigners are not yet aroused to see the
necessity Of reaching out for American
wheat at these prices. Receipts at winter
wheat points are also falling of and the
indications point to the conclusion that
The local range at the opening, this
morning was &l.14 for December and s1.l3
for May. December sold down to Sl.13A
and May to sl.12&@l12al. From these fg-
cember and q .l4I for May. Later, on a re.
action Of 1c, the May discount disappeared
and the two active months ranged close to-
gether and did not get far apart up TO the
-. - Y 20 ,.,aa. ,rp rr N rtn In IN nf
nc in December and about Nc IN May. The
ANAL break affected December more than
May, and closing quotations show May and
December nc apart. The volume OF specu-
lative transactions was larger today IMAM 1or
some time. More interest was shown in May
and the friends Of wheat who hesitated in
operating in the delivery on the ground that
1t was in danger Of being manipulated are
turning their attention to May on the theory
that il wheat is cheap property for Deccm-
Der, MAY, at the SAM price or near il, should
present superior inducements ION merit"
The market hardened after the break late
Ia the session to 81. 13H for May and 81. 1870
1.131 for December, and for a few minutes
II acted as though il were going up on the
back track. Between I and 1:15 p. m, how
ever, the market was subjected to u sudden
selling pressure that caused a continuation
Of the decline, and values closed around the
bottom. The tone of the market for the last
half hour WAS in sharp contrast to the tone
during the greater part of the session. 1t was
decidedly q weak state OF things supposed to
have been produced by the efforts of local
people to unload wheat they had bought
earlier in the day and while the market was
slowly and seemingly working its way up.
Corn started in weak with the fear of man
ipulation seemingly less in the minds of
local traders, who were free sellers OF No
vember. The party heretofore credited with
designs inimical to the prospecting OF short
sales for November, held aloof from the
market in the morning, which was the chief
incentive to the freedom with which Novem-
Der was offered for sale. Later deliveries
sympathized with the early weakness in the
November future, but at the resulting de-
cline there was q good demand for May.
The corn market recovered for a time when
wheat had an advancing appearance, but
when weakness again began to declare itself
in that cereal corn once more sought a W
level and closed generally lower and weak
for all futures, the exceptions being May
and January, which closed today about
where they left of yesterday, May being
over lice better than yesterday. Tn clos
ing prices Of the most active futures were:
November Ale, which Is &c lower than yes
terday, December 39ss @3011c, which is Lice
under, and May at 3S&W3STc, 1-!6c over
Tuesdays closing rates.
Oats were without special feature, sharing
the general quietude of the other cereals and
ruling nearly steady. A light inquiry for
December around 25c was noted, with trad
ing chiefly in the May option, which sold
within yesterdays narrow and unimportant
range. Receipts were only moderate and
the estimates for tomorrow small, and while
there was an absence Of interest in a specu-
lative way, cash met with fair sales. No. 3
in shore was offered sparingly, selling at
24Hc, or the latest previous prices, with trad
ing mostly by samples.
The provision trade was slow and without
special feature. "Old Man" Bloom sold some
January pork, Hutchinson was q moderate
buyer of the same future, and with the gen.
eral run of operators there was more dispo-
sitIon to even up than to make new contracts.
Trading, all told, was considerably under the
average volume and the market was too mar
row to command any outside ATTENTION to
speak Of. Still prices were held compare
lively steady and January pork and short
ribs at the close were quoted at yesterdays
last prices. October pork at the close showed
o decline of sc, October lard of l5c, October
ribs of 2Oc aud deliveries of lard later than
October Of 211@5c. November and year
pork closed at an advance Of 211ac.