Omaha daily bee., 1888-03-11
THE SPECULATIVE MARKETS.
Narrow Fluctuations Mark the
Trading in the Wheat Pit.
A NOVEL MOVEMENT IN CORN.
An Alleged Shortage of the Visible
supply Has the Eject TO Weaken
Prices-Oats Duil-Gen-
eral Quotations.
Ch,capo Produce Market.

CHICAGO, March ~10.-TSpecial Telegram to
the BEE. 1.-The wheat market showed some
strength early in the session and even ad-
vanced &c above the opening figures, but af-
ter that the market sagged slowly for awhile
and then a little faster when the knowledge
of the government crop report was dlssem-
mated. However, a majority Of traders re-
fused for some time TO believes that there
was any crop report, as it was generally un-
derstood that none would be issued before
April 10. But the report came through the
usual channels and bore internal evidence in
its style of composition of its authenticity.
Still there were doubters and more who
questioned its accuracy. The fact that there
were 10000, 600 bushels more wheat in farm
ers' hands than on March lst, 1887, made so
decided a change in the situation and was so
far from the opinion generally held that it
was not easily credited. The effect, how
ever, was depressing and prices fell another
Ac because Of it. But the bears were not
pressing their advantage. The local scalp
ing shorts had to 'even up''
for Sunday, and the small decline
was nearly all recovered before
the close. Trade was at no time very large,
and with the exception Of som free
selling supposed to be for New
York account, early IN the day, was largely
local. May wheat opened at S05fc, advanced
to S0Ec, then gradually declined to S04c
with some recovery before the close, which
was at sos @s016c. June wheat opened at
slc, sold up to size down to s02sc and closed
at S0&c.
The course of prices IN the corn pit fol-
lowed those IN wheat very closely. There
was a slight advance early, but this was fol,
lowed by a continually sagging market until
just before the close, when there was a little
recovery. The government crop report, al
though it showed nearly 100, 000,0 900 bushels
less corn in farmers hands than a year ago,
was taken as a bear argument, the bear
theory being that with prices so much higher,
and no greater shortage than thus indicated,
there was no reason for expecting higher
prices. In fact, the report caused more weak
ness and a greater decline here than in
wheat. Trade was not large, however, and
the shorts taking their profits before the
close caused some reaction. May corn
opened at $3.50, sold up early to 52T
@53c the gradually declined to above
5216c and later fell with great rapidity to
5211sc, recovered a little at the last and closed
at 524@52ssc. June corn opened at 1890
sold up early to 52%c, declined TO 521Sc and
closed at that price.
The speculative oat market was dull and
without special feature. Prices declined
somewhat following the lead of the other
grain markets. May oats opened at 3lhc,
sold up to 31L@31%c, down to BIC and
closed at 314@3l5Sc. June oats opened at
3lA@3lssc, sold down to 3l4c and closed at
3l4@31ssc.
In provisions the week closed with a strong
market. From the opening to-day the feel
ing favored the bull side, and in some in
stances higher prices prevailed. In a word,
trade, If anything, exhibited an advancing
turn, though lard and short ribs closed prac-
tically unchanged as compared with last
nights quotations. Pork sustained an APP
probation of 2}9c. Cash product was in
better demand, and in a speculative way a
far activity was witnessed, especially during
the morning. For May, the leading future,
pork sold at $l4. 10@l42218; lard at S7.72H@
7.75, and short ribs at S7.25@7.30. Pork for
S7.7214, and short ribs at S1.2715. March
pork was quoted at 1213c, March lard 5@11Gc,
and March short ribs nc under May, while
June pork ranged at a premium of 2H@5c,
June lard SC, and June short ribs 71ac over
Nav