Omaha daily bee., 1889-02-25
The SPECULATIVE MARKETS,
To-Day's Wheat Trade Disappoint-
ing TO the Bulls.
CORN INCLINED TO WEAKNESS.
Oats Quiet and substantially I'm
changed Show Con-
siderable Strength-Cattlc
Steady Hogs Brisk.
CHICAGO PRODUCE MARKET.

CHICAGO, Feb. 23.--I Special Telegram TO
TnB BEE Wheat was rushed M ION the
curb" yesterday TO $l.l04 for May, on the
"cold wave.n IL opened there this morning
and advanced to sl.lO%, working down, how.
ever, TO 81 09i4, and getting heavy and very
dull as the day advanced. twas confidently
expected that the general public would
rush in greediy this morning with buying
orders, and the tip went out that the bull
leaders were going to take advantage of this
popular furore to boost prices and then get
rid of some wheat. The grist of the orders
was smaller than expected, however, and
the selling of wheat commenced right from
the opening, so that the big boom failed to
materializc, to use a Daldhcaded, but cx
pressve phrase. The market was
in that respect disappointment TO
the pulls. The null leaders were
apparently able TO part with some of their
wheat, and there were well authenticated
reports of sales for their account early in the
day, amounting in all to several hundred
thousand bushels. 1t was also stated on the
authority of more than one receiving house
that considerable quantities of good wheat
are pointed this way from all parts OF the
country, agood many lots coming from Mich
igan and Indiana, and few from Ohio.
for good wheat within reach, though good
wheat sells readily anywhere Baker got
word to-day that 5000 bushels of ordinary
Chicago No. 3 spring wheat out of a lot
shipped last summer, had just beeu sold IN
New York at a premium of 2oc
over May in that market. That
fairly illustrates the esteem with
which the Chicago contract grade is held.
Aside from little quiet selling by the leaders
of the stories of the probable increase in the
receipts, the news was generally bullish.
The foreign markets were quoted higher, and
private advices represent the French as hav
ing been steady buyers of California wheat,
off the coast, for the past ten days, at steadily
appreciating values. The English markets
are unquestionably hardening of late. The
New York advices of clearingS of GOO,0C0
bushels in the visible supply went around.
Chicago also contributed good sized bull
item. IL was TO the effect that vessel room
had been engaged for 25S, 900 bushels of Pa
cific elevator wheat sold last week. and that
the grain was being loaded already. The
rate at which room was chartered was SIC
to Buffalo This news was supplemented
by the authoritative statement that Manager
Harper was shipping out 100000 bushels
by rail in lots of lO,0 600 bushels every other
day, 2O,000 bushels TO go Monday. An in
tensely cold wave seems to have settled
down upon the whole western country. This
has tendency to harden the new crop
values. "A little furry carried the market up
Ne or such matter shortly before ! o'clock,
but the recovery was not held, and the last
phase of the market was that of weakness.
May ranged at 81. l084Gl.09l4 and closed at
S1.09ss. July opened at GG}2QGM94c, ranged
down to 9512 and closed at So uJ52sc.
The corn market was inclined to weakness
to-day on very small amount of business.
The opening was at about the previous rul-
ing prices, but some lots purchased last week
hnyt ant
pressed for sale and We're one element of the
weaker feeling. The receipts were not
heavy, but were again in excess OF the
previous estimates The export purchases
loads, and the clearances from Atlantic
ports yesterday were below the recent
average. The demand for shipment from
here to eastern points was good, as it has
been recently. One vessel was chartered
to-day for Georgian Bay port at 21sc,
including freight and storage. The trading
for the day was small in amount and fea-
tureless in character. The fluctuations were
confined to narrow range, with the closing
prices about l-l6c to sc under Wednesday,
on deferred, and about sc to &c higher
near futures The amount of business done
was much under the recent average. There
was no enthusiasm among the operators out
side of the usual demonstration during the
first five minutes. Charters were made to-
day to take out 23S, 900 bushels of the recent
purchase on Buffalo account. The rate was
SIC, lnCluulnB storage, uutll Juc opening Ol
navigation. In addition to this, 10000 bush
els are being shipped by rail each alternate
day; 10000 having already gone forward
Oats were quiet and substantially un-
changed within n narrow range. There was
an absence of the recent interest III May,
which was slow at 2I&@27}sc, while the
nearer futures We're inactive. June touched
27c and was later offered at that and July
was salabe at &c discount. The receipts
were fair with inconsiderable withdrawals
from store. No 2 TO go TO store sold at 254c,
or about sc Improvement.
The provision market showed considerable
strength. An advance in hogs since Thurs
day, of about l0c, made the operators regard
the situation with more confidence. The
packers and the old bear element were more
conservative than usual in Offering future
products, and as the bullish feeling prevail
ing forced the covering off short contracts by
parties unwilling to let these lines stand
over Sunday, better prices were established.
AS compared with Thursdays closing, the
days final quotations showed an average ad-
vance of 12}9c on pork, SC on lard aud l0c Oh
short ribs.