Omaha daily bee., 1889-10-25
The SPECULATIVE MARKETS
Three circumstances Cause Wheat
to Open UP Higher.
FIRMNEss IN CORN PRICES.
Interest in Provision Trading Con-
tiDues Unnbated - Cattle Busi-
ness Slow ard Prices Weak
Hogs Also Go Lower.
CHICAGO PRODUCE MARKETS.

CHICAGO, OcS 2A--TSpecial Telegram to
THE BEE. The wheat market opened nc
up to-day On strong cables, prolongation Of
the drouth IN the winter wheat country be-
yond the limits Of safety, and on the develop
ment Of the local bull feeling. December
sold on a basis Of 500 46SO1sc at the start and
then at S0To straight, with May quoted at
sic at the opening and s43sc soon afterwards.
These figures proved to be the outside, al
though the market seemed very strong and
In imminent proximity to u little boom.
Speculative offerings were, however, very
Z free, and values yielded under pressure
slowly at frst-and then with greater pre-
cipitancy. The last hour Of the session was
season Of weakness, and the closing prices
record a decline of 2S6lGc from the hnal
prices Of yesterday, and fully 1c from tho
top quotations OF the morning. Even the
dispatches from Lindblom- that the Farmers
federation in session IN st. Louis would pass
resolution to hold their wheat for 95c-
failed to check the downward tendency.
The market acted as though some of the
farmers had concluded not TO wait for 95c,
but TO let go part of their surplus at lower
figures December eased down to S016c
and shortly after 12 o'clock broke TO so and
subsequently to 795s01799(c, closing at 1890.
worked down to s31s9s3Ilc, closing at s39lc.
The market lost completely all of its early
frmness and the situation looked gloomy to
the bulls. Tho closing prices are within &c
OF the very inside reached on the last 5l5
break. The news was mildly bulish in its
tenor. Cables, as before stated, were
strong, but some Of the correspondents at
tributed 1T solely to the rally on this side,
adding that IL the Improvement did not hold
values on the other side would recede.
The market for corn was firm and near
futures in good demand. Receipts here were
A cars more than had been estimated, and
1920 bushels were received by canal be-
sides. but with the present active and heavy
shipping demand the present rate of receipts
Is not troubling spectators. Reports from
Nebraska were in circulation that the old
corn in that state was becoming scarce and
some credit was accorded to the statement.
Tho Liverpool market was firm and frac-
tionally higher and a good demand by foreign
shippers was reported from the seaboard
Clearances from New York were heavy but
very little was reported from other Atlantic
ports. The strength of wheat early in the
day was credited with some sympathetic in =
fluence upon corn spectators, but when tn g
tone OF the other market completely changed
corn held up fairly well on its own merits.
November started at an advance of 1Sc and
sold up another &c to Bic, but lost most of
this. reactng to 3O94@301sc, and then be-
came steady around 3O1sc, closing there.
Great strength was developed early in oats,
due to tirmness elsewhere and under moder-
ate demand for covering shorts, with May
selling up fully 1sc TO 219s02l94c and bar ely
touching 2l94c. The Improvement was not
sustained, however, as buying orders were
not urgent nor was the actual speculative
trading great Receipts were moderate, bu
Withdrawals proved somewhat Insignificant.
No. to go to store sold at 1Sc and No. .
white for May was nominally at 1890, with
23}Sc bid.
Speculative interest in the provision mar
ket continues unaDated and liberal bust
ness was transacted to-day, especially in
pork. Trading however, was almost Gu
tirely local or between professional oper-
either way. The principal feature
was q sharp break in November pork around
the opening and the subsequent prompt rally
In the same. 1t sold off to S9.5715, or SOC be-
bound went to $3.50. Lard and ribs were
also tending down early, but the undertone
during the last hour of the session was one
of decided strength on the whole list. The
market is unquestionably receiving good
support from some quarter Hog receipts
were little under the estimate and at the
yards prices for the same were 5(G10c lower.
The principal bear feature was increased
packing in the west, hogs being marketed
freely. To-days total for the SIX principal
points was AZ, 400 head, against 3S, 700 head
for the corresponding day last year. Octo-
ber pork broke nominally to $10.45, which
was 6212c below the highest point of yester-
day. January pork declined 121Sc in early
dealings, or to $9.40. The pounding by
Hutchinson was depressing factor for Oc-
tober. Based on yesterdays closing figures,
the net decline was 7161l212c in pork and
5tD713c in lard and ribs. The cash product
sold rather sparingly. Green hams that av-
eraged IL lbs sold for November and Decem-
same average at 01sc and fully cured short
rib sides averaging 80 lbs at So So.