Omaha daily bee., 1889-07-24
The SPECULATIVE MARKETS.
Foreign News the Dominating In
fiuencs in the Wheat Pit.
JULY SHORTS VERY STUBBORN.
The Heavy Receipts Of Corn Met by
AN Urgent Demand From Ship
pers Cattle and Hog
Quotations.
CHICAGO PRODUCE MARKETS.

CHICAGO PRODUCE MARKETS..
CHICAGO. July 23.-TSpecial Telegram to
THE BEE. Foreign news dominated the
wheat market to-day and, as the drift Of
this news was bullish, prices advanced. All
the news from abroad was not that way, how
ever, for William Dunn cabled from Paris
that he could not send orders, adding: "The
French crop is expected TO be over an aver
age; harvest progressing rapidly; weather
unsettled, but not sufficient TO hurt crops"
Beerbohm's report shows an increase OF
1,250, 600 bushels in the amount on ocean pas
sage Per contra, the foreigners are bid
ding for cash wheat for shipment at the sea-
board and most Of the interior markets, ana
foreign spectators are buying futures. In
this market July wheat was run up TO SEC
despite the fact that the receipts were 23S
cars St. Louis only got 100000 bushels,
and shipments from all western points
are on liberal SCALE The trade
was electrified at one time early
In the session by a dispatch from st. Louis
that steamship agents had been ordered TO
secure ocean freight room for 10000 sacks
Of flour. The correction made it appear that
the order was for 1900 and 10, 900 sacks" a
total OF 1903, 900 sucks. This was one of the
exciting incidents of the day. On the
strength of the original dispatch December
wheat was run up to S0%c. On the receipt
Of the correction and Dunn's cable the mar
ket sold down to SO14c, but rallied later and
regained the ground that had been lost. The
market was broad -and strong most of the
session, and there was an active and heavy
trade In the pit. Hutchinson was a conspic-
uous seller every time the market got under
h,a tn,, a hs,,ar II.c Old ha
thought wheat good sale, if for no other
reason than that everybody wanted to
buy. Linn bought in his short
wheat, and Schwartz & Dupee were
big buyers to-day. as they were yesterday.
This was set down by the crowd as "shorJ
wheat" st. LOUIS shorts were also free
buyers. Linn was quoted a convert to the
bull side. Being questioned on the subject
he said that foreign spectators were buying
futures, but he would wait to see whether
the foreigners wanted actual wheat before
he could see his way clear to become a bull.
Don estic crop news is, to his mind, of the
most favorable description. The local mar
ket was very nervous and exctable all day.
December wheat opened at SOH@S03sc, ad-
vancing TO soace, and then heavily
and rapidly down ,,,1 ,.;s, to soc. Soc, The
theu, after a Nc reaction, it went to S09lc. A
decline to s039c followed, and next occurred
a sharp whrl to s0Jsc. The ensuing decline
took the price to S0a, and along towards l
worked seven boat loads in New York, the
market spurted to S11sc Right at the close
1t weakened and closed at S09s9SOHc. This,
however, IS gain of Nc on the top OF yes
terday's bulge. The great bulk OF trade was,
Of course, in December, but there was plenty
of fuctuation in July and September July
especially was subject to wide variations in
price. 1t opened at sO11c, sold of to 791Sc,
interest in whooping July up. while openly
bearish on long futures. There are still
several stubborn July shorts holding out,
and he is evidently bent on scoring them in
If the thing can be done. July
closed at size, or 11sc over yesterday.
September opened at 7s]<c, ranged at $3.50
79l4c and closed at 7S1sc, a gain on the day
OF 3<c Domestic crop news is good. The
wheat country continues to interfere with
the movement of new wheat. That is an i'm
medately bullish factor in the minds of
spcculators.
The receipts of corn, although heavier
than yesterdays estimates, were met by so
urgent demand from shippers that they
were powerless to stop the upward tendency
which their quick absorption produced. The
firm tone of the wheat market also tended to
make the shorts uneasy, and the continuance
OF rain in sections, where too much for the
good of the crops had already fallen, also in.
duced some covering. The quantity on ocean
passage decreased 800, 900 bushels since n
week ago, and export inquiry was active
at the seaboard, with orders here also for di-
rect through shipment. firm feeling was
maintained until near the close, when some
slight wavering was experienced on wheat
selling off about that time, and steady
feeling at the closing quotations was the final
condition of the market. July closed Mt SIC and
sellers and September at 3616 G936S6c, which
is a gain Of sc and go respectively since
yesterdays close.
In oats speculative trading was not heavy
and prices averaged firm to 1s@Lc higher,
especially in near futures. But few sellers
some strength to oats, with the receipts of
about forty cars. Buying orders
for September appeared at 228c.
oats for N August sold at s53sc and and for Sep Sep
tember at 2514c. No. 2 regular was firmer Mt
221lc Tor car lots to 60 to store. The with
drawals from store included 92,5oO bushels
Of No. 8 white.
In provisions the feeling was somewhat
easier. Notwithstanding the receipts of
hogs were comparatively light and there was
no great disposition TO sell the product, the
trade presented weaker tendency. Its
friends appeared to be indifferent to its
present course, or unwilling to give It direct
support and from the start an unintcresting,
rs well as featureless state Of affairs existed.
Trading In oil branches Of the market was
also. OF restricted character. The
closings all around were under yester-
days last quotations. In pork tho
days net decline was 71G@g121Sc and in lard
lard sold at S6.25@6.271S and l6-lb. green
hams at Ss4c. Cash buyers made some pur.
chnses OF short ribs ana sweet picked hams
and bellies, but the prices paid were with
held. In a speculative way September mo-
nopclized attention. IL sold from $l1.32L
early down to Sll.l5 for pork, from s637l5
down to 60 S21S for lard and from IS. 721S down
10 1856 for short ribs. Short ribs and lard
closed for September at inside prices and
pork at Slll7H. August ranged at dis
count from September of 5(@i11S C on pork, of