Omaha daily bee., 1889-12-05
The SPECULATIVE MARKETS.
Wheat Weak and Closed at a Slight
Decline.
A WEAKER FEELING IN CORN.
Oats Irregular With an Enlarged
misunderstanding Slow IN Provis
ions-A Few Cattle Brought
Fancy Prices.
CHICAGO PRODUCE MARKETS.

CHICAGO, Dec. 4.--lSpecial Telegram To
TnE BEE. Although wheat had a very
firm closing yesterday it opened q little
lower this morning, settled slightly, and
after a couple of hours of steadiness at a
small decline sold of sharply, and during
the last hour and a half was Enthusiastically
weak. Local bulls who loaded up on yester.
days advance very generally sold out
wnen IL was discovered that the outside rem
dered reluctant and animportant assistance.
Judging from the tone of the caolcs the edge
Is of the bullishness of foreign markets,
and certainly there is little In the return OF
the shipments from the seaboard 10 inspire a
development OF speculative enthu-
siasm on the long side. Tho north
western movement continues to taper
of, though receipts at Minneapolis aud
Duluth are still large. The total receipts at
all points thus far this week are 700,OJ0
bushels less than last week Tor the same
time and shipments about the same amount
less. This indicates a preparation for going
into winter quarters. Locally no complaint
can be made on the score of falling off in the
receipts of wheat. They keep up we'll and
the quality of arrivals average good. Out Of
PAS cars inspected yesterday 152 graded No.
2. Last year the total receipts only footed
up twenty-five cars (none of these contract)
and the year before the aggregate was 100
cars. Quotations Mt the beginning of bust
ness today were soc for December. SoJsc for
january and S4ISc for May. The opening
prices were the best of the day. The bulk
of trade was In May, which settled TO SI&Ec.
The price got back to S4slc and for a good
while the market seemed firm, with S45Lc as
the top. Shortly before noon the props
gave way and long wheat poured
out on the weak market. The decline
stopped at s31sc for May, soc for January
aud 191Ec for December. The recovery was
feeble, though it proved impossible to force
prices below the range mentioned. There
was a hard fight at SAC for MAY and a big lot
OF wheat was traded IN at that figure and frac-
tionally above. Closings were: December,
age loss of &c on the day. There was the
usual talk about the break being u bucket
shop raid. 1t may have been, but there was
nothing to show it. OF course the bucket
every break, but there was enough long
wheat dumped by the fainthearted bulls
IN tho pit TO explain the decline.
Wheat bulls lose heart very quickly and
every little break develops the fact that the
trude, as Il whole, is still bullish in temper.
There was a weaker feeling observable III
the corn market, partly in sympathy with
the easier tone prevailing in the wheat
crowd. The more potent cause, however,
was the fact of weaker shorts having covered
tnelr lines yesterday and the market had to
look for its support to the bulls, and they
were not sanguine today. There was an APP
pearance of colder weather, and this may
also have acted in the keeping up of the
courage of the shorts. There was consider
able pressure to sell December, resulting in
n drop of &c from the opening prices. Jan
uary was also offered quite freely dow to Sic
but at the latter figure there was a good
deal wanted and the prices steadied at that.
Foreign markets were firm and outsine do
nestle markets were less weak than Chi
cagO. Receipts here were 25G cars in place
of 304 as estimated yesterday. Tho closing
prices were: December 314@313sc, January
8l@311sc, and May 1880. This leaves May
unchanged in value from the previous day,
but December lost from &c to 8Ic and Janu-
airy SO to &c, but was steady at the decline.
There was an irregular market for oats
An enlarged business was recorded in all the
futures named below, with values tending
slightly higher in spite of the weakness
present in other cereals. Prices advanced
S05sc, the strength being fairly
we'll maintained to the close. May
touched 22is@23c, with January active at &c
discount and December selling at 2216c. Re-
ceipts we're rather light, and cars to 10 to
store were &c higher for No. 2 ut 2O1ac, with
2O9sc paid for round lots.
In provisions there was no particular stir.
Cash buyers made tolerably fair purchases,
but IN a speculative way trading was slow.
Hutchinson was the largest Individual trader,
yet his operations were not sufficient to occa,
SION He confined his buying
mainly to January short ribs and May pork.
The general business fell under the average
and there was no special feature in the
market. Tit feeling maintained its old
strength and fluctuations in prices were un-
important. Compared with yesterday clos
ings were unchanged for December pork and
December and January lard and short ribs.
January pork was advanced DC aud May lard
and short ribs olZc.