Omaha daily bee., 1889-01-08
The SPECULATIVE MARKETS.
Wheat Took an Up-Shoot and
Closed Strong and Higher.
CORN TAKES A euLLlsH TONE.
Oats Dull and Stcady-Thc General
Provision List Active and
Strong Hogs Were Brisk
and Higher.
CHICAGO PRODUCE MARKET.

CHICAGO PRODUCE MARKET.
CHICAGO, Jan. Especial Telegram to
TnE BEE. The wheat market developed con-
siderable genuine firmness to-day. Several
things contributed to this end The early
cables were not particularly encouraging,
but the private advices that came later in the
day, almost without exception reflected a
stronger tone abroad, due TO the unfavorable
weather, smaller deliveries, lighter ship
mcnts from India, and the general statistical
outlook. The visible supply statement
showed decrease Of about 400 600
BUSHELS which was the principal
piece of bull news up TO l2
o'clock Then a report was received from
Prime that winter wheat was in critical
condition, and that exceptionally fine weather
would be necessary TO insure good crop.
This added TO the bullish feeling. Bare
wheat fields in the middle of January are not
conducive TO the growth of bearsh scnti-
ment. This is one of the features that is at
tracing increased attention. Toward the
close Miiwaukee reported an export
Hour and last, but not least,
there was a first rate general buying all
day by strong local people, Fairbank lead
ing. The two George Smiths and their fol-
lowings, Linn, Cudahy, the Dunn following,
and most OF the large houses, were steady
purchasers. Hutchinson led the selling
party, and attempted several raids, but
without doing anything except TO force TEN
porary depression. The friends OF wheat
exhibited courage and powers OF absorption
not shown for many days past. So strong
was the undertone that was developed that
Hutchinson during the last hour and half
desistcd from further drives, ana from II to
] o'clock the course Of values was steadily
upward May wheat opened at Sl03Jz, and
for a considerable period the price ranged
between Sl.O3N and Sl.Oi4 with quotations
mOmentarily sc outside OF these extremes
both ways. When it became apparent that
there was going to be a decrease in the visi-
bic supply instead of an increase, the price
shot up to Sl.04l2, at which point Hutchinson
sold large quantity, and the price worked
back to Sl.0i. After the figures were posted
the price was broken from Sl.O42s to Sl.O37S,
from which figure it climbed with only an
occasional setback to Sl.05b b@l054. Dur
ing the last twenty minutes the scalpcrs
realized freely, and the market 'tgiggedn
back little, but the undertone remained
firm to the close. January opened at 9SJ$c
ranged to 9S5GM$l.00. and closed at 901Sc
July opened at 04}sc, ranged from 9iS4c to
Sic, and closed at $3.50. May closed at
oil cold wave gave the market its final bull
twingc. The news from the northwest
looked both ways. There was very little in
the way of market gossip from the eastern
points, but the prevailing sentiment seems to
be turning quite strongly in the direction of
Improvement.
The corn market was sluggish, but fairly
steady iE price. The receipts were satisfac-
tory, but inspection showed small proper
ton of No. 9. There was noticeable i'm
provemcnt in this respect however, reported
from New York, the proportion of No re-
ceived at that point having suddenly ad-
vanccd from IL per cent the former aver
age, to ~ per cent to-day. Export clearanccs
continue on u good scale, and about 100 900
bushels were bought in New York by ex
porters to-day. Although the amount of
l.,,rtt oil 10
generally favored the bull side.
There was some hesitation when
1,GI3O0O bushels was posted as increase
to the stocks in sight, but the activity and
tirmncss in wheat made the shorts somewhat
anxious, and in their efforts to cover, the
market became stronger ana more active,
particularly i'll the last five minutes of the
session, when the highest figures of the day
were reached. Closing prices are about &c
higher to-day than Saturdays figures, and
firm feeling prevailed to the close.
Oats ruled fairly active early, with que
tude tending to dullness later. The feeling
was .irmer under less pressure to sell, and
it was thought that some of the recent bear
operators had withdrawn. There was a
slight decrease in both the visible supply
and the local stocks, though the posted re-
ceipts were fairly liberal, containing about
II per cent of contract grades. May
firm to 1400akc higher, with near futures dull
AT recent quotations. No. in store in
fair request and l5@4c higher at 24S4 4G024 &c
Hc WlIHuTuNalS from StOFe were SO1O
bushels!
The general provision list was active and
strong at further advance in
prices. The market was decidedly
more bullish in tone than at any time since
it began TO show hardening tendency, and
tO-day's advance which amounted to 20(l25c
In pork, 23M113c in lard and 121[GUl5c in
ribs, was fairly maintained to the close.
Speculative offerings were only moderate,
and the demand from the shorts was quite
urgent. That those outstanding are becom-
ing anxious to cover is apparent in view of
the undertone of strength developed of late.
In the early dealings Wright was the largest
individual seller of pork, while brokers sup
posed to represent Armour, ana others be-
lieved to be operating for Ream, were the
largest buyers. The local crowd very
generally appear to be working on the
theory that substantial Improvement in val
ues will be witnessed in the near future. Ex-
pectations for n continuance of the light
receipts of hogs and the good weather for
packing operations is equally general Trad
ing was again chiefly in May optons,
though February and March lard
and ribs received considerable
attention. The opening figures were some
what above Saturdays cosings, and the
market advanced quite sharply early, May
pork selling up from Sl345 to Sl3 G5Q0l3G1]1,
together with the same option of lard from
S7.65 to SI1212, and ribs from q. 10 TO S7l2lI.
Prices hung steady for time at the ad-
vance, and later May pork improved to
el312I!, but during the last half hour a re-
action carried pork down 15c and lard 5GB15Sc.