Omaha daily bee., 1889-10-24
The SPECULATIVE MARKETS
Values In the Wheat Pit Take an
Upward Turn.
A SLIGHT ADVANCE IN CORN
Oats Less Active But More Firmness
Exhibited-Good Business IN
Provisions Nothing New
in Cattle-Quotations.
CHICAGO PRODUCE MARKETS.

CHICAGO, Oci. 23--TSpecial Telegram to
The BEE THE wheat market turned up to-
day, which was natural thing to expect
after 5Ikc break. The recovery amounted
70 nearly 1c, large part of which was held
TO the end, though there were occasional fits
OF weakness and depression. The short in
terest generated on the decline must have
been heavy, judging from the action OF the
market, and by the same token II seems
clear that the old speculative long interest
had been pretty thoroughly liquidated, leav-
Ing the market bare OF offerings for the time
being. Cables were rather better and early
dispatches brought the news that consider
able wheat had been packed for export ship
ment late yesterday. Later details made
the quantity sixteen boat loads certain and
four to eight boat loads INDICATED as uncer-
tain. The sixteen boat loads are destined for
Lisbon. The northwest sent In confusing
mass of testimony on the situation in that
quarter. II was asserted with positiveness
on the one hand that farmers deliveries
were falling off and that the effect would
soon be felt in the rail movement, and on the
other, that the large elevator companies
were unanimous IN the opinion that there
was no let-up in sight; that to the extreme
range of their vision and information the
channels and avenues were plugged full of
wheat, the only trouble being u scarcity of
rolling stool. to haul the grain. Receipts are
falling Off somewhat at Duluth and Mime
apolis that Is certan-but the arrivals at
all the enumerated points foot up SOL, 900
bushels, against an export clearance amount
ing to 10000 bushels Receipts at winter
wheat points which started up a week
or two ago are again fall
ing Off The local market was
steady and at times strong, without excite
ment. December opened at 19s4c, advanced
to S04c, reacted to 79s4 >9Tg5sc, rallied
sharply to s03sc, but settled back to S016c,
and during the last hour remained in the vi
cinity Of s0l4c, closing at that figure. May
opened at s21sc, ranged ut S2JS8s3s4c. clos
ing at $3.50 bid October left off at S014c
nominal On the upturn to. day there was no
little covering Of short wheat for local spec
ulative account. Partridge 81 Cudaby are
believed to be the heaviest shorts in the
market at this juncture, and they were cred
tied with good buying. Hutchinson was on
both sides Of the market. There was very
excellent reinvestment buying all morning
on the poor present prospects for winter
wheat i'll the OHIO valley, and on the theory
that the movement of spring wheat must in
evitably slow up in the near future. Tho
navigation season is drawing to close,
and when the lock up comes
and there is less wheat at the seaboard than
usual, foreigners are cxpecled to wake up
and show uneasiness. That Is one of the
reasons given for feeling friendly to wheat
at present prices. The local sentiment is
certainly rather more builish this afternoon
than for some time past although there is u
large and influential party adhering TO the
opinion that the decline has only fairly
started.
Corn was firmer and made another slight
advance Receipts were forty three cars
under yesterdays calculations, and for to-
Of
were the estimated arrivals. There was
another advance quoted from Liverpool and
an excellent demand here for cash Offer
ings. Circumstances were such as to cause
some uneasness, and at times there were no
offerings in answer to bids for the property.
AT 33c for May there were good many
small selling orders for November which
were rather difficult Of execution until the
price got to 3DMc. The amount of specu-
lativ trading was only moderate. The
scalpers were still in control and did the
major part of the trading. October corn
opened at 3018@305sc and neld at 30@sc the
greater portion of the day, closing at that.
May advanced sc and sold principally at
MS the day before.
Oats were less active than yesterday.
though firmer, with May advancing &c from
the close on Tuesday. The posted receipts
fell considerably below the estimate and the
shorts were moderate buyers. The market
was also indirectly affected by the strength
in wheat. May sold at 2l}30l2l &c and DE.
cember was &c better at lSAc, with No.
. cash or seller the month at 34c discount
from that point No. white oats for No.
vemoer were offered ut 2014c and for May at
1880. Stocks were reduced but SO, 433
bushels since the previous report.
There was increased speculative business
transacted in provisions to-day. In pork
rafting good trade was witnessed, as the
trade now goes, lard and ribs attracting
rather less attention. On the general list
the opening prices were not far away from
yesterdays closing range, but under the i'll
fluehce of brisk demand for both Novem-
Der and January pork the market rapidly
hardened, and reactions were tow and uuim-
portant during the forenoon. The decidedly
strong tone IN October product of oil kinds
and the limited trade in it shows plainly
that operators of all classes will be
glad when the months end is reached.
The special feature to-day was the
large buying OF November pork @
Counsulman There was good buying of
January pork under the lead of Cudahy and
Singer. 1t is claimed that the packers are
not anxious to sell pork for November de.
fully $l.00 per barrel on basis OF present
prices for hogs. There was some buying by
gram houses to- day, which would indicate
that there were some country orders re-
ceived The selling of year pork was gem
erally supposed to oe for account of the
clique. After a strong opening November
and January pork moved up 1716(620c per
barrel the former selling to $9.S75S and the
latter to $9.62H. Lard futures were less ac-
tive than for two or three days past, but the
undertone was one of firmness for all months.
October ribs again advanced sharply, selling
up to So. 40. while January ribs improved TO
s4.S2lSfG4S5. Choice brands of cash lard
continue to sell ut q premium of 5@716c
over October. Prices for hogs were 10c per
100 lbs lower and the receipts slightly above
the estimate. AT the six principal packing
points the receipts of hogs aggregated 1000
head, against Al, 800 for the corresponding
day last year. The New York market for
lard was stronger and Liverpool advices
noted steady and unchanged prices for both
lard and bacon. In the local cash market for
the product q fair business was transacted,
sales of cash lard being reported at s6.35@
6.42lS, with green hams quoted 716c and
sweet picked hams at SIC for 100 lbs aver
ages. Dressed short ribs averaging 6s
lbs sold at s.. 27I5. October pork ranged a,
$l0S0@l1.07.S, and closed at the inside fig
ures, or l7l5c lower November pork closed
zoe higher and January and February T18C
higher with year 7l9c lower. October ribs
were marked up l5c and January lard anc
ribs were unchanged.
CHICAGO LIVE STOCK.
CHICAGO, Oct. e3.-[Special Telegram to