Omaha daily bee., 1889-03-05
The SPECULATIVE MARKETS.
An Appreciable Recovery In May
Wheat.
CORN MORE ACTIVE AND HIGHER.
Provisions Open the Week With n
Buliish Tendcncy-Cattle Slow
and Values Weaker
Hogs Brisk.
CHICAGO PRODUCE MARKET.

CuICAao, March Especial Telegram 10
The BEE The course of wheat to-day was
conformatory OF the theory that the large
holders had not let 90 their grip and that the
heaviest selling Saturday was by the bears
and raiders. There was no pressure OF wheat
on the market TO day except on soft spots
and the offerings then were very largely OF
the kind described and known as "short
wheati-"speculative offerings" the COM
mercal writer's call it--and it is character
ICED as wind" in the parlance of the pit,
When wheat thus used as club was bought
in it was usually at loss. The spirit of the
foreign news was encouraging to the holders
and the rapid consumption Of the domestic
stocks is also consoling to the bulls There
are certain little irregularities in the values
at several markets Of this country that they
would like to see rcconcilcd, but as the re-
ceipts at this and other dear mar
kets in the northwest are not yet
overpowering, the bulls are partially
downhearted, but they can yet see
hope of higher prices The recovery in this
market from the point of extreme depression
Saturday was about &c, May displaying rela-
lively the greatest recupcratve power. The
opening price was Sl.O3$E, with sales immed-
lately afterwards at Sl.O394. II then went to
sl.O3J4, where good supporting orders were
This was within about half hour of the
opening. Fluctuations subsequently were
within range Of sl.O35EGgl.O4A. The mar.
Ret went below 81 CA repeatedly, but it would
not stay there. The average price the last
hour was above Sl.0I14 and generally speak
ing the price was above Sl0i}9. The close
was 81. l.045S00l Oh There was considerable
outside business transacted in wheat but 1t
was chiefly in July. The fluctuations in that
month were from 90S4c to 81 &c. The opening
was 90Kc and the close 9l1sc, or identcaliy
with Saturday. May, on the contrary, was
H0lc higher. Hutchinson was good buyer
early, and seller at ana above
slO43s. vennett & Kent were the most
conspicuous ana the largest buyers of
the session The New York people were
also in the market on moderate scale on
the same side. The crowd is probably quite
as certain to-day that the Fairbank party is
in wheat as it was Saturday. That the Fair
bank party mad dumped its load. 1t now re-
mains to be seen if the major part of the
short interest is net represented by the
actual wheat located within deliverable
distance of Chicago. That belief is held by
well informed men.
The market in corn appears to be gaining
more interest for the speculative element,
and was to-day active. measured by the eX-
treme dullness of two weeks ago. The
foreign markets were quoted steady, al
though prominent shipper received dis
patch from Liverpool in answer to his in
quiry as to the selling value of Chicago No.
q
as equivalent to soc, while it is claimed that
the cost at to-day's quotations here would be
51hc laid down. There was good shipping
demand Notwithstanding, and plenty OF eX-
port buyers in New York and Baltimore and
better feeling here also. An increase of
only 31l 900 bushels in the visible supply was
regarded favorably by the bulls, and only
about per cent Of to-day's receipts being
inspected INTO No. grade, was also in favor
of that side of the market and caused some
covering by the shorts. The tone was firm
throughout, but there were no new features.
The local operators still continue to be the
principal dealers. The closing prices to-day
were from nc to &c in advance of the cur
rent values at tho corresponding time last
Saturday.
Oats were quiet but stronger with a mod
crate trade in May and June. The opening
was steady, but owing to the desire to pur-
chase on the part of the shorts and the rather
light Offering in May was gradually pushed
up 46D34c to 2i4c. There was but light
trading at the outside and with the urgent
buying orders satisfied the market fell back
a point or two, with June at about &c dis
count and the other months dull. There
was moderate demand for No. 9 oats to go
store at 25l50D253Sc.
The provision trade opened the week with
bullish tendency. There was no marked
increase in the trading, though the business
transacted represented a larger amount of
outside buying than for any day for some
time past. The large shortage in winter
packing combined with the good Consump-
tive demand and the export movement, on
the reduced stocks for the season. is evil
IDENTIFY working revolution in the general
feeling regarding the market Outsiders are
beginning to favor the longs in their opera
tions while the professional bears consider
1t advisable to act conservatively for the
time being. The changes witnessed in the
prices We're all on the side OF an advance. In
pork the appreciation established was 22l G0
25c; in lard lOc, and in short ribs '19@lOc.