Omaha daily bee., 1889-08-30
The SPECULATIVE MARKETS.
Wheat Fluctuates Between Weak
ness and Buoyancy.
DOWNWARD TENDENCY IN CORN.
Oats Sell Fairly Well Within a Mar
row Range-The Run of Cattle
Again Heavy-Boes Act
ive-Quotatfons.
CHICAGO PRODUCE MARKETS.

OhlChtO ftukusb --IDpoSitt lCictIhh W
THE BEE.l-The wheat market was excited
and active, with frequently recurring per-
iods of extreme weakness and great buoy
ancy. On .he whole, however, the market
was astonishingly like bull market most Of
the time, though no advance of Importance
was established. The big local bears includ-
ing Cudahy. Partridge, Phillips and their
powerful following, were right on top Of the
market from the tap of the bell. Public
cables were not bullish, the weather on this
side is phenomenally brilliant, and the spec
ulative bear element seems to be gaining in
strength, courage and influence. The
selling is on larger scale than
has beeu recently, and operations
of traders more aggressive. Nevertheless
it must be borne in mind that very large
proportion of the selling now is 'short
selling' The stock of contract wheat here
now is down to about 500, 900 bushels, while
lower grades are in active request for ship
ping purposes. A higher price was offered
to-day for No. red than was paid when the
futures were at the top yesterday, and the
article was quoted as very scarce. report
went the rounds that foreign order for
350000 bushels had been worked, but this was
not verified, and later it was stated that the
order was executed Ia Duluth and that 1t
was for a small quantity. Large stories
about cash business must be subjected to a
liberal discount these days, though the facts
warrant no little talking. The receipts do
not increase much aud the out movement
continues liberal. The interior absorption
of wheat from farmers hands Is large One
Of Congdon's buyers in Iowa writes that the
millers in that state are paying Sc to sc
above the shipping value for wheat for home
requirements, and correspondence from
other western sections tend to prove that
this is the state Of things in gen.
eral. Such being the case, no further time
need be spent theorizing about the light re-
ceipts at principal western points. The open
ing quotations were TIC for September
1870 for December, and s29lc for May. De-
cember, the most active delivery, hung
around 7SA@191sc for an hour or more and
then, on reports of an active cash demand
and assurances of only moderate receipts,
the price shot upward with great vigor, go
ing TO 1890. 1t broke back to 79c under
heavy realizing, assisted by short selling. 1t
subsequently rallied to 191ac and once more
settled TO 7S1s6D79c. The last price was 7915c
@7914c. May ranged at S2%@ $500 and
closed at s31sc. September ranged at 77h@
7Sc and closed at 715k(077slc. The market
was active throughout and commission
houses report a good trade for outside &C.
COuut uc Idrhtl ID lUOSeulHp up.
The corn market opened weak and with
downward tendency. The weather still
favors the growth of grain and free mar
keting Of present stocks. There was
rumor of an approaching cold wave, which
gave temporary firmness to an otherwise
very weak market, but signal service map
did not bear this out: The price
again yielded and dullness super
vened. September corn opened at ss}lc,
off to 339s(03319c. 1t reacted to 3311c, at
which it remained stationary for some time.
closing finally at $3.50, or the same as yester-
uay.
Oats sold fairly we'll within narrow range,
averaging weaker on near futures. Septem-
ber declined to 191Ic. May was more nearly
steady, especially during the latter part of
the day, with fair inquiry noted and sales
as high as 22Js023c No. oats to 60 to store
were offered freely and ruled weak to Ac
lower, selling, largely at l91ac. No white
September sold at 2214 and later offered at
221sc.
Provisions again attracted more than usual
attention. The interest developed yesterday
in PORK was continued, but trading appeared
on general account to be by straddlers be-
tween near deliveries and January. Several
packers, short for October, are standing pat,
their trade declaring their intention to man.
ufacture property wanted in thai month
rather than to succumb to the present pres
sure. Hutchinson and New Workers were
said to be the principal buyers or September
and October pork, and for the same
prices ruled higher. January pork,
ON the other hand, was depressed by Hutch
inson, possibly to make it uncomfortable
for Wright, who is credited with being long
for that month Pork led in interest through
out, though ribs were at times quite active
Lard was generally little slow. Fluctua-
tions In the latter article were limted-in
short ribs fair and in pork over the ordinary
range based on yesterdays final closing
prices. The closing showed an advance of
zoe on September pork, 10c on September
short ribs, 22l5c on October pork and 715c on
October short ribs. Lard for September and
October declined 2111c, pork for January sc,
and short ribs for January 2]5c January
lard was Unchanged.