Omaha daily bee., 1889-10-31
The SPECULATIVE MARKETS
Wheat Has a Brief Weak Spell,
But Prices Average Higher.
ACTIVITY PREVALENT IN CORN.
Continued Strength Manifested in
Oats-Provisions Take a Drop
Near the Ciose-Best Cattle
Only I'm mand,
CHICAGO PRODUCE MARKETS.

CHICAGO, Oc,. 30.--TSpecial Telegram To
The BEE Wheat had brief weak spell
during part of the session, but the average
OF prices was hsher than yesterdays clos
ing range, and the ground recovered was
held strongly 10 the end OF the trading. The
volume Of business was not large, though
considerable activity was manifested late in
the day. Gables were not encouraging par
ticularly, though one dispatch announcing
that Odessa stocks of wheat had decreased
1,7oO,O0o bushels during the month contrib.
uted materially to the boom that started
about noon. Tho foreign markets do not
display the slightest indications of excite
ment or nervousness, and American ex-
porters are doing very little. There was a
report a6oat that twenty-five boat loads had
been taken In New York for export and ten
In Philadelphia and Baltimore. The latter
item was verified, but the former proved to
be two instead OF twenty-five boat loads
one too many. The receipts at all publicly
enumerated points of accumulation footed up
942. 600 bushels and shipments 317, 2sl bushels,
OF which only small per centage
cleared from seaboard ports. The
receipts at Minneapolis and Du-
luth are certainly falling off
and farmers deliveries are not increasing
anywhere in the northwest, beng about
stationary or else decreasing. The north
west was on both sides of the speculative
market here to-day. There was fair buying
and good selling of futures. The winter
wheat movement is moderate, neither show
ing drying up nor undue stimulation. The
quality of the wheat now coming on the
market Is improving, however, which goes to
support the theory that farmers have about
worked of their poor stuff. Corn feels this
more quickly and more decidedly than wheat
but the probabilities in this direction never
theless, form topic of earnest discussion
among wheat traders. Rain fell yesterday
and last night in Illinois, Indiana, Iowa..
Dakota. Nebraska Kansas and Missouri,
In the lake region. Rain set in hero to-day.
December opened at 1890, ranged for
g2od while at 79]59799sc, going once to
1880, recovering to 7916c, however, but
breaking to 7014c, where lot of buying
limits were struck and the market reacted
quickly. Dullness and heaviness were the
prevailing features for time but about IL
o'clock Lindblom Mitchell and few other
local operators started to buying on lib
eral scale and gave the market an upward
inclination. Thereafter, and until the close,
the tone of the market was strong, Decem-
Der going to SOC. The official close was 79Jsc.
May opened at s32sc, ranged at S3as9S3S4c
during the most of the morning, but moved
the last hour, with December closing strong
at S31sQDS4c. October rested at 7S16c. Com.
pared with yesterdays closing prices the
market shows net gain of astl15c.
There was good deal of activity in the
corn pit, with prices considerably higher on
near futures and sensibly higher also for
May. The shorts were nervous and at times
excited, with much hvelier trading and on q
heavier scale than for months before. The
receipts here were 243 cars. against 100 eX-
pected, and by canal 26,500 bushels were
received in addition. November was eagerly
bought at the advancing prices and the
movement spread to Decem Der, January
and May. Atlantic coast clearances were
heavy and the foreign markets about steady
but the principal point In its influence upon
prices was general rain reported as pre-
vailing throughout the corn country The
closing prices show an advance since yes
terday of about 1c IN cash and October, &c
In November and ssc in May, the figures
being October $3.50, November 1880 and
May 331a @33ssc.
In the oats market continued strength
was manifested, with large speculative
business recorded in May at 2l7sC022ssc, or
a@&c Improvement. The posted receipts
were but moderate, though the direct cause
of the firmness was attributed TO the advance
In corn. Again, the oats market is generally
believed to pc largely oversold and the
shorts are disposed 70 cover. Near futures
were nominally strong, though neglected,
with 1875 bid for December and 19c for next
month. October was nominalIy 1910, as
that was the price paid for few cars OF No.
2 to 60 to store. The close was unusually
active and strong and under sharp demand
from shorts May touched 22as Q92216c.
The sensation of the day was the slump of
over. SlO0 per barrel IN October pork within
five minutes Of the close. A clique broker
offered to sell at $l025, then at $40 90, and
the market instantly became panicky, pack
ers adding to the weakness by Offering to
sell large quantities. Just at the close Field
& Lindley sold 500 barrels of Oc-
tober at $500, which was the price
when the bell tapped. October
lard in the meantime dropped to S6l5 and
the same option of RIBS to S. .05. Not much
business in any line transpred on the break.
The short interest apparently was practic-
ally eliminated. Based on Yesterdays latest
quotations October pork closed $l40 lower,
with November 25c and year and January
15@l71Sc off, October lard suffered u net
loss of SOC and ribs OF 15c, with more de-
ferred deliveries OF both about 25So lower at
the close