Omaha daily bee., 1889-10-19
The SPECULATIVE MARKETS
Wheat Temporarily Strong But
Values Finally Go Lower.
CORN PIT ALMOST DESERTED.
Provisions Open UP Active and
Stronger on the Whole List-Cat-
tie in Better Shape-Hogs
in Fair Demand.
CHICAGO PRODUCE MARKETS.

CHICAGO PRODUCE MARKETS.
CHICAGO, Oci. 1s.--TSpecial Telegram to
The BEE. THE wheat market had period
OF speculative strength and vigor early in
the day, but values the session through
averaged rather lower than yesterday and
the uudertonc can not be truthfully described
as steady. Trading was rather thin. That
Is to say, while fluctuations were not lnfre-
quent, the market was not broad or full of
action. Towards the last of the session,
however, when the market took on palmer
colorng of weakness, there was increased
nctivty and the tendency of values to give
way" became moro pronounced. The last
fifteen minutes of the session witnessed n
big struggle, in which the bulls came out
second best Conditions have been getting
more bearish for some time past The big
movement in the northwest, the recent
moderate stimulation in movements in first
hands throughout the winter wheat district
of the west, lack of encouragement from the
old world and the accumulation of supplies
have all tended to shake confidence in the
maintenance of values at the present
basis. The fact that a very large
amount Of wheat bought for Decem-
ber has not come out on the little
anu rull'SS lrOm o-C OF
thereabouts for December, has served to edu-
cate operators to the belief that the market
was unlikely to go back to that figure. On
every rally, however, there came steady,
trickling stream of orders through commits
sion houses to sell against possessed wheat,
while the majority of the old crowd of pro-
fesslonals increased their short lines and the
load kept building up. Professionals have
for some. time past evinced partlality for
May, having realized the sense of the posi-
Bile danger of over trading in December,
though they felt satisfied that there was no
concentration of contracts for that month,
but rather great mass of property con-
tracted for by the miscellaneous buyers at
figures that showed no loss IN the trades.
Feeling this, they have not been discouraged
at tho stubborn refusal Of the market to
yield to their pursuasiUns. AS before stated,
May has been the point against which the
bears have been directing their heaviest fire.
To-day that future developed distinctive
signs OF weakness, pulling back when De-
cember moved up and leading on the back
track. December opened at S23Sc advanced
to S22Ic settled back to S21sc, rallied to
S29bc and then broke under heavy pressure
TO SlS4c and closed ut Sl94@Sljsc May
opened at S5lsc, advanced TO S516, worked
down to S42sc, hung heavily around $50 and
then sold off TO SiI5c, closing at S45Sc. Oc
tober left off at SO4c. The average net de-
cline for the day was 9s@ac;; Gables were
shade lower and private dispatches from
the other side brought selling orders. Export
clearances of wheat were small, and of -four
moderate New York advised that nine boat
loads had been worked for Lisbon. Durham
wired that this report was partially true and
that he thought this only the beginning.
Local arrivals were 3l0 cars. Minneapolis
received Gao cars and Duluth 2i6 cars. The
total receipts at all the blackboard points
foot up $4,000 bushels and shipments 220, 2S7
bushels.
There was even less doing than usual in
the corn PIT, which for the greater part of
the day was practically deserted The mar
ket was easier and prices again lower. The
foreign markets were weak and outside do
mestic trading centers were apathetic, dull
and tending lower Receipts here were 1872
cars, against Sl7 expected. There was Il car
of new corn received from the eastern part
OF this state. 1t was u fine sample of grain,
but rather soft and graded No. 4, but it was
looked upon by receivers and spectators as
the advance guard Of mighty host There
was good demand for May corn around
1890, but sellers were more conspicuous
than buyers in all near futures and in the
end May suffered equally with the balance of
tho list. Shippers were indifferent buyers
even at the lower prices they were having it
offered at The closing prices show a de-
cline of about &c since yesterday, the fig
ures being: October 30l3c, November 305sc
and May 294@32S,
Oats were moderately active, but the mar
ket partooS of the weakness in corn and
Wneut, ana Win llne weather 1Or uellVerlDB
from farmers and continued liberal receipts
there was an absence of buying orders
cept at a shaded price, and decline of 1s(D
4c occurred. May touched 2l%Sc, with Ba-
con S Weare selling at l8lc. Near months
show relative weakness, with December Of
fered at 1880. No. 2 to go to store sold at
1870.
In provisions there was an active and
strong opening on the whole list to day, des
pite the fact that hogs were 5@l0c lower at
the yards and the receipts of the same not
only above the estimates but larger than the
recent average. Prices for provisions
showed a decided upward tendency in early
dealings, January pork moving up 12l6c, or
10 $500 Lard in the meantime gained
215c and ribs for October de-
deliveries Of ribs 2J3Ge7lc up. Packers
and local professionals were the principal
traders January pork leading in interest.
Only one trade was made in October pork up
to uoon, and that was at SllOO. Considera-
BILE long property was unloaded on the bulge
by local houses, and as soon as the buying
pressure eased up the market reacted to the
extent of l0c on the moro deferred deliveries
OF pork There were some scattering out
side buying orders. and in the aggregate q
fair speculative business was transacted,
though rather n Quiet state OF affairs existed
during the last half Of the session. At six
leading packing points the receipts of hogs
for>tho past twenty-four hours were Al, 500
head, againsr 81 900 head for the correspond
ing day last year Foreign markets were
quiet and steady for lard, with fair demand
reported for bacon at unchanged prices Re-
cepts of the product were fair ana the ship
ping demand is moderately active at this
point for both green and picked meats The
market closed steady at about unchanged
prices for pork, lard showing net gain OF
216c and ribs of 711c for this and next
months delivery.