Omaha daily bee., 1889-08-31
THE SPECULATIVE MARKETS.
A Big Trade In Wheat and an Un-
dertone OF Weakness.
GREAT PRESSURE ON PRICES.
Magnificent Growing Weather Low.
ers Corn Vaiues-Sentimenti in
Provisions Confin ed 60 Pork
Cattle Fair--Hogs Brisk.
CHICAGO PRODUCE MARKETS.

The BEE.l-There was big trade in wheat
to-day and throughout the session there was
an undertone of weakness TO the
market. Prices we're maintained for
quite while with some degree
of steadiness, but the pressure eventu-
ally became too great and values gave way.
No serious break occurred, but the market
lost its "gameness" and large amount Of
"long" property came out, many holders
losing confidence in the ability of the market
to stand alone Gables were easier
all along the line, freights are stiff
and the splendid weather IN the west is
having its effect in increasing receipts.
Stocks at points OF accumulation are not
augmenting to any extent, but country points
are getting filed up slowly. The absorption
of wheat in that way has been tremendous
for the past six weeks. The northwestern
movement Is increasing rapidly. Arrivals in
Minneapolis to-day were 200 cars and next
week gives promise of big receipts. AT the
same time the shipping movement from west
ern ports is liberal and export clearances
from Atlantic ports are free, amounting in
wheat rlone to 245 900 bushels. The local de-
mand continues good, particularly for
No. g. There might possibly be an
equally active inquiry for No. 2, but
that grade is scarce article and strongly
held. New York comes In weak to day,
though the working of 10000 bushels for
Montevideo ana other South American ports
is reported. The immense business in this
mark It that was limited at yesterday turns
out to have amounted to about 2l0, 900 bush
els. General and unmistakable activity in
the cash market is the one strong feature
most strongly pointed to as reason for
maintenance Of values, but statistics and
"natural strength" do not always control
speculative sentiment or regulate market
changes. December wheat opened to. day at
7SJsc, sold down to 6S9{c, up to 7S%, Off to
7S9s97ss4c, up to 791S91Jl{c, and then down
by more or less easy stages to 75Hc. The
close was 7SHc. August opened at 77slc,
ranged at 771s@Tc and :. closed at
the bottom. September opened at 77kc,
ranged at THc high and nc
low, closing at nc. Near months suffered
decline of sc and the late features 9sQ024c
A large business was transacted. The bears
were disposed to press their advantage on
the down turn, and the market closed soft
and discouraged.
Magnificent growing weather for corn gives
too fiattering prospect for a heavy crop to
make ANYTHING but lower prices possible in
the estimation of the bears and in that be.
Shorts realizing profits appeared to be the
only support to the market. and from this
cause there were several halts in the down.
ward course of prices. Export clearances
are running light, due. however, it is claimed,
to the scarcity of vessel room and advancing
ocean freights. Receipts here are heavy and
the demand from shippers has lost urgency,
which until recently, had so long been a bull
feature of the market. September opened at
331sc, or &c below yesterdays closing figure,
ana that was its highest point for the day.
II sold down to 33hc, with considerable pur-
chases around SO u Q0331sc on the way down.
The closing tigure-331 4c-shows a loss since
yesterday of &c.
Oats were fairly active and decidedly
weak to-day. though no severe break oc-
Cured and price changes were confined to
narrow range. A prominent operator let go
q line of May at 221Sc or sc below yester
quently at slightly lower figures. The chief
weakness however, was in near futures, as
vast quantities of oats are in sight and there
was little buying support and that little
usually confined to few shorts covering.
August was offered early at 1910 and later
at 100, without calling forth any demand,
the latter indicating &c decline, with next
month saleable around 194@1919c, No 2
oats to go to store sold early at 1890 and
closed nominally at 191sc, or PC net decline.
teresting than doubtless many desired. In
all lines there was an unusual stir, but the
excitement Of the day was again confined to
pork. In that article the screws were given
another sharp turn to force the strad ilers
between the near deliveries and January to
cover their contracts outstanding for Sep
tember and October The opening for the
months named was only little higher than
yesterdays closing, but before business had
progressed far 1t was plain that arrange
ments had been made to boom the price.
From the start pork for much wanted deliv-
cries advanced steadily, jumping frequently
1Ot9l5c at time and before reaction to
speak of occurred September sold up S1.0TH
and October sl.O5. The market had but
one direction, and 1t was evidently
in strong hands as the shorts covered freely.
Even number of packers who announced
their intention of standing pat changed their
mind and bought more or less. On inquiry
1t was said they ascertained that but little of
the pork they would be able to make in Oc-
tober would be deliverable under the rules
OF the board of trade on trades made for that
month, aud that they We're in much deeper
hole than they anticipated. At all events
several OF them joined the army of miscel-
laneous straddlers and reduced their lines.
When prices touched their top notch, which
was about thirty minutes before adjourn
ment, both September and October dropped
back some soc, and closed at
vance for the day Of SOC on
September ahd 6Oc on October pork. Com
pared with yesterdays final quotations for
$40 l21f early up to $ll.2O bid. and for Oc-
tober from $40, IL up to Sll.20 bid. Hutchin-
son was again the principal figure managing
the squeeze, thodgh 1t was freely asserted
that Armour was the main backing of the
deal. Large buying orders from New York
were also received. January pork failed to
sympathize with September and October and
closed only l21sc higher, or at s9.l71s. In
lard and short ribs the movement was also
bullishly inclined. Shorts in these lines
were frightened over the developments in
pork. and with only moderate offerings their
purchases turned prices for both articles up
ward. The extreme outside figures realized
were not, however, maintained though the
c)osngs were much higher than those of
yesterday. For September and October
lard and short ribs indicated an advance of
lO@l211c, for January lard of &c and for
January short ribs Of 71lc.
CHICAGO LIVE STOCk.
CtEt. al