Omaha daily bee., 1889-03-16
THE SPECULATIVE MARKETS.
Hutchinson Starts Raid and Buys
on the Decline.
CORN LIMITED AND LlFELESS.
Oats in Fsir Request and Stronger
PROVISIONS SIow-Cattle Dull,
Weak and Lower-Hogs
Unsettled.
CHICAGO PRODUCE MARKET.

Curoaeo March 10 5--ESpecial Telegram 10
THE BEE. Wheat opened steady at about
&c decline, and seemed strong around 96ss
(dg65c for May and S69l@S1c for July
There was rather spirited trading for time
on this basis but the market soon began TO
look tired The brilliant weather exerted
depressing influence on the spirit OF the
traders, and everything looked weak and
soft. Hutchinson looked over the crowd,
traded a little on both sides of the market Tor
a few minutes, and then turning to his broker,
Kyder, said in a disgusted tone, so that halI
the pit could hear him, "Sell 'em what they
WANT IL wasn't long until May was down
TO 05ls c and July TO S6l4. On the decline
there was rafting small fire Of long wheat
and of speculative offerings. Under 95l3c
for May Hutchinson turned buyer and
took in over 100000 bushels. indeed, II
was freely claimed that Hutchinson had
started the raid TO buy wheat at an advant-
age. Some traders have been of the opinion
that for several days several very influential
traders have been more interested in weaken
lug the market to buy on, than they have
been TO support it TO sell on. As the day ad-
vanced this view of the speculative situation
seemed to grow INTO popular favor, and the
tone of the local market hardened decidedly.
The changed tone was not strikngly mani
tested until May had broken to "a &c acouple
of times. 1t then worked up to $3.50 and
held firmly around and above 9519c until
nearly ! o'clock, when it jumped to Mc.
July was in demand above S612c. The
close was 952s@96c for MAY and S69sc
as compared with yesterday OF lc
IN May and &c il. July. The volume of trade
in the pit was not above the normal. The
news was not of a sensational character ana
A. ~ nn n tvn
very influential factors by the way, 1t leaned
TO bullishness. Neither were the cables and
weather altogether bearsh. There IS
foreign demand for wheat ION deposit at
the seaboard around the current prices, ana
every day brings reports of new business.
The cearances of -four and wheat posted to-
day aggregate l6S, 600 bushels. Then again,
complaints are coming in OF the lack OF mos
ture at many points of the winter wheat dis
tricts and the need of rain is frequently men
toned in the country advices. This, how
ever is not true of California, where the
rains are copious. The miilers are
picking up good wheat at the interior
round prices for it. st. Louis advises that
the milers thereabouts are paying May
prices for No. wheat, and in some cases
are Offering u premium over May for choice
lots. Two country millers took %, 600 bush
els to-day. The millers are also availing
themselves of the decline to buy wheat in a
scattering way at every winter wheat mar
ket in the west. The spring wheat points,
too, are sending rather strong dispatches. In
brief, wheat appears to have good many
friends around the present prices here and
elsewhere, though the bear party insists that
prices in the west are yet away out OF line.
The receipts of corn were 35 cars in excess
of Yesterdays estimates, AMI ~ per cent of
them were of contract grade. This, with
the brilliant weather, the continuance of
which assures an early planting season, and
the diminished present consumption, the cas-
thn
wheat market were ali in favor of lower
prices, and induced some selling of futures
and weakened also the cash demand for the
poorer grades. The trading after the first
few minutes of the session was of the most
meagre description, and wholly local in char
acter. There was neither life nor strength
in the limited trade done. Fluctuations were
narrow, and a reduction OF sc was estab-
lished on the leading futures.
Oats were in fair request and stronger.
The opening in May was weak at 251 (0251lc
with subsequent advance of ast11ac to 259sc,
which was not fully sustained to the close.
June was substantially the same as May,
while the other months were dull Strength
followed an absence of the pressure to sell,
and some operators that sold yesterday were
to-day buyers. The interest is gradually
extending into the longer futures. For No.
regular cash oats 24llc was bid, but there
was nothing of consequence offered nor were
there any Withdrawals from store posted.
Provisions were again slow Less in
terest, If anything. was shown than yester-
day, and the business transacted was not
only under the ordinary volume, but failed
10 exhibit single noticeable feature. Trade
III fact appeared to have little or no attrac-
ton, and consequently values covered mar
row range in their fluctuations. In pork the
changes experienced were only 15c and in
lard and short ribs &c. in general way the
market favored the buying element, though
as the demand was too light TO encourage
selHng no serious break occurred The
fN,t lott linz % ha o1A
were barely 21S@5c lower than yesterdays
final figures.