Omaha daily bee., 1889-08-17
THE SPECULATIVE MARKETS.
Wheat Starts in Weak But Shows
q Firm Tone Later.
PREMIUM ON CASH DISAPPEARS.
Corn Active and Fairly Steady at the
Opening-A Nervous Feeling Pre-
walls in Provisions-Hog
Prices Higher.
CHICAGO PRODUCE MARKETS.

CHICAGO, August 16.-TSpecial Telegram to
THE BEE.l-rhe wheat market started in
weak with good weather at home and abroad
and easier commercial caoles. 1t re-
covered in tone presently, however,
and the general course of the mar
ket was in the direction of better prices
New York and St. Louis were especially
strong on shipping demand and light re-
ceipts. The weather has good deal to do
with the lighUness Of receipts at primary
points of accumulation, but the opinion is
gaining ground that back of it all farmers
are reluctant to part with their wheat at tho
urrent low prices. AS a class, winter wheat
farmers have not been so prosperous
in many years as they are
at present, and "forced selling'
is liable to be confined largely to the north
west this year. 1t is barely possible that
farmers may refuse to deliver on contracts
of other peoples making. This is n contin-
gency that is being dimly limited at. 1t was
an argument formerly employed by the bulls,
but has not been heard much of late. Farm
ers have usually ratified all such contracts
by running their wheat off in quantities to
suit the convenience of short sellers. They
may continue to do the same, but just now
they are very slow to "get move on" The
uOihuuu LUZ Wucdb 10 VI u hluU lUht lcduS
shippers to hope for a continued good busi-
ness. 1t comes in great part from foreign
ers, and it is u gratifying circumstance
that foreign buyers are once more doing busi
ness direct with western merchants, Jump
ing' over exporters at the seaboard The
mixing and 'doctoring" tactics employed at
New York and other Atlantic ports is at last
driving English and continental importers to
other m lyaf and ohippara
west are receiving the benefit. A ST. Louis
grain merchant wired his Chicago corre-
spondent that more wheat had been already
sold there for shipment during August and
September than would be received and it is
certain that a large amount has been sold
here for September shipment. A New York
exporter wired Chicago that he had bought
100000 bushels for shipment to the La Plata
country and had $4,000 bushels more to
buy. The crowd, for some cause, discredted
this bit of news, but the cash end of the mar
ket here and elsewhere was so unuualifiedly
strong that futures just naturally advanced
and held firm at nearly the full Improvement,
though realizing sales caused reaction just
before the close. December opened at 775Sc,
sold off to 7T$4c, advanced by easy stages to
1890 and closed AT 7S1Sc. On the advance
there were frequent fractional reactions, but
| the upward course of values was clearly de-
| fined and in the main steady. September
opened at 761Sc, ranged at 76l5@T73lc and
U,
sold up to 7Sc and closed there. The pre-
MUM commanded by cash No. 2 red over
August disappeared to-day. Gauged by yes.
terday's prices the market made gain of
| 4@19c.
The corn market opened active and fairly
| firm. There was slight decline in the
| active future near the opening, but the
| offerings were light and the market quickly
| reacted and became firm. prominent
| operator who has been II free buyer for the
! past three days was expected to become u
| seller to-day, but instead he continued TO
| purchase both for August and September,
which helped to sustain prices. The weather
| was reported generally favorable through
| out the corn belt, but the receipts were not
burdensome, and the shipping demand was
| active, though at a trihe less than yester-
days prices. Very heavy charters for yes
| terday, which were not all reported until
business had ceased for that day, was life-
| wise an encouraging circumstance for hold.
| ers. The market at present is a narrow one
| ana outside business is scarce. September
| ranged between 3514c and 355sc and closed
| al 35Lc.
| In the regular market for oats speculative
buyers evlnced little desire to do any busI-
| ness and, through lack of support, an easy
| tone prevailed. Though dull, there was no
noteworthy decline, as selling orders were
not urgent, and trade was exceedingly mar
row and uninteresting, Receipts were fair
| and the estimate for Tomorrow rather large.
August sold sc lower at 2016 and was sub
/ SOluOHoiJ ohCiOu oo ohip, WiOu ocpIcluDGT dU
a shade of a discount, and May quiet at 2416
Qo414c. Withdrawals from store were in
creased to $4,000 bushels, while car lots of
| No. regular were due at 2056G12J1%c.
In provisions the feeling was somewhat
nervous. Lard and short ribs met with rel
atively better support than pork. but in the
| entire trade the condition of affairs
was far from satisfactory. Pork was partc-
| ularly sensitive and for near deliveries ruled
quite irregular. Shorts were again good
| buyers, and the DAVIS trading all told
| reached fair volume. The business trans
acted however, appeared 10 be largely on
local account. Pork was speculatyely the
most active article on the list. 1t was sold
for September and October, while for jan
| uary the demand showed something of an
increase Prices, except for September
pork, averaged and closed better for the
product than yesterday. The closings showed
| a net advance of &c on October pork, 10c ON
January pork, 71a910c on September and
October short ribs and different deliveries of
| lard and DC on january short ribs. Septem-
Der pork closed at decline OF 215c.