Omaha daily bee., 1889-02-12
The SPECULATIVE MARKETS,
May, June and July the Leading
Wheat Months.
SLIGHT cHAnoesiN coRNvALuEs
Oats Quict-The Feeling in Provisions
Stronger Than the Trade Ex-
pected-I.ittle Change in
Cattle-Hogs Lower.
CHICAGO PRODUCE MARKET.

CHICAGO, Feb ll.-ISpecial Telegram 10
THE BEE Leading features in the market
to-day was the strength IN May and the man.
Hesitation Of decided power IN June and
July. An increasing volume of trade is
springing up in July, and the dealings in that
delivery to-day were at times nearly as i'm.
portant as in May. The local situation has
few bcarish features, and the general situa-
tion away from here is better Gables are
firm, activity in the flour trade is becoming
more marked ana the stocks Of wheat con
tlnuc to melt slowly away. New York, as
usual, issued q series of bearish bulletins
but the edge was knocked off that sort of
thing later in the day by the reports that ten
boat loads had been taken for export-one
for Glasgow, five No. . red for Leith and
four for Lisbon. The receipt of this ntelli-
gence caused pretty little bulge of about
1c in this market, which developed
into perfect whrlwind dur
ing the last half hour Of the
session. The pace was very rapid. New
York parties also wired that Pillsbury was
there talking very bullishy and trying to
sell flour. The snow storm of yesterday and
last night extended very generally over
Ohio, Indiana, Michigan and eastern Illinois,
but no further west. Colder weather is ex-
pected to follow. This storm tended to raise
hopes of softer wheat markets, which were
not realized, TO the chagrin and loss of the
local scapers. The market ruled firm and
strong up to noon, and the closing prices re-
cord substantial advance as compared with
Saturday, May leaving off 2lac higher and
July 4lsc higher There was some trading
in May wheat around the opening at Sl.O2H
@1.03ls The market was spiritless and
trade light and local. Presently the marke.
hardened and the price of May slowly dragged
up to $l03B. 1t subsequently worked
down to 81. 03as, rallied to 81 03H, and settled
to Sl034. That proved to be the bottom on
the decline, and thereafter the course of val
ues was upward The advance did not stop
at $l.O4h, though there was slight reaction
at that point, but doomed to ST. 059l, and left
off at Sl.O55S. July wheat opened at 90lsc
sold Off &c and suddenly sprang into re-
quest, Baxter leading off. From S916c to
905sc only II few trades were made, ana the
price rose right up to 9lJGc 1t subsequently
worked back to 9l14c, and during the last
half hour advanced to 95c and closed at 94c.
The commission houses have been advising
their customers for a week TO get INTO July,
and to-day the public seemed to realize that
there was merit in that delivery. The
"straddlers" came to the same conclu-
sion AS may be surmised from
the fact that wheat jumped 2Q03c the last
hour, that market was violently excited dur
~
came out during the first half of the session
before the bulge started, which wheat was
absorbed by few large scale orders.n
When the advance commenced the market
was found TO be bare of any offerings. 1t
had been said that "the shorts were all n,n
but this seems to have been mistake, judg-
ing from the clamor they made towards the
last. The "straddlers' were fellows who
were caught in July. They were caught the
worst way, and did some grand and lofty
I'm pln hn nT ha ,rip Of
July to 95c was an astonisher to the crowd.
The visible supply of corn, with the di-
minished export movement last week, and
the increased receipts at the primary
markets for the same time, was expected to
show heavy increase, and when i2S,00G
bushels was announced as the extent of it,
an improvement in feeling took place, the
opening having been rather weak. The re-
celpts to-day were heavy and were expected
to be again large tomorrow. St Louis re-
ceived ,0C0 bushels to-day and 635 cars
were the estimated receipts for this point
to- morrow. The heavy export clearances
from the Atlantic ports on Saturday was
slightly reassuring, and the firm tone of
cable advices from England also helped to
stiffen the market. There was an active de-
mand for May at 35c, but the offerings at
that figure were quite limited. The weather
was unfavorable to the hardening of the
fear of any one taking advantage of the
scarcity of No. 2. Wheat was
supporting factor, and the market
appeared near the close to require
help from some quarter, but was fairly
steady III the end. The difference between
SATURDAYS and to-day's closing figures are
very slight.
Oats were quiet, though in the aggregate
there was n fair trade at the prices, which
were nearly steady as compared with the
close of last week. The increase in the yisi-
BILE supply for tho week was insignificant,
but the local STOCKS were larger by 1866
bushels than at the close of the previous six
days. There was no pressure to sell, and
May was in fair request around 2T@211sc,
indicating nearly steady tone, with June
dull ut sc discount and the near months
neglected No. 2 oats to go to store were
unchanged with sales at 25c.
In provisions the feeling was a little
stronger than the trade evidently expected.
Hogs were in good supply and lower, but the
advices from the stock yards eXerted appar-
entity but little weight, considerably less
than their usual influence. Barring lard,
which was offered quite freely, the offerings
of product were much smaller than of late.
In pork and short ribs the selling, in fact,
was conservative, while the demand for both
was fairly active, the shorts covering freely.
rho largest individual buyer of pork was
Baldwin. The fluctuations all around COW
cred more than the ordinary range, and at
the close pork stood 1216c and
short ribs c16c higher than Saturday.
Lard closed at "a decline of 2]4@5c.