Omaha daily bee., 1889-03-08
The SPECULATIVE MARKETS.
Prices Range Materially Higher,
Especially For May.
a SLIGHT ADVANCE IN CORN.
Oats Much More Active at n Lower
Range-Provisions Excited and
Irregular-Cnutle Livelier
Hogs Brisk.
CHICAGO PRODUCE MARKET.

THE BEE. IA little jag Of wheat for export
70 Lisbon, 5000 bushels, was worked early
to-day, and latei, about l o'clock, ii was as
Uertained that the total amount worked for
foreign shipment was twenty-fOur boat loads.
This business bears the stamp Of Cenuineness.
There were reports in circulation to the effect
that orders for q considerable quantity OF ad-
ditional for continental account were within
teasing distance. In explanation of the non
fnlhllment of these indeinites, IL was stated
that ''the boys got wind of what was going
on and caused a bulge that killed business.n
From St. Louis word was received that the
Nashville m,llers had bought 0,OOO bushels
of cash wheat there, and wanted more. Those
were about the only bull items from the out
side, though New York kept wiring bull Cos.
sip one minute and denying 1t the next, all
day long. For instance, the heavy buying
for My delivery in New York for foreign
long account was bulletined, and after the
consequent bulge had spent it force, the in
telligence was flashed over the wires that
Bingham had merely been covering a big line
of short wheat. The weather continues to be
the bSarish factor, though il is far from be-
ing the only one. The crop prospects were
never more brilliant, according to the
reports from all parts of the winter
wheat country. The widespread and gen
eral inquiry, as TO the extent OF the 'invisi-
bic reserves - develops a mass of conflicting
testimony, and the bulls and bears find
therein as much 10 fortify their opinions as
they did before scouts were sent out or cor
Jurisprudence bureaus put to work. 1t is GER
tain, however, that Europe is taking very
Gttle of the cheap wheat at the seaboard
cheap in quality and cheap in price, and
hat the interior mills are not oppressed with
tine dread presence of present or near pros
pective scarcity OF supplies! Duluth reports
that about $1,000 bushels of excellent white
wheat from Oregon is there, or on the way
from the coast, TO go into the elevators at
that point, and kershaw advises his friends
that there are millions more to be had out
there. 1t is not known how the Oregon
white wheat grades, but it can probably be
used in some form to satisfy hunger in case
of necessity. A falling off in the receipts
throughout the west soon is promised, and so
also is the large export movement from the
Atlantic seaboard. But these promises are
not accompanied by a guaranty in either
case. Locally. prices ranged materially
higher. especially for May. The new crop
futures only feebly reflected this strength in
May, July only going up about 1c a bushel.
at the point of extreme Improvement, while
May bulged about 2%c, The outside mar
kets were generally little higher, and the
foreign news was not especially significant
in tenor either way. May opened ragged,
the range being S1.024@1.0 3l4, with July
officially quoted at 90c. May sold up to
sl03ll, and July to 9014c Immediately.
Hutchinson has put his shoulder under the
market, but he sells OF bulges and talks very
bearish. The market worked back to 81 .02s<,
rallied TO sl.03ss, sold off to S1.03, up &c, OFF
&c, up to s1.04, back TO sl.63%, up to Sl.O4
again, down to $1.03&, and for the last half
hour or so fiuctuated between S1.033s and
S1.O355, most of the time quite a battle rag
ing in the pit. The close was Sl.0314, a gain
of Ike, as compared with yesterday. July
cold off from QllZc m solo rall,ad II npar
The top and closed at $3.50, a gain of &c on
the day. A fairly good business was trans
acted.
There was no hesitating in the course of
the corn market to-day. 1t was firm, and
more active in the direction of strength than
has been the case for many days. There is a
steady demand for domestic consumption and
export, and the declines in ocean freights
have enabled the buyers for the foreign mar
kets to operate with more freedom. There
were orders here yesterday for u large guam
tity for direct export, about 100000 bushels
in all, which could not be filled for want of
enough OF a suitable grade of corn, so at
least said one of the principal receiving
houses who claimed the information as their
own knowledge. The advance in pork was
an encouragement to purchasers, and from
the light offerings il was very evident to
which side the speculative sentiment was
leaning. The receipts were within a rea-
sonable quantity of The estimates made yes
terday, and 10 per cent We're of contract
RTuuC. tut AO|uIOIION IL tdlCuldItu
receipts are placed at 1872 cars. In addition
TO the exports from the Atlantic, 80, 600
bushels were cleared for Liverpool and 90
900 bushels for London from New Orleans
yesterday. There was a pressing demand
for the lower grades of cash corn from ship
pers. The full advance was not maintained
10 the close, the actual gain being &c on
March delivery and 4@ac on the other
futures, with the exception of June, which
was barely sc dearer. The latter month is
the fayorite with the short sellers, on the
theory that hot corn is a probability in that
month.
Oats were much more active within a
lower range of prices. Early trade was dull
and nearly steady, but later IN the day the
market ruled SGHc lower, with some ex-
cltement attendant. The decline was due to
the large selling on the part Of several prom
inent operators. Opinions were divided,
with many ~favOring the belief that the sell
ing was chiefly on short account. Little
was done outside of May, which opened
steady at 271sc, barely touched 26h9c, with
26Ac bid at the same time, and later a par
tial recovery under buying support. June
was quiet at about, asc discount, and the
other months were neglected. The early
trading IN No. 2 oats TO go 10 store indicated
a slight Improvement, witt 12519c pald, clos
ing nominally easier. The receipts We're
only moderate.
The provision traders were treated to-day
10 the most exciting and irregular market
that has been witnessed in many a week. In
pork, for the May delivery, the range COW
cred by the fluctuations experienced covered
55c; in lara l5c and in short ribs 2219c. the
best or highest prices quoted prevailed at
or shortly after the opening of business. and
the lowest around ! o'clock. Trade was I'M
usually unsettled throuG bout the entire ses-
sion, The trading opened with the bull ele-
ment in the ascendency, ana the first sales
all around were made at an advance on yes
terday's closings, For a brief period the
outlook looked favorable for c~ontinu-
ance of the upward turn, and considerable
realizing took place without occasioning any
disturbance. The bears, however, We're on
the alert, aud taking advantage of the de-
cline in the demand, inaugurated a vigorous
raid. Led by Iteam ana Singer, they ham
mered and pounded the market, and by ex-
ccssive offerings compelled prices 10 move
under their direction. They made the bulls,
in fact, practically withdraw their support,
and barring an occasional reaction, allowed
10 maintain interest In the movement, kept
the receding turn in full force up 10 the
close, whep the market rested around the
bottom quotations and much lower than yes
terday. In pork the days actual decline
was 25Cl3Oc, in lard 7lE@leI9c and IN short
ribs l0gl2i6c.