Omaha daily bee., 1889-01-13
THE SPECULATIVE MARKETS..
Government Estimates Send Wheat
Down With a Rush.
CORN VALUES ABOUT THE SAME.
Oats Less ACtiye-Proyision Trade
was Fair for Soturday-Cattle
Prices Average Steady at
Fridays tOacline.
CHICAGO PRODUCE MARKET.

CHICAGO PRODUCE MARKET.
CHICAGO, Jan. I2-ISpocial Telegram to
TuE BEE. The government crop estimate
was officially published to-day. The wheat
stimate was 4l4,S6S,0 6J measured bushels
within about 8, O00,0JJ bushels of the figures
named in the advance tips" and practically
confirming them. The statistician says
nothing about the deficiency in the weight
of the wheat crop, leaving that presumably
for his March report, as usual, The short
age in weight is certainly equivalent to
100000 900 bushels. 1t may be nearer 10000
600 bushels. In any event the crop must be
figured under 400, 900, 900 commercial bushels.
In measured bushels Prof. Dodge's latest
estimate is about 1000, 900 bushels more
than the previous estimate, which was 406,.
C0l,OOO bushels. The report was ac-
copied as an exceedingly bearsh docu-
ment by the great speculative public,
and the market was borne dawn by
tremendous offerings. New York came in
first with terrific selling orders, every house
with New York connections fairly inundat-
ing the pit with wheat. Mccormick & Co.
probably lead in the extent of trade
and eagerness to sell. All private wire
houses and a great many firms that do not
have private wires were very heavy sellers.
The local heavy weights were quick TO catch
the drift, and among the number Ream
figured as a tremendous seller early in the
day and during the early stages of the break
that followed the reception of the govern
ment bulletin. The market had a firm open
ing, with sales at Sl.03}s. The price went
down to Sl.O3ls, and then back to : l.O3ssm
l.03l5. 1t then marked down to Sl.02$l, up
to Sl.03, down to S1.02l@, up TO Sl.02$4, off
| sharply to Sl.02, w to 81. OPS, off to Sl.0l9s,
up to Sl.0lJE, down to 81 .01, up to 81 .0l&I,
back to Sl.Oll4, up to Sl.Oll2, and sharply
down to 81 .OOl1, recovering to Sl.Ol, and clos
ing at Sl.0OjS. The extreme range on the
| day was &c and the close was 26c under
| yesterday. "A tremendous volume of bust
ness was done during the session, and the
tone was that of exceeding nervousness. A
large quantity of long wheat was dumped on
the successive plunges, and the bears were
| full of aggressiveness. After the regular
| closing in New York the dispatches from
there indicated panicky feeling. Some re
ports were received of a little export bust
ness being done al the break in Baltimore
| and New York, but to offset that Informa-
ton came reports of millions of bushels of
long wheat pressing for sale. The foreign
ers really want wheat at the ruling prices.
They ought to haye no trouble in getting it.
Every other domestic market sympathized
with Chicago. Minneapolis broke Be, and
the close in New York shows a correspond
ing shrlnkage. The local market was left al
most without support, except what the shorts
gave it. There was heavy buying by Hut.
Crimson down to 81 .02, and later by the Fair
bank contingent, but the tide overwhelmed
everything and bore down all opposition.
The range on February was 994MJ1c, and
on July 943SM92l 70, the close i'll both cases
being at the bottom.
The receipts of corn were again under the
estimates, to the extent of ID cars, and for
Monday only the, moderate quantity Of 155
"a nc WAC pr.n1ittpH Thn pnVprnmnnt estl-
mate making the yield of the crop 1851, $780,
600 bushels had no effect upon the market, that
quantity about answering expectations and
previous computation. The clearances from
Baltimore were very heavy, and exporters
were busy in that and the New York mar
ket. New York parties bought for export Is
loads at Baltimore and 9 on their own eX-
change today. The weakness IN the adjoin-
ing wheat pits had a depressing effect on
corn, and the activity there monopolizcd
speculative attention. The fluctuations were
very narrow, business being of the smallest
s~calping character, and pronounced bullish-
ness was its most notable feature. The price
changes since yesterday were insignificant,
the widest difference appearing in the May
delivery, and it was only sc under yester-
days closing quotation.
Oats were less active than for two days
previously and the feeling was nearly steady
with rather more doing in June than at any
time yet. That month sold up to a point, but
sc lower than May, with the latter ranging
III - II Nb-t/iI, II lSGti iOiitii WIZ "a
and nearly nominal, with nothing dong IN
Nc. 2 oats IN store. These were quoted at
24l5@245Sc, with the usual business noted in
samples. The inspected receipts were but
Is cars, with no out inspection.
The provision market was fairly active for
Saturday, and there was no abatement in the
interest recently shown, though the volume
of trading was not as large as on the earlier
DAYS Of the week. AS for several days past,
the movement was chiefly in product for
May delivery, with pork the favorite by long
odds. The receipts of hogs were nearly
for the raw material were reported lOc per
100 lbs lower This caused a weak opening
in provisions and q lower range of quotations
on the whole list. Pork started off lOc below
yesterdays closing and proceeded to drop
another 10c, or to $3.50. In the
meantime lard broke 1890 and ribs nc.
Then the market s%teadied, and throughout
the last half of the session all offerings were
quickly absorbed. The buying so far as
could be judged by the gossip afioat, was by
some strong parties who have been credited
with bullish intent all the week.
Charlie Wright is the acknowledged leader
of the local bear crowd at the present, and
his opinion that there will be no scarcity of
hogs or product is evidently shared in by
many outside operators. A liberal percent
age of the selling this week has been for the
country account. This may have been
long pork, of course, but it is
nevertheless true that outsiders have done
some of the selling Of late. TIL strongest
feature of the market to-day was the recov-
cry of all of the ground lost early in pork
right on the face of a &c break in wheat.
From S13.5 May improved to $l3.6713, and at
the close $500 was bid. The best prices of
the day were established in the last half
hour of the session, and the actual shrinkaRe
in speculative values was limited TO &c in
pork, 5alOc in lard, and 5@719c in ribs.