Omaha daily bee., 1889-08-29
THE SPECULATIVE MARKETS.
Wheat Rules More Active and Prices
Average Higher.
GOOD DEMAND FOR CASH CORN
PROVISIONS Attract Unusual Attention,
With Decided Stir IN Pork
Too Many Cattle on sale
General Quotations.
CHICAGO PRODUCE MARKETS.

CHICAGO August 2S-fSpecial Telegram to
The Bee Wheat was active and averaged
higher to-day, though the sharp break IN the
last half hour brought prices back TO the
lowest point Of the session. The market had
weak and nervous opening, with zoe as the
first official quotation for December, though
7s5sc would probably be nearer right. The
price went to 7s2<c Immediately and seemed
weak. Cables came in easier and operators
were filed with distrust. Theyl;had been
carried Off their feet in good many in
stances by the bull wave that has been
sweeping through the pit for the last couple
OF days. and were In a mood to turn and run
on the slightest provocation. The failure Of
the old world markets to respond furnished
the cause and radical reaction In values
was threatened. Outside buying orders
came forward in great numbers however,
and the grand army OF shorts. or such of
them as failed to cover yesterday, became
ambitious bidders for property. The result
was substantial upturn to the market. On
the first scare December went to 7916c and
September, which had deprecated from
77slc to 711fc, recovered 1lc or such mat
ter. Realizing sales carried values back to
the bottom again, but the second start was
productive OF better results December ad-
vanced without serious reaction to S016c,
September to 1890 and May from S216c to
84c. On the advance there was very heavy
trading for local, New York and general
outside account. Baker was credited with
the purchase of about l,0O0O0O bushels
and S. v. White was also a
big buyer, presumably to fill previous sales.
Baker was also active in the cash market,
and worked l2O, 600 bushels for direct export
Commission houses generally reported good
business, and trade was on the whole of
very satisfactory volume. The improvement
did not hold. Indeed, there was sharp re-
action, more than cent of the advance be-
ing lost. December got back to 791sc, Sep
tember to 779lc and May to s34c Toward
the last the market rallied fractionally, but
right at the end weakness was the feature
and the last prices were on the bottom The
closing quotations were 771Ic for September,
7SE@59c for December, and S3c for May
The domestic and foreign demand continues
to lick up wheat as fast as IL comes forward
from the country. 1t is true that public
cables indicate Indifference If not actual
weakness on the part of foreigners, but
clearances do not confirm the advertised
state OF affairs. aud, furthermore, it was
stated by one of the heaviest shippers in the
west that the foreign buying limits had been
advanced l @l19c bushel since the advance
set in on this side.
The demand for cash corn was active at q
shade better prices than on the day before,
but in the future deliveries business was
slack and prices lower. The receipts again
over ran the estimates made on the previous
day. The outward movement from the At
lantic seaboard was slight, and the weather
conditions, upon which future values chiefly
depended, were all that could be desired
by spectators for lower prices
The furry in the wheat market
OF some such change occurring to alter the
present outlook for corn. There was good
inquiry and considerable purchases for ex.
port reported from New York and the move
ment from hence is heavy, but does not
equal the volume OF receipts which are conf
IDENTIFY expected to still further increase
September opened at 1890, sold to 33Js(034c,
In sympathy with the strength in wheat but
later the situation asserted itselt and the
price declined to 1890 and closed at that.
Oats were active and somewhat unsettled.
Near futures were weak under large Offer
ings ana littly buying support. while q fair
demand existed for MAY, with increased
trading on outside account and that month
firmness was not fully sustained. May sold
around 23c. The posted receipts were
slightly above the estimate, though smaller
than the recent average. No white for
september sold at 2214c and No. regular
sold 1s94c lower at 194@l9Hc.
The provision trade attracted unusual at
tention. In pork particularly there was a
decided stir, though more than ordinary
business was also transacted in short
ribs and lard. Pork for near
delivery opened with straddlers-par-
ties who had lately sold September and
October and bought January-in an uneasy
frame of mind. Wright and several smaller
lights showed marked disposition to cover
their short contracts and under their pur-
chases the deliveries first mentioned ad-
vanced sharply. Before the reaction oc-
CURED pork for September appreciated 171Sc
and for October zoe above the first price
quoted. Later the market eased off, though
nervous feeling was maintained through
out the day. January pork failed to sympa-
thize with the movement in near months
and ruled easier almost from the start.
Hutchinson, it was said, furnished the strad-
dlers with good share OF the pork bought.
Short RIBS about held their own and closed
practically at the same prices as yesterday
Lard suffered an actual decline of 2hc,
though early sales showed small improve
ment In September and October pork the
days quotable advance was l2l<c, while jan
uary prices declined loo,