Omaha daily bee., 1889-09-07
The SPECULATIVE MARKETS.
Wheat Heavy and Lower With the
Longs d. sposing of 1t.
CORN SOLD AT THE OPENING.
No Unusuai Stir in Provisions and
Traders OF All Glasses Com
servattve-Cattie Prices
About steady.
CHICAGO PRODUCE MARKETS.

CHICAGO, Sept. 6.--ISpecial Telegram
TO The BEE.l-The wheat market was heavy
and lower to-day. The predominant feature
was the selling out of ''long" wheat, the de-
clining tendency being emphasized by re-
newal OF speculative offerings on a liberal
scale, principally for local account Cables
were sick, and buying orders in this and
other American markets were in many n-
stances sharply reduced. Several houses
had buying orders for foreign account only,
slightly below the market at its lowest
point, however. The edge of the foreign
demand for American wheat at current
prices seems to have been dulled for the mo-
ment. The interior milling denInd is also
reported TO be less urgent, but as farmers in
the winter wheat growing states will be oc-
cuped in the near future in seeding, it is
not expected that the forward movement of
winter wheat will show any increase. On
the contrary, popular expectation is the
other way, and falling off in receipts
at primary winter wheat markets is counted
on. The northwestern movement is decidedly
on the increase, and 1t pro nises to keep at
flood tide for q long time ahead, unless the
weather should become so bad as to check
deliveries. The temper of the trading crowd
was bearish for the start to-day. December
opened at 1S1sc, with sales Immediately at
7S9Ec. The market touched 7S15c before the
decline was checked. IL rallied to 7S5sc and
tnen turned down again, going to 1Sc. John
son undertook to peg the market at 7Sl5c and
was the biggest buyer in the pit. His brok-
ers bought all day, but they could not or did
not stem the tide. Slight rallies were fire.
quent, but the tone of the market was heavy
throughout the session. December closed AT
7S@IS1sc. May opened at S2slc, ranged ut
S2s6dS215c and closed ut S2c September.
which was far from active, opened at 163lc,
ranged at 77(9I63sc and closed at 763sc. The
net decline was about lc. The
market was active early very dull during the
middle of the session and quite active again
during the last three-quarters of an hour of
trading. The northwest was exceedingly
bearish in its advices and sent selling orders,
New York, for wonder, seemed inclined to
pull back when the decline set IN here. That
place soon got in line, however, and toward
the last supplemented the western weakness
by budget of bear kilograms refecting
foreign bearishness. Seaboard exporters
were slow, but they came in on the home
stretch with even more than their customary
vigOr. Something OF Il commotion was caused
by the publication of certain millers con-
clusions as to the total crop, based on in
creased productiveness of new wheat viewed
from a manufacturers standpoint. The
theory is not new, but the results mentioned
struck the bulls as eXtravagant.
There was q general rush to sell corn at
the opening. Reports from the threatened
districts in the corn belt relieved the fears
of the bears, for, although freezing tempera-
ture was reported from q few scattered
points, there was said to be scarcely enough
to injure the tomato vine. This was the
chief cause assigned for the selling rad at
the opening, and until October touched 333sc
I,.,, A ~,n
however, a good demand from the shorts set
in, which carried,th price back to about the
opening quotations., bat only to fall back to
still lower figure later In the day. Septem-
ber delivery brought Nc premium over next
month, principally through the efforts of
HutchinsOn's brokers, who were active buy
ers for the present month. The demand for
cash corn was moderately active and May
delivery received considerable attention
also, but both shared in the general down.
ward trend. The closing prices were from
&c to nc under yesterday, September rest
ing at 331a C and October Mt 33@331sc.
In oats a moderate speculative business
was recorded, though at slightly lower
about 1sc lower, while fair quantities of long
September oats came out, causing near fu-
lures to sag 1s@14c, this month touching
19c. The general weakness was due to the
heavlness in corn and good weather, while
the receipts and estimates for tomorrow
were below recent average No. regular
sold at 19c, with car lots in special locations
at the customary slight premium No. 3
white sold at 21Ac for September and 22c
for October.
In provisions there was no unusual stir.
Traders of all classes were somwha5 con-
servatively inclined IN their opera
tions and the days trading was
devoid of special feature. Hog receipts
at western points again made good sho w
ing, and as the outlook now promises a large
corn crop and an abundant supply of hogs
this coming year, the underlying sentiment
of the trade was bearjsh. Pork for October
is still looked after by Hutchinson and prices
to-day tor the same averaged higher than
those of yesterday. 1t also closed ut an ad-
vance of l211c. The closngs of January
pork showed decline of 7l{c for January
lard of 212c, for September short ribs of
exc, for October short ribs of loo and for
january short ribs of &c.