Omaha daily bee., 1889-10-12
The SPECULATIVE MARKETS
A Steady, Unceasing Pressure of
Long Wheat.
CORN HAS A WEAK OPENING.
Trading in Provisions OF n Features
less Character-Cattle Business
Slow and Prices Weak
Hogs Active.
CHICAGO PRODUCE MARKETS.

CHICAGO, Oct. l1.--TSpecial Telegram to
THE BEE. THE government report is
figured out as indicating a crop of i0j, 900, 600
or 400, ,00O, 900 bushels. The basis OF calcu-
lating is too shifting and uncertain TO make
the conclusion reached entir ely satisfactory
90 the trade, but in the absence of an authori-
tative and definite estimate these figures will
probably become fixed in the public mind as
representing the production. The agri-
cultural bureau has not made its report of
the winter wheat acreage, but a majority of
the statistcans have satisfied themselves
that the wheat area this year is somewhere
about 3s, T500O0 or 390OO0O0 acres 1t is a
risky thing TO attempt to figure on what
Dodge may make the government estimate,
for the working of his mind is as eccentric
rs the course of flying goose, but the stats.
ticans have been taking their chances for
years and they are accustomed
TO having their theories upset.
After the bulletin was received yesterday
afternoon December wheat sold down on the
curb TO S356c, which was the opening price
this morning, n break from yesterdays clos
ing figure OF ll4@lasc May opened at sec.
The market was violently excited for con-
siderable time after the opening. Everybody
had wheat to sell on stop orders, but the
Dlcdh ~ pODu many lIlulJtu
ders to buy, which served to steady values
somewhat December sold off, however, to
S3jsc and rallied to s39sc, but then worked
down to $3.50. 1t subsequently recovered to
S314c, touching that figure two or three times.
A few minutes before 12 o'clock the market
became very sick and turned down sharply.
A world of wheat came on the
market at once and there seemed
N bn nj b,i thic in N ctu Hutrhin-
sons brokers, who had been taking property
all the morning, put their shoulders und er
the load. In the estimation of many tn Q
heavy buying by Hutchinson at this time pre-
vented big slump. He took an enormous
amount Of wheat, running up into the mill
ions, enabling great many people 10 get out
Of their holdings to better advantage than
they could have done otherwise. The mar
ket continued weak, however, to the end,
and kept on sagging. 1t had the specific
gravity Of lead and nothing could turn it.
The last quotation was at the inside and was
S23sc, a net break of 2l9@2%sc from yester
day. May sold from s614o soon after the
opening down. to s514c. a loss of csc.
October ranged from Sic down to S014c,
leaving off at the inside. The great distinc-
tive feature OF the market to-day was the
steady, unceasing pressure of long wheat. IL
stopped over all day, coming in big doses
and little doses. There was also big selling
for speculative account. May was the strong
est future on the list, the difference between
1t and December widening to about Be. Not
long ago the two months were closing to-
gether. Gables were unsettled and conflict
ing. The foreign markets we're evidently in
mood to wait and witness the effect of the
government report of the American markets.
AS Chicago led in the advance so she led III
the break to-day. None of the outside mar
kets were so weak, and at 10 point except
Minneapolis was the decline so great. New
York lost l11c, Duluth &c, Toledo A91lc,
ST: Louis about 1c, Baltimore very little and
1ic 10 rla thtx,na
ment is only limited by the transportation
facilities offered by the railroads.
AT the opening of the market corn was
weak, in symathy with the decentralization in
wheat but was also inclined toward lower
prices from considerations of more direct
consequence to itself. The government
report, which made about one point improve
ment in condition over that given out on the
preceding month, was the first cause of
some selling, but it began to dawn ON the
speculative mind a little later that the
government report had been fully discounted,
much of the recent heaviness having been due
to the favorable weather of the past month.
The receipts here were nearly fifty cars
below the estimates made yesterday and the
outward inspection was heavy and Indicative
Of good eastern demand Foreign ship
meDts are on a smaller scale than formerly,
and an advance of 1c in ocean freights,
which was advised from New York to-day,
will doubtless further restrict the foreign
demand. Closing prices show very little
change since yesterday, October resting at
BIC, as on the day before, and May $3.50
33Ic.
Oats were quiet, with prices closely follow
Ing the lead of corn. After the early weak
ness, under fairly liberal offerings the market
worked steadier, with q moderately firm
tone fully developed, the trade centering in
May. That month lowered around 229221Sc,
while near futures were neglected and dull,
with October at 1870. No 2 TO go to store
sold at 1s9I@19c.
The provision trade was somewhat feat
ureless. The appellate court refused this
morning to revive Judge Shepard's injunc-
tion in the pork case, and 1t is understood
that the clique will now seek TO obtain the
desired writ from the federal court. In
the open market October pork was traded in
Bparingly at 5000. No pork was sold at
auction and the deal occasioned less gossip
and comment than on any day since it devel-
oped. General trading leaned 10 the slow
order. Cash buyers made comparatively
small purchases, and in the line of specula
tion there was less than usual interest.
There were no large individual purchases
Prices also displayed an easier tendency,
though the actual changes were unimpor-
tant. January pork and November and Jan
uary lard suffered decline of 2hc October
lard and future short ribs were unchanged
November pork was SC higher