Omaha daily bee., 1889-02-22
THE SPECULATIVE MARKETS,
Foreign Demand For American
Wheat Improving.
CORN CLOSES FIRM AND HIGHER.
Provisions Cons iderabIy Stronger at
an Advance. Cattle Very Slow,
But Stcady-Hogs at
Slight Decline.
CHICAGO PRODUCE MARKET.

CHICAGO PRODUCE MARKET.
CntcAGo, Feb 2i.-tSpecal Telegram TO
THB BEE. The lingering distrust in the
genuineness of that 100000 bushel gallery
play found expression this morning in a
lower opening TO wheat and in the circulation
Of the hippantly waggish statement that
the Buffalo millers had bought G0), 900 tierces
Of lard to grease the throat Of trade so it
could swallow those 100000 bushels of
wheat Lyon was moderate seller carly.
The crowd is cautious, however, and few
among the professionals have opinions they
would back far against an adverse market
A "tip' went out early that Fairbank had
declared that 81 90 would be the bottom on
this break Tips" are viewed with justi-
able suspicion on the floor but the market
TODAY did not 90 below Sl0 and the Cop was
115c above that price. The news and there
was considerable of it alloat in one form or
another, was generally bullsh Cash wheat
in st. Louis, which weakened on the aband-
onnent of the scheme TO ship a lot Of it TO
Chicago has again firmed uD and is 2c higher
New York is also quiet aud firm, and the
Buffalo millers are reported as ready and
willing to take the remainder of the Pacific
it was freely advertised that the trade had
been consummatcd, but the crowd is disposed
to guy further adviccs relative to the dis
position of this particular wheat. That big
lot actually changed hands is authoritatively
stated to be true, and that the rem inder has
gone or is soon to 90 the same way, may be
accepted as practically settled. As buyers
and sellers are both extremely well satisfied
with themselves over the deal the public can
lismicg tbpnpht fpplinU rpasnpn nblv
sure 1T will not again come on the market
unless prices are run up out of sight before
the grain can be moved out. Private cables
were received to the effect that the crops of
the southern countries, India Australia, Ar
gentne Republic and Chill, were looking
poorly. Bradstrcets has the same reports,
and similar statements have been given cur
rency by the London Miller and other for
eign grain papers. California is sending out
reports of dangerously dry weather, but that
news has little effect, the slope having
been exceptionally favored with moisture
late last fall and early in the winter, when it
was needed most to give the wheat plant a
strong start. The announcement that 30, 600
bushels of choice wheat from a special bin in
st. Paul elevator at Milwaukee had been
shipped to Chicago, caused some talk but
nobody seemed to be able TO show that the
shipment had any especial significance. The
wheat passed grade all right and is de-
scrbed as being above the average OF Mil
waukee stocks. 1t came in so quietly as to
excite the curiosity OF the receivers 1t
probably lands with Chandler Brown
Baker reported the sale of a little red winter
wheat at Liverpool at an advance of I'd over
the last trade made. Baker it seems, has a
lot of wheat there, and puts out n little oc
casionaily to test the market. Each sale
made recently has been at an advance over
the last preceding sale This may be taken
as very good evidence that the foreign de-
mand for American wheat is improving. In
formation was received on the floor that
I,,la 1f I hnl To
Minneapolis party 25,OOO bushels
of wheat, about equal to No.
9, at an equivalent of Sl.l5 in Chicago, and
lot of %, 900 bushels, about equal to our No
3sat an equivalent of Sl.O9 in Chicago This
intelligence was wired to Minneapolis by
Harrison, and half hour later everybody on
the floor got it back from there. The re-
ceipts of the dispatches caused quite furry,
and in connection with the Baker incident
and other bullish news ran May up from
$l.091s to 81 1917. This bulge occurred just
about IL O'clock May wheat opened at
$l.U9L, sold down to Sl09, and the important
changes thereafter were as follows Sl.09%,
::lSSsss :S ssiLoSs, sLS sISUSs slos}s,' IS}' s.io4, slU
$lO0s5, Sl1O16,, slO9l3, Sl.O956. Imme-
dately after the bell tapped there were sales
at Sl.094a OBS: July opened at 95}sc sold
down to 9434c, advanced nervously and with
frequent reactions to 96}4c, closing at 9514c.
There was an active trade in this delivery.
The volume of general speculative trade was
not excessive. The Scalping crowd got short
and ran on the bulge. There were no nota-
BILE operations
The corn market opened weak and fairly
active with free sellers at yesterdays clos
ing figures to a shade under them. There
was good undertone, however The news
from abroad was encouraging to holders, and
the very heavy quantity cleared from the At
lantic ports yesterday was Il clear indication
of the good demand for shipment. The for
eign capacity appeared to be limited only by
tl,.N
freight question, and there is a continuous
lively inquiry from the shippers to the east
ern domestic market. The receipts being 81
cars in excess of yesterdays estimates was
in some measure the cause of the opening
weakness which was probably helped also
by the lower tendency of wheat at the be-
ginning, but the later return of weakness in
the adjoining PIT did not similarly affect corn,
which closed firm at about a c higher than
the highest prices yesterday.
Oats shared in the general Quietude noted
in the other market, with few outside trading
orders and little disposition shown TO do
much ON the part OF the local SPECTATORS
The receipts were only moderate with
twenty-three out of eighty cars inspecting to
contract grades while the Withdrawals from
store were smaller at 4, ,S15 bushels. The tone
OF the market was nearly steady, with
May in some request at 21MW2IBc,
while the other months We're dull at
the usual differences. For No. 2 to
go to store 25@sc was paid, or shade easier.
The provision trade WAS considerably
stronger. Another boom in lard, which ap
pears to be regarded with favor by a couple
of English houses, turned the tide in the
general markets. From the start there was
more or less buying by tine shorts. The old
bear contingent followed a passive policy,
and higher prices were established without
much effort or stir In pork the days net
advance amounted to Zoe; i'll lard to l216Qo
15c, and in short ribs TO 71ac.