Omaha daily bee., 1889-08-27
THE SPECULATIVE MARKETS.
A Great Upheaval Takes Place in
the Wheat Pit.
FAIR DEGREE OF CASH BUSINESS.
Weakness Shows Itself at the Open
ing OF Corn Trading-Fair Activ-
ity Prevails In Provisions-
General Quotations.
CHICAGO PRODUCE MARKETS.

CHICAGO, August 26.-TSpecial Telegram To
TBB BEE.l--There was great upheaval In
the wheat mraket today, occasioned by the
receipt Of what was claimed TO be an author
itative forecast of the estimate OF the Vienna
grain congress on the European wheat crop.
The results were so astounding that they
were accepted with extreme doubt when
first ascertained. But the saverages were
gone over again carefully and no error found.
That there should have been European
shortage Of over .225, 900, 900 bushels was not
looked for, and, under the circumstances, it is
small wonder that the forecast was ac-
cepted with doubt. However great the
doubt might have been, that fact did not pre-
vent general and big buying. Logan s. Co.,
Jones, Kennett, Nor ton, Worthington,
ond Durham g. Co., started the
bail rolling and gave the
market its turn up. The buying was from
all sources aud the orders poured forward
from thousand points. The market opened
duh and weak, with December quoted at nc.
Not much was doing IN August or Septem-
ber. which started nominaly at 76c. Decem-
ber fluctuated feebly, with nc as the highest
point. For time the market looked as
though about to settle, but 76Jkc was tn but
tom. Those who were lucky enough to get
"onto' Vienna news began buying from tho
jump, but not In a way to excite the market.
1t was not long, however, until the crowd
learned that there was big piece of news
In circulation and values rose up rather more
sharply. 1t was after IL o'clock before
start was fairly made, though the market
paused for quite while ut T4c, then
climbed to 7116,, where another halt was
made. The next spurt carried the price to
T5sc. AT this point the visible supply
statement was found, showing an increase
of "A, 74 bushels. This was a most extra
ordinary exhibit considering the time of the
year. Had there been no other news of
moment ahead Of it, it would have created a
sensation itself. As it was, renewed buying
on a large scale resulted, and the price
climbed to 7Sasc, a gain of lHc from the
inside quotation of the day and 1916 from
Saturdays closing quotations. The close
was 7SAc, with August resting at 7SAc,
September at 17l4 c and May at S21Ic. August
cash market u fair degree of activity was re-
ported. Very heavy speculative business
was done in the pit and the excitement
generated has communicated itself to the
other markets, and a general revival Of trade
may be chronicled
Fine weather and heavy receipts caused a
very weak opening IN the corn market.
Every one appeared to have selling orders at
33a<c, or sc lower than it closed on Satur-
day, quickly lost another l-13c before buyin G
orders to any considerable amount came in
to check the decline. The strength in wheat
communicated itself for short time to this
market and caused q recovery to 1890, but
when an increase Of 1,455,OD0 bushels WAS
shown to have taken place in the visible
supply weakness again predominated and
held possession to the close. The magnlf-
cent corn weather now prevailing continued
to be the chief factor influencing speculation.
The export demand at the sea board was
good, and fair demand existed here for
Shipment. September closed at 3324 Ql335Sc c.
and MAY 3514035asc, being respectively &c
under Saturdays closing figures.
Oats were active and easy and 1894c
lower early, with q late recovery. Receipts
were large and there was general desire to
sell May, with that month one time touching
22T@32slc and finally improving point or
two. No. regular sold chiefly at 1890 and
No. white for both August and September
at Gee.
There was fairly active trade in pro
visions to-day, the principal interest being in
pork and short ribs, and the final closing
scored an advance OF 15@171ac for September
and October deliveries and INC for the Jan
uary delivery of pork, 2l9015c for September
and October short ribs, Sc for January short
ribs ana &c in lard for all options traded in