Omaha daily bee., 1889-01-30
The SPECULATIVE MARKETS
Wheat Flared Up and then Slumped
Badly.
CORN
DULL AND
WEAK
Provisions Presented an Fla sicr
Front-Cattic Demand Fair. and
Prices Rather Stronger-Hogs
Opened Lower.
CHICAGO PRODUCE MARKET.

CHICAGO, Jan. 90 Special Telegram 10
THE BEE May wheat ranged at 9S4C9
96kc today, and closed at 97lS@)Tl4c. The
market had its firm season early in the day
and its weakest moments later in the session.
The official opening was 9S%c, but there
were sales lI01aSc lower almost Immediately
The price got as low as 9Sl4c, reacted to
9S3lc, sold Off IA a &c, rallied agai to 9S9ic,
broke to 07lSc, huctuated for an hour or
more between 97l3c and VIC, and took a
plunge to 95Kc For a considerable period
IT hung around 9i@J1I4c where the market
steaded, and the tone toward the last was
better. February closed at 9325m93Lc, and
July at S9isc. The shrinkagc on the day was
lMlHsc. The first, and in fact the only piece
of important news received during the
day. was the announcement oy Beerbohm
that the amount on passage showod de-
crease Of 1865, 900 bushels. This was what
caused the early strength, but the little ad-
vance failed to hold AS on the two last oc-
casions when big decreases in the visible
supply were posted, the price fared uD and
then slumped badly This very peculiar ac-
tion led cynical persons to remark that if the
decrease had been twice as great the price
would probably have broken twice as far.
The crowd was decidedly bcarisn in scnti-
on the carly rally. The first time any con
siderable quantity of wheat came on the mar
ket it gave way Poole and Bloom started
the ball rolling, and none of the bull leaders
gave the market either their attention or
support. FaIrbank was not even on the
floor II has become fashionable for Il good
many men TO buy and sell on what they
think somebody else is doing or gong to do,
and for the moment the actions of indivdu
ais are gwen a magnified Importance. The
situation might be infinitely stronger than
any combination of bulls but the situation is
not personality, though its power is none the
less likely to be felt. Hence 1T happen that
for the time being speculative trading is
light and local in its character, and prices
are easily influenced by small things Gables
ranged from Indifferent TO steady, and New
York. which finds no foreign market for its
docJored wheat, is again very bearish.
The western movement and the milling CON
sumptve demand keeps on at about the rate
II has been going for the past fortnight. An
other sale of No. wheat for milling pur-
poses at May price was reported, and the
mills are taking considerable wheat from
several western distributing markets. The
weather is a little milder, and the immediate
future does not give promise of any change
for the worse, though Van Nostrand, the ex
pert Observer says a blizzard is ''stakcd OUT
in the northwest.
The corn market was again dull in addi-
tiOn TO which it was also quite weak There
was no change in the demand, nor any ap-
parent abatement of the active shipping
movement and export inquiry. Receipts here
were 80 cars more than yesterdays estimates,
but the quantity of No. in
the daily receipts Is still notably
small. The amount of business done was
again light aud principally on local account.
The fluctuations We're within narrow limits,
and the closing prices were from Is to l4c
below those current at the end of yesterdays
market
The oat receipts were large, with 173 cars
inspected in, of which Is were contract grade,
while only 2, l55 bushels were Withdrawn
from store. The regular market was dull
and featureess, tending to weakness after
the steady opening, due to the lack of sup
port. There was fair trading early in May at
2'l9@279sc, declining &c, with June nearly
nominal at 273sc, and near futures Inactive.
No interest was shown in January and No .
oats in store were salablc at 2434c.
The provision trade presented an easier
front. The strength shown on Saturday and
yesterday rather increased the offerings, and
as the receipts of hogs showed something of
an enlargement, the bear side met with more
favor. For lard, however, there was not a
quotable change in the ruling prices, but in
short ribs the days net decline amounted to
1ISc, ard in pork to 12la0Gl5c.