Omaha daily bee., 1896-11-14
COMMERCIAL AND FINANCIAL
Wheat Touches the Highest Point Of the
Year.
UT IN SPITE OF THE BULLS IT DECLINES
Advances In the Opening Price of
wheat WAS Inevitable, since
the statistical News Fn-
Norcd the bulls.

CHICAGO, Nov. 13.-wheat today touched
the highest point Of the year, the December
option climbing 20 SAc But IN spite OF
the prepoudcrance Of bullish news the mar
ket closed at a &c decline, due entirely TO
heavy realizing. other markets also
showed weakness, corn declining sc oats
sc and provisions from SC 10 JOG.
An advance in the opening price Of wheat
today was Inevitable. The statistical news
favored the bull side Of the market de-
cidedly Liverpool sent quotations from Id
10 lizd above those at the close OF the pre-
vlous day Paris was strong and higher
and Berlin UP IA marks The total receipts
were ~ cars. against 3sl on the correspond
ing day Of last year, and Minneapolis and
Duluth reported 4Ji carloads. compared
with 1905 a year ago. Accompanying the
cablcd quotations from Liverpool were re-
ports Of the spreading Of the locust plague
in wheat Notwithstanding this the open
ing advance was slight, the initial quota
tions for December being at from size
TO Slizc, compared with yesterdays close OF
Sgslc. Prices soon struggled up TO N'sc. but
the offerings, which were a feature Of the
market, caused break to Sic. Then the
real strength Of the situation began to
make its impression and prices climbed
steadily upward during the rest OF the
morning, until Slaic the highest price Of
the year, had been reached. This was the
high water mark Among other features
which helped TO sustain the market were
good export engagements at Duluth and
New York, amounting to is boauoads at
both places. Against all that came reports
from the northwest that farmers deliv-
cries had Increased considerably. owing to
Improvement in the country roads and the
higher prices. one prominent elevator
company reporting that its receipts were
doubled yesterday. The Minneapolis mar
kyt which for Some time has led Chicago
in tho advance, weakened today and en-
Couraged the liquidation. which gradually
grew more pronounced as the session ad-
NanCed. Prices had sharp break during
the last hour. Several big lines of long
wheat were put on the market to realize
prohts and other longs got frightened and
tSan TO liquidate. As the price went
down some stop loss orders were caught
and number Of pyramids topplcd over.
December dropped down to 79i.c under it
In the last Few minutes a rally occurred
and December was bringing SJlsc as the
session closed
Corn showed some strength for the first
Few minutes OF the session. This was due
to the strength of wheat and the small re-
ctipts. The advance, however, was cphC-
neral. Heavy offerings soon caused prices
to sag and weakness characterized the
market for the remainder of the session.
May opened &c higher at from 2sE,c TO
2Hlzc and gradually declined to 2N'ac, clos
ing easy at from 2sigc to 2Sa,c
oats opened firm in Keeping with its
surroundings. But this feeling gave way
later 70 one OF weakness influenced by
corn. Liquidation was heavy on the decline
and assisted materially in weighing the
from 225sc TO pc. declined 10 22isc and
closed easy at from 22igc to 22r,c
Provisions opened firm, but soon became
weak and remained SO. At no time was
trade otherwise than dun, Tho opening
strength was due TO the steady hog market,
but prices soon broke under liberal offer
inEs. January pork CLOSED lOc lower at
SL05; January lard. &c lower at $3.50: Jam
uary ribs o. lower at S3gi.
Estimates for Saturday are: Wheat g.
cars; corn, 23J cars; oats, 2y) cars: hogs,
2OODl head.
The leading futures ranged as follows: