Omaha daily bee., 1896-11-18
COMMERCIAL AND FINANCIAL
Wheat Suffers from Plethora Of Bearish
News All Day,
CORN AND OATS HOLD RATHER STEADY
Spectators Fncc u surprise In the
Form of Uuusunliy Heavy
Nhcnt Receipts in
the Northwest.

CHICAGO, Nov. f6.-Whoat suffered from
n plethora of bearish news today ami closed
a.c lower, although selling at one time at
1c decline. Corn aud oats held steady on
n limited business, corn closing q shade
lower and oats unchanged. Provisions SUI
fered declines OF from ilac to l2i2c. Two
surprises were in store for wheat specula-
tors at the opening today. one was the
heavy northwest receipts.
Receipts Of wheat at Minneapolis ana Du-
luth were !, ,259 cars, against 9S3 on the Mon
day preceding and 2GS on the corresponds
ing day of the year before. The other
was tho Liverpool cables. The first ac-
counts received of the Liverpool MARKET
were Indicative OF firmness. But later dis
patches received five minutes after the open
ing advised Id per GENITAL decline. These
two items were sufficient TO create IA de-
cldedly weak feeling and in half nn hour
from the start December which had opened
at 7gc, Yesterdays closing price, down 10
TSlac, was struggling TO keep from going be
low NC. J he sudden ncreas III lne itSfl-'tS
In the northwest was totally unexpected
and the belief was freely expressed that
both this and the decline at Liverpool WAS
due to Chicago manipulation But olhSt
news gave the bears Il more legitimate ad-
vantage The visible supply, which hau
been expected to increase not over iUO,WV
bu or 800 600 hu was found to have in
creased lOSj,O)O bu. a good many were even
looking for a decrease. The disappoint-
mcnt In that respect caused the price 10
take another sudden plunge. December had
i'm the meantime recovered to ISC and II
dropped to nc on the publication oil thc
visible supply figures. The demand foi cash
wheat was unusually urgent, both Tor CN-
pOrt and for milling and was one OF the
strong features of the day. The sales up
to noon aggregated nearly 3OOoOO nu', one
half of II being for direct export. The mar
ECt became very fcvcrish during the last
hour and fluctuations were violent. Liver
pool at the close quoted further decline
pf ,I aI
Antwerp Of the continental markets showed
an advance. The declines at Paris and
Berlin were triiling, however. The Liver
pool weakness caused December wheat to
get down to nc. There was quick rally
I'm December to ISlac under the encourage
mcnt Of the large business. Another drop
to 7I5,c, followed by a final rally to sac,
which was the closing price.
Corn was duh and easy, but there was
no important break. Enough strength de-
velopcd to hold prices fairly steady. The
weakness in wheat had some influence,
Ceipts were expected. Trading was almost
entirely local May started unchanged at
2S2sc, sold to 2Sl2c, declined to 2Slsc and
closed steady at from 2SAc to 2S3sc
In oats as well as corn business was
principally of Il local nature. There was
some disposition on the part of shorts to
cover and the decline which came soon
after the opening afforded them good
opportunity to do so. Prices rallied on this
and closed practically unchanged. May
opened unchanged at 22i2c, declined to
from 22Nc to 22Ac and rallied to 22l2c,
where II closed.
Provision prices tended but one way
and that was downward. receipts of hogs
were much larger than expected and started
prices lower. Commission houses and pack
ors sold freely and products suffered a
still further decline, though rallying a
trilc with wheat near the close. January
pork closed l2i.c lower at $LI5; January
lard, 12i2c lower at $40; January ribs, 7l2c
lower at $3.50
Estimated receipts for tomorrow are:
Wheat 100 cars; corn 475 cars; oats, 43O
cars; hogs, 1900 head.
The leading futures ranged as follows: