Omaha daily bee., 1897-04-18
COMMERCIAL AND FINANCIAL
Wheat Makes a Sensational spart on
Foreign Buying Orders.
MAKES AN ADvANC; OF OVER FOUR CENTS
SIuS Chiefly In Demand, but July Fol-
lows III the scale with Dealers
in u great Scrnm-
Bile to- Buy.

CHICAGO, April 1I-This was one of the
record breaking days in the wheat market.
That article closed, after an exciting days
business. at an advance of iisc on the price
1t left off on Thursday. The heaviest ana
most successful of the local spectators in
the business were on the buying side, and
shorts were caught and badly squeezed.
other grain markets and provisions were
comparatively dull. The strength of wheat
came almost entirely from abroad.
Wheat was weak for about three minutes
at the start, but soon got over that, and
strong" If applied to its subsequent con-
dition, would hardly describe it. 1t became
excited for n few minutes at a time on
several occasions. May and July futures
started within &c of each other. but as the
rise in price which followed the weak start
was approaching its climax, May shot &c
or more ahead of July. which gave rise to
the idea that shorts in the former month
were more numerous than had been sup
posed. May opened at from 6yAc down to
bgfsc, as compared with $3.50 at the close
of Thursdays session. 1t acted in an UNI
certain way for a few moments at around
the prices named, and then commenced "a
trugsle for the meager offerings. which In
u little more than a quarter of an hour
from the start had advanced May to 1%sc
and July TO lice. At the bottom OF the
reasons for the advance was undoubtedly
the bad accounts from the country about
| winter wheat prospects, but "A stronger and
mere direct cause at the moment was the
reports received from New York that for
eigners were heavy buyers of wheat there.
They were said to be taking both spot
wheat and futures, and their Inquiries for
the cash article extended to Chicago. New
York sales for export We're reported at 50
boatloads, some at an advance of Is per
quarter, equivalent to about 3hc per bushel.
The quantity said to have been sold there
for export on Thursday was 424.0 900 bushels.
Respectable in amount as those sales are,
they fail to account for the scramble of
the traders in the pit to get hold of offer
ittgG 40 the GAGsinn nrnprIsngGn1 Nav was
chiefly in demand, but July kept after 1t
toward the close at a discount Of about
to lie, which was the reaction after the
first swell. After II rose again to 72c 1t
had q second downturn to n$sc, but follow
ing that the reactions We're slight, and its
progress toward still higher prices persist
ent and irresistible. 1t rose in the end to
I3Ac for May, and that was the price at
Corn partook but slightly in the bullish-
ness of wheat and it is not unlikely, judy
to the opening, weakness in that article,
that the market would have declined
had not wheat been so sensationally strong.
The Improvement in the weather west fore
casted larger receipts and offerings were
fairly liberal for that reason; Exports
opened &c lower at 23bsc, sold at 23lSc, and
closed at 2lSc.
Just a fair business was transacted in
oats. The market was firm, entirely a mat
ties of sympathy with wheat. At the open
ing the tendency was toward weakness, but
that disposition. was soon nipped. as wheat
did its high kicking act, and prices held
firm for the rest of the session. May
opened a shade lower at 16Iac, sold at
lGs@l6Ec. and advanced to lie, where it
closed.
Provisions were only moderately active
and advanced principally on account of the
extreme bullishness in wheat. Packers had
lard for sale every time it advanced over
ihurSday,s price, the result being that it
Inl the to c fosP M Ma pace por Ti'R wd Pork ab Snd ribs 1Sc
higher at $S.4II4US.5; May lard, 1ac higher