Omaha daily bee., 1901-01-03
COMMERCIAL and FINANCIAL
Wheat Makes the Arohed Flight and Fall Of
aSkyrookst
TOUCHES TOP MARK, BUT CLOSES WEAK
Corn Comparatively Quiet. Phillips
Purchasing 100000 Bushels--Best
Day for Oats In Months
Provisions Open Higher.

CHICAGO, Jan. 2.-Wheat scored the
highest price of the season today on neavy
general buying, but broke sharply later on
profit taking end closed weak nc lower.
Corn closed kQ4c lower oats 1sc higher
and provisions practically unchanged.
Wheat was Irregular. excited ana impos-
ing In volume. A rough estimate based
upon the reports of two leading commission
houses places the quantity of wheat 10
change during the season at 1900 bushels.
Long stun was for sale at the tap of the
gong. May opening unchanged to &c lower
at 77%@77c. The depressing factor was to
be found I'm the delivery of 10000 bushels
on January contracts. There were no Liv-
erpool quotations for futures, but the spot
aricle on that market was strong The In
itial selling met with n demand more than
ADEQUATE TO take care OF II and In thirty
minutes the weakness turned to strength
bought 2,5o.0o0 bushels during the far Il
hour, and the head OF arother one asserted
that he had bought twice that quantity.
Early sellers reinstated their lines ana
there was investment buying on n large
scale from that quarter hitherto out of the
market. The rally was helped along by a de-
crease In the worlds visible supply of Lib
GO bushels: by an adyance of Cd In -four at at
heavy flour sales. May scared during the
forenoon to 70c and at his point the de
mand Jagged. The earlier support was
withdrawn and those who offered to Sc
cure profits found difficulty in finding taxi
ers. Under pressure OF great magnitude
MAY broke sharply to 7sSc and closed weak
ported six loads taken. Seaboard clearances
In wheat and flour were equal to 1000 600
bushels Primary receipts aggregated 51l,-
900 bushels, compared with $4,000 bushels
last year. Minneapolis and Duluth reported
d65 cars, against s75 last week and 26l q
year ago Local receipts were 2l3 cars, 20
OF contract grade.
Corn. was comparatively quiet. de;
pressed by favorable weather, and
The receipts, 7l9 cars. and respond
wien that market was at Its hest. .'rhe
purchase of 100000 bushels of May by Phil
lips who worked the November corn
squeeze, was the only incident. May sold
between 37i4c and 36ssc and closed steady.
,sMhc down at 363sc.
broad than It has been ir months The
demand, both local and outside, showed con-
siderable Improvement. May sold betwee
24bc and 24AM24Ac and closed isc up at
24%c. The fluctuations of wheat were m
fuentia in determining prices, but while
the market responded readily enough to
the bulge In the big market the answer to
the latters weakness was less ready. Re
Ceipts were 427 cars.
Provisions opened higher on an advance
at the yard. and the fact that there was
no deliveries on January contracts. There
was little outside support however, and
selling by packers caused a reaction. TIE
close was only fairly steady. May pork
sold between Sl2 72le and closed a shade
lower at sl2. 7siZasl275; January lard be
mt 1921, and January ribs between s66Iis
and $500, with the close at S662ia
Estimated receipts for tomorrow Wheat,
1b0 cars: corn, i15 cars; oats, 2l5 cars; hogs,
5000 head.