A streaming engine in a system receives a first set of stream parameters into a queue to define a first stream along with an indication of either a queue mode of operation or a speculative mode of operation for the first stream. Acquisition of the first stream then begins. At some point, a second set of stream parameters is received into the queue to define a second stream. When the queue mode of operation was specified for the first stream, the second set of parameters is queued and acquisition of the second stream is delayed until completion of acquisition of the first stream. When the speculative mode of operation was specified for the first stream, acquisition of the first stream is canceled upon receipt of the second set of stream parameters and acquisition of the second stream begins immediately.