The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-10-28
Dec. Spurts to 70 1-So to 70 lac in
the Most Active Session for
Some Time.
Bull News Commissioning From
Both Ends, New York and
San Francisco.
Only 252 Cars in Minneapolis Re-
ceipts-Heavy. Buying of
Wheat to Arrive.

Minneapolis Chamber of Commerce. Oct. IS
Wheat was strong and higher than ever this
morning December spurted to 121a 9I2$c
and May to 1850 on early buying. alp on
realizing carried it back to 72Qg121sc for Decem-
Der and T31sc for May, but this setback was
only temporary, and by noon May was up again
to 7354c, while December sold up to Toc. The
bears have been badly worsted from day 10
day for the past two weeks that they are afraid
to stand short at all. and run In on every up
turn. There q rush for cover as soon as the
receipts OF the day ware posted for in MIN
peapois only 252 cars were shown, against AZ
last year. This enough to make local SELL
timent very firm. Local traders looked TOT
moderate receipts, but hardly expected 80 very
light showing. Opinion is divided as to the
movement for the remainder of the week The
bears argue that there Is plenty of wheat In
nearby country elevators and that shippers are
anxious to get it in. the shortage of cars alone
preventing a heavier movement Still the wheat
docs not and the movement or coarse
grains which it was thought would let up some
what still runs heavy enough to cut out much
wheat, of which the 4O3 cars of fax In Duluth
to-day is an illustration. The west coast having
done heavy business with Australia, New YORK
came in line this morning reporting small
cargo of choice wheat sold there to go to Austria
lia, for shipment Nov. 70.
Chicago continues sending out depressing re-
ports at times, these principally in the form OF
statistics bearing the general supply the world
over. Earlier in the present bull market these
had effect, but sentiment now has APPARENTLY
crystallized sufficiently to Withstand them The
bull argument in d nutshell is this, that whatever
NAV be the conditions the world over, however
favorable the outlook for winter wheat, ana how
ever true the multitude Of bear1sh reports that
eppear from time to time, they do not cnange
the situation here. More wheat will have to
show up In Minneapolis before the local crowd
will cease being bullish. With this there Is the
foreign inquiry. A Chicago house reported an
inquiry from France for choice red wheat. Chi
cago had grain from Australia on the
floor who said his country was about bare or
wheat and they will need g. 000. 600 bu to carry
them over to March /. San Francisco had more
Australian inquiry later. This French inquiry
was considered very important, as France is
known to have a large crop this year. but not
much really choice wheat.
At primary points receipts were 100000 bu
against 1,25O, 900 last year, and shipments $685.
600 hu against 1913, 900 bu. Wheat and -four
clearenoes eonled AZ 900 bu. Minneapolis had
252 cars. against 1922; Duluth 5S1. against Al.
December wheat took on 1ndependent
strength later in the session and while May held
hack December spurted to 73h @73Ac New
York had moro export inquiry and 70 loads were
reported worked at Duluth.
The markst closed reaction due to realiz-
Ing December at 1910, May at 73ltc.
In the cash market there strong and ac-
tive demand. Aside from the trading in the
spot lots probably 100000 bu OF wheat was
bought in the closing hour to arrive. All
classes Of buyers were active. millers taking the
bulk Of good stuff A little low grade stuff
difficulty in dsposing Of it this morning. Prices
were naturally higher following the option. and
also covered wide range Wheat sold late
brought. In some cases. 1c to 1Mc more than
TO arrive No I hard at 74Nc. No.
northern to arrive sold from 731Ac TO 741ac, and
No 2 northern to arrive from II ~ to 72c. Spot
No brought 73Ac q 1874 c. and snot No. 2 TX ~
and grade from 65 l2c to 6S1ac. Rejected
brought Csc to I0Ac