The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-10-03
A Familiar Figure on Change.

}. rneapolis Chamber of Commerce, Oct. s.
Wheat was up again this morning and then
down again. December sold promptly from yes
terday's close at &c up 661ac but fell back
again slight selling pressure. There
weather map rather unfavorable for the move
ment, and the further prediction of rains for
the entire middle west tonight and tomorrow.
Receipts were moderate and there was something
of stimulate ion from corn, which affected,
the gossip said by the heavy 'frosts shown
the weather map, notwiths anding it is extremely
late for talk Of frost unfavorable factor.
The rains over the southwest, however, afford
pretty legitimate strong argument in corn for
the movement of into Chicago Is nat
urally fair to he lightcnel materially. In
wheat there Is not much interest and although
the market has made several starts for higher
level within week, the interest necessary
to maintain the upward tendency has not devel-
oped. TO Il trader In the northwest, familiar
with conditions here, the bear side does not
appeal very forcibly, and it is probably true
that local sentiment in it's preponderance is
favorable to wheat for the long pull. Yet
there are some bear arguments that must not be
passed over; some things that If they do not
dcpress prices at least stand in the way Of
the bulls just Perhaps the most important
Of these is the matter of Manitoba wheat. From
all that can be learned. the Canadian Pacific road
is making special efforts to get the greatest pos
sible quantity of this wheat to the lake before
navigation closes and there Is enough vessel
tonnage available to promptly all that
they can possibly bring forward. This, Of
course. is nothing new, since everybody knows
that the Canadian northwest has big crop this
year, and if has got to to market sooner OF
later. 1t is probable, however, that the compe
tition from this source will come this time not
so much in the spring following, as in the fall
before navigation closes. The facilities for
Ing the Canadian crop are vastly increased this
year over last, it is probably a greater quantity
will find Its way into eastern markets this year.
and the competition from this source is something
that must be considered in any attempt to fore
east the probable trend of prices during the next
Month or two.
Primary receipts to-day were 1,211 900 bu,
against 1914, 900 last year, and shipments 1855
600 bu, against 461 900. Mnnea polls had 374
cars against 642 last year, and Duluth 40 cars
against 246.
The Modern Miller says: Rains have delayed
fall blowing and seeding over large area Of
the Waiter wheat country where this work has
not already been completed. The rains have
put the soil in fine shape. to receive the seed
and have started termination in sections where
the growth was backward account Of dry
weather. The movement of wheat to market
contlnues IN excess OF the average for this sea-
Chicago wired bear view of the situation,
as follows: This market is not acting right for
bull. The Toe mark seems to be a stone
wall, 1t can't get and stay over There
are lots of people who believe any wheat is
they buy it above that, it loses them money
Vr'!c ~" bear is making Roadway latterly,
It looks to many that he will win out Corn is
bullish and outside interest is too small. AS
stocks pile up as they certain to do, I fear
they Will be too heavy for the scalpers to
The market closed firm for December, at ee1s
@66Mc, and May at 6S%c
Cash wheat stronger and higher The
spot offerings were we'll taken up and there was
good demand for wheat to arrive, millers buying
the No 1 northern to arrive at 6S0l6Slhc Spot
No. 1 sold from 6s1ac to 6sMc. with soc paid
for few choice lots. No. 2 northern sold at
661Ac for the bulk. but some lots went as high
1ected brought GA 65c, and no grade sold from
63hc down to 56hc.