The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-11-21
Both the May and December Options
Sold Off, December Being Es- '
pecially Weak
A Local Increase of /, 100000 Blu.
Expected This Week-The
Modern Miller Bearish.
Duluth Had Some Support Trade
Armour the Prime Influence
u in Chicago.

Minneapolis Chamber Of Commerce. Nov: 21-
Another decline in wheat marked the early SEES
sion to-day, both May and December selling or,
December showing the greater weakness A feel
ing of hestancy luled again. The market ap-
peared to be the verge OF decline during the
trading Immediately following the opening May
wheat was offered down to !4c by frightened
long, but recovered promptly as there was good
support at the figure. December sold off to 121sc,
but held and recovered fraction. There was
hothfng especially weakening nor was there much
to give new encouragement to the bulls. Ifaders
were undecided. After an hour the WEAKNESS
became more pronounced. May sold off to 731sc
and December to Il IS n71&c. 1t was clear from
the increase already made and the continued ac-
tive elevator inquiry for wheat that local stocks
are to Increase about equal to last week: me
official estimate Is for gain OF l,"oo'ooo bu.
This was not very bearish for three reasons:
First. the fact that 1T was clearly foreshadowed
early in the week and the effect discounted; sec
ond, the light stocks here which even after the
increase expected viii lbe far under normal, anu
third, a report from Duluth that the increase
here will be Offset by a decrease at the head
OF the lakes one estimate putting the decrease at
Duluth between soc, 900 and 0OO, 600 bu. The
rainy weather prediction for the southwest was
borne out except that the precipitation was less
extensive than expected. Oklahoma had heavy
downpour and there were rains at Omaha. Des
hfoines, Dodge City and Wichita. Kansas has Il
forecast for rain tonight and Saturday. The
corn market showed little effect, however, the
corn shorts having anticipated the worst by
covering freely yesterday and Wednesday Min
nesota and the Dakotas have fair weather pre-
dicted for tonight and Saturday. Receipts in
the northwest were Is under last year, Min
neapolis getting 5S4 agains 54I and Duluth
256 against 1868.
The foreign markets offered little Of stimulus
for the bulls. Liverpool down a q 3sd at
tho close London wired that advices from Ar
gentine report conditions very favorable, the
Fighter movement of grain there being attrlb-
ntable to a labor difficulty. Argentine shipped
as 600 bu. against liz 900 last week and 50, 600
a year ago
The Chicago pit traders were reported all at
ser as to the attitude of Armour All seemed
waiting for him to turn the crank and start
the market moving. The popular belief credits
Armour with having sold 100000 bu May and
10 now hold comparatively light long line. inc
crowd would follow if they could feel sure OF
the Armour position, and for the time beinb
other considerations are subord1nated and OH
Armour selling the price, declines quickly.
Clearances showed $4,000 blu.
At primary points receipts were 1.112,OOo bu,
.gainst 1.os6,0OO. and shipments $4,000 hu
against $4,000. New York reported considerable
export business pending.
The Modern Miller says wheat has a fine
growth, which is almost too luxurious for early
Gown grain in sections. Complaint In re-
gard to condition Of plant and damage done py
Hessan foy occasionally heard, but are OF no
consequence. That the farmers are satisfied with
the outlok Is indicated by the large deliveries of
wheat by them
Duluth came in afaera shrdlu cmfwyp vb
port business aggregating $4,000 bu, the bulk
sold c Buffalo.
The close was slightly above the low points,
December at II 7sc and May at 1874 W131sc.
The cash wheat market showed trace Of
hesitation on the part Of buyers and demand
was not so good as yesterday. The bulk of the
good wheat was delivered to fill previous sales
10 arrive and the quantity actually on sale was
not heavy. Everything desirable was cleaned
up promptly and at prices not much out of line
with Yesterday, although the figures were down
corresponding with the weaker option. No.
northern sold from 741ac to 1880. No.
northern sold from 73c to tic. In the No.
northern grade there was business to arrive and
sales at I20l 1856. No. 3 wheat sold from 72c
to 60c. Rejected ranged from 7012c to Csc,
and no grade from Csc to 57c..