The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-10-17
December Sells Up to 70 $3.50 to 1-2o
and May to 72o Following the
Chicago Strength.
Shorts Continue Selling and Then
Buying It Back Again on the
Strong Turns.
The Local Pit Loaded With Long
Wheat Carried Up on the Con-
tinued Advances.

Minneapolis Chamber of Commerce, Oct. IT,
,ith disbursement from abroad and in the
ACE Of disappointing cables the American grain
markets held up this morning and the bulls ran
prices up to new high points, In Minneapolis
the December option sold up to 701ac. Chicago
held stubbornly at the TIC level. selling to II &c
back to 72hc, to 70Ac, and again back to 72c
then up to 72A @I72hc. turn In the weather
helped bull sentiment slightly. There were
light rains In Minnesota, over the Ohio valley
and around st. Louis. The northwest IN gen
eral was cloudy. with threatening rain. The
local market soon turned very nervous and was
up and down by quick changes. The pit ele-
ment was Mixed and much of the trade was In
the continued putting out Of small short lots
and buying them back on the strong turns
There Is a considerable accumulation OF long
wheat in the local pit, some OF it carried up
from the beginning of the bull market over
week ago. Traders have hesitated to take
profits when every succeeding day has scored new
advances, and with the continued gossip to the
effect that Armour under the Chicago De-
cember. Sentiment here is favorable to wheat
and there has been little change in this respect,
but since the buying side has been SO popular
for time, many traders with full confidence In
wheat are inclined to go cautiously for the pres
ent, fearing that anything bearish enough to
start realizing might precipitate sharp down
turn.
Continental Europe has followed well on our
advances, and this morning Paris was up again
by IS centimes. equal to about Ac. But Liver
pool persistently refused to follow, and. opening
cables closing B@Ad higher Later cables
from France said the strength in Paris was not
entirely sympathetic with our advance, but due
in part to local conditions In France there
is good crop. but there is a scarcity Of choice
wheat Immediately available for grinding which
makes the situation there not unlike that in the
local market. Up to noon there
ports of export business the advance having put
the seabOard markets out OF line. Clearances
for the day 3O1, 900 bu.
Primary receipts were 1901, 900 bu. against
100000 last year, ard primary shipments $4,000
bu. against $4,000. Minneapolis had 500 cars
against 1875, and Duluth 25S, against 225, q
gain Of 118 cars.
Consul General Bordewic, at Christiania, in a
report to the state department. says the Norwe
gian crops this year are about One-third less
than average, and large quantity Of grain
will have to be imported Argentine shipped no
wheat this week, against 12S, 900 bu last week
and 200 900 bu a year ago.
The Modern Miller says another week Of high
ly favorable weather has permitted farming oper-
atoms to be pushed vigorously. The seeding of
winter wheat is fully up to the average of the
season. large area has been seeded and the
total, when completed. may exceed that Of last
year. The wheat shows strong growth, as
moisture has been plentiful nearly everywhere.
Some increase Is noted in the farmers deliveries
Of wheat where fall work is finished.
Bradstreet's report showed wheat and flour ex-
ports for the week 5,241 900 bu. against $685.
900 last week and 3,bse,ooO a year ago..
the end beeem5er 't touching 0 7c @7osc. n and
May selling to 72@721sc. both closing on slight
71Ac.
Tho cash trading was on the basis of 1c to
11ac over December for the bulk Of the No.
northern, and &c to lie under December for the
No. northern. The cash wheat followed the
option fairly we'll. and the No. l. sold from
rive sold at 7oA @7Ic and No. 2 to arrive at
the Pnse se to &c. s
from &c to 65c, and no grade from &c to SIC.