The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-10-24
December Sells Early at II 3-8c to
II 1-2c, But Strikes 70 1-2c
on Later Weakness.
Bears Taking Courage and Bringing
Out Statistical Ar
guments.
Coarse Grain Movement Believed to
Have Passed Maximum
Point.

Minneapolis Chamber of Commerce. Oct 3D.
1t was another hating and hesitatins session
in wheat to-day, with the market undecided for
time and then weakening little In sympathy
with Chicago, where there was a decline OF al
most cent from opening prices. Locally the
business was moderate and the market had to
stand sprinkl1nG Of new selling orders from
the outside but there no lack OF good sup
port. Rainy weather over part or the north
west bull item, but about the only new
one of special Importance, and this was lost in
the later clearing weather. There was little
strength, however, from the prediction OF cloudy
weather and possible showers for tonight and to-
morrow for Iowa and the Dakotas The bears
saw small spark of hope In the receipts OF 176
cars of fax in Duluth, which, while a pretty
heavy days rum was light by comparison with
the daily average of 800 cars received there for
some time. And If the fax movement lets up,
more wheat will probably come in place of it,
which argument applies to the movement Of
grains In general into either Duluth OF
Minneapolis. This morning the northwest
showed up 700 cars against 6T6 last year,
gain Of only 80 cars. Still the bears took even
this favorable, when coupled with the esti-
mate OF increase of $4,000 Blu this week in
Minneapolis stocks.
From abroad there was little Of new interest.
Liverpool was sd up at the close. Another
Russian estimate cabled across. that of the
minister of agriculture. The wheat crop he
makes $4,000, 900 bu, against 428oOo00O Blu
last year rye, sos, 900, 900 bu. against SOL ooO,
600; barley 2S5, 900 bu, against 229 O0o 900;
and oats 1888 900 900 bu, against 626 OOO 900. This
would give Russia 1000, 900 bu wheat more
than last year, and 1855 900 900 bu more coarse
grains The bears claiming that the Rus
slams will find so much more rye that they will
naturally consume quantities Of 1t where ordi-
narily they would consume wheat and will, for
that reason, have more wheat to export entirely
aside from the increased wheat surplus in itself.
Minneapolis December opened at 71Ac, sold
to Use and then turned about, selling off to
T012C by noon.
The Modern Miller is very bearish on the
future crop outlook. In to-day's issue it says
that weather conditions continue favorable and
crop conditions in the winter wheat territory
all that could be expected at this season Of
the year. Not complaint Is heard from any
section Farmers deliveries Of wheat are stead
lily increasing, and only lack of transportation
facilities limits the movement to market. Along
the lines Of railways in the principal winter
rapidly at the stations. At many Of these
stations shippers have lsed buying account
of the shortage.
Primary receipts were 1885. 900 bu. against
1O61O0O bu last year. and shipments 3O1 900 bu,
against 900. Minneapolis had 3O2 cars,
against 4s2. and Duluth 2o4 cars. against 1874.
Wheat and -four clearances, 1885, 900 bu.
The market dragged to the end, closing at
709sc for December and 71Nc for May. Wheat
and flour clearances for the week were 1000, 600
bu,
Sellers of cash wheat got very satisfactory
prices to-day considering that the bulk of the
choice stuff sold early and at the high points
Of the December option. In consequence some
sellers who had lots unsold until late. No. 1
northern sold from 73c for choice down to
1Ac., averaging 72@72sc. No. northern
sold from &c for choice down to 691ac for
F2hc, and No. 2 to arrive brought 7O1ac. No.
wheat had the widest range of all in the
grade wheat, with Nc and 64c as the eX-
treme figures. Rejected sold from CSC to 63c
and no grade from 64c to SIC.