The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-10-18
Wheat Carried to New High Points,
December to II 1-8o, and May
,.- to ~ 1-2o. !
MANY Had Turned Bearish Yester-
day Expecting Decline on
Weekend Liquidations.
But the Market Held, and Clear
ances of 100000 Bushels
Started a Scramble.

Minneapolis Chamber OF Commerce.
oct 1S.-The bulls wound up the week
with another advance In wheat, running
Minneapolis December to 1l7sc ana MAY
wheat to 721ac. There was an actiVe aliu
very strong local market. with traolns
heavy. Chicago had enormous ousine 40
wheat. much of it representing ne" M
+arest There was weather map iloI
40 favorable as could be desired, "hlcn
gave the bulls new courage Inc supPo.'
from strength in coarse gram continued,
end there were heavy short lines In Wheat
nut out yesterday in the nope OF oreaN
To-day on weekend liquldat1ons. IL
naeded ONLY a showing Of 1,0OS.OOO bushels
Tor wheat and flour clearances to start d
scramble near the close. Then all OPP
tions eased off slightly, December CLOSING
at 7Osl 07O7sc and May at 729sc IN Cni,
caeo brokers were giving up armour
name on large purchases of May wheat
witch mixed the trade badly. The mar
let closed with sentiment divided between
those who are inclined to look for a oreaR
on Monday following the continued al
yances and others who believe that IL
Armour is under the market chicago De-
cember will strike 75c before there IS
much Of a downturn.
Great interest attached to the govern
ment summary of yesterday respecting
foreign crops and various interpretations
were placed upon It, In its entlrety the
bears saw 1t as confirmation IN 1ull Oh
the earlier reports of bountiful yields IN
Turone The bulls see nothing especially
nav in this since 1t has been known for a
long time that Europe had good yields,
but place a bullish Interpretation upon II
from the fact that there Is shown TO pc
more low grade wheat than was general
Nv supposed and less wheat Of the grades
suitable for milling. Broomhall cabled
this morning that there Is increasing evil
dence that considerable portion of the
crop Of western Europe is oW-grade
wheat Still the Liverpool trade fails to
see anything especially bullish In French
crop of 352 900, 900 bu or about 13 per
cent larger than 1901; a big crop in Rus
sia and generally good yields throughout
the continent. Bulgaria has large crop,
somewhat deficient in quality. The
Roumanian crop Is officially estimated at
7622O,29S bu, q big showing for that
country. Denmark rye and wheat are
about normal in yield and Of good quality.
while the recent favorable weather In
Great Britain has helped out the farm
ers very materially. The recent rains IN
Argentine are reported to have saved the
crops, and enthusiasts are now claiming
a probable yield for that country 40 per
cent larger than last year. All these
things bear directly upon Liverpool and
explain why that market persistently re-
fuses to respond to the American bull
enthusiasm. There is the additional pres
sure of heavy shipments. Last veal
worlds shipments were S,736,OO0 bu
Broomhall estimates that the next Mon
day figures for worlds shipments will
show H. 900. 900 bu, in which total Russia
and the Danube ports will figure largely
And so despite our bull markets for eigh
successive days and our further strength
of yesterday. Liverpool closed to-day Is @
I'D lower. But we are acting indepen
IDENTIFY and even should Liverpool again
fail to respond on Monday, the marke
may hold the. general bullish feeling
now ruling the American markets
Wheat exports from July 1 to dat
total rs, 757, 900 bu against 92,533,o00 IL
the same period last year.
Primary receipts were 1.2ll.OOO 'bu
against 958. 900 last year, and shipment
767, 900 bu, against 453, 900 blu. The north
west had 81 cars more than last year
759 against 662 Minneapolis got 44E
against 46S. and Duluth, 314, against 1874
Local wheat stocks increased 312 GO
bu for the week, making the present tota
1,662,4o6
"A good demand ruled for cash whea
nillers buying again to-arrive. NO.
northern sold from TN to 72H followin
the option. No. 2 northern sold from 50
to 69%c. No. 3 wheat brought 81 to 70H
FOR the extreme range. Rejected sold fro
67h to 63 and no grade from "a dow
to SEC. No. 1 northern to arrive brougl
T1As and No. 2 northern to arrive 60
@70c.