The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-12-11
WHEAT ADVANCES in THE FACE OF BEAR NEWS
Government Report Makes Winter
Wheat Acreage and Condition
Far Above Last Year.
No Depression Results, but May
Wheat on the Contrary Sells
Up to rs 5-8c.
Good Export Inquiry, and Fifty
Loads Are Reported Taken
a. New York. .... ....

Minneapolis Chamber of Commerce, Dec. IL
ln the face of a government report ON winter
wheat more hearish than any one here had looked
Tor, the wheat market showed good strength this
morning and held 6rm through the early part of
the session. May wheat lower by a frac-
ton at the opening. With trade ut 1850 fol
lowed by split trades at n &c to 74Hsc. but
the depression was thrown off promptly and the
market rallied to I5lsc. There was selling In
support to hold the market. The government
report was doubly hearish in that 1T makes
the winter wheat area cover "a 900 90 acres which
Is an increase OF 81 per cent over last year. aud
it makes the condition of the growing wheat
3S.1. or IS points higher than the condition OF
S6.7 on Dec. last year. There was the usual
mean in bushels, Chicago house figuring
yield Of 1895. 600 bu. No one. of course.
expects any such yield this, but 1t is about
the way it would figure out, assuming all things
that the acreage is not overestimated, that the
condition is AS high as represented, aud that
the high condition can be maintained until the
TO be expected. The report was extremely bear
ish, however it might be read. and some sur.
prise was heard that the market did not weaken
more. 1t often happens that when report of
a bearsh nature is expected. traders discount it,
and when the report actually comes out, a reac-
tionary advance in the price follows. But this
hardly the with the government report
Of yesterday afternoon.
The market held against 1t for a number Of
reasons. not the least OF which is the loss of
prestige by the government estimators since the
controversy which showed 80 wide a discrepancy
between the results obtained by the agricultural
department and agricultural inquiry division Of
carry less weight than formerly. For another
thing. the winter wheat harvest is far ahead,
and experience has shown that December esti-
mate of conditions, however accurate it may be
at the time of issuance. Is usually not worth
much guide when the wheat is uncovered
In the spring. And there has been much talk
fessor Huston covering Indiana. and other re-
ports we'll. showing condition that may
have 10 he reckoned with later. 1t is the opinion
of many Traders that the government report is. so
bearish that the speculative markets cannot fail
to show effect, though this may not come for
day or two. There was nothing. however in
to-day s early business to show any weakening
effect.
FOREIGNERS were reported buying wheat mod
arately in Chicago. Liverpool was I'D OF at
the close. Odessa sent out a cable to the effect
that thee has been damage by frost in southern
Russia. but giving no estimate to the prob
able extent liverpool was rather bearish
this Russian news: and Broonhall cabled that the
heavy Snowstorm in southern Russia, arordng
wheat the Inuch-desired protection, caused An
easier feeling in Liverpool early in the session.
At the opening all deliveries were I'D lower,
md later further declines of I'D and I'd
CURED. Speculative offerings were quite light
ne"rbT and and ost the pt o p M ea rhs
I'D y
The primary receipts totaled 1877 900 bu
900 bn. against CSC. 900 bu. wheat and dour
cIeararces. 427. 900 hu. Local stocks have in
creased ! .125. nhn bu so far this week
Minneapolis received 466 cars against 374 last
year and Duluth 40. against $685. s.-Es
Near the close the seahoard began sending in
reports Of cxnort business. New York reporting
30 loads sold. TT" market continued strong.
May advancing to 74Hsc and closing firm. De-
cenlber closed atN 14c and July at 1870.
An excellent demand was noted for the cash
wheat No. l TO arrive was again in good sale
and there was some INQUIRY for No 2 to arrive.
The low grades sold we'll.
On the curb, following the close. the market
was very strong and excited May selling to 7ec,
Close: Whent--December. s4Ac: May, 81 "a c.
Corn---December. 81 &c: May. 491ac.