The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-11-11
STRENGTH AND HIGHER PRICES IN WHEAT.
Bearish Government Report on Corn
Had Depressing Effect at
H. ,s.'' g..
the Start. -.
But Conditions in the Northwest
Were Favorable to Price
p
... Maintenance.
Rains and Lighter Receipts-More
Rumors About Armour Buy
= ing May.

Minneapolis Chandler of Commerce. Nov. IL
The bears in wheat had the advantage this
morning of Il government report on corn that
was bearish. They had the further advantage
of light speculative interest and lack of
centrated support. Chicago was a shade lower
when trading began, and apparently tending cas-
Ter. But the northwest had rain and light re-
ceipts, combination calculated to bring out
cautousness. and with strength and higher
price range here. the Chicago bears were slow to
pound the market. Minneapolis December opened
Sc up at 1n}tc, and scld promptly to 1l1s@
T1Ic.
Moorhcad and Dubuque were points reporting
heavy rains, and there was general precipitation
over Iowa, Nebraska, Kansas and the grea ter
part of the ohio valley. The northwest had a
'drizzle everywhere. It's continuance might work
for lighter receipts. A clearing Off cold and
clear would help the movement. but a turn into
very cold weather would be something of q
further handicap to the railroads This morning
the northwest had $50 ears against 1850 last
year, falling off of 1G5 Both Minneap-
oils and Duluth fell off. the former getting 476
cars against $50. the latter 400 against $50 The
fact that a larger proportion of good wheat has
been found in the receipts for day or two has
started q little talk to the effect that the mar
ket has had the worst of the wheat on this
crop, and that more choice milling stun will be
seen hereafter. The 46 cars OF No. 1 hard
in the receipts of yesterday and the larger pro-
portion of No. l hard to-day, helped along this
feeling. Chicago had another cargo Of wheat in
of the lake. this lot containing 10000 bu. This
makes 100000 bu received In Chicago for the
New York reported decided increase in con-
tinental inquiry for wheat, but to noon no ac-
tual business was done.
Midway in the session the market turned dull
and the tendency easier. The local flour
trade was not very heavy. Bradstreets figures
showed an increase of 4,O1O, 600, bu In the guam
tity east of the Rockies and 500, 900 bu increase
III the quantity of wheat In Europe and ahoat,
total increase of 4,51O,OOO bu.
At the principal primary points receipts totaled
j sos, 900 bu agains 1,444.OOO last year. and
shipments 4oS,64o against 262,27O.2 Wheat and
-four clearances 4U1O0o bu..
Liverpool closed sd higher. 81
The market frmed up near the close on, rumors
of buying of May wheat in Chicago by Pacific
coast traders and reports of buying in Chicago
December and May for Armour.
December closed at II rs @7l1ac, May at 73c;
both at high point.
An excellent demand ruled for cash wheat
Miers and elevators We're buyers. The grade
wheat well taken at prices fully firm with
yesterday, and small fraction firmer for No.
2 northern. feature to-day was the improved
demand for the low grade wheat. There was
another moderate advance, which put the best
of the low grades 1 y M2c over the basis Of Sat
urday lart No. 1 northern brought 1919 a I3c
and No. northern Il G72c: No. wheat sold
from &c to roc. Rejected ranged from 6913c
to 63c and no grade from 81 &c to Sc.