The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-12-16
The WHEAT SITUATION A POSER JUST NOW
Fundamental Conditions Strong and
r Fully as Many Bulls Now as
Formerly.
But the Holiday Liquidation Period
Creeping On, With Many 2
Weak Longs.
Can Wheat Advance Much at This
Sc Time, or Must It Break
First?

Minneapolis Chamber of Commerce, Dec.
IA better comparative showing for
Minneapolis receipts was an influence for
weakness in wheat this morning, drawing
out enough selling from weak holders to
affect prices and send May down again.
80A @S0ssc being touched early in the
session There were 4S4 cars in the yards
against 240 a year ago. This was a sort
of evening up for Monday and Tuesday
when the receipts here were SO extremely
light, due in part to the bad weather.
Some belated shipments We're in this
morning, additional to the ordinary run.
and the total was sweed. Duluth had SO
cars against IL. and Chicago 81 against SIS,
an increase of 25S cars for lie three points.
With this the southwest showed UP 104,-
900 bu at st. Louis against $4,000. and
$4,000 bu at Kansas City against $4,000,
while in Minneapolis the elevator stocks
so far the week have increased 475,000
bu Argentine reports are Of bad weather
and some actual damage is said to be
noted, which is probably the case. At the
same time the damage is probably not Sc
we're or very widespread, since Antwerp,
always quick to feel the Argentine
changes. closed sc lower. Liverpool was
easy and without important change. Ar
rnour did little this morning, but Lohrke
i the New York exporter, was a heavy. seller
of futures in New York and Chicago and
this had effect. In the local pit the senti-
rnent has changed noticeably. There is
not 50 much bull talk heard. 1t is doubtful
if any bull has changed his views at all.
There is Just as much belief as ever that
wheat ought to sell higher in line with the
prospective supply situation, and argu-
rnents made some time ago as to prospec-
tive scarcity later on, are good now
as when first brought out. But what the
trade Is debating about now is whether or
not this is the time for bull market Ar
rnour is presumed to be bull and to still
hold Is Of
numerous points in the situation indicat
ing higher prices eventually. But wllenz
ever Armour buys wheat in big lots, nu-
fnerous small traders the country over,
tail on and follow along each with his lit
tie lot on which he will stand punshm ent
usually to the extent of a few cents a
bushel. On this sort of buying and the
uncertainty to Armour. the market has
been strong for long while, but recently
It has not gone up much Meanwhile the
holiday period is creeping on. 1t Is true
that one of the liveliest bull markets the
trade here remembers once started in the
holiday period. still this is not the time for
bull markets a rule. Armour may, of
course, come in at any moment and boost
prices, and this possibility has to be al
lowed for in any analysis Of the situation.
Aside from this there are the questions of
dull trade and of holiday liquidation,
which may be put into the statement that
all indica tions point to higher wheat prices
at some time.bu whether in the absence OF
any tional bull news the market can
start from the present high level, at this
time and carry. along q, lot Of long wheat
is question. Hence the theory that be-
fore any long continued bull market is
on, there must first be a decline, is gain.
Ing ground
Primary receipts. 9S5, 900 bu against 662,.
900, shipments 245,000 against $4,000
Wheat and flour clearances, 462, 900 blu.
New York reported ten loads sold fol
export
To: Near the close the market rallied and
May, having touched 8o1sc on early de-
cline, reached S11A and closed steady
There was some lively short covering neal
the close. July closed at S0a4c and De-
cenber at 79c.
ss Cash wheat was easier in line with the
option. but was in good sale for the choice
lots, No 1 northern ranging from 30hc tx
Sic and No northern from 1915
to 793;c