The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-26
These Two Important Factors sus-
tain Wheat and All Options
Close Firm.
Receipts Somewhat Larger-Better
Weather, and Other Domestic
News Bearish.
Twenty-Five Loads Sold at the Sea-
board-Visible Increase
Very Small.

: ~ Minneapolis ChamDer OF 4COHlI1leiCe, W.
26.-Higher foreign markets helped wheat
at the start this morning, and after that
the reports from exporting markets began
running favorable, and. with strength IN
st. Louis as a further help, all grain
markets We're strong. December, IT. the
local market, was SOS @S0Ac at hrst pue
SO1sc was touched on later weakness.
May wheat sold early at 1875 @7SAc and
79c later, but declines were hard to force,
altho there was considerable OF bear1sh
import in both the domestic and foreign
news. Russia cut In heavily again with
$685. 900 blu, against American shipments
Of 4,265,O00. The Danube shipped l,beS,-
900 bu; Argentine, $4,000, and India, 4S8.-
600, while Australia came along with 10,
600. The quantity on passage at 81, ES4,0oo
bu decreased 94S, 900 blu. Minneapolis ele-
vator stocks decreased 100000 bu so FAR
on the new week. Duluth sent down word
that offers of Saturday to both the United
Kingdom and Germany had been accepted
and that a good business was done In
wheat
Minneapolis received s1s cars, against
S4O Duluth, 1874, against 400, and Chicago,
600 Blu, against 81. 900, and Kansas City
103, 900 bu, against $4,000. The visible
supply with an increase Of only 1890
bu, now 22,704,0OO blu.
The Harris Gates weekly wheat situa-
ton analysis, which Is even more bear
1Sn tnan formerly, says tlldt sV1OSl1lly IhC
lessons taught by the recent enormous
declines in lard and in corn have been
lost on wheat traders. 1t. would seem
that the losses incurred in maintaining
an unnatural level in each OF these I'M
portant products should. at least for a
time, deter others from following a SIM
liar course. Leaving out the hazardous
possibility of war between Russia and
japan, there can hardly be found a trad
err. however bullish he may be. who seri-
ously believes that the present excel
lent milling demand will continue thru
the winter, or that this country is yet
in position to act Independently Of for
eign buyers. Without a continuation Of
the present demand, it Is more than pos
sible that even the present light supply
Of contract grade wheat will be ample.
If this demand should slacken it would
certainly require a sharp slump in the
price to check the offerings. The supply
would then be more than ample. 1t is
the province Of the successful Spectator
to anticipate. War markets are usually
the best ones to sell on With the chances
even as to war or no war, the seller
still has the advantage Of high mar
ket and in most cases 1t is not prudent
to buy on an advance. Taking the price
record Of all foodstuffs for the last year
we find wheat one Of the last to adjust
itself to the more bountiful crop level.
First cattle, then hogs, then corn came
production and boom times had sent the m.
It is possible. nevertheless, that large
profits are to be made by buying wheat
now and waiting for a declaration of
war somewhere, but for our owE Gus
toners we advise letting others make
them We believe it is best. in a COM
mercial transaction, to stay a little near
.er the earth. It is highly probable that
there will be no sudden or extended de-
clines or advances. 1t will take some
little time to bring stocks Of contract
grades up to a burdensome total and
meanwhile there will probably be good
fighting markets where an alert trader
can secure profits of say &c to &c pei
bushel ON either side. We should GER
tainly not advise the trader starting with
a. purchase around current figures.
: Primary receipts were 1866 bushels
against / ,S75 900, and shipments were 1872
COO against $4,000.
Twenty-Five loads were reported sold a
the seaboard.
December closed at sO1sc and May a
1875 @79kc.
T The most active trade in some time was
witnessed in the cash market, where OF,
ferings were large and sales heavy. No
L northern sold from S3c to &c, and No
northern from SOC to Sic, the average
being SO1Ac to S0%c. Low grades movet
WELL but prices showed a very wide range
in every grade. .'~ p" ...>y