The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-20
A Choppy Market With Sharp, Price
Changes Sudden and I'm
expected.
Both May and December Run Up
and Down With Marked
Irregularity.
The Same Old Story of Great Local
Strength and Outside
Indifference.

Minneapolis Chamber of Commerce. Oct.
20-Wheat was uncertain again this
morning and very choppy. The tendency
was easier and the trend of prices down
ward yet the market showed remarkable
strength at times. and where deliveries
were forced reactions were quick when
selling pressure ceased. December fell on
to 79Esc, but was back to S01sc shortly,
while May, after selling at 7s1sc, reacted
promptly to zoe. Trade was light and
traders undecided Reports of export
business. notably the sale Of 100000 bush
els at Duluth, made the shorts cautious
and deferred many from selling. The
weather was very favorable to the bears
and there is forecast for continued fa1r
weather. Local elevator stocks have de-
creased 100000 bushels so far this week.
Liverpool was easy and sd Off at hrst,
covering I'd off on second cables.
Minneapolis had 294 cars against 40,
Duluth 453 against 1888, and Chicago 104
against 115. st. Louis received 10000
bushels against 1896 and Kansas City
900 against $4,000. At the principal
primary points receipts were 1,354,OO0
bushels against 1,7S7,000, and shipments
631 900 against $4,000. Bradstreet's
weekly figures show an increase Of $780,
900 bushels in the quantity east of the
Rockies and 100000 bushels in the guam
tity in Europe and afoat for Europe,
total increase of 5.2S0,000 bushels. This
looked ,DeaflSn at uTSl, out Dy OIlpdTISOllS
with an increase Of 9,567,000 bushels at
this time last year it was not SO bearish.
Northwestern interior elevator stocks in
creased 1000, 900 bushels, which was the
real bearish feature Of the report, indi-
eating that while the wheat has not been
coming in here, it has been coming into
view in the country. At the same time
the country elevator stocks even now are
less than at this time last year, so that
this was not so bearish, either.
Eighty-six cents for No. / northern was
the figure in the cash market. This Is
a Scent premium over December forty
days prior to Dec. /. That this is an
abnormal condition is evident. December
ought to advance, or cash ought to ease
off. The bulls have tried to get De-
SENDER up, but it sticks. Now the wealth
er is better, and there Is the promise Of
larger movement Of wheat later on
and bullish enthusiasm is lacking It may
be that the local cash situation will con-
tinue to hold up the general market as it
has done, but it is a great task for SEN
timent. both here and in outside markets.
is turning easier.
A later Duluth message reported $50, 900
bushels wheat sold there to go to New
York
BroomhaT cabled that less war talk and
increasing wheat stocks at Odessa have
made the Liverpool market weak and in
different.
Wheat and flour clearances were 2O1, 900
bushels.
Broomhall's foreign weekly crop sum.
mary:
United observation-disclosures rains. dur
Ing past week may cause reduction i'll
wheat area. =
France-There Have been excessive rains
in the northern part, but in the south
drought prevails.
Russia and Rumania-Conditions have
improved during past week, as more rain
has fallen, which was badly needed.
Italy and Spain-Rain badly needed.
Germany-There have been excessive
rains the past week.
The market broke suddenly to 1870
1880 for May and to 1880 for December
near the close, and rallied as quickly to
SOasc and 79c. closing at SOAc for Decem-
Der and 7S5sc for May. 1t was an unsat-
1sfactory finish for the pit traders most of
whom were at sea in the choppy market
and were Whipsawed on the day.
Six cents over December was paid fo1
NO. northern this morning. mllers tax
ing 1T at SEC. For No. / to arrive the
figures were SIC and S31hc for the bulk
No. 2 to arrive sold at s3@S3kc.