The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-09
Government Report Due Tomorrow
and the Usual Hesitating
Tendency Noted.
Receipts Increase, Yet Local Wheat
Stocks Are Still on the
Decline.
Weather Somewhat Better-The
Bulls Do Not Fear Heavier
Receipts.

Minneapolis Chamber Of Commerce, Sept g.
The government report Is now the most I'M
portant consideration In the mind OF the specu.
lative wheat trader. What it will show Is not
so important in itself as the fact that once 1t Is
out of the way the market will probably iyen
up more and break out of the present rut. This
morning December wheat, altho strong, was IN
very narrow range, and to IL O'Clock held De-
tween SOs.c and SOC, May meanwhile selling
from s2&ac to s2Sc. 1t Is the usual dull mar
ket to be expected before government report
The bears meanwhile have number of things
In their favor, and this morning they We're tax
ing Advantage OF them to the utmost, yet with
out affecting the market much. A higher bar
ometer in the northwest was encouragement for
clearing weather, and the posted forecast was
more favorable. Frosts likely In Kansas,
Nebraska and South Dakota, but otherwise the
prospect Is not bad and shows a great improve
ment over conditions Of the past few days. The
greatest bear argument this morning was an
important increase in receipts at primary points.
Kansas City had big run, or 1,1O6 cars, which
compared with 1872 last year, but this comparison
covered movement of three days. Still the
figures hooked very bearish and were used BY
the bears with some effect Minneapolis also
Chicago fsii off with 225 cars, against SOB.
Duluth haa, 1853 against 489, and st. Louis 5000
blu, against $4,000 Meanwhile the local stocks,
doing have fallen Off about 100000 blu more,
and this In the face Of the 1927 cars in here
yesterday. Some Of the wheat in yesterdays
receipts will likely show up later in stocks and
in measure offset the decrease, but practically
no wheat is going into store at least no tmpor-
tant quantity. Millers are taking the wheat as
fast as 1t comes. The Chicago bears, looking
at the 1887 cars in Minneapolis yesterday and at
1,1O6 in Kansas City to-day. argue that this
means great rush Of wheat soon and consequent
decline in price. This may be. but the local
bulls do not fear any weakening effect from
heavier movement. Almost two-hfths Of the
receipts here winter wheat which does not
of going to elevators who might hedge 1t by
selling futures, goes to mdllers who need 1t,
and that there is demand for it all Is evidenced
by the fact that buyers here take the good wheat
10 arrive in round lots at firm prices. The
continued buying every day OF top grades to ar
rive means that later on much Of the wheat re-
ceived will go for delivery previous sale and
will not crowd the cash market Of the day.
Sentiment here is firm Many in the pit are
short the expectation Of break as soon as
the weather clears and beaver movement be-
gins, but the average trader Is a bull for a long
pull.
The cables brought the report Of the Rus
Sian minister Of agriculture, issued at St. Peters
burg, giving the final estimate Of the Russian
crop. AS the figures in the Russian meas
ure Of pools, everyone figured 1t out for him
self, and the result a confusion Of reports
The figures finally accepted about right were
b31 200, 900 bu compared with 81, 0O0.0 900 last
year. Bradstreets estimate Of the change in
bu in the quantity In Europe and afoat and
Increase of l. 100000 bu in the quantity east of
the Rockies, net increase Of $4,000 bu.
Liverpool closed u lower.
Paris closed equal to lie higher.
Primary receipts were 1,742,OOO bu against
1,24s, 900, and shipments 46S, 600 bu, against
PCS, 900.
Chicago house sized up the situation as fol-
lows in wire to Stephens: 1.-THE milling situ-
alton in wheat Is a rather remarkable one Du-
luth mills closed notwithstanding a good ex-
port demand for -four, because they cannot get
wheat to grind. With liberal receipts in Min
neapolis they decreasing their stocks. Quite
general reports from interior mills In the Da-
kotas and Minnesota show that while they are
paying high prices for wheat they are export
ing -four at profit of 25@3Oc per barrel with
orders booked several months ahead. This Is a
most unusual condition. With very little help
from the export demand for wheat winter wheat
markets reducing their stocks. This indi-
Gates that the -four demand is just as good with
the winter wheat mills. Chicago is the only
market that has any available stock OF wheat
and where the demand is poor. 1t looks to us
as tho foreigners much likely to in
crease their buying than to diminish It. Any
material increase in export demand would, we
think. make higher prices"
The market turned frmer toward the close
and shorts covered sufficiently to put the mar
ket back from the little early sag closing finally
with a gain of Nc for the day. September
closed at sSAc; December, sO%, and May,
s31sc.
Low grades suffered little to-day and there
IS tendency in the cash market to widen out
prices between the poor wheat and the choice
Good milling wheat was in excellent demand and
sold we'll both for spot and to arrive. septem-
Der price the ruling figure for No. 2 and
&c over for No. l. Near the close the demand
was not quite brisk