The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-28
No. / Northern and No. 2 Sold From
Sc to &c Under the Ruling
Prices of Saturday.
Futures Stubborn Against Decline,
September Even Advanc-
ing 11ac.
Foreign News and Worlds Statistics
Bearish, but Domestic News
More Favorable.

Minneapolis Chamber Of Commerce. Sept, Is.
MI the foreign news was against the price OF
wheat this morning, and SO the new week began
with prices lower and the feeling more depressed
than otherwise. Against early selling the mar.
ket held fairly we'll and reacted after the de-
cline. Still there a gradual sinking thru
and May to 77$c while In September there was
no trade for some time after the opening. Liver
ond cables, and I'D lower at the close. This
Liverpool decline was the principal cause OF our
weakness, and Liverpool was of on preponder-
of bear concerning the worlds grain
movement. Russia sent out T. 1874 900 blu of wheat
last week, and the Danube 1920, 600, India
2496ooO and Argentine 4ss,00o bu Americas
showing of 1850 900 blu was not very favorable
against all this and there was besides this an
increase Of 2,2SO0O0 bu in the quantity of
breadstuffs ahoat, which now totals 32,l6OO 900
bu.
Locally there was an increase Of 325.oo0 bu
to show in elevator stocks. but this was not
heavy considering the absence Of good milling
demand for wheat. AS to the movement of wheat
to primary points, it more encouraging to
the bulls than otherwise. Minneapolis had only
Ing at this season. and compared with s21 last
year Duluth had 253 against SOL and
Chicago 70 against 16S, making 964 cars at the
three big markets against LASS last year. Kan
sas City had 21s against 191, and st. Louis
$4,000 bu against 154, 900 bu
Wheat and an; -four clearanees equal 5o6. 900 bu
The visible increased ,312, 900 bu, making the
total Ii, 250, 900 bu.
The weekly Harris Gates review says: We
look upon the recent sharp decline In prices as a
very fortunate thing under the circumstances
Our showing Of exports, compared with that
Of other exporting countries, has been execrable
from the beginning of the crop year-July L
to date, and 1T absolutely necessary that we
get down to a working basis. At the moment
the market is waiting. and 1t is barely possible
that we are already near an export basis. Until
we are there will probably be sustained ad-
vance in prices, although it Is likely that there
may be brief rallies due to reaction from the
extreme feeling Of bearishness that has sud
iSn1 AVOID hn ht01jc tnoon In
all our grain markets.
The extent of the export business will be the
important feature of interest in the grain trade
for some time to come and 1t will probably sur
pass In interest the size of the movement Of the
new crop from the interior. Just now the sttua-
ton abroad Is not very encouraging If current
trade reports are reliable Europe is more than
ever independent this year Of American wheat,
and this has certainly been demonstrated In the
the last three months. Meanwhile this country
Is seeding, or has In fact already seeded an
immense winter wheat area, and Argentina and
Australia have also greatly extended their seeded
area. For the first. time in many weeks there
was very large increase in visible sup.
piles. Southern Russia also reports very rapid
have run up to $4,000 bu from total of
100000 bu at the opening of this month.
Primary receipts were 1167 900 bu against
1.971,00 and shipments, 43sO0 against s1e,-
600. Nv.
AS the session progressed the cash wheat and
the futures moved contrariwise and pulled further
lower they were in no way weak as the cash
stuff while September actually advanced in the
face of the declining cash wheat 1t was clear
the cash wheat depression due to local.
and probably temporary conditions, and that
there was too much support in the options to ad-
nit of any decentralization - -
December wheat closed at 75A 775Kc and Nav
at 77ssc both under Saturday by 1h65c to &c
September, on the other hand, gained &c and
sold to S6Ac, closing firm at SEC bid.
The cash market was badly demoralized and
lower on every grade by 31ac to 4hc a bushel
With over 900 in and no milling demand
1T was impossible to hold the market in line
with the options and former trading differences
counted for nothing. No 1 northern to
7sAc and on some late sales. altho there were
NO. was equally weak and sold from 7Sc to
76c. good many lots at the low figure No 3
sold from 76c down to TIC, and in this grade
as well as in others, some wheat was carried over
unsold. ..- =. ,..l e.