The Minneapolis journal., 1903-10-14
The Cash Article Very Strong and
Not Enough Wheat Coming
in Here.
Weather Good, but the Outlook Very
Uncertain-The Bears Afraid
of Rain.
Unless a Heavier Movement De-
velops the Bulls Will
Raise Prices.

Minneapolis Chamber of Commerce, Oct.
14.-Not enough wheat is coming in to
give the bears show and the local mar
ket opened firm this morning. selling off
little but showing no tendency towards
serious decline. December, in the early
trades ranged from S0Ac to 79kc and back
to 1880. May was fairly active from 1914 C
to 79Ac. That the market is strong on
legitimate grounds, that the present high
er prices are the result Of legitimate con-
ditions rather than manipulation, must be
evident to anyone who notes the good de-
mand here for the cash article and the
favorable reports from other markets as
to cash wheat demand and this in the
face of q showing of only 619 cars in the
three principal markets this morning
against 1,190 last year. Whatever may
be thought of the size of the last crop
whatever may be thought Of ample future
supplies and however bearish may be the
foreign outlook, there Is no getting away
from the present strong situation here.
The market IS strong and rightly So. The
question is whether there Is Improvement
in sight important enough to ease it any.
In Chicago the premium of 11ac over De-
cember for No. red wheat was fully
maintained this morning, while in Mime
apolis the millers advanced their bids
about 1c and No. l northern sold at about
&c over December instead of SC over. So
long as these conditions maintain it is
llOl llhelS ally serious ueClllle W III OCCuT Ill
the December option and it is on the be-
lief that such conditions will remain and
that there are still a good many shorts in
that option that the local bulls base their
prediction Of S5c for December. This
looks like pretty safe thing.
Within Il day or two, however, the
northwest has had good weather, at least
weather that appears good by recent COM
parison. Prices are now more attractive
to shippers, and with better weather more
wheat will come which the cash market
will have to stand against December
sold not long since at 75@751sc and hav
ing sold over soc is now high enough for
the present. This is as reasonable a bear
contention was the former statement
of conditions a reasonable bull view Of the
outlook. Here is the uncertainty. The
bears have a forecast for fair weather to-
night and Thursday. which would help
their cause. The bulls have a weather
map showing conditions very uncertain.
Two high balls and four low balls cover
the map. There is a low area around
Winnipeg, one south from Omaha, &C
counting for recent rains in Kansas, one
In the far southwest, and one off the coast
Of Maine. There is no rain in the north
west but plenty of it lying around loose,
and the bears are inclined to go slow un-
til they see whether or not any of it Is to
shift this way.
Minneapolis received 200 cars against
4OI, Duluth 3lo against 5S1, and Chicago
1O4 against ZOE. Kansas City had 1872, 900
bu against $4,000, and st. Louis $4,000 bu
against 100000 Minneapolis elevator
stocks have increased only $4,000 bu so
far this week. Primary receipts 1853, 900
bushels against 1,123,OO0 and shipments
1000 against $1,000. Wheat and flour
clearances, $50, 900 bu.
The market sold to S07sc for December
and then turned weak falling to 1880
79kc. and closing at 79kc May closed at
78Ac, this putting both options nc under
the close of yesterday.
The cash market was strong, active and
higher and around the tables &c over De-
cember was heard for the No. 1 northern.
No. northern sold at &c over for the av-
erage. Low grades sold we'll. It was in
fact an excellent market in every par
ticular save only the demand for smutty
wheat which was not SO good relatively
Smutty wheat has not followed the other
grades very we'll in the recent advances.