The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-29
The Bears Put It Down q Peg or
Two but It Refuses to Stay
Put.
Much Bearish News Comes and
Weather Favors Free
Movement.
But Primary Receipts Are Light
and Clearances Run to 1888 900
Bushels.

Minneapolis Chamber Of Commerce, Oct.
l9.-Wheat held in extremely narrow
range this morning and for two hours
varied in price by the smallest fractional
changes only December in the early
business was 1910, 1910 and 1870 again,
while May was 1880, 1880 and 7SAc.
Business was light and speculative inter-
est especially slack. 1t was the same IN
all markets. The weather remains very
favorable and the reports as to general
conditions, like that Of the Price Current
of to-day. are favorable. Receipts here
are expected to run heavier from now on,
and since the last two days brought In
over 500 cars each, there Is reason to
look for 1000 cars in the doubleday re-
ceipts of Monday next. There Is much
else of a bearish nature, but while the
market Is weakened by present condi-
lions and while there is much In the sit
uation to make one incline to the bear
side, there is nothing bearish enough to
induce any heavy selling. If 1t be true
that a majority of the trade fears to
buy wheat at present prices, 1t is equally
true that few dare sell it. That 1t Is
dangerous thing to sell Minneapolis De-
cernber is evident to any one Granted
that ones theories were correct and that
December is sale in all reason this does
not lessen the danger Of a sudden upturn
at any time, calculated to drive In shorts,
and 1t has not heretofore required much
buying of December to start a stampede.
nor would it take much at present. AS
for selling May, that is still harder
proposition. If man wants to trade for
q long time deal Minneapolis May at 7Sc
to 79c does not look very enttcing as
a sale. There will not be any more wheat
In the northwest in May than there is
now--that is patent. If there was and
still Is very bad situation for shorts,
in December wheat, If there is not enough
rxybo 70 UNIV
any one figure that there will be any
great surplus here in May? AS for SELL
ing May In the expectation of q break to
75c in the near future Regardless Of u1ti-
mate advances) this has appealed to
some. Yet in this connection it should
not be forgotten that some time ago De-
cember wheat sold above May. and has
held the premium in good part. When
. December was selling lower than May it
was seen by many In the trade that the
May-September and ACKNOWLEDGEMENTS
move was to be repeated again, and that
December was to pass May. On this it
was the proper thing to buy December
and sell May, and profitable spread it
proved. Now, it Is believed, there Is a.
considerable short interest in May here
and in Chicago. and many Of those big
May shorts are not looking for an utter
collapse Of values at all, but would be
content to cover on any moderate decline,
ing should any bad news come along, such
as an authenticated report Of any change
for the worse in the growing Argentine
wheat. There is in short nothing in the
situation to encourage short selling ex-
cept for those who are willing to take
chances that the more conservative trader
will not take. This makes it a waiting
market.
Minneapolis received 500 cars against
sos, and Duluth 215 against 348 Chicago
had 1O5 against 70. Minneapolis stocks
had decreased by $4,000 bushels to yes
terday, but by a gain over night this de-
crease was reduced this morning to 1885,
600 bushels.
Duluth reported five carloads Of wheat
taken for export.
Primary receipts still run under last
year, totaling to-day 1,124,0OO bushels
against 100000 Wheat and -four clear.
ances. $4,000 bushels. =.
& The visible supply Of wheat last year fol
the week corresponding to this increased
2,282,O00 bushels. There was an increase
at Chicago Of 675, 900 bushels, at Mime
apolis of 597, 900 and at Duluth Of 240. 900
This week Chicago and Minneapolis show
practically no change in their stocks. The
visible increase will probably be 1,150, 0Ul
bushels less than last year.
s. New York reports that the continenta
bids on wheat are Nc better this morning
Il The market was firm towards the close
December wheat closed at 1914 @80c, ani
May at 7SAc.