The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-11-25
And Succeed in Forcing Only a
Small Fractional Decline
May 80c; Dec. 1880.
The Feeling Is Growing That the
Northwestern Situation Is
Getting Stronger.
Argentine Still the Big Faotor-Ex-
port Business of Thirty-four
Loads.

MINNEAPOLIS Chamber OF Commerce, Nov.
25.-May wheat showed advancing ten
dency this morning but was held down by
lack Of enough new buying to offset short
selling At SO1sc many in the pit thought
1t time to put out a little short wheat. as
the advance was made early In the Ses-
sion, and tomorrow being a holiday and
the market having been on the upturn
recently, break near the close was the
oretically due on that evening up usual at
such time Nothing of vital Importance
came in the news. Liverpool was up about
nd. Receipts We're somewhat larger COM
paratively than yesterday, and new bull
news was not plentiful on the whole
Rains were reported IN Argentine. but
whether the effect was good or bad was
uncertain.
Eighty cents for wheat looks high to
many traders. There are some who have
refused and still refuse to accept the
northwestern situation In any such light
as it must appear If the estimate of 147,-
100, 900 bu for the total yield is correct
There Is not the slightest doubt, how
ever, that there are now great many
more believers In the Jones estimate than
there were when the figures appeared, and
that more traders are turning that way
every day. It Is not so long ago since the
Market Record printed an able review OF
the situation which was bullish and might
have been taken as an argument for full
price maintenance around present levels,
and this strengthening review was based
upon an estimate yield Of about 200, 000.-
600 bu. IT, even or a yield Of 200, 900, 900
bu a, close observer of the changes in
stocks, and conservative estimator of mill
ing requirements can see firmness in the
situation, what must be the prospect if
the yield was really less than $50, 100000
bu? The most conservative traders in
Minneapolis, some Of whom have watched
the market for years, are bullish, and the
fact that Minneapolis May wheat is above
soc, and a year ago at this time was under
75c has little bearing one way or the
other. There Is less wheat this year, in
the northwest. Indeed, If the northwest
situation could control, 90c for Minneapo-
lis May would be a matter of a short time
only There are, of course, a multitude
of other things to consider. Broomhall
cabled that a statement giving the situa,-
tion In the northwest as very bullish was
received in Liverpool, but the trade there
ignored it. Nor is it to be expected that
Liverpool will turn strong while every
thing in Argentine remains SO favorable.
Here is situation, in nutshell favoring
higher prices, but advance does not
come because of a, brilliant prospect in
foreign exporting and competing country.
And this has been the case for some time.
Just recently, however. there is opinion
gaining ground that even if Argentine
raises a big CROP and even if American
winter wheat comes along all right. wheat
in the northwest is not going to be very
cheap. anyway, and should one go heavily
short on favorable prospects abroad, it is
by no means certain that he would do
we'll on short wheat, even If they are
realized. while if anything should happen
to lower the promise abroad his position
would not be enviable.
In Minneapolis there were 464 cars,
against 437. Duluth had 214, against 2s6,
and Chicago 49, against 96 Chicago had
zoe, 900 bu In. all this total hejuq rea chad
by another cargo Of 229, 900 bu in off the
lake from Duluth. st. Louis received 10S,-
600 bu against 1000, and Kansas City
$4,000, against 81 900.
There are light SHOWS in Manitoba and
the Dakotas, light SHOWS or showers in
Iowa, Nebras ska and thru the Ohio valley.
The precipitation Is nowhere heavy and
nowhere sufficient to interfere with the
movement OF grains. The Temperatures
are lower in some parts of the extreme
northwest, but are about sea sonable thru
the west and southwest.
Minneapolis elevator stocks have in.
creased by 100000 bu.
Argentine harvesting, it is now reported
will be well under way by Nov 1921
Primary receipts 1,466000 bu. against
1,175,000, and shipments $4,000, against
624 600
Duluth sold loads to go out
Clearances. wheat and flour, equal to
500, 900 bu.
Twenty seven loads were taken at New
York for export.
The market rallied near the close and
May, having sold off to 1914 @7s%c, was
back up to Soc. December lost nc for
the day, closing at 7S4c, and July closed
lower at 1910.
The cash market showed good demand
for the choice milling wheat, No. 1 north
ern selling at S1@S1%c and No 2 northern
from 7Sac to 794c, averaging rec.