The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-11-11
Meanwhile December Breaks to
761sc and May Wheat Goes
Shade Under 76s4c.
Receipts Fair, Weather Less Certain
and the Mills Ship 107,779
Barrels of Flour.
Much Bearish News Still Coming
Argentine Being Closely
Watched.

Minneapolis Chamber OF Commerce, Nov.
ia number of bearish reports We're re-
ceived in the early part of the session,
but the wheat market was not affected
by them. On the contrary. it showed
strength and fractionally higher prices.
Eight hundred thousand bushels is the
quantity shown in the increase in local
stocks for four days, and 1t appears almost
certain that for the week the increase
VIII be well in excess Of 100000 bu. A
direct Rosario Chicago cablegram stated
that the outlook now Is for a record break
Ing crop in Argentine. that cutting will
be we'll under way by Dec. l and thresh-
ing general by Jan. 1. These are early
dates for Argentine even if the crop is
large and well advanced. Yesterdays re-
port on corn was pretty well discounted
and while the government figures were
bearsh. there was not much further pres
sure in corn Locally some disposition
was shown to buy in short wheat. Still,
there was not much new business on the
buying side. Probably half the pit now
talks 75c for May and this figure ought to
be reached, if preponderance Of sentiment
will do it. At the SAINT time, there are
a great many waiting to buy May, not
only in the trade, but among spectators
on the outside. The tip is to wait, to wait
until May gets to l5c, then buy it and put
1t away for awhile. Hundreds Hare ready
to buy wheat, as they believe May will
sell higher. but they are waiting for the
break. On the recent breaks, however,
there were number Of little buying or
ders. enough to help materially in sus-
tanning the market When everybody waits
for q certain figure to be reached it
sometimes happens that the figure Is not
reached. The very fact that so many are
ready to take hold at certain figure
makes the pit crowd quick to act some
times in advance. The great argument now
is the heavier receipts. yet there are those
In the trade who expect some falling off
rather than an increase from now on. To-
day Minneapolis received 43S cars, against
52S Duluth 285, against 242, and Chicago
49, against 205. total for the three mar
kets of $40. against CTS, or 105 cars less
than last year. Leaving out Chicago and
taking the two northwestern markets.
there are 40 cars less than last year. or
721 against no. Meanwhile the weather,
altho favorable, is not so perfect as the
long spell just gone thru Fair tonight
and Thursday is the prediction for Min
nesota, but there was heavy rain between
Milwaukee and Chicago less favorable re-
ports from the corn belt and nothing, in
TACT, to indicate an increase in the move
ment CT wheat or coarse grains to mar
ket. Kansas City showed up heavy again,
with $4,000 blu. against $4,000, but st.
Louis had only 81, 900 bu, against 1914 O0O
The Michigan report makes the condi-
ton of the winter wheat .84 against $50
last year, and the acreage somewhat
smaller
Flour shipments yesterday were 1O7, 7es
barrels. the Minnea polls mills loading out
freely and clearing up the Sunday output
Reports from Argentine are likely tc
turn the market from this time on and
to-day's news was very weakening after
a time. BY noon the market had more
than lost the early strength and was on
sharp downturn.
Primary receipts 1,5O1, 900 bu, against
l.Sl6,O 900, and shipments 100000, against
$4,000. Wheat and flour clearances 49,
900 blu.
Before the close violent break put De-
cember to 1910. closing the option a. the
low point. May broke to 6B@7sAc but
closed at 76A@76Bc. July closed al
765s@76&c.
New York reported il loads sold 70,
export.
The cash market suffered with the OPP
ton, but the basis was not changed and
&c over December and 1ac under was the
ruling figure on No. 1 northern and No. 2
Early sellers did we'll but after the OBJ.
ton began to slide. all grades were slower
and low grade wheat hard to move.