The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-12
Wheat Shipments from Competing
Counties Continue Heavy and
Bear on Prices
But at Home Receipts Are Only
Half of Last Year and Millers
Want Wheat.
More Flour Mills to Grind-The
Bulls Appear Very Confident
of Higher Prices.

MINNEAPOLIS Chamber of Commerce, Oct
12.-Holders of wheat who had hoped for
something more encouraging from aprodu
to start the week were much disappointed
in the news this morning. 1t Is con-
tinued story of the movement OF wheat
from other exporting countries, and this
weeks chapter brought no indica ton that
the story Is yet anywhere near the con-
clusion This is the great weight that
hangs upon the market, and, broken up
into details, the wheat news from ABROAD
makes splendid ammunition for the bears.
After some weeks of continued heavy
shipments, Russia shows up again with
$500, 900 bushels, the Danube ports send
ont 2 24S 900 bushels. and India comes m
with 1SSO,OOO bushels Here is a total
of 7,92SO 900 bushels from the three big
competitors, America meanwhile sending
out 2,37S,000 bushels. This is bearlsh
in the extreme even after allowance is
made for the fact that American ship
ments for the week are known to be act
ually about twice as heavy as shown
above the result Of some late clearances
that do not appear now and will be figured
in the next report. The quality on pas
sage at 81 $4,000 bushels increased $4,000
bushels; Liverpool stocks increased 1885,
900 bushels; the drought In Ruman!a,H
which had threatened serious damage. Is
broken, and the Italian wheat crop Is now
placed at 179, 2O0.O 900 bushels. The gov
eminent report. about a stand-on on corn
and oats, is taken as moderately bearlsh
on wheat. Bear news is PLENTIFUL yet the
market was very stubborn this morning,
December holding at 1880 and selling
back again over 79c, and May holding at
1850.
The local bulls are apparently losing lit
tie sleep over the bearish foreign news.
1t has now continued for time and from
this time on the chances are in favor Of
a more bullish turn rather than for any
thing additionally bearish. With the flour
mills now operating at twO-thirds Of or
binary capacity and the outlook favorable
for the starting up of more mills from
time to time, with an excellent demand
for the cash article in all markets, and
with only 500 cars in Minneapolis against
1885 last year, there is much to encour-
age holder Of December wheat. Duluth
received 1858 cars this morning against
3S4 last year, and Chicago had 165 against
Ill. In Kansas City receipts were 1913
against 70. and in st. Louis 114,000 BUSH
els against ISL 900. Locally there was de-
mand for everything desirable In cash
wheat. Chicago sold some No. red at
1Rc over December to come out of store
there and go to Buffalo. Meanwhile In
Minneapolis the elevator stocks stand
even over Saturday and Sunday, and on
the supposition Of the maintenance Of
the present ratio Of demand against the
movement are more likely to decrease
than to increase this week.
Primary receipts, 1884 900 bushels,
against 1,756,O0O, and shipments, 79S, 900
bushels against zoos, OOO Wheat and
flour clearances, 329, 900 bushels.
The following is the weather forecast:
Illinois, Indiana. Missouri Wisconsin,
Minnesota and Iowa, showers tonight and
Tomorrow. Upper and Lower Michigan,
cloudy tonight, showers tomorrow
North and South Dakota, fair tonight and
Tuesday. Nebraska and Kansas, possibly
showers tonight, fair Tuesday.
The market closed at 1919 @7s%c for De-
cember and 7SA @7Sasc for May
The cash market was active and firm
and altho the option was off a little at
times the No. northern sold at s2@S2kc
i d the bulk. No. northern sold at SO@
S0Ac, the bulk going at SOC flat.