The Minneapolis journal., 1903-12-08
Unless All Signs Fail the Government
Report Of Thursday Will
Be Bullish.
Meanwhile Wheat Shows Stubborn
ness Against Pressure and
Great Resiliency.
The Milling Situation Strong, and
Winter Wheat Outlook More
Uncertain.

MINNEAPOLIS Chamber Of Commerce, Dec. |
S.-Wheat sold off to S1s4 c for May short !
ly after the opening this morning, and
then rallied to s2sc quickly. For the
first two hours of the session the ten
dency was uncertain, but yesterdays mar
ket was repeated in SO far as the shorts
We're concerned, for again they took the
early decline as the foqerunner of a big
break, and again they sold short and
failed to connect. A man keeping tab IN
the Chicago pit reported that the early
Armour buying amounted to fully 1000, 900
bu. After Chicago May rallied a little,
Valentine bid s21sc for 100000 bu Chicago
May without drawing offers, and whether
n not this was a bluff, it had its effect.
The situation in wheat on the whole has
undergone little change for a day or two
past Receipts in the southwest are some
what larger, and northwestern receipts, by
comparison with last year, have shown UP
g. little better than formerly. Argentine
Is still In fine condition, and Is getting
closer to the time when the big crop in
sight there will be In position of secur-
ity. Foreign markets are unresponsive,
but so they have been for long time.
There Is, in short, no change Of impor-
tance i'll the foreign situation. while at
home the conditions are stronger. Some
talk has been heard to the effect that
the next big move. some time ahead, in
milling circles, will be in the nature Of
the closing down Of some Of the mills, the
for such change. 1t is, however, a pretty
far fetched effort to try to figure out any
thing bearish in the Minneapolis milling
situation. A point not to be forgotten Is
that -four stocks the country over are
lower than for several years. The strike
cut down the production here to such an
extent that to date the mills have turned
out about 900, 900 barrels less than in the
wear preceding. Country mills taking ad-
vantage of conditions here. forced out
about 100000 barrels more than ordinary,
leaving approximately 100000 barrels less
than last year. To this extent the out
look for continued grinding Is better now
than at this date a year ago The grain
trade at large does not realize how much
wheat is being put out of sight In Min
rleapolis. 1t needed the figures Of the
Northwestern Miller, showing 454,o00 bar
rels last week, to emphasize this. Only
yesterday ,66S barrels were shipped out.
The government report is to come on
Thursday, and unless all signs fail, 1t will
be bulliSh. Dec. 10 last year the govern
ment reported the winter wheat condition
as perfect, the figures, on the basis Of 100
for par. being given at 99.7. The trade
knew this year ago, or, at least, expected
a very high condition, for just previous to
the issuance of the government report the
state reports had been running high. This
year the two most important state re-
ports so far received show the stand much
under last year, Ohio making the con-
dition IS, against 81, and the Kansas re-
port, in this morning, making the con-
dition in that state go. against 95, and
noting a. per cent decrease in acreage.
Granting that the government report is
likely to be based on data collected earlier
than the state reports, 1t should neverthe-
less reflect the state reports in some de-
gree. There Is need Of moisture over the
winter wheat states to put the plant In
condition, and; while there were light
SHOWS last night over the northwest, and q
slight furry as far south as Omaha, no I'm,
portant precipitation was shown.
a cable from Buenos Aires this morn
Ing reported the weather good over Ar.
gentine.
Minneapolis received 4s7 cars, agains,
a37; Duluth 1876, against 215 and Chicago
153, against 61.- Kansas City had 32s, ,0O(
bu, against 101 900, and st. Louis 49, 900
against 41,000. Minneapolis elevator stocks
have increased by 100000 bu so far or
the week.
Primary receipts 1.21s.oOo bu, agains
$4,000; shipments 4Os0oO, against 29s,oo0
Wheat and flour clearances 100000 bu.
Bradstreet's figures for the worlds Wis
ible were delayed. ..-. -.s.
New York sold 10 loads for export
milwaukee, wired that Armour bough
100000 bu May in that market.
Following Is the forecast, the weathe
being watched closely since the DIR.
weather reports from the southwest: I'LL
nois, Indiana, Missouri. cloudy, light snov
f1urries; Michigan, Wisconsin, 'possibl,
light snow; Iowa, Kansas, snow flurries
colder; Minnesota, fair, except snow fur
ries. warmer; Dakotas, fair, warmer: Ne
braska, cloudy, colder.
The market closed steady December a
S0Ac, May S21sc and July at 81Hc.
Cash wheat demand was fair and No.
sold from S2@S23sc, No 2 going at S01a
for the bulk, and ranging from 79%c t
S0Ac. s.. .:..-. .r,.