The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-19
Succession of Successful Drives in
Wheat With Prices Still Pounded
at the End.
September at s2llac Was $50 Under
Mondays High Point-De.
oember Lost 1870.
Local Stocks Increase $4,000 Blu
Good Weather and Fear Of a
Heavy Movement.

Minneapolis Chamber Of Commerce, Sept. TO-
The bears in wheat put thru successful seven
day campaign this week. and came on III tn.
umphant, with prices weak and declining to the
end. Aside from slight rally at the close,
which carried all options up enough to MAKE
the closing prices fractionally about low points
there was no reaction to the market. Septem-
Der wheat sold down to S21ac, which mace II
sac under the high point of Monday last. COM
pared with Mondays high Of S31sc for Decem-
Der, that option was down this morning 10
7s1hc and May from the recent top at S41sc was
down to $685. Scalpers who took on little
wheat last night on the very reasonable theory
that the six days Of decline would mean reactioh
the seventh day, were disappointed while the
pit shorts, at the Close were still confident OF
maintaining a bear market. and some VINO were
short from time back did not cover, seeing
nothing in the situation to make them rear 10
stand short over Sunday, and figuring that low
point of the present drag-dow would likely ne
touched Monday In the event OF an unusually
heavy run of wheat into Minneapolis over the
holiday. That the bears will overdo the thing
If let alone is the present argument OF the bulls
The situation from the viewpoint Of the bull
Is no different. There is no more wheat now
than fortnight ago. yet because weather condl-
lions have improved Chicago is bearish, and
bearishness Is the order of the day, many are
selling the December option and the May option
short. The bulls content to walt, believing
that the finish will be q victory for them rather
than for the present-day short sellers. Mean
while it looks as If the bears are out to push
their advantage still further. and the outlook for
next week Is very uncertain.
Minneapolis elevator stocks increased even
more than expected, gaining 6e3, 32s bu, which
brings the total back up to 1.47o,5 $50 Blu. For
one day on the new week account the increase
il 140, 900 bu, making 900 in all.
Illinois, Indiana, Missouri Upper and Lower
8S2 and Duluth had 100, against 439. Chicago
had only 6s, against POI Kansas City had had 100
against 121 900 bu. Primary receipts were
900 blu, against 1887 900 blu last year. and
shipments 5e2, 900 bu, against 100, 600 blu. Wheat
and flour clearances, ITO, 900 bu. .. ---
The weather forecast Is as follows:
100000 blu the corresponding week, year ago.
Michigan. Wisconsin. Minnesota, Iowa, North
and South Dakota, Nebraska and Kansas-Fair
tonight and Sunday.
Montana-Partly cloudy tonight and Sunday,
with possibly showers in the northwestern por-
lions. Lines on the map, however, show
Tow developing. the northwest, and sug-
gest more rain, If there is any more moisture
left, over Sunday. Good weather will prevail
the west and southwest.
Liverpool closed unchanged to I'D higher
Broomhall estimates the worlds wheat ship
ments for Monday next at about 1900, 900 bu, of
which Europe will take about 100000 bu
He predicts there will be moderate increase In
the quantity of breadstuffs on passage. Ar
rivals Of breadstuffs into the United Kingdom
during the past week about 4, 300, 900 bu,
against 1000, 900 bu the previous week and
$500, 900 bu the corresponding week ayear ago.
The English visible increased l. 1O5, 900 bu. Last
year it increased 1,S16 900 bu. ~
export business in wheat. In ALL some fifty
eight loads were reported taken. This rallied
the market little. If the trades reported are
confirmed and 1t develops that American prices
are on an export basis, the bears will have lost
their principal weapon and prices may react on
them.
September wheat closed at S3c, December 1881
@7s%c. and May wheat sO%c.
Cash wheat was less active and easier. No.
! northern on spot brought s5@s5ho but the
same grade to arrive sold at s2A @S3c. No. z
northern sold at S3Ac for top on choice lots
ana ranged down to as low as Sc.