The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-09-29
Wheat Sells Down, Yet yne Mar
ket Undertone Shows Little
!, r.. Weakness.
Receipts a Little Larger Here
and the Millers Slow to
..L ...
Buy.
The Foreign Situation Not to Be
Overlooked as Price In
fluence.

Minneapolis Chamber of Commerce, Sept %
All grain markets showed good support in the
opening hour and the bears could do no more
than force prices off temporarily, for while De-
cember wheat was down full cent In local pit
1t was quick to recover on moderate buying.
The northwest had 147 more than a year
ago Minneapolis stocks showed increase of 10
900 bu to this morning, Duluth stocks were
shown to have made gain or about IOO,0oo
bu for this week, and naturally there was some
wea kness on this. In line with this local millers
held off and there slow cash wheat de-
mand still it was hard to break the market.
Armour active In the Chicago pit and while
his position was uncertain. the fact that he was
more In evidence was enough to make for eau
itiousness. Minneapolis had 475 against 1926,
and Duluth 1923 against 3H. Chicago got II
cars against At. Kansas City received only
12S 900 bu against 143OO0 st. Louis getting
31O, 900 against 10SOOO~
The Minneapolis flour shipments at 76,646
brls the best for some time.
There Is important thing i'll the present sit
nation that should not be lost to sight, and that
Is that the higher prices Of wheat are not en-
tirely the result Of American crop losses The
winter wheat loss and subsequent damage 10
spring wheat from the backward season and the
rust were the great factors, but there are for
eign statistics that important we'll. If
one has followed the Broomhall reports this
season he must have observed that the English
wheat crop Is n small one, and the current
Northwestern Miller has some London comment
along this same line. There Is much to show
that England has not more than 10, 900 bu
and in the trade say that the total Is not
above $4,000, 900. This would mean the small
est English crop In years. In 1897 England pro-
duced about 56OoOO0O bu. Since then yields
have been approximately follows 1898, 49,
OO0 OOD; 1899. 50 600, 900; 1900, $4,000 00O 1901,
b6,OoO,0Oo; 1902, 60.ooo.0O and 1903, 10000
600. These figures speak for themselves Over
on the continent the drought has cut the food
stuffs supply very seriously. Not only have the
wheat crops suffered but there have been heavy
losses of other food crops leaving a general
shortage that has got to be made up In some
pther way.
Interest in corn Is still par with that in
wheat. This morning Prime says: The big
crop reported in many newspaper has been
greatly overestimated At time Of gathering of
the crop there will be great shrinkage in these
estimates. Taking the season as whole 1t has
certainly not been corn year. We have not
had IA days consecutively for corn since it has
been planted"
The Price Current says: Favorable progress
in most sections in ripening and the crop
position bettered. VIII necessarily be consider
able soft corn, probably not exceeding last year.
Reasonable to expect lower than present corn
prices with the seasons advance, but low prices
not likely. Worlds wheat surplus and require
ent prices appear high before many months"
The following comes from reliable source at
Edinburg. ILL.,, which is situated not far from
Springfield The farmers here very much
discouraged the outlook of the corn crop.
Some of the oldest farmers Of the township say
that corn will not make a half crop and fields
that look like they would yield IS bu per acre
will not make 40 bu, and the quality Is the
Primary receipts 1856 900 blu against 1o1s-
900 bu.
Broomhall: Argentine wheat shipments this
week estimated at about 100000 bu, and corn
as week ago
zForecast: Minnesota, Dakotas. Nebraska, Kan
sas Iowa, fair and cooler; Illinois, Indiana, Mis-
souri,, Wisconsin, generally fair. cooler; M1chl-
gam threa tening showers and thunderstorms
December closed at $1.12hs; May, $l1812W
1.13%a; September SLIPS.