The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-11-30
This Is the Question of the Hour
at the Chamber of Com
merce.
Will May Wheat Now Advance
or Must It First Go to
Around ST.
"A Rally at the Close Today
Gossip of the Grain
Trade.

Minneapolis Chamber Of Commerce, Nov. 30.--
Whether or not wheat will advance once the
trade goes into December, is the question OF the
( hour on change. December liquidation brought
the great decline which, at this mornings open
Ing figure of $1.05&. had forced that optloh
1 down almost l6c Tomorrow will bring the last
Of the December eyening-up trading. ms tne
bulls hope will put al end to the persistent sen
ing and will give opportunity for recovery IN
May wheat, opportunity that has existed' per
haps for fortnight, but could not De taken
advantage Of because OF the stsaus ,u via ne.
cenber long wheat, say the bulls, and May WI De
sing to work up out Of the hole For many slnaii
traders the December option was an unsa tlslac
. tory proposition all thru November. and it may
be that those who figure on stronger marhe. ~
ths sea IN up ha of
as were the many who bought December FROM
above 81 p down to $1.15 in the Dellef that there
would be a scarcity and scramble 1or "heae
Dec, /, and later sold it out all the way Gown
Srom 81 * 10 S1O5$4 The passing OF delivery
day In an option that has been on decline Tor
some time is always reason to expect reaction
and 1t is not unlikely that this may De sno W.
3 again in q rise In May in the first week OF De-
+ cember but that this will be anything more IMAM
Temporary is open to question The passing VI
the December liquidation leaves the market Tree
from the most depressing influence put tsps u
ish principally the turn for the worse IN tne
( flour situation. When all else is exhausted, the
bears can usually figure out bad nour ouIiooh
~
} appears however that there is really something
to the present talk Of the closing OF mills, ana
. hera That much faster 1t Is not usually time
A 10 be bear on wheat after long decllne anu,
indeed many In the trade are very buiNsh, Dus
Z they are largely bulls for the long pull ana 1or
the Immediate future are undecided or are open
I, " bearish. That wheat will one day sell hlgher
than before s the opinion of good men in the
trade, for 1t Is a long look ahead to another
3 American crop. For the present however thers
Nv, hnor oh continent
daily run Of either bearsh, Or If buillsh IN
Z part unable to effect change. therefore, II
Is by no means certain that the market Is at low
point For four days of this week the increase
in MINNEAPOLIS elevator stocks-now close to IL.
600 600 bu in all-equals $50. 900 bu, and. while
this sort of accumulation continues, wheat WIN
p pr the trade say Nav viii 20 another &c lower,
or to S1O5 while still others fix 81 as the
s point to be touched before anything permanent
4 will come in the way Of u bull market. Some
: day it may be found that high prices have drawn
= wheat freely from a short crop. and that termi-
/ nal accumula lions have been made at the ez-
pense of farm holdings. but it Is useless to talk
z of this or Of other bull possibilities at this
(. time
Receipts here were 351 against SIT, at
Il Duluth 1872 cars against 1872. and at Chicago "a
=, cars against 1877. St. Louis had $4,000 Blu
4 against 10000, and Kansas City $4,000 bu
> against $4,000 Winnipeg received 1877 cars.
( Primary receipts were $4,000 bu against
!, ], 292, 900 bu.
Z Broomhar CABLE Several private Argentine
cables state that the wet weather has threat
4 ened damage the wheat crop In the
northern part Of the country.
, The weather map shows it is clear and colder
: over the entire grain sections, except some RAIN
in Texas. Temperatures decidedly lower. Can
ada, degrees above to degrees below, and as
low rs degrees below in North Dakota. The
force
Minnesota-Fair tonight, partly cloudy Thurs
dav with snow furries In north portion. Dako
:tas Nebraska, Kansas-Generully fair = tonight
and Thursday. rising temperatures. loWa-fal
tonight and Thursday: warmer Thursday, and in
west portion tonight. Illinois. Missouri-Fair TO-
might mad probably Thursday; warmer in north
Z portions Thursday. Indiana. Michigan, WlscOn
sn-Tair.