The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-12
Quick Advance-Wheat Is
Being Shipped from Min
neapolis to st. Louis. =.
A Short Interest Here and in
Chicago That May Be
Stampeded.
Big Local Receipts, but Not SO
Much Wheat Moving
~ Elsewhere.

Minneapolis Chamber Of Commerce, Oct. IL
Strength worked into wheat this morning. send
Ing December up to $1.12h and May to $l.la4s
before noon. Confidence appeared to nave re-
turned to the pit and there were more VINO were
willing to buy the stuff and not so many anxious
to sell. Shorts bought in against some OF their
former sales and helped along the rise. Again
there was big showing here, or 900 cars
against 300 year ago. but traders We're not
so disposed to sell it. for Duluth had only
22S cars against 200 and Chicago IS against lo4
while st. Louis had 11200O bu against SO, 900
and Kansas City only 10000 against 1S2,OOo
The movement into Minneapolis appears to be no
more than holding up and not Increasing VIM, Wnile
elsewhere the receipts are falling Of Mean
while, the cash situation. despite the recent Dig
estimates as to the quantity of milling wheat
in the northwest is improving. To-Day No.
, northern sold around INC over December and at
&c over to arrive while No. northern that had
been under the option sold about even with
December. The shi pments OF about 2'ooo'ooo Du
of low grade stuff from Minneapolis to st. Louis
. il likely to jar up those traders who nave peen
predicting that the big run OF low grades would
demoralize everything. Some one wants the stun
and II it goes out freely Minneapolis stocks
will accumulate much less rapidly.
Broomhall again mentiols the unfavorable ten
: dency of advices from the Argentine wheat crop
It ia equivalent to April there now and aoVlces
from that quarter are most important. III any
thing distinctly unfavorable regarding that crop
materializes, European markets would reflect 1T
most radically Broomhall also says the acre
age seeded in Argentine Is larger or II, I'll 600
acres against 900 last season.
: Kansas City wired: There Is no doubt that
Kansas City will have very small wheat receipts
ON now on. It is quite certain that consider
! ably over half the surplus wheat In this section
! has been moved in the first quarter OF the crop
year Country deliveries of wheat have been
! almost nothing for week. The line elevator
! companies like the Midland. Hall-Ba ker and the
| Home Grain company have been selling practical
! ly all their receipts to Kansas mills instead OF
| bringing 1t here. Texas Is taking wheat out OF
southern Kansas. The Nebraska wheat move
ment has been disappointment. Over half the
! q 900, 900 bu Of wheat In store here is sold to
go to mills and the situa ton is certainly bulllsh
: enough here to suit any one.'
y Secretary Smiley Of the Kansas Grain associa.
ton says fully GO per cent of the Kansas wheat
crop is marketed and milsl hold no stock. Sec
; rotary Miller of the Nebraska association says
+ Nebraska raised only 1000, 900 bu wheat, and
25 per cent of that Is chicken feed.
Liverpool cables that the acreage of New SoutE
Wales Is officially estimated at 1,9S5.OOO acres
against ], s47 900 in 1908, increase Of about
per cent. Present prospects are reported In favo'
of an average crop.
The forecast: Minnesota, Wisconsin. Mich
igan, partly cloudy; showers probable In nortl
portion; Dakotas. Nebraska. Iowa. Missouri, LII
nois, Indiana generally fair; Kansas, partl!
cloudy.
Primary receipts: Wheat, 1.293OO bu aga1ns
1153, 900; corn 374, 900 bu against $50 900. Ship
ments: Wheat 100000 bu against 457 900; corn
100000 against 500, 900.
The market ran up sharply near the close, De
celnber closing strong at $1.13A and May
S1.14h 114A. There is q big short 1nteres
both here and in Chicago and If this interest !
forced to cover still higher prices Will be seen