The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-10
But Closed the Day with Recovery
and December Back
to $1.10as.
Everything Favored the Bears
Today and They Were
Active Thruout.
Increase in the Visible and Big
Foreign Shipments Were
! Depressing.

Minneapolis Chamber Of Commerce. Oct. 10
A big Russian movement was the club with
which the bears beat down the price of wheat
this morning. During the past week no less than
5,6A. 900 bu shipped from Russia, the bulk
of 1t to Liverpool This put Liverpool down
when that market opened, and gave good opportu-
nifty for drive here. Minneapolis December
wheat not only lost its 1c gain of Saturday but
another cent with 1t. and sold to $l.09A on
early business. May going to 81 10. After tho
opening onslaught the market steadied and sold
up cent holding firm. The trade waited. The
government report comes this afternoon and may
be an important influence. The trade has noticed.
moreover, that despite the great difference be-
tween American and foreign markets. which the
bears say, precludes export business, there is
stuff going out right along. Even tho Rus
sia shipped 1904, 900 bu. Danubian ports Lisa.
900 bu and India 1.O1 6. 600 bu last week. leav-
ing the inference that foreign producing coun-
tries are taking advantage of our high prices TO
get our foreign trade away from us, it is noted
that America did little business amounting
to 1,162,OOO bu. Now the crop estimators. In
Guiding the government. have told US that there
is not much of an exportable surplus this year
in country How much we can spare is
likely to be in dispute for some time yet, as also
how much Canada can spare, but 1t Will De seen
that when shipments run to 1,152.OO0 bu a
week it is at the rate of 5e9o40oo bu a year,
and there are those who do not believe America
and Canada have much more than 90, 900 900 blu
surplus. 1t appears therefore, that last week
we just about shipped what should ship If
these estimates to surplus are correct. Here
Is q matter that will require time to work 1t out
into the light, but the point about 1t at this
time is that it will do to look at big Russian
shipments and immedia tey assume that we are
being undone. AS long we can ship 1900
900 bu a week we are not likely to be burdened
with an excessive surplus at the end.
Statistics bearish. Northwestern re-
cepts were depressing again, tho not so much so
last Monday. minneapolis had ops cars
against $50 a year ago. Duluth 274 against 1888.
Chicago had 131 against 1865 the increase over
last year for the three markets being 220 cars.
ST. Louis also ran ahead. with 100000 bu.
against 15S.O0O The Kansas City report
delayed. Winnipeg received 353 against
261. Wheat passage at 40.12O. 900 bu shows
increase for the week of 100000. The visible
increased 1921. 900 bu making the total 90,
5S1 900 bu just about even with year ago.
Sixty loads of sold for export.
Primary receipts, 2,656,ooO bu against 2, $780,
coo bu.
Clearances 1922, DOC bu.
Broomhalps cable estimates the Rumanian
wheat crop at 900 Blu against 100000
bu year ago.
Following is the forecast: Illinois, Indiana
Missouri, Michigan, Wisconsin. shower tonight
fair Tuesday. Minnesota, Iowa. Dakotas, Ne
braska, Kansas. fair tonight and Tuesday.
Minneapolis December closed at 81 .10%; May
at 81 liz.