The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-13
Both Options Falling OFF Near
the Close December Is
II Gang on May.
Big Flour Business Reported and
3 Some Talk of a Scramble
II for December.
Not Much Contract Wheat in
Sight-News of an Ac-
/ tive Day.

7 Minneapolis Chamber Of Commerce, Oct ID
As was predicted yesterday, just so the shorts
In wheat had bad half hour at the opening
this morning, for there stampede that
drove In many of the smaller ones. altho some
Big stort lines were thought to be still uncovered.
The market rose under stimulus OF the Duvlhs,
and December was up to $1.14 and May TO
S1.14&. Early items were bearlsh. Inc
Price Current very bearish. saying that the
Their has continued favorable for the crop
situation. Corn Is maturing well. crop OF
z, 400, 900, coo bu Is assured. There Is
much more than last year of marketable grain
The total OF all cereals was only once previously
equaled, and Is s per cent greater than the an
nual average of the past five years the export
wheat of the United States and Canada equals
400 100000 bu or more This was ABOUT as Ia,
vorable report any bear could have Wlsheu
for. With this there were 57S cars OF wheat
in here against 400 year ago. Here was an
other encouragement to the bears: Hence thes
held off and talked OF decline before the open
ing By the time trading began, however. some
shorts had looked into the figures and found that
while Minneapolis had more wheat than last
year, there were 143 shipped out of here
Also they noted that Duluth had only III against
27S and that the northwest had In ell only
60 more than year ago This Is not much
OF an excess movement In view OF the higher
prices that operating to draw IN wheat ana
Of the fact that many have forgotten that year
ago at this time with labor troubles In the
local mills wheat held back In the country
and the comparison Is therefore not a fair one.
More important than anything else was the
rumor of big flour business. Just what the mills
pretty we'll authenticated report had 1t that early
morning business and overnight acceptances were
IN excess of 200 900 barrels and that some part
OF It was for export This was enough to turn
sentiment more to the firm side, and altho trad
ing Stacked up and buying orders were not 30
heavy, the market held. The one fear tn the
pit was that Armour might take slam at IL on
some momentary weakness.
7 Only II cars OF No. northern showed up In
the inspection report, and 81 were OF the 500
road.
! Minneanolis stocks have increased 975OOO bu
Z Kansas City had $4,000 blu wheat against
"a. 900; st. Louis 81. 900 against 10000.
+ The fact that Minneapolis wheat has been so
strong for the past few days Is attributed by
the pit crowd largely to the recent defeat or the
Amendment permitting delivery OF No. northern
wheat on contract at sc differential. One
theory has it that the elevator men, disappointed
ever the defeat Of the amendment by the mlllers
have determined that millers will not get THIS
food wheat without paying for 1T. and that they
will let the contracts mature and call for deliy-
cry Of No 1 northern. Another theory had 1t
that the millers themselves were after this line
wheat That some interest was buying Decem-
Der freely could not be doubted. -. =,
At present there is total of only z, oos' 474
only 1878 bu is No. northern. the con-
tract grade. It Is a long look ahead to May but
not so long until December delivery. Unless the
quality Of the wheat in the northwestern move
Inent impIoves very materially there will not be
much contra ct wheat here at any time.
Z Wagner had message from Logansport Ind
Corn Is selling here at from 5Sc to zoe bu to
the farmer for local consumption, and very little
to be had at those prices
Primary receipts lilo, 900 bu against 1,0o3,-
900 bu.
December closed at $11s9s @118h and May
at S1,13A al 1917.