The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-11
Wheat, Hammered Down All
Thru, Turns About Finally
December $1.11@1.111s.>
Bearish News and Statistics Still
Predominant and Pressure
Heavy.
Under the Surface There Are
Some Evidences of Inher-
ent Strength.

uinneapolis Chamber Of Commerce. Oct. H.
Six hundred and two cars on track In Mhheap-
oils against only 216 this or+e year 'so
was what the wheat bulls had to face this NOR
ming. 1t showing not conducive I:
sctrength and that selling otu Of long stun and
renewal of short selling would follow was 10
be expected. hence declines in December TO
$1.O9% and In May to S1I09s were not surprls-
ing. If there was any surprise Mt all IL was
occasioned by the tirmness shown at the decline,
and the indication that some one Is buying
wheat around this level. Everything has been
80 overwhelmingly bearish and the gossip re.
ceived from the outside Is stil so bearish ua a5
there Is every reason why the market snould
break again If these things are to count But
from the action of today's market there IS
much to make believe that some one pig
enough to take a large line Is buyer or "heat
for long pull. Whether one believes in wheat
as being good stuff to hold or whether he gives
way to the general benrishness or the aay, de-
ponds in degree upon whether he taxes IN
the influences Of the hour in IL superficial way or
whether he digs into them. For instance. there
is the big movement from Russia which smashes
prices in LiverpoQl--yet the London Stat1st says
Russia has much less wheat to export this year.
70 this has got to turn about some day. Then
there the increases in stocks and In the
visible, which must come now If they are to come
at all. Then there are other Dearlsn Lnlngs
too numerous 10 record here. and last of all, the
browning bear argument. Ne big northwestern
movement. This latter alone is enough to make
people sell wheat, for there not l. lis cars
in Minneapolis and Duluth today against 770
cars Il year ago, all increase OF 342 cars, ana
and does it not show clearly that the early crop
estima tors wrong and that there was much
more wheat raised up here than they told us!
Hence, wheat Is too high and should be sold.
II one looks under the top crust he will find
that Of 926 in Minneapolis yesterday just
one car In ten was contract wheat, or w
In all OF No 4. rejected and no grade there
were 3S5 cars. and 113 cars were winter wheat.
There were, besides, 80 cars of macaroni or
western wheat. This morning Duluth shows up
DIG cars Of which 60 contained contract wheat
md n l. lower. SEVENTY
contained western wheat and 81 macaroni or
mixed Chicago had 1913 cars agaisnt 1875. and
about % cars were from the tar west. ms
western movements by no means bearish When
first it became known that Chicago minneapolis
houses had bought between 5000. 900 and TO-
OOOO 900 bu Of Oregon and Washington wheat TO
come overland. that scntimentally bearish
factor. but the effect Of 1t has been spent, and
now that the stuff Is moving 1t IS hlllng up one
place, but leaving a hole somewhere else If the
Pacific coast sends 100000 bu east overland
there will be that much less for Pacific coast
exports. and the thing will even itself up some
time Meanwhile 1t will not be safe to assume
that the northwest raised more wheat than est1.
mated. without allowing for the swelling OF
northwestern receipts by this western wheat and
by winter wheat and allowing also for the in
centive to rush wheat to market to get the high
prices. Should wheat come in here at the rate
Of 1000 cars day and prices fall still lower,
this would not give the country any more Wheat
The government report had little effect II
vas generally construed as bearlsh, but mao
been pretty we'll discounted. ~,
bu so far this week.
There were orders in Kansas City today to
buy both cash and December wheat for the mid.
die states. There order there for 100000
bu of December wheat within Ac Of the market
for q miller in the middle states.
Detroit wired: Two cargoes brought IN here
by local mills from Duluth. The mills here
must get their supplies from the northwest
Little wheat raised in this section this year.
So The Daily Trade Bulletin gives the world
wheat vsibl, on Oct. as 157 200, 900 bu against
Ill .NOu, 600 on last year.
Primaries Wheat-Receipts. 1,463,OOO bu
against 1902. 600 bu; shipments, 44100O bu
against 742 900. Corn-Receipts, 1928, 900 bu
against $1,000; shipments, 900 against
207 600.
Broomhall's weekly foreign crop summary
United Kingdcm-The weather continues very ia
vorable for seeding and larger acreage thar
last year is confidently expected. France-Grow
ers busy blowing and seeding and offerings OF
native wheat restricted. Germany--Weather ia
yorable for seeding. Supplies of native grains
smaller hungary and Rumania-Good progress
has been made In fall seeding. Russia-Condt
lions south mostly favorable Droughty condi
lions exist in central governments. Supplies
slackening but still continue liberal. Core
spondents are raising their previous crop esti
mates. India-Wheat crop being seeded unde
favorable conditions. Italy, Spain, Belgium, Tur
key-Benefcial rains have fallen
Near the close the market advanced quickly
gaining a full &c from low point.
December wheat closed at $1.11@111h an
May at $1121 Is @$1.12A.