The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-04
Despite the Predictions Of the
Bulls, Russian Wheat Keeps
Coming Out.
A Strong Suspicion that the Trade
Has Been Generously
Humbugged.
The Local Situation Strong, but
the World S, Reports Rather
Bearish.

Minneapolis Chamber of Commerce, Dec. r.
Heavy worlds shipments and comparatively
poor showing for America bore down upon the
price of wheat today. Against it there was Il
local situation conducive to strength. Only 396
ears came In here against S4S year ago, and,
as -four shipments were we'll up on Friday and
Saturday last, and close to 10000 barrels
again in today's posting, there was no more
than bare requirements shown in the movement
of wheat to market. The primary movement
was comparatively light all around, the figures
being 90 cars and 145 at Duluth 40 and 6S
& at Chicago and 80, 900 bu and SO. 900 at Kansas
City. st. Louis alone of the Important points
running with 100000 bu against $1,000.
Winnipeg received 322 ears against 149. Minnie
apelis elevator stocks increased by 100000 bu
for two days. = ~ v r.
The foreign situation is against the price of
wheat. The domestic situation of the moment
fayors an advance. The foreign news changed
from bullish to bearish, while the domestic news
turned stronger. Chance would seem to favor
bearish turn on our side, the domestic
strength is due very largely to the recent bad
weather. Receipts at Minneapolis for instance
are absurdly light, but it is not because there
is any lack of wheat to come. The storms have
held it back. Meanwhile the Argentine news
is favorable to good crop returns. Antwerp Is
as close to Argentine conditions as any mar
ket. Even Broomhall of Liverpool, with his
direct Argentine connections, usually looks to
Antwerp to reflect any report to him. Antwerp
is easy In tone. Direct Minneapolis adviees
from Argentine make the conditions favorable
As to Russia, it is general trade opinion
that someone lied very outrageously While
ago when hundreds of millions of grain were
supposed to have been lost. and Russia was
said to be out of it for good shipper. So
far from falling off, Russia has of late sent
out big quantities, and this week lines up at
the head Of all exporting countries with 8, 24SOoo
bu against 4,592, 600 last week. America comes
IN With 2,96S, 900 bu against 3,32S,O0O. Argen-
tine sends out 2,S2s, 600 blu against 1882, ooo
This will all change, say the bulls Some day
Russia will fall off entirely. This is what they
have been saying for months. Nothing has hap
pened yet. So long Russia, the Danube
ports and Argentine continue sending out a
! total of 10SOO 600 bu wheat week 1t VIII
be difficult to stir up much worldwide enthu-
siasm on the bull side. Good weather and the
close of navigation, If they have effect at all,
will be influences for decline rather than for adj
vance on our side. Some Chicago manipulators
might run the price up, but, left alone, wheat
is not likely to bull much for the present at
least.
The light increase in the visible made the
market hrmer and sent May above &C. AT
26A 6s6ssc Commons appeared on the selling
side and handed out big lots to the eAtenf OF
500, 600 bu. Watson and Woodwork took most
Of It. The pit mixed over this heavy COM
mons selling and traders were uncertain just
what import to attach to it,
Primary receipts only $4,000 bu against
1.20S,00O a year ago. Clearances heaVy al
1874 600 bu wheat and -four.
+ Deliveries today on December contract were
300, 600 bu.