The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-16
Disappointed at the Dizziness and
the Slow, sagging Market,
They Let Go.
May Sells Down to s64tzo and De.
/ cember to 815sc, Both Options
Closing Weak.
i So a
Manitoba Wheat Sold to France
News of the Floor and
,.,s. .. The Pit. s..s.,- ~. !.

Minneapolis Chamber of Commerce, Dec. 10
/ Tried holders letting go their long stuff broke
/ the wheat market today and closed 1t at low
points, May 7at ~s5hc and December at Bc.
/ When the decline started the influence of some
/ of the large houses was thrown on that side and
/ prices might have gone still lower had 1t not
! been a short session. The market has been so
dull for SO long that the pit welcomed anything
! that promised activity, and since the wheat
/ would not 60 up they were content to have 1t
/ go down rather than to have the market stag
1. nant The close showed weakness with contin-
ued selling right to- the end. A.#.f p s ": ( Z
There was really nothing important in the
news. Liverpool closed shade irmer, but was
i very dull, and continental markets were. in the
II same mood. Some of the crop reports were
I bearish, but not more so than yesterday 1t
was simply case of decline from excessive
i dizziness. Unless buying comes in, the mar
i ket is likely to drag a little lower next week.
for there is not enough outside speculative i'll
Il terest to absorb even moderate offerings. New
Il ertheless there is very firm undertohe, and
J while buyers are not inclined to be aggressive
/ and are disposed to let the offerings OF wheat
i have their effect, they are found picking up
occasional lots when the tone is weakest
/ Broomhall cabled that. according to advlces
il from his Argentine agent, prospects of the
4 wheat harvest are excellent and corn prospects
. continue to improve OF the Liverpool market
4 he said wheat opened dull and inactive, but
later some steadiness developed with slight
4 advance Oh talk of light shipments from both
Il India and Russia. Corn was dull and 1sd nigh
or. being Influenced by strength II American
/! markets Later there some pressure on
heavy American shipments. Worlds wheat ship
1fents will be about 10 ,4oo, 900 Ebu, Jas fair de-
+ crease is expected on passage.
A San Francisco message said that good rams
Il have fallen in grain districts over night. !This
/ is just what was needed. If it continues it
\ will be very beneficial to the crops.
:, local elevator stocks increased 593, 527 bu for
4 the week or a little luore than expected: This
/ makes the total now in store here 7.4l5o24 bu
i compared with 13,339Go0 year ago. For the
7 one day since the table was prepared the In
o1sc 1rvo1
i cars today against 522. Duluth "a compared with
I SO and Chicago % against g. The Winnipeg
i comparison 900 cars and 1873, that of Kansas
i City SO, 900 blu and 80, 900 and st. Louis had
4 81 900 bu against $4,000 last year.
The cash demand was satisfactory and the
| discount unchanged and as close as Yesterday at
11ac under May for No. 1 northern. May price
{ for cash wheat is the floor prediction for later
on. Export business reported yesterday was
confirmed in full. and it stated that 900
| bu of Manitoba wheat went to France, the
/ first sale of the kind for almost eight years.
T In the Commercial West H. V. Jones says:
+ ''Interest in northwest wheat centers at present
4 in the amount held by farmers. We are making
some investiga tons along that line and will be
able to present conclusions next week. In a
general way we incline to the opinion that IS
per cent of the wheat has been sold by farmers
I and has either been shipped or Is In country
storage The amount In country storage has
been over ESTIMATED. We reach the conclusion
7 from private reports made to us that the regu-
), lar country lines carry not TO exceed 100000
7 bu as against 12,OOO,COO year ago. Some OF
Il the railroads estimate that they have hauled 81
per cent Of the twelve months business which
leaves the amount in country houses to come
out Of the remaining so per cent. Wheat was
sold here yesterday to go to Covington, KY,
and to GAINESVILLE. Ohio. An estimate made
by Minneapolis shippers that 10000, 900 bu will
he forwarded east before August This may
4 be too high, but this basis and with Mime.
J apOlis and Duluth mill requirements until Au
/ gust last years crop could be placed al
/ 195, 900, 900 bu and leave only enough for Mime
4 apolis and Duluth mills. without bringing in out
side wheat. We cannot at this time suggest
that the last crop will exceed 1856, O0O, 900 bu
The showing would seem to be a strong one
/ therefore, from the standpoint of 1885,
100000 bu.
''The country movement is light at present
due partly to bad condition of roads. Aside
from this our reports from several sections are
to the effect that farmers will not sell at these
prices. This is item that must not be over
looked in striking balances production. While
the wheat is in the country, percentage of il
cannot beshad uat the market advances.
The cashs market has gone to the basis OF
May at about 11ac discount. On an order FOL
100000 bu at &c discount only 10000 blu wa:
secured 1t is predicted by elevator managers
that the cash price and May will gradually
II come together, and later that cash will bring
premium over the May