The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-09-23
Wheat Eases Off Only Slightly
and Shows Strong
Undertone.
Cash Demand Good and a Big
Flour Business Is Indi-
: = - - IT.. ,.--..s..- ~.
H. Gated. ri
Rye Is Remarkably Strong and
Likely to Influence
Isl Wheat.

Mnneapolis Chamber of Commerce, Sept. Cd
Wheat was strong proposition again today |
notwithstanding the regular Saturday choppy |
trading and proft-taking sales made the prices
waver little at times The market eased on
near the Close but altho the price was sinking |
slightly the undertone was firm. Nothing came
from the outside to warrant break, and the |
local news was favorable, millers still buying |
the cash wheat at firm prices, indicating goou
-four business The weather is of nature to |
cause big run on Monday, but the trade did
not appear to be afraid of it. Considerable
attention attracted by the doings In cash
rye, which advanced again today, making a five
cent advance in two days Rye, 1t will be re-
nembered, was the crop reported to have suf-
fered worst, in the recent Russian summary, and
it cannot be doubted that the advance is due
In good part to this. There is an enormous
quantity of rye raised and consumed in Europe,
and while the effect of serious crop loss IN
rye may not be readily appreciate as a loss
In wheat, it is nevertheless consideration
scarcely less important, for the people have got
to eat something, and millions who live on rye
will have to turn to other things to help out
Another showing for strength in wheat Is the
light stocks and the slow rate at which In
creases made. For the week the local STOCKS
gained 202, 957 bu, making the total now IDOL
742. This is very moderate gain IN view Oh
the quantity marketed. Local receipts We're
b94 cars compared with 800 year ago, Duluth
showing 454 against 1874 and Chicago 80 against
I11O. Kansas City got $4,000 bu against 2l2,oo
St. Louis 81, 600 blu against 1lS,OOO, and w lnnl-
peg $40 cars against &c.
The Commercial West says: ''The bull theory
seems to be based primarily the situation
in Russia, where it has been estimated there is
shortage in grain production Of around eight
hundred million bushels, on which 175 millions
is shortage in wheat and $50 millions in rye.
The estimated shortage in wheat production In
Russia is equivalent to the wheat export from
that country for the last year; In other words,
with heavy shortage in rye, which Is the great
food product in Russia, and shortage IN wheat
equal to last years export it is difficult to see
how Russia be a large exporter OF wheat
the next twelve months. The maximum move
ment in the southwest has probably taken place;
the maximum movement in the northwest Is
well under way, being up to the limit OF car
capacity. With large flax, oats and barle?
crop to move simultaneously with wheat 1t Is
not likely that the railroads will be able to
increase largely the wheat movement to Min
neapolis and Duluth within the next sixty days
With the heavy movement in winter wheat
stocks have not increased apprec1ably, showing
that there was a tremendous demand from the
mills. Storage capacity was well emptied when
the new crop began to move. Indiana has been
large buyer already in the Chicago market
" and there has. been good shipping demand
from Minneapolis, indicated by the move
nent out Of over one hundred cars DAY. IL
begins to look as if the bears would be disap-
pointed to the minimum price at which wheat
would sell this crop"
Of the quality Of the wheat the Duluth
Commercial Record says: 1.-The eastern millers
and some Of the Chicago cash grain handlers,
who used Duluth wheat last year. have great
big surprise in store for them as to where they
get this years wheat from. This morning there
the sample tables, and upwards of 200 cars OF
30 to 59-pound wheat In fact, much more
than that, as the above only takes into consid
Grafton the No. 1 hard and No. / northern
wheat. There was fully as much wheat OF
Il the same weight but graded No. 2, No. anC
No. 4 because of smut or other imperfections
Wheat of the kind such we had last year Is
hard to find There is an occasional car, but II
is absolutely smothered by the world of fine
- wheat that Is coming to market And all this
outside of the durum macaron1 wheat which
lis in a class by ITSELF and the sellers of No
2 durum are finding it hard work to fill theil
sales because Of so much No. l coming. Il
seems pity that such f1nelookng stuff as thi:
durum wheat cannot be more largely used. bu
there is such an aversion to 1t among miller:
that 4 single kernel In spring wheat will con
denim cargo"
Poehler says: "Altho conditions promising
for much higher prices ultimately, and big trad
ers continue buying In spite Of the fact tina
= it is yet early in the season. there may be
sharp reaction any day, especially If both win
ter and spring wheat receipts should increase
materially, a thing quite likely to occur If thu
weather continues ine.''
Today's local inspection showed II cars No
hard, lit No. 1 northern, 104 No. northern
80 No. wheat, 81 No. 4, 80 rejected, 10 NJ
3 grade, SO No. winter, No. winter, "a car
durum wheat and 20 mixed.
Primary receipts, 1854 900 blu against !, 1863,
900 bu a year ago. Clearances wheat and fou
600 bu; primary receipts for the week, 1853,
600 bu, last year 100000. "a
Broomhal estimates that the worlds whea
shipments for Monday next will be about TO- 400
600 bu. of which quantity Europe will tax
about 900 bu. Arrivals of breadstuffs i
the United Kingdom during the past week vii
aggregate about 4, OO0, 900 bu. He predicts tina
there will be moderate changes in the quantt
Of breadstufs on passage.