The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-11-01
Yet the News Was Bullish in the.
Main Violently . Shake
Out.
Clearances at a Rate to Absorb
the American Canadian
Surplus.
Cash Wheat in Demand Local
Stocks Do Not Increase
Any.

Minneapolis Chamber Of Commerce, Nov. L.
several millions Of wheat coming upon the mar
ket In big lots, and numerous little lots fol-
lowing marked the opening Of the month in
and In the Chicago pit, that 1t was Impossible
TO name any one source as representative OF
as to the buying for the Chicago board
valentine did not 90 far from the pit, taxing
the wheat On weak spots and picking up fully
million in the first hour or So Minneapolis
December had sold to S61sc but 1t fell to nc,
and May. opening firm and selling early az
SsSs QS9&c, went down to 6SAc. Bartlett was
one OF the big Chicago sellers, and AFTER the
hrst furry was over the inference was that
some big line OF long wheat other than Ar
mour's had gone overheard Probably there was
the feeling on the part Of some holders that the
bull market Is over for the time, yet nothing
in the news weakening. but on the contrary
everything favored maintenance Of price. Liver
pool was up u @11sd at one time, and closed
h@Bd higher, even tho Broomhall cabled that
there Is better weather In Argentine and some
weakness 1t. The continental markets were
up, and on the whole the foreign advices were
strong. It was another illustration Of the con-
rariness Of speculative markets, for, with
strength In the general color OF the news. prices
went lower. Altho millers would not pay more
than t21kc over for No. northern as general
+ proposition, some sales were made at Sc over,
and there demand from the east, inquiry
against from Illinois and Iowa buyers and the
report Of deal in 80, 900 bu to 80 to Michigan.
The receipts were little weighty, which point
WAS used effectively by the bears to hold prices
down after the break. There was an excess; over
last year at all points except Kansas City,
where only $4,000 bu were reported against
161. 900. The st. Louis comparison was 96,O0O
and 81, 600, that Of Chicago 12s cars and So.
Duluth 2S6 and 1913 and Minneapolis had 39l
cars compared with 300. Winnipeg received
800 against 303.
Minneapolis elevator stocks increased only
100, 900 blu for four days.
Clearances of 1000 bu gave the bulls en-.
couragement. This again was largely Canadian
wheat, but $4,000 barrels American -four was
included. Taking this rate of shipment and the
44OO, 900 blu exported last week. and it makes
movement that If 1t could be maintained
{, would run above 226. 900, 900 bu a year. This
would practically absorb the combined American
4 and Canadian export surplus Hence, while the
export trade from our side is something thai
yet remains to work itself out clearly, we may
at least know that at the moment wheat II
moving out at rate equal to what Is necessary
in order to keep the export surplus from backing
up and pressing at home. -:
Primary receipts were 1, 494, 900 bu compared
with 1.2o5, oo0.s
Later 1t was the report that Armour hat
sold wheat in Chicago and New York, and Ih'
market having rallied to above s5Ac for De
cember, was off again, going below the earlie
low point Of 84Ac. man keeping tab in thu
Chicago pit wired Lewis before the close tina
4 Armour had undoubtedly bought more whea
3 than he sold.