The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-08
Against 30 Per Cent Ordinarily
Marketed to This Date -Coun-
e try Wheat Stocks Large.
Liverpool Advances but Mime
apolis Goes Downtown Prices
Are Quoetd Lower.
Russian Exporters Working Hard
to Move Wheat Out Thru
Odessa.

Minneapolis Chamber of Commerce, Dec. g.
Bears in wheat who expected a fall In prices
at the opening today were disappointed ~ s
the market harden and turn up 1or iac.ion a.
gain LIVERPOOL was expected to open lower Iii
line with our dip yesterday. but 1t opened IN
changed and later sold up SD In1s was Oh
light Argentine shipments. Direct Liverpool ca
lies made the Argentine movement for the week
LOGS, 600 bu while the Chicago boards ngures
made 1t /, 100000. In either case the comp par
son wac bulish, for last weeks total was 1850
600. Aside from this feature the foreign news
was rather bearish. Antwerp houses were IN
clined to question the correctness OIL nrooln
halls report of worlds shipments ON Monday
last and TO take the 100000 bu from RUSSIA
as an oyerestimate but on the other hand. to-
days Odessa advces stated that big rece!pts
from interior Russia are beginning TO come 1hto
Odessa, and that the Russian exporters are max
ing great efforts to move out the gram 10 iii
orders, and are anxious to ship 1t out OF the
country, even when unsold. This would 1ore-
shadow heavy Russian movement rather than
falling off for the near FUTURE ana II correcl
would again defer the day when Russia is hnally
to be out Of it source Of worlds supply:
In the domestic summary there was NIX
ture OF news. One Minneapolis firm wired chi
northwest are a myth. This was probably
wholly unwarranted. The trade does not know
just what country stocks amount to as the ng-
ures longer compiled for publication, but
probably no one ut all Informed doubts that they
heavy compared with other years: Upon this
subject the Market Record says From care
I investigation 1t IS lOunu tldL d oIuaicA PoA
cent of this years wheat crop was moved up to
Dec. than usual. 1t has been generally found
that by Dec. l. practically so per cent OF the
crop of Minnesota and North and South Dakota
has been marketed in the past few years. The
movement to Minneapolis and Duluth SO far,
while larger than that Of last year. Is not pro-
portionately so heavy. The result is that stocks
in country elevators thruout the northwest are
about three times as large they were a year
ago. The farmers could not get the cars to
ship their grain and as result much grain
is now held by them in North Dakota. About
the same conditions prevail in South Dakota and
only about SO per cent Of the crop of that state
has been marketed.'
Cash wheat was in fair demand but millers
would not pay the 3@312c premiums Of yester-
Gay and 2a @2A4c over December about the
basis for No. l northern. Local elevator stock>
fell back little, and while the indicated gain
TO yesterday was 65O, 900 bu it now looks like an
increase for the week of 625, 900. Minneapolis
received 479 compared with 551. Duluth 81
against 1873. Chicago p against 30. Kansas City
had $1,000 bu against 10000 and ST. Louis 45, 600
against $4,000. Winnipe greceived 254 cars
againsht 1874
Later London advces said Argentina crop &C.
counts are satisfactory. Harvesting has already
begun and the quality is we'll spoken Of.
The market broke after an hour Of f1rmness
and early prices of S75sc for May and S3bc fol-
December gave way to S6A @seMc and S2Ac
There was some selling on the downturn that
looked like big houses letting go.
j. G. Ferhoef returned from New York today
n bull on wheat, corn and oats. Export bust
less, which Is seen at the seaboard to be the
heaviest ever known, will, he says, eventually
have It's effect upon prices Corn has been solo
for export for every month of next year.
Primary receipts $4,000 bu against 500, 600
Clearances $3.50. 900 bu.
Wheat and -four cleared last week "a, 245, OOt
bu; corn. 2,402, 900.
Broomhall cabled that according to an average
estimate of responsible shipping firms the ex
portable surplus of Argentine wheat for 19O
will be 12O. OO0.OO
The Modern Miller says: Reports of drough
conditions unfavorably affecting the winter cro
are received from few localities in Kansa
and Missouri. but no actual injury is noted. N
damage by hessian fly is reported. The genera
excellent condition of the crop is maintained.
The market had further decline near th
close and closed weak at low points, May 961a
and December S21hc 49,