The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-12-31
The Year Ends with Wheat Still
on Decline but Somewhat
Stubborn. , q
Nothing in the Foreign News to
Weaken I-Liverpool Is
Fairly Strong.
But Receipts Here Heavier, with
a Liberal Increase in
Stocks.

Minneapolis Chamber of Commerce, Dec. 81
The year closed change with the bears IN
early to 77@77Hc. The situation Is mixed.
Opinion inclnes either way There Is an i'm
portant bull element that believes in higher
prices later, and is content to wait. Some time
they say it will be found that the wheat Ia
wanted, and that 1t Is legitimately worth the
money. However this may be- the bears have
and do not afraid to sell
h@Ad lower considering the sharp decline here
Saturday, nor was there anything especially
bearsh in the foreign news. AS for the re-
ceipts, comparisons were lacking because OF
the holiday a year ago, but there were 1893 cars
of wheat received here. and this and the III.
crease Of $4,000 bu in local stocks for two
days were the principal weakening influences.
Duluth o 5eseived as cars Chicago aS0 Winnipeg
st. Louis 200 bu.
In the worlds figures there was decrease
of 1,20O, 900 blu in the quantity on passage. leay
ing total Of 81, 1855 900 blu. Worlds shipments
were s. 112 900 bu against S,624,00O last week
and 9.40S, 900 year ago.
As the trade Is pretty evenly divided in
opinion and this Is the last day of the year.
the situation as viewed from either side may
be interesting. bulish summary coming tc
McKinnon read as follows: "The year will
close with the greater part of the contract
stock OF wheat In Chicago-all except very
fancy premium grades-in the hands Of wealthy
speculators and investors to whom the holding
or the expenses it entails is comparatively
we'll bought and now shows 2 large loss. 1t
remains to be seen If merchandising conditions
or speculative opportunities develop to pay a
profit to the present owners. The domestic
dour situation Is far different from that Of a
year ago when the trade was loaded with stocks
bought on the Russian famine prospect
Evidently 1t is opinion here that after Jan,
improving -four trade and better European de-
mand will put wheat up. Many feel that way
The bearish view OF 1t is fairly well repre-
scented by the following from Jackson of Chi
cago. He says: The year of 1906 expires
with the wheat situation very weak and with
every indica ton of further weakening during
tlon for the last six months has been one OF
accumulation and OF lower values, due to over.
production. The harvesting of excellent crops
in Argentina and Australia, which already
being offered cheaper to Europe than the cur.
wheat area of India, which crop viii be ready
TO harvest in March. tends to intensity these
conditions Since the fall months Of 1905. when
the trade generally believed that Russia was
TO withdraw from the exporting column, the
o has been almost unanimous that wheat
have declined 23c in the face Of every imaglp
able bullish advice that could be produced
and. strange to say, the sentiment at this writ
Ing Is of the same character, in spite of steady
and perceptible development in favor Of lower
prices. Chicago has increased its stock Of con-
tract wheat to the largest proportions since
1900, and has established a carrying charge or
May delivery only exceeded In recent years dur
ing the panic period Of 1893 1895. The worlds
available supply Jan. / will be the largest
on that date since 1896. The northwestern and
Canadian country elevators have record stocks
Of wheat which will be released as soon as
the railroads can furnish transportation, and II
Is possible that the visible supply will increase
Tor longer period than ever BEFORE
Primary receipts 1,39s,ooo bu. clearances,
$4,000 s-r--- -. -. -..s j..
The market rallied near the close on short
covering induced by the reported sale Of 40 OOO
brls hour to Europe by a Minneapolis mill.
Liverpool cnbled: Wheat easy, u id lower at
opening, Influenced by weaker American cables
and the cheaper offerings of La Plata. At the
close there some little steadiness prices
showing slight reaction, due to shorts covering
Corn, easy, unchanged at opening. Toward the
close there was some disposition to realize in
January and with unexpectedly heavy ship
ments from Russia, prices showed a fractional
decline"
The visible increased all around, wheat SOL ,OOt
bu, corn 1000 oats a., 600. The wheat total
is now 44,727, 900 against 49, 900 last year
at this time.