The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-30
The Bulls in Wheat Expected .
Substantial Rise, but Prices
Kicked Back.
Flour Shipments Bearish; 33,978
Brls, Smallest Ever Known
in October.
Bradstreet s Increase Of Only
5000 Blu Very Bullish
r Feature.

Minneapolis Chamber Of Commerce, Oct 90
The bulls were disguised with the action OF the
wheat market at the opening today, ZOE there
was every thing which to base expectation "
an advance, yet December, having closed yesteE,
day at TAN 0741sc, opened at '4bc anu soiu
OFF to 731.c. 1t swas most Disappointing start
for the cables were responsive to our strene.u
of yesterday and Liverpool was asW 42d nishst,
receipts were light and other 1nnuences were ~.
strength The market was firm enough before
Tho onenine and there We're trades on the curD
az 74a@14Ac for December, but as soon as U.s.
opening gong sounded Chicago negan u "s" W..
on heavy selling by Partridge who hahoeu ou,
400 p1s) bu In big lots without stoppWs' anu
~, &, all about LOO 600 bu before he got
tbru Kneeland also sold NO names "eis
given up on this for a time, ana the eio"u , too
q TO be selling for Armour. AdVlces " ~
houses were that the big men III Enisas s,,,.,Ion
~ that effect, and Denniston wired the sah l'
lewis, wire intimated that some Dig long LILY.
had been liquidated. Piper's Chlcaso u.s. 70
attributed an important part OF tne ssliiNe ,,,
sheerson McDougal and Bartiett-r iaNie.. n1
W-atsor wires said the selling was the genei" u
letting 90 of long stuff on tue nuiu .
IN fact 50 many leading firms IN chicago "e,e
s.,,ers that it was difficult to tell nucn ao .,
it. There no doubt ho"ete., shar+ selling
This was long wheat coming out or short s aan,,
,..s tho thing that held the market uoM .'
As to the BartlettFrazier selling .he p"on,n,is-
,+v Is that it was nothing more tha. sonso Is
sion business in large way, 1or lh a., AoN MOS
Sr;andlv to wheat and j.. d. fraser nau -,
~ fr,,, ono member Of the firm expressive W "
the onnion that wheat is low enough ana ~
n for rise. SO much Of the news "aS ,oo
~ oossinv sort that the trade Iounu Inc 80
late side all absorbing, and ratner lost sisn'
~ 80 more legitimate influences, most OF "hAeA'
however, were bullish.. o7, r. in
Thern was. for one thing only rs cars e., 40
here against 331 a year ago. a isa fa1I under
n,n+b did not make it up but also lelA u,,Il
-r;,, 5oS against 742, leaving the two "arke's
a7o cars behind the day. chicago snowy otsiaa
bic drop only 81 against $50. .,
markets ran over somewhat IN r ece g. Inn,s
no., hosting 's26 cars against soe. st. h ".'
f16 coz hi against $4,000 and Kansas Wy
os5 900 against 2oS OO0, but at that the eot"'
vas we'll under what should be coming 10 ni''
ket ut this time ordinarily. ~ cable
Slaughter of Chicago had an Antwerp caole
r.r;ng the situation favorable In INDIA anu
n,inimiz,ng the Importance of the Broomnail
india cable Of yesterday that reported seeoins
conditions unfavoraole. ,.ou 10
One very unfavorahle feature came later IN
tho day-the posting Of -four shipments o.
only 3397S hrls. There has been much TAX Oh
moor -four business. and the grain uhue nas
wondered whether there was not general ste a
too pessimistic and 1t has been intlmateo INA.
business was really better than the millers would
admit. The posting Of so light days move.
rneut In October, when the big business ougn'
to be done, put an end to 1t, for 33,ooo DIS
at this season is a low record, never be1ore naoe
since the mills were Of present capacity.
The bearish effect of the bad milling situation
here as shown by the shipments. was onset ny
Bradstreet's report Of the worlds visible sup
NV showing an increase of only 100000 bu.
4 year ago at this time the worlds visible de-
creased 1854, 600 bu. Later, when II was found
that mistake had been made and that the
for oday should have shown an na
market responded with greater strength
The weather forecast North Dakota South
Dakota. Nebraska and Kansas, fair, warmer;
Iowa, Wisconsin and upper Michigan, generally
fair and warmer; Minnesota. fair tonight and
Wednesday, warmer; Illinois, partly cloudy to-
night, colder in northeast. Wednesday fair and
warmer; Indiana and lower Michigan, partly
cloudy and colder tonight, Wednesday fair anc
warmer; Missouri, fair, cooler east tonight
warmer west.
Primary receipts were 1196,000 blu against
1,45o. 600 bu. Clearances wheat and flour
AT, 900 bu.
Poehler~ says: ''The poor railroad service is
Of course mostly responsible for the abnorma
conditions in wheat in this market, but there
is also some ruth in the thought that the bears
or shorts in all markets fooled themselves by
not trimming down enough their early big esti
mates regarding the country's crop and tn
amount available for export. Receipts will in
crease some day. The increase will be met b.
speculative activity and brisk general demand
especially for cash wheat by the mills and ter
minal elevators. The result will be advance
instead of decline. and many traders that ar
waiting to buy decline will finally, u
usual, buy at the eleventh hour on sharl
advance. 49,
Following is the summary Of foreign GRO
conditions published in Broomhalls Liverpool
Corn Trade News: United kingdom-Se
is progressing under most favorable conditions
with termination good. France-Seeding ha
made good progress and supplies are large
Gernany-Seeding Is approaching completion
and large supplies of native wheat are e,
pected soon. Hungary-The seeding Of whes
has been finished under excellent condition.
fumania--CrOD Is mostly fa yorah1e.
plies are fair. Russia-In the southwest IL
nnfavorable weather has caused droughty COZ
ditions and the seeding Of wheat is impossib
In the important districts. In the Crimea, CO.
dittons are favorable; weather in the Azoff h,
improved. Elsewhere the outlook is most favo
able with the exception of occasional complain
Of a weak plant. Supplies In the southwe
are rather small and In the Azoff light. Stool
do not increase. Italy-Complants are hear
regarding insufficient rains. Imports are larg
believed to be due to the increased consumption
Spain and North Africa-The crop outlook
mostly favorable. India-Wheat crop is III
rh,r1 l,,vI