The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-12-11
Market Stubborn and Inclined to
Do Better When Pressure
Is Of. y
Receipts Here Still Under Year.
Ago, but Duluth Wheat
Runs Over.
Liverpool Firm Summary of
World S Conditions by
Broomhall.

Minneapolis Chamber Of Commerce, Dec. H.
Firnier cables helped sustain wheat today and
kept prices fairly steady, atho there were mod
crate declines in both options. There Is an
old saying that government report always
hreaks wheat, and good many traders were
looking for this to happen today, especially
since the report was rather bearish in some
particulars, and there has been steady creep
ing up Of the market for some time past. Up to
II o'clock there was disappointment for these
bears, for the market was only slightly lower
not so than might have been expected at
any time. The movement was larger at Du-
luth. $50 ears against 125, but in Minneapolis
Chicago got 80 cars against 81 Winnipeg 275
against 554. The st. Louis comparison was
33.ooo bu and $4,000 and the Kansas City com
parison $4,000 and $4,000. Local elevator
stocks increased 400, 900 bu for three days.
The government report. In so far as its sig
nifcance can be. condensed into paragraph,
promise of $50. OO0. OoO bu winter wheat, while
at this time year ago there was a promise
of 493.OO0.OoO bu. But 1T is long time until
winter wheat harvest. Last year. Of the total
next spring is to be expected. winter wheat
report, in December. tho highly interesting and
portance relative to price. for it is too long a
time from first promise to realization. In this
connection and In any attempt to draw COM
parsons between current and the supply in
the distant future it is to be remembered that
last year at this time Chicago May wheat
was about Toe higher, and in Minneapolis it
was nearly &c higher
The worlds visible supply increased by
$500. 600 bu.
Liverpool closed Ad higher. Broomhall sent
the following cable: ''Wheat was steady at
the opening. with values unchanged. The under
tone was one Of frmness, support being stimu-
lated by the steady late cables from America
Yesterday Towards noon there was good buy
ing in the distant months. which advanced 4d.
There was general improvement noted in the
demand for all positions. and especially for
American spot. There were several cargoes Of
To 1rta S-itb frop, cnIn Nor,
steady at the start. with prices about unchanged.
December continued dull while the distant
months displayed some strength, advancing 3d.
due to the good demand for La Plata cargoes,
parcels and spot. The reports of rain in Ar
gentina were unconfrmed while on the other
hand private cables reported continuance Of
drought
Primary receipts $50, 900 bu against 757 OOO
Clearances wheat and -four, 173, 900 bu.
Bradstreet,s showed that wheat east of the
Rockies and in the United States increased
253, 900 bu; in Canada decreased $4,000; ahoat
for and in Europe increased 1920. 900; corn in
. creased 6I1.OOO bu; oats decreased 1877 900 bu
s0,OOo, 900 bu and the exportable surplus at
4t,O0o.OOO The crop last year was about
S0.000,G00 bu.
Broomhans weekly summary of foreign crops
says: United Kingdom-W Gather seasonable
crop outlook favorable. France-Weather sea-
sonabie. crop outlook satisfactory; supplies are
moderate Germany-Weather colder and more
favorable for crops; position Of native supplies
rather poor and foreign purchases are larger
Hungary-Weather unsettled, but on the whole
Is. little more seasonable. Observation-Disclosures
mild and rainy; crop outlook unchanged ar
rivals are fair Russia-Weather mild crop
outlook generally favorable; some scattered
complaints regarding vermin; supplies in south
west fair: stocks continue light, but they have
been naintained; Italy and Spain-Crop outlook
favorable. North Afrca-Crop outlook gener-
ally favorable except for a partial drought in
Algeria.
The following came to \. o. Slaughter from
their Liverpool correspondent, dated Dec ::
r The only hopeful feature than we can see in
the wheat market is the probability of a late
movement In the River Flatte crop. Outside of
this we do not know where to look for help"
An Antwerp correspondent writes under date
OF Nov. 30: News from Argentina is favor.
able all around. and new River Platte wheat,
January and February shipment with a natural
weight OF 63 pounds, is offered at 1875 francs,
which; compares very favorably with those prices
asked on your side for that period. In about
tnfee or four weeks the Argentine crop will be
IN fuil swing, and we think that the effect
VII De seriously felt in the export figures
line forecast: Minnesota. fair and warmer to-
night, rain and warmer Wednesday; North and
south Dakota. rain snow tonight and We'd
heshay Nebraska and Kansas, fair tonight
ram and warmer tomorrow; illinois, Indiana
iowa, michigan and Wisconsin, fair tonight and
. Wednesday warmer: