The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-12-06
What Will Result from the Hold
ing Open of Navigation
from Duluth? Ssss
Some Fear of a Squeeze in De-
cember in the Minneap-
oils Market.
Prices Stronger and Higher To-
day for Both May and
December. ssss.

Minneapolis Chamber of Commerce, Dec. g.
December wheat led of in strength today, the
whole market strengthening in consequence. but
December gaining most In the early business
December sold from TIC to T1Ac,- while May: ad-
vanced only from soc to S0ssc. This was due
to a more general feeling Of confidence in prices,
ber wheat in Minneapolis that made that option
advance more rapidly and made Minneapolis the
leading market in strength. Navigation was to
have closed at Duluth on Dec. o. The extension
Of the insurance to Dec. ~ at advanced rates
makes it certain that more grain will go out
that way than was calculated upon. In conse-
quence December wheat here was more congest-
ed. Minneapolis houses have wheat sold to
country mills for December delivery, and, as re-
ceipts had at last began to increase, and naviga-
ton was to close Dec. 5. it was clear that they
need have but little worriment, for they have
the remainder Of the month Of December in
which TO make their deliveries here. and from
the way the wheat had begun to move out of the
interior there reason to expect much larger
receipts here. The holding open Of the Great
Lakes until Dec u leaves another week In which
wheat Is likely to go to Duluth In considerable
quantity thus operating to hold down receipts
here, and so tho the movement has in
creased materially, Minneapolis men with stuff
to deliver in December have received another
setback to their calculations. The fact that only
$4,000 bu has so far been delivered here on
December contracts indicates pretty clearly that
holders of cash wheat do not expect any hig
accumulation here in December, and think 1t the
thta there is only 1850, 900 bu wheat here of
which only 125O, 900 bu is contract is signih-
cant, and the increase for five days of 1926, 900
bu does not show daily rate Of increase that
would promise much of an accumulation thru the
month. The spread between December and May
which very recently was 31ac, the December
being that much under May narrowed this mora
ing to 2Bc at one time and gossip started on the
floor as to speculative interest in December
short on the knowledge Of having all month to
make delivery In and and the prospect Of big
receipts. and disturbed over the change in CON
ditions at Duluth and the moving of wheat
that way instead of into Minneapolis The. bulls
were even predicting that December and Nav
VIII sell several cents higher and that December
and May Will yet sell at the same price
Minneapolis received 1882 cars against a5s
Duluth 144 against 1O3. Chicago 20 against a.
Winnipeg 1913 against 212 st. Louis 80, 600 h,,
against $4,000 and Kansas City 81 1000 against
$4,000 "e"'"''
Primary. receipts s31 900 bu against 7ee ooo
Clearances 297 900
A fairly representative view Of the market
from the bull standpoint Is the following from,
When May wheat sold at 75kc on Sept. 10 it
sold at the lowest price 1t will sell at on the
crop. IN my opinion. Men, opinions and sen+t-
Inent all nave to go down and out before the
ruler. and the ruler is the situation and the
situation is bullish. Almost every country that
raises wheat ships about the same amount the
nrst -FOUR to six months Of its crop year. what
ever the size Of the crop, large or small We
have Russia and the Danube where they will hp
small shippers the last six months of their
crop year. We have Argentina neutral She
Will probably ship the same amount as this wear
and which Is below her usual quantity for the
last few years America has shipped nsed ond
exported extravagantly the basis of very
large crop. We have exceedingly light stocks
OF nour everywhere. This is truth taken from,
nour dealers, and I have known the published
statements OF -four stocks to be wrong often
We have mtllers and dealers paying pTeminms
1or spring wheat. We have the soft and hard
wheat country drained to such an extent that
Tue country mills that, owing to the removal of
railroad discrimination, never had such n SEQ
son III tnelr lives to point where they will
absorb and take care Of the country Stocks so
that they will be no burden tn the sneonI.+ -.
ior the balance of the crop. We have the largest
oomest1c consumption in history. Germany
owing 10 high price of meats has the same
'nins. france has imported already more for
e1gn wheat than she has before in severa, vaors
In fact. Frances imports this year 100 49,
Deen exceeded four times In the past ten vaars
Inc Manitoba crop is reported reliably nc N
per cent marketed. Duluth is selling durum
Wheat freely for all-rail winter shipment and
TAKEN as whole. the situation as It is deyelonino
warrants me In making the statement that ar
pect TO see Whea tin the nine1,es In Chicoon
fgures.'' ag rA' Ill three
The Northwestern Miller saws. ",,,n,o.,,u
mills found trade unusually dull last mae,,
rev OF them disposed of a reduced outnmt w.
such We're the exception. With the maior,tv
safes were considerably smaller than the onsn+ity
VI nour turned out Eastern buyers apparently
oeAleVe II TO their interest to take -four snar;na
regardless of what wheat does and ara antsS:
on tnat plan Export business is q lost 49,
rev DIGS were received on patent and those thai
were were usually Is Cd too low. No Interest
th as SHOWN In hrst clear. Holland oud take
saIY,,s iaus, Out anted to buy at 3@6d under
quantity" ''A d very small