The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-11-03
Wheat Steady
Bulls More Than Hold Their Own
Today, Closing the Deem
Der at 1880.
No Change in the Milling situa-
ton and No Increase in
Wheat Receipts.
"A Chicago Trader Discovers
Shortage in the Wheat Crop
Of China. ...

Minneapolis Chamber Of Commerce, Nov. a.
Price stability abroad, as reflected by steadiness
In Liverpool, was favorable for the bulls in
wheat. for the English market tho opening a
little weaker after our hesitation of yesterday,
hrmed up again and closed unchanged for the
day. Russia did not ship as much wheat as was
mate that Monday the worlds shipments will
be found to be lighter than for the past several
weeks. or probably 11,2O0, 900 bu. Argentine
wheat is not being offered freely Of late,
and so Liverpool could see no good reason for
weakness and held up in price, notwithstanding
the tone in our market at the close yesterday
was not so strong. The trade is more bullsh
here because of the supply situation, and, while
1t has been usual for the bears to come out
on Saturdays with talk Of big runs to come
on Monday-none Of which came-there
was less of it today. 1t would seem that in
all probability receipts Monday will be
larger. and that by the end OF next week the
long delayed movement will at last be on, but
when men have talked this way every Saturday
for several weeks, and every Monday has brought
them disappointment, it is not surprising that
they should finally cease making predictions.
Hence there little heard about the move
ment. The bulls have the advantage Of the sit
uation, and the bears are still waiting for more
wheat to show up to put them right. When it
will show up is not an easy question to answer.
difference SO far. forecast for light rains
was disregarded as unimportant. Either the
wheat Is going to come In soon or 1t is not,
and upon this hinges the market, which may
turn into big bull affair, or may as likely
fall down some day with big drop.
Minneapolis received Sss cars 70 against against. ~ s
bu against $4,000. and Kansas City 10000
against 161 900. Primary receipts were 9H 900
bu today against 10000 year ago. For the
week primary receipts were 6,850, 900 against
s6oeooo in the week preceding and s,oseooO
q year ago.
Broomhall cabled: There was an easier tone
to the wheat market at the opening with values
Nd lower being Influenced BY the weaker Amerl-
can cables yesterday Later this decline was
recovered on small Russian shipments possibiN-
ties and lack Of offers Of new Argentine wheat.
Trading was dull with the market narrow. Corn
was easy with values unchanged; there was a
steadier undertone to the market, due to light
offerings
better than expected, considering the closing
Of part Of the capacity and the smaller produc
ton.
Local elevator stocks ran ahead Of the esti-
mate Of 100000 bu for the decrease and for the
week decreased 1S0,06S bu, bringing the total in
store down to 2, 1oO,1 o3 bu.
The Commercial West says: 1.-THE northwest
wheat movement Is the puzzle of the grain trade.
Receipts at Minneapolis and Duluth are not
in excess of the basis of 1875 0o0, 900 production
The elevator companies cannot accept the view
Of yield in proportion to receipts at terminal
markets, because they have the largest number
of country houses filled in October in the his
tory Of the trade. One line has forty houses
filled. At many stations in South Dakota and
III NOrtn DAKOTA wheat IS plea on the ground
at stations, the elevators being filled. 1t is
the most abnormal situation in the history of
northwest wheat shipping. 1t is plainly mat
ter of handling by the railroads.
Duluth has received 9, 900 more cars of wheat
in this crop than year ago. Minneapolis is sew
eral thousand GERS behind. The two markets
have received about 100000 bu less than q
year ago. hut country elevator stocks O,O0O,-
600 to 12,0OO.OG0 in excess of year ago."
s- ''Since Aug 1 Minneapolis has received H.
100000 bu of wheat less than during the same
period last year. Duluth however, has re-
ceived nearly 100000 bu more than year
ago. While country elevator stocks in North
Dakota and northern Minnesota are much heav-
1er than a year ago, this does not relieve the
sttuat ion.
'The light receipts at Minneapolis have a far
reaching effect They hit not only the local
millers. but those to the east who buy their
supplies here. They hit the terminal elevator
companies and the shippers, and in compelling d
premium on cash wheat, they have an effect on
the export trade. The market. too, is contin-
ually in semi-demoralized condition because of
the uncertainty of the wheat movement Of
course, no one. not even the most ardent adyo-
Gates of an overestimated crop. pretends to be-
1ievc the crop was small enough to call for the
light movement 1t is therefore generally ad-
mitted that the receipts will-must-be heavier
but when -
wel-known Chicago bull sent the following
There is shortage in the Chinese wheat CROP
NO one knows how much wheat China raises. but
1T Is short. This has caused recent liberal buy
ing of wheat and flour the North Pacific
coast by China. Japan raises 90 ZOO, 900 bu
wheat year. but China does not appear as
wheat crop reporting country and 1t is evident
that 1t has not reached that stage of civiliza-
ton. The Japs have also been good buyers of
hour and shipments Of wheat and -four from
Puget sound points to Asiatic points have been
large enough to absorb the carrying capacity Of
steamers that run"
This comment Is entirely correct in so far as
the statement gees that no knows how much
wheat China raises The statement that China
ivo3u Al H,,,4
Chicago knows this is not so clear.
New York reported the sale Of large guam
tity OF Manitoba wheat late yesterday afternoon
for export, and not previously reported.