The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-11-15
Decembe. wheat Goes to- ~ ac
and May Wheat Jumps Above
the SOC Line.
Big Active Trade and Higher
I1ices Predicted in All
Markets.
No Increase in Receipts Charles
T., Lewis Leading the Local
Bulls.

.i.st POLLS Chamber of Commerce, Nov. 10.
---,,l.at lost activity after the opening today
strength, for against selling Of considerable
quantity, both for proht-taking longs and for
the eyer-persistent shorts, the market iaiieo
to go down much. The halt IN the tfaoihg
was taken by the bears as an encouraging
sign, but the bulls could see nothing more: to
1t than a little resting and breathing spell
and confident of better things later IN
the day The first hour was uncertain, neither
side making much progress, and December
wheat holding just under 761kc. No change
was shown here. stocks stood ut a decrease OF
neapolis got only 1924 against 47e. Du-
luth 254 against 391; the two markets 10,
gether had $50 less than Inst year, and
the long expected relief from the railroads that
a much larger movement, failed to material
ize Chicago got only so against 1S9,
Winnipeg 231 against 357. Kansas City re-
ceived SO 900 bu against $4,000, and st. Louis
SO, 900 bu against $4,000.
Liverpool lost its early advance OF 4sd ana
closed unchanged.
There was an increase noted in outside spec
ulative trade, and most of the private wire
commission houses with northwest country
branches reported orders in hand to buy wheat
break. .---
All the trade press comment was Of strength
ening color Trade papers generally were In
clined to legitimacy In frmer prices. The
Prize Current said that rain would be bene
fetal in some winter wheat localities and Its
very bad. noted the presence Of the hessian fly
in Indiana and less favorable than that
of last week. The Market Record had a long
and comprehensive article covering the situation
northwest and pointing out that against price
comparisons of year ago wheat looks cheap
"It is probably quite true says the Market
Record, that the lack of speculation in wheat
since; the new crop began to move Is largely
responsible for the lower prices now prevailing
After taking out of the crop of 1905 In the
northwest the amount of durum there is left
apparently about lao, 900 bushels of the
class of wheat that is ground in this section
the durum being largely exported. The mills
In Minneapolis grind from 65,OO0,0O0 to 10000
600 bushels of wheat annually Mills outside
of Minneapolis in the three states grind now
nearly much. This would call for some
1901 900 bushels to 100000 bushels to
grind, The amount used for seed and for other
purposes on farms is commonly estimated at
~ is very nearly correct. 1t will readily be
seen. therefore. that the entire crop of spring
wheat is needed for domestic purposes within
the three states. with nothing! to go out, I'M
less an equal amount Is shipped In from out
side states to take its place. -,r.-', -. u
The Northwestern Miller says: 1.-THE trade
Is Still specializing as to when the northwest
ern crop will move In volume. Some elevator
men and millers think that with such traffic
as livestock and lumber pretty we'll cleaned
up, they can depend upon assurances of rail-
road officials that wheat and other grain will
etSnrs be moved
been given such assurances often, they will
not look for any change until they see it
with their own eyes. There is no doubt of
large amount of wheat being accumulated in
the country, especially In North Dakota. But
how much there IS In interior elevators, over
other years, Is fact that cannot be ascer-
tanned. The lack OF movement Is not only
mystifying to the best informed men, but it
is inducing many to materially reduce esti-
mates As to the total crop of the three states,
Tn; The figures are now frequently placed much
below 200 100000. To say the least, the stua-
tion IS puzzling'' .s
Primary receipts, $4,000 bu, against 1850, =
900 bu. Clearances of wheat; and -four, 673,-
900 BIZ. -.
Themarket was very strong after noon, and
on the. rise May wheat crossed the SOC line
and December went to TIC. Locally there
was much activity. Orders to buy wheat
came in from the country, and this caused the
last advance The close, tho slightly of
from top points, was firm, and the dip near
the close was due to realizing sales for profit
against purchases Of calls last night at TIC
and THO in December. There was no evidence
OF weakness. and. as the speculative interest
is increasing. there Is the probability of an
other RWhrl to come if the foreign Smarke cts
sheW. any response to strength. ~.
Charles e.. Lewis led the bull side TODAY.
altho the other large houses were all active.