The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-10
"A Slight Decline in Price and a
4 Weak Close the Net
Result.
Some Construed It as Bearish,
Others Thought It
Bullish.
Traders Undecided and Hesitant-
News of the Grain
Trade,

Minneapolis Chamber Of Commerce. Dot. 10
With government report to come later In
the day the early session in wheat was marked
by the usual uncertainty and hesitation. Inc
market was very dull for the first hour, after
which 1t hvened up bit and moved up about
1bc from low points, December ranging lrom
78Ac to 74Ac. The trade held the usual mum
her of opinions as to the report, and the totals
expected varied by TO- 900 to 30,0OO,OOO bu
In wheat. General expectation was for about
75O 600 900 Blu wheat, g. 75o, 100000 blu corn ana
500, 600 900 to $50, 900 Blu oats. Mem who
were committed to the long side, made no appa-
rent changes neither did the shorts do much IN
any large way, and the interim to receipts OF
the official figures from Washington was largely
given over to the pit scalpers who changed
front repeatedly. The situation. meanwhile
anpeared somewhat more favorable for larger
movement Of wheat to market, for generaily
good weather is predicted. Today the northwest
ran over by Ia cars, Minneapolis coming al
most up to last year with 40 against 400 anu
duluth running over with 334 compared with
14e Minneapolis elevator stocks Increased 40
600 Blu for four days. Receipts on the outside
were 846 cars and 391 at winnipeg, oz'ooo pu
against 10000 at st. Louis and 10000 against
195, 900 at Kansas City. Chicago had A cars
against 80. 80.
Woodworth was a buyer of December wheat
here. Patten was said to be selling December
in Chicago and buying 1t in Minneapolis Patten
is known to be believer in a northwest crop
much smaller than generally estimateo anu ms
selling of Minneapolis December and ouyng IN
chicago oN~N-
a belief. -,
Broomhall cabled: "Wheat quiet at the
opening with values bd higher. Inc nearby op
ton held steady during the entire morning Win
some little pressure in the distant month The
updertone was firm, due to the strength at
Winnipeg and light speculative offerings" Corn
was quiet, with the market neglected..
Thompson was best buyer In Duluth ana THIS
suggested export business. but Minneapolis firms
with Duluth connections said they could learn OF
no business being done. ~
Primary receipts 1147 900 bu against i'o9I,,
COO Total clearances 245, 900 bu wheat ana
-four including 24,429 brls -four.
New York sold IS loads hard winter wheat to
20 to Bordeaux This demand from France was
a favorable feature. Duluth said demand was
brisk for wheat to 60 east. Winnipeg advised
the buying Of Winnipeg May and selling Of
Minneapolis May spread likely to prove
profitable. Later Chicago advices said the buy
ing of Minneapolis December and selling OF Chi-
cago was not commitment but rather the
undoing Of an old spread that has proved unprof-
fable. 4-., a.. 49,
The government report was bullish bearish
according to how enc looked at 1t. 1t was esti
mated to mean 246,0Oo,O 600 bu spring wheat and
492 600 900 winter 73s, 600, 900 all together
Since the Jones-Inglis report, which was criti
cized as too high, made the crop 745, 1000, 600 BIT
only 100000 bu less, 1T was a disappointment
to many. On the other hand, the expectation
on the part Of great many was for a gov
eminent showing equal to 75O, OOO, GOO Blu, ant
so from that viewpoint it bullish. Jones
made the spring wheat SOL, 900, 900 bu, and b!
comparison the government report Is very bull
ish for the total is onlE 246 ,000 but tn
government makes it up in winter wheat.
The net result was slight break and veal
close in the market.
The report follows: ''The preliminary est
mate of the average yield per of sprin
wheat is 1871 bu. This and other preliminar
estimates of the yield made today are subJsc
to such revision and correction as may be foun
proper when the final estimate of the bureau
made next December. The following table show
Z for each Of the five principal spring wheat state
the estimated average yield per acre this yea
and the final estimates Of the average yield
In, h,cho