The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-19
Light Receipts and Export Sales
Send It Up a Little to
Start.
Lack of Trade and a Bearish Mod
ern Miller Summary
Break It.
Big Clearances Make It Firm
Again-News of the
Trade.

Minneapolis Chamber Of Commerce, Oct. 10
Most Of the traders thought the market ought
to so up today, especially when they saw the
light receipts posted, but 1t was hard matter
to put any new life into 1T, and the market
stuck, December holding around I4c and May
around 7Sc. Argentine shipments were only
6e4 QUO bu. Daggett had a Duluth message re-
porting the sale there late yesterday OF ~
loads wheat for export and Of 2UO,OOO blu C +
Buffalo This looked pretty good, altho Rosen-
baum Offset the price effect partly by report
of larger marketing Of winter wheat southwest,
and receipts ar Kansas City and ST. Louis showed
the southwest movement much more liberal, the
first market getting 212,0Oo bu against $4,000.
the other 1000 against $4,000 1t was at home
that the light appeared only 32l cars turn
ing up here against -407, and 233 against 28S
at Duluth This was disappointing to the bears,
who had thought that the increase of the few
days very recently was permanent turn. Chi
cago had Is cars against 81 and Winnipeg S44
against 436.
Liverpool was the weak market that held
prices down, wheat closing there 14d lower.
Minneapolis elevator stocks will increase about
BIC, 900 bu for the week. Conditions are favor
able for free movement Of grain. The wealth
er forecast reads: Illinois, fair tonight and
Saturday. cooler in northeast portion; Indiana.
lower and upper Michigan and Wisconsin, fair
tonight and Saturday, cooler; Missouri, fair to-
night with cooler in east portion, Saturday in
creasing cloudiness; Minnesota, North and South
Iowa, fair tonight and Saturday; Nebraska and
Kansas, increasing cloudiness, with probably
showers late tonight
Broomhall says that according to the New
South Wales official report the area under wheat
Is 200, 600 acres against 2,253, 600 acres last
year, but the indicated outturn is placed at
"a 100000 Blu against 2O,944,OO0 bu, the final
figures for last year.
Primary receipts were 1,O76OO0 bu against
1,O79,OO
The market broke after the noon hour on the
Modern Miller summary, which was bearish.
Then the clearances for the day appeared at
a 70
bu. and this was favorable enough to turn the
market firm again.
The Modern Miller says: winter wheat seed
Ing is rapidly nearing completion. Farmers are
rushing this work where not already DONE as the
season for planting is getting late A large
acreage has been put In and the soil is in fine
condition to start the growth Of the plant, as
there has been an abundance OF moisture in most
localities"
Broomhall cabled: Wheat was quiet at the
opening. with values I'D lower, being Influenced
by weaker advices from Chicago. Later there
was further disposition to sell, and the market
eased of an additional I'D the advance In
the bank rate The undertone was steady ow-
Ing to the scarcity Of Argentine offerings Corn
was quiet With values unchanged. The under
tone was steady, as the strength of La Plata
cargoes onset the poor spot trade. The weekly
Argentine cable says the wheat market is firm
with a good home demand. Arrivals from in.
terror light. General rains have fallen which
have been very beneficial to the crops which
are now doing well. The corn market continues
weak Win large offerings. Arrivals from the
interior are large, with quality satisfactory"
The estimate of the Market Record gives the
three states 1S7, O.S0O bu wheat instead of
11O,00O,C00 as rumored yesterday.
The transportation situation as viewed from
chicago is given in the Record Herald as fol-
lows; Car shortage is having a detrimental
erect on the grain trade in every direction
and complaints are multiplying rapidly. West.
ern roads are short Of cars and are not bringing
grain to the lake ports rapidly as shippers
would Ike, and there is much the same situation
on eastbound lines which prevents aIl-rail shin.
pers to the east operating freely from here
Doth buyers and sellers of grain were seriously
handicapped by the blockade east of Buffalo
%here the situation has grown almost intoler
aoie. Eastern buyers of lake and rail grain
were AFRAID to take hold because of the uncer
fanny mat the grain could be forwarded in =
reasonable time after arrival at Buffalo. The
eastern buyer is not yet up to the point Of
paying the necessary premiums for all-ratl shin
lhents from here as lis stock of both corn and
oats, tho moderate, is not small enough to
cause any immediate alarm. One of the nron
lnent export houses claimed last night that tho
stock or red winter wheat thru the east was
very low, and that sales could be made from
1hls market IT cars. were available or the east.
eln Duyers had any guaranty that the grain
"ouiu reach him within a reasonable time.