The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-13
End of the Week Buying
eral News Bullish-Very
Light Receipts.
Bears Still Confident that the
Wheat Will Turn Up
Here Later.
Strong. Demand for Rye in the
West-News of the
Trade.


Minneapolis Chamber Of Commerce, Oct. 18-
One day of light receipts, with no partAcu-
lar assurance Of anything better for the tmme-
diate future, made wheat firm and gave the
market higher opening. 1t remained, however,
a market Of small fractional changes, neither
side caring to press very hard for an advantage.
The situation us the week closes Is the same.
The bulls base their confidence upon a crop
smaller than at first estimated, and point TO- the
bad reports from Minnesota and to light re-
ceipts, and say wheat Is low enough legitma tely.
The bears still insist that conditions existent
are temporary. that there is plenty of wheat and
much of it is ready to be moved in. and that,
however light the movement, 1t will be heavy
enough to please all In good time. To date the
movement into Minneapolis Chicago, Duluth and
Milwaukee is about ID. ZOO. 600 bu against almost
90, 900, 600 in the corresponding time last
son, so that there has got to be big Increase
to bring the total up. Many think that Monday
will mark the beginning Of heavier receipts.
The trouble with tits that 1t has been heard
SO often. Every Monday for q month past has
been looked forward to with results very dis
appointing What next week will do is
certain. altno it would seem that wheat
railroads start it coming, for In the week
responding Minneapolis and Duluth got 1852
cars as follows: Monday 1,197; Tuesday, e39;
Wednesday, SO; Thursday, FOB; Friday, go,
and Saturday T7S. While this is considerable
wheat, 1t yet shows that decreasing trend was
on year ago, for it the first week Of
October that was so heavy at that time, over
6OOO cars then appearing. Hence comparisons
from now on. with any sort Of an increase here
are likely to look less bullish.
Local elevator stocks increased 412,747 bu
for the week, the total now standing at 1887, >
264. For one day since making up the report
theH 10 an increase Of 100000 bu. Receipts
today were only 221 against 400; in Duluth,
2s4 against 1913; in Chicago, % against 49, and
in Winnipeg 246 against 494. St. Louis re-
ceiyed g. 600 bu against $1,000, and Kansas City
231 900 against 235, GOO.
BroOmhGll cabled: Wheat was steady at the
opening in Liverpool with values I'D higher,
1pfo Nv ODD po1 "a re u n
I'D. Support resulted from the frner American
cables. the strength Of Manitoba offerings and
increasing outside buying. Corn steady,
With values unchanged, with the exception Of
January, which showed slight gam There
was an undertone of trmness, however, prompted
BY the steadier cables from America, better de-
mand for both spot and La Plata cargoes and
steadier tone In wheat
Broomha1 estimates worlds shipments on
Monday next to show about 0.400, 900 bu He
predicts that there will be moderate change in
the quantity of breadstufs passage. The
Indian shipments Of wheat to the United King
dom for next week forecasted at 656, 900 bu,
and to the continent nil.
Primary receipts 1,O57, 900 bu against 1O75,-
600.
Cearances wheat and -four, 615,OOo bu.
The weather forecast North and South Da-
kota, fair, cooler. Minnesota, partly cloudy.
showers Sunday tonight; cooler west Sunday.
Iowa, fair; showers in west and cooler Sunday.
Nebraska and Kansas, showers and cooler tonight
and Sunday. Illinois, fair tonight; showers Sun
Jay allelHooH lnQldua, lar anu warmer TO-
night, increasing cloudiness Sunday. with show
ers southwest. Lower Michigan fair and
warmer.
In the current issue Of the Commercial West
George H. Daggett is quoted follows I'm
the previous big-crop year, 1902, May wheat
sold up to S4Ac in January, but was down to
72Ac in May, and that year had disaster
to the corn crop, 7o@76c being paid for corn on
the farms Millers were grinding wheat and
making little -four and much mill feed as
they could. The feeding demand was enormous,
May corn selling as high as 69Ac in Chicago.
There is no disaster to the corn crop this
year. in fact, it will probably prove to be the
largest record. Our wheat crop may have
been overestimated but there Is enough and to
spare, without any doubt at that. 1t will
take serious disaster to the growing Argentina,
Indian or Australian wheat crops to prevent the
buyer of May wheat in Chicago around soc from
having q very serious loss staring him in the
face before the elimination Of that option. The
seller around that price may have to the
price some against him (money and muscle dc
some extraordinary things sometimes), but I an
very confident he will make big winning 1r
the end. If this Re treason. make the mos
of It,"
Chicago reported export sales Of Is loads Of
wheat.
Liverpool closed A@%d higher.
The Record-Herald says: Milling and expor
demand for rye make very strong situation II
this grain all the country. Rye -four Il
selling in New York at the price the bes
Minneapolis patent brands of wheat -four, Will,
exporters of the grain are scurrying in all dt
rections to get cargoes together for shipment. II
the Chicago market the western milling de
1nands taking of the daily carlot re
ceipts. Local dealers securing the west TO
rye and ar. bidding e21ac in Nebraska for 2o-da:
shipments"