The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-11-19
After Half a Dozen Touches and
Recessions Wheat Finally Goes
Thru to 1896.
Early Depression Due to Weak
Cables and Somewhat Bet
ter Receipts.
Later Strength on Buying Here
Led by Big Chicago
Houses.

Minneapolis Chamber Of Commerce, Nov. 49,
Because the cables were rather Indifferent
and wheat receipts In the northwest somewhat
larger comparatively, the market was easy in
tone this morning and off to 1910 for De-
cemher wheat. There was poor showing in
minneapolis, 563 cars. against 754, and also
IN Duluth where 315 cars appeared, against
S2S. Yet the trade had expected something
worse, and, while the total was 204 cars under
year ago, and bullish there were stu s7s
cars in both markets. which was some wheat
after all. The local stocks have decreased
10000 blu for two days, hence there was no
relief for the bears from that quarter. The
new business, however. was light and there
was disappointing run of buying orders in
over Sunday, hence. with little selling. the
price eased off Later Oh, when those who had
sold short the weakness started to cover,
December advanced full cent, to 77Ac. and
May, from early sales as low as 79hc, adj
vanced to SOAc.
The early Monday statistical news was about
as expected the predicted 1OO0o00O blu for
compared with 1O,OOs,0 900 last week and 49,
66O, 900 last year. So far as America was con-
cerned, the comparisons were about the same,
the week showing 4,44o, 900 blu shipped, against
year ago. while Russia held even ALSO with
2,209 900 blu for the week. 2.224,o0O Tor the
previous week and 8,57e.ooo year ago. The
Danube showed no change Of Importance. Ar
gentine shipments were bullish, for only 724. 900
blu went forward from that important competi-
tor, compared with 9O4, 900 in the previous week
l,OZ
passage, at 2e.o16,ooo bu, decreased for the
week by LOCO, 900 bu.
Chicago received SO cars. against Pas. and
Winnipeg 1872 against $40, St. Louis had o.
against 1876. 900. !
in these letters lately. is UNCHANGED. and as
strong as ever. Chicago with its large stocks,
is ruling weak, owing to liquidation of De-
cemper wheat. This liquidation will continue
for short time longer, possibly up to Dec. l.
carry to May. They will not want to lose CON
troll of 1t. The result will be as usual. They
will deliver some wheat on contract the LIST
Of December. just to Keep the difference s,I 20
tween December and May as wide as possib!s,
but they will keep a string on It, with the
result that it will all 80 back to the source
from which it started The consequence VIII i
market, and then Chicago will be ready for
bull campaign
The visible supply, with an increase for the
again. An increase Of at least 100000 bu
was expected. The visible now stands at 3d.
889, 900 bu, against sS,744,ooo Blu year ago,
and is larger than at any time at this season.
Hulburd- Warren Of Chicago sent a buying
order for 100000 bu to their local Office, and
its execution by Winter was the trading fea-
t1re Of the day. December threatened 78c q
half dozen times, and sold at 777sc again and
again, only to fall back. The traders who
keep charts Of the market and attach mean
ing to double and Triple TOUCHES at any ceE-
tain point were busy explaining what this
meant.
Primary receipts were 1,2e4,oo bu, against
] ,574, 900 bu a year ago.
3. Clearances were 1920 bu.
The market finally struck Use and was again
stubborn falling back to 77%c: but coming
up again to TITS @7sc Just before the close It
crossed the line. selling at 7S1ac and closing at
7s@7sBc. 1t was a strong market near the
close, yet there was considerable selling noted
that apparently came from Chicago
Brcomhall cabled: "Wheat steady, unchanged
at opening, followed by slight advance, with
undertone steadier. Effect Of weakness IN
America Saturday offset by the decrease in
stocks, moderate worlds shipments and scarcity
of Argentine offerings. Corn easy, ia lower at
opening. the nearby option held unchanged, while
distant month eased off additional 1sd during
the morning, the weaker American cables and
lack Of support prompted selling for profits