The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-11-07
Tired Holders Beginning to Let Go
Long Wheat as the Market
Drags Along.
With 881 Cars Less Received the
Bulls Fail to Make an
Advance.
Continued Dizziness Argentine
Advices Make Liverpool
Weaker.

Six hundred and seventy-nins cars less in Min
neapolis' and Duluth was what the wheat traders
saw In the postings today. With Chicago in
cluded there ISL cars less. The whole was
s 1915 cars against 2,O97. There were losses all
around, 5l7 against 1853 here, $40 against LOIS
In Duluth and SO against POI in Chicago. Com
parisous covered the same length of time, two
days receipts here and in Chicago, and three
days IN Duluth were fair There was no get
ting away from the fact that there was an ex-
traordtnarily light run. A week Of November
! has passed and there is still no increase in the
movement. In itself this should have put
wheat up at least cent all around with a rush.
AS 1t was, December opened just about even
with Mondays close, at 74Nc. dipped very
slightly to 74%c. sold to 74Nc and stuck,
/. while May sold between 7sAc and 7sc. 1t
seemed clear that there must have been much
covering Of short wheat last week on the rise,
for in all probability heavy short interest. had
there been one, would have been scared in.
After an hour Of trading the market was un-
I certain and dull and seemed as likely to move
/ one way as the other before the close, but the
feature was the disappointment Of the bulls
who, in the face of such bullish supply condi-
lions had been able to make so little progress.
The cables were easy, and Liverpool X@Ad
lower. The fact that Winnipeg got only LOTS
j cars against 1,447 a year ago is evidently not
considered by the Englishmen indicating any
! thing as to the size Of the crop. Neither does
j Liverpool scare at light movement, her traders
being advised no doubt, of the transportation
situation in our country. Liverpool Is also get
ting reports from other European countries that
are small producers. but help In the total worlds
production, that are favorable AS to Argentine,
i that most important Of Influences from now on,
! the reports conflicting. Some Chicago and
New York houses in touch with Buenos Aires
make 1t very favorable, and others make it less
so. A. ]. Whites advices today were Of an
acreage 8 per cent larger and indicated pro-
dnction Is per cent larger. The difference In
j the reports comes probably from the fact that
one firm gets the situation in one province and
another gets it from elsewhere. Argentine is a
Ntrp Th1
say that in the province of Buenos Aires pros
poets are good. in Entire Rios they are more doubt
full, in Cordoba conditions are unfavorable, while
! In Santa Fee hailstorns have been doing dam
age .r+
Broomhall's weekly, summary Of foreign crops
reads as follows: United Kingdon-Rain has
fallen which binders seeding. France-Seeding
nearly finished without complaint. Supplies mod
crate. but expected to increase soon. Germany
Conditions at the time of seeding favorable;
larger supplies expected. Rumania-Wea
favorable Hungary-Weather favorable for
crops. Russia-In southwest the drought is
broken but much uncertainty is felt as to
whether the rainfall was general elsewhere
conditions are favorable. Supplies show no
change but stocks are rather larger. Italy
] Complaints are heard regarding drought. India
Crops starting well in the central and
southern part. Spain, North Africa-Crop out
look unchanged
Minneapolis elevator stocks decreased 25 600
bu for four days.
Weakening figures came later in the reports
from the southwest, but Kansas City and St.
Louis running over in receipts, the former with
212000 Blu and 1856. 900, the latter with 1852 900
and 1884, The worlds visible, as reported
by Bradstreet's gained 3, 200, 600 bu against an
increase Of 2,7o4,OOo at this time last year.
Liverpool cabled: Wheat quiet at the
opening with values H@Ad lower, followed
later by further decline of Old. The mar
ket lacked support and prompted by the cheaper
Manitoba offerings there some selling to re-
alize Corn was quiet at the opening with val
u lowe TNoa lp4o.
confined to December in which there was SELL
ing for profit. Toward midday this option showed
an additional decline. The weakness in wheat
also helped the bear side"
The forecast Is fo1lows North Dakota
Fair and warmer tonight; rain, snow and colder
Thursday. South Dakota-Fair. followed by
threatening Thursday and colder in the after
noon. Minnesota-Fair tonight followed by
showers Thursday in north. Illinois, Indiana,
Missouri and Iowa-Fair. Kansas and Nebras-
ka--Fair, warmer west. Lower Michigan-Show-
ers. Observation-Disclosures east tonight; fair.
Primary receipts Were 2,228OOO blu for two
days against 2,5O1 900 for two days last year.
Clearances, wheat and -FOUR ABS, 900 bu. "
at the close New York reported 10 loads Of
7 wheat sold Monday, nothing sold today.
There wis G touch Of LIQUIDATION Holders
Of December appeared tired and were handing
It out quietly at times as the, market would
take it.
Pfarrius one of the largest New York ex-
porters, wired Piper that in spite of the lowest
ocean freight for the past five years the export
business is absolutely dead at present in winter
wheat and in spring wheat nothing can be at
tempted, owing to railroad congestion.
Winnipeg message to Watson said: Eek
] porters say they are tied up by the conges-
ton at eastern lake ports and the scarcity Of
cars in their territory, while accumulation Of
stocks in the interior is using up their available
supply Of money. This is creating an uneasy
feeling and general hedging against cash wheat
/ One exporter says he made sales last week at
Be under prices prevailing month ago."
Special Russian news received late said fur
Their rains have fallen in the southwest which
has improved the crop outlook. Arrivals are
larger but business is extremely dull In the
south, center and southwest the crops show
!! hne appearance Arrivals at Rostoff have ceased
: but at Novorossisk they continue fair.