The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-09-26
Including $4,000 Barrels Flour-A
Splendid Export Showing
for Today.
Receipts Still Light and Local
Elevator Stocks Still De-
creasing.
The Market Went Down Early,
but Closed Firm and
Steady.

Minneapolis Chamber of Commerce. Sept. &c.
Wheat was down peg this morning and by
May from 1875 @7Shc to TIN UNAc The
rain here yesterday had no effect and the Red
river valley cleared up well, fine weather being
reported all the way from Larlmore to st.
Cloud. The forecast was also favorable. Cables
were soft and Liverpool came unchanged to
nd lower on wheat. Selling began after the
opening and considerable long wheat was thrown
over. Finley Darrell sold 100000 blu in Chi
cage and logged that market Nc. The outside
trade watched Minneapolis closely and followed
the fluctuations here 20 some extent 80 FAR
nothing weakening Minneapolis elevator stocks
have made good on the prediction made by a
prominent local grain man some forty-fve days
ago that there would be decreases until Oct
I, for 100000 bu have been taken out FOR i've
days this week. Receipts also fail to show
the expected Improvement, Minneapolis getting
only 224 today against 1885, Duluth ran
over with 232 against PAL, but the general
comparison remained bullish, Chicago showing
Louis 5000 bu and $1,000 bu and Kansas City
122 900 and 143, 900 bu. That the situation with
reference TO the supply here promises improve
ment is shown by forecast which reads as
follows: Wisconsn-Fair, cooler; probably light
frost in northwest. Enthusiastically, cooler,
with frost. Iowa--Fair, cooler probably light
frost north. Missouri-Fair in west, rain east
cooler north. kausas-Fair, cooler. Nebraska
Fair, cool, with frost cast. North and South
Dakota-Fair tonight and Thursday; warmer
With reference to this Increased movement
which ought to begin soon II 1t Is to come at
all, the bears calculate that 1t Will break the
market materially and today one prominent
Chicago trader quoted as predicting that
lower prices than any so far recorded WILL yet
be seen. This is very. doubtful. The market
may go back again under zoe, but If 1t does the
prices in the country will be so low that many
farmers will not be able to sell their wheat at
any profit and the question is whether there
will not be enough holding back OF wheat to
prevent this. There is already evidence OF some
holding back.
J,tb kin0 he
situation there better and noting Improvement
In foreign demand.
Poehler says: Foreign markets continue to
harden and indications that II our markets
hold firm liberal quantities OF our wheat will be
sold for export. Europe needs our wheat, and
importers there will naturally try to buy as
cheap as possible, so if we should decline sharp
ly at any time, their bids would not only be
lowered, but they would again become timid
buyers. They need the wheat which we own
They are ready to pay fair price for It, II
We show q determination that they cannot get
it for less. Increased receipts In the future
and an increase in the visible supply may en-
courage reckless selling and bring on sharp
decline. Such decline, however, Will prove
short-ived, for the reason that it is now Ger.
tai nthat Europe needs our surplus wheat ana
there are enough traders in this country willing
to take hold of wheat with the confidence that
it will sooner later yield good profit
Clearances Of 1866, 900 bu for the day put q
check upon the bears. In this total were s6,ooo
bbls of flour. This was an exhibit highly en-.
AoNA>0 -
even half as heavy for any length of time, much
pressure would be off the market. A great
bear argument for time has been that we
have wheat to sell and must get the foreigners
to take it. Here Is evidence that they will take
it, No doubt this business was done some time
ago at lower prices and considerable of 1t no
doubt is durum wheat, but nevertheless 1t is
the stuff that the country has got to sell to pre-
vent any later accumulation and apparently 1t
is being sold all right. only the exporters 90
not like to have 1t get out at the time OF doing
the business.
Primary receipts today, 100000 bu against
1,215,O0O a year ago.
Minneapolis -four shipents at 6s876 bbls for
the day made another favorable item for the
bulls, the figures being the largest for any one
day far this season.
Lewis had the following from travelling
man who has returned from north OF Larimore
visiting all the towns the Hannah line. he
says: 1.-The report that the elevators are full
Of wheat awaiting transportation is without
foundation. On the contrary, the elevators are
not half full. At Union it is estimated that
there was not over 1000 bu on hand and they
have only shipped cars so far. The Elk val
ley Farming company estimates that Its yield
this year will fall 10000 bu short Of what 1t
was last year.
Near the close September was weak and the
close found it &c under December, against Nc
over yesterday, indicating that the shorts are
pretty we'll covered in September.