The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-02-07
WEAK AND SAGGING TONE TO WHEAT MARKET
Possibility That Minneapolis Mill
ers May Grind Manitoba Wheat
Discouraging to Bulls.
LIGHT RECEIPTS HAVE NO EFFECT
General Tone of the Market Is Easy
Export Demand Very Light
- News OF the Day.

Minneapolis Chamber of Commerce, Feb. z.
Wheat was firm at the opening this morn
ing, with yesterdays closing strength still
In evidence but this gave way after short
time. May sold at .47sc early, but broke to
741ac after an hour. Considerable Of a feat
ure was made Of the fact that Antwerp was
up 1850, but later cables said this was an
error and that Antwerp was really lower.
Chicago had an opening period Of activity,
and when this was spent dizziness was 1elt.
After an hour Chicago wired that there was 2
scarcity Of orders or either side, and tndlca-
tons were for a dull day. Liverpool was 40
up to start SD up on second cables, ana 7Ad
higher at the close. New York wired that eN-
port bids were >closer to a workable basis,
and there were Prospects Of some business.
Rains We're reported in Argentine, OF con-
siderable benefit to corn Argentine ship
mentS for the week were SOS 900 bu, against
5000 last week., and 900 bu year ago.
Receipts here were again light and prim-
airy receipts light, and some comment was
heard upon the perverseness of the market
in easing off in the face Of this. The fact
is there is an utter lack Of bull enthusiasm.
Traders everywhere look upon the lighter
movement temporary. 1t is a generally
admitted fact that there IS plenty of wheat
to come just as it Is admitted that many
farmers are holding back their wheat. The
bulls have been unable to the lighter
movement to work the market up, with the
IL
and the bears feel that if it is a struggle to
hold the market up now, something will have
to give way when a heavier movement begins.
Just when freer movement Of wheat will be-
gin no one pretends to say, but the bears
argue that the more wheat there is held back
now, the more there will be to come later.
An export demand will make firmness, but it
does not seem to be forthcoming the pres
ent basis. Any adverse reports respecting
winter wheat will change the entire situation,
but from all that can be learned winter wheat
is in good condition to date. Without the
entrance of some new factor 1t is hard to
See where the bulls can do much, and while
the present dizziness and lack Of outside
speculative interest continues, sagging mar
ket may reasonably be expected.
Primary receipts were $4,000 bu, COM
pared with $4,000 bu last year and shipments
1890 bu, against 1856, 0GO blu. Clearances of
wheat and -four equaled 1000 bu. Min
neapolis received 20s cars, against $40. last
year, and Duluth had IS, against Ill.
The talk in milling circles is running lit
tie towards the possibility of the American
-four mills grinding Manitoba wheat. The
wheat it is said could be ground in bond, and
the only duty to be paid would be on the
cfai remaining. 1t was reported this morn
Ing that some of the local millers are seri-
ously considering the advisability OF this. If
the mills should turn to grinding Manitoba
wheat, because it can be had cheaper, it
would cut into demand for American cash
wheat to some extent
At the close the market was off another
fraction. May closed at 74A@74asc July at
1870 l5l5c; January, 131ac. Chicago closed
May at 775s@77ac.
The cash market was active with no impor-
tant changes as to the price basis. The same
differences were shown on cars. some Great
Northern lots going &c under other lots in
cars available for prompt reloading. No
northern sold at about May price ranging
from 74Ac to 14Ac. No. 2 northern sold from
13c to 73Ac. No. wheat brought IKE to
7214c. Rejected and grade were in fair
sale