The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-01-22
SAME. CLOSE AS YESTERDAY IN MAY WHEAT
The Market Holds in Narrow Range
While Traders Hesitate-Alls
the Pits Quiet.
SENTIMENT MIXED AT PRESENT
Liverpool Tone Easy-Good Cash De-
mand-ShOrts Are in No Hurry
to Cover.

Minneapolis Chamber Of Commerce. Jan.
22.-This was the quietest day in wheat LOT
some days and all markets were bordering
on dullness. This condition lasted to noon
at which time Minneapolis May stood arouh.
755sc. The quiet turn is due to a genera
lack Of outside interest at present. Mau!
traders are disposed to wait a few days 10
see how things shape themselves before act
ing either way. After the decline following
the precipitation over winter wheat region, II
would seem that wheat might now De safely
bought, since the present price range repre-
sents scent drop from late figh hgufes
STILL the trade is cautious. With winter
wheat now showing abundant. moisture. and
general conditions good, no incentive to
strength may be looked for from that quar-
ter for the present. Those who be!ieve'Wheat
will again sell higher later see no necessity
for taking mold at present when all sentl-
ment Is bearish. When this has spent itself.
or when some new bull influence comes into
view they will take hold. In the local mar
ket there some lines Of short wheat out
showing good profits, which the principals
show no haste to take in. Minor 'upturns
OF a fraction do not scare them, and with
:seral pressure on the market, they are
lHss4ed to wait, believing the market will
gradually drag lower. Chicago bears argue
that weak country holdings will be going
overheard from time to time and anything
in the way Of statistical pressure Will help
along declines. In the local market, how
ever there is not much Of this weak coun-
try wheat left. is it believed there Is
SO very much OF it in Chicago. The chance
for advance lies in the rapidly
changing sentiment which is making every
one bear, aud increasing the short llnes
out Let any good buying start, and on. COZ
erng sharp rally is not unlikely. Whether
such an advance would hold moro than day
is doubtful. It looks for the present like
scalping market only, and on to-day's early
price range, not even very good scaipins
market.
May wheat opened at 7511c and sold to
95&Q75Bc, dropping again to 75ss@75Rc.
liverpool closed I'D lower.
Primary receipts were $4,000 bushels,
against 553 900 last year, and shipments 210,-
coo bushels, against 20s, 00O Clearances wheat
and -four 100000 bushels. Minneapolis re-
cepts we're 25S cars, against 2S5 last year,
and Duluth had IS against rs.
Towards tho close there was slight show
inE Of strength. May closed same yes
terday at 1880 July wheat closed at 771s@
THO, January 753sc. Chicago closed May at
79Nc.
The cash wheat market was active and
firm with an excellent demand ruling. NIL
lers were in the market and bought every
thing at all good in sight. There was hardly
enough good milling wheat to go around. For
choice No. 1 the basis was fractionally
frmer and &c under May was paid. No. 2
northern sold we'll at firm prices. The bulk
OF this grade went at 1910, a few cars ct
TAO and some at 7312c. No. wheat was
wider, ranging from 72Ac for choice to as
low as 697ac for some that barely held the
grade. Rejected sold at &c and up to Tic.
No grade sold from zoe down to 58c.