The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-01-06
MINNEAPOLIS MAY WEttEAT SPURTED Up TO 807ScI
New High Point on the Crop Strong
and Excited Markets-July
Over 81 sac.
ANXIETY ABOUT WINTER WHEAT
Chicago Had an Active Bull Market
Visible Made Slight
Increase.

Minneapolis Chamber of Commerce. Jan. 6.
Minneapolis May wheat passed the sue
mark to-day. The market opened strong anu
advanced to hairs breadth under SOc, SELL
ing several times to 79R9SOc. Here 1t heIa'
with very slight reaction. After noon Ch!-
cago sold UP to $3.50 and the local market
became excited, May selling to S0ssc. July
sold to $3.50. There were number OF news
reports on which to base strength Most I'M
portant of all was firm Liverpool market,
opening cables showing an advance OF 72d,
with S4Sd higher for the second advlces.
The close was 7sd UP on wheat and 11sd up
on corn Buffalo reported a considerable de-
crease In stocks, and this caused apprehen-
sion of decrease in the visible, notWltn-
standing the gain in northwestern stocks last
week. In the local market and Duluth there
were $50 cars, compared with 676 last year.
There was a renewal Of strong talk from the
southwest. Chicago was especially active, re-
porting more country buying, In coarse grains
we'll as In wheat Worlds shipments were
$4,000 bu, against 6.272,00O bu last week
and 5,2SS,000 a year ago. Russia shipped
900 bu, the Danube S96, 900 blu, India
2S2, 900 blu. The quantity on passage, at
SO. $50, 900 bu. shows increase for the week Of
100000 Blu. A year ago there was 2,o2S.ooo
bu on passage, and for this week a year ago
the change was for $1,000 bu decrease. The
visible supply increased by $4,000 blu. max
ing the present total S,929, 900 blu.
The latest gossip from Washington says the
government final report will be out in few
days. All sorts Of theories are advanced as
to why the department has delayed the re-
port SO long and carried 1t into the new year.
1t is now said they are waiting to compare
the figures with the data OF the census de-
partment before making them public
Primary receipts were $4,000 blu, against
1,02S, 900 last year. and shipments 100000 blu,
against $4,000. Clearances wheat and flour
nnn h,, Tic
cars. against 5o4, and Duluth had 60.
against 81.
After noon reports began coming from the
southwest Of alarm about winter wheat. In
districts where there has been no snow COW
erng for time there is lack Of moisture.
With these reports reserved strength came
out all around. Minneapolis May spurted to
sOBo on excited buying. At the close May
was S0Ac; July. Sligo and January 1872.
Chicago May closed at 81 12c.
The cash market was active and strong on
grade wheat, with little dragging on the
very poor lots. The trading basis was about
the same, at &c under May for No. l north
ern and ~ to &c under for No. 2 No. 3
wheat was in fair sale at 764c for the aver
age, but the range was 1919 to TIC. Rejected
and no grade sold from is to 75c. The market
was we'll cleaned up on everything except
few of low grades.
Wheat sold to-day at the highest price yet
touched on the present crop. Minneapolis
May was traded in. at SOBc. There was a
wild and excited market. The bulls had
some encouragement at the start on foreign
reports, the early cables from European mar
kets showing prices generally higher. On
this news they began to buy wheat. A good
many doubling Thomases were around who
evidently did not propose to be carried away
by any foolishness. and when May sold just
under SOC they were ready to sell. Consider
able short wheat put out at 1910 and
1890. Then they waited for the market to
slide off. But the market was not sliding.
Chicago, New York and st. Louis were all
moving up steadily. Just after noon Mime
apolis May wheat was back again just under
soc, and then the early sellers began to want
their wheat back. In twinkling May
passed SOC and sold to S0Mc. July wheat
made a new price record for this years July
option, going to 81Hc.