The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-02-25
Prices Wiggle Up and Down Frac-
ton and Close the Same as
Yesterday.
The Tone Here Is Undoubtedly
Firm, Notwithstanding Weak
ness on the Outside.
Speculative Interests Light-The
Cash Wheat in Excellent
Demand.

Minneapolis Chamber of Commerce Feb 20
Excessive dullness aud bearish figures as to pros
pective worlds supplies are the factors repsonsi-
Die Tor the weakness in wheat. Speculative in
ferest remains light and neither in the Minueap
OILS pit or In other speculative centers Is there
any noticeable increase III trading. The local
situation In brief Is one of uncertainty Traders
III the Minneapolis market are hesitant between
inc northwestern supply situation wlich is adj
1nlttedly bull1sh and the situa tion abroad which
ls bearish.. They are bulls almost to a man. Even
.he SPECTATOR who is short wheat for turn
Is ofen bull at heart, and would tie up to the
bull side but for the dullness and the uncer-
ta1nty of prices in the immediate future. The
pears have the good condition of the winter
wheat TO go upon. and the heavier shipments
py exporting countries that compete with ours.
There are other bear arguments but these two
arc the leaders. The northwestern bulls stand
pat on the proposition that there Is barely
enough wheat in our part Of the country to 90
around, and OF the bull arguments the two lead
ers are the visible supply that is under last
year, and the fact that the quantity of wheat
now In Minneapolis elevators is not more than
enough to supply the mills until the new crop
comes H. Last year there as much wheat
mere as there Is now, yet by July the mills had
drawn 1t down to practically nothing. And this
year it Is believed. there is less wheat back
IN nrst hands than last year. And despite the
present weak and dragging tendency in all the
markets. the bulls argue that they viii win out
IN the long rum even If decline should come
now as result Of all the bearish talk. There
is this to be said for the northwestern bull posi-
ton. that 1t is clearly defined. 1t is almost
impossible to imagine any development that
could increase supplies here largely and material
~ change the supply situation from what the
bulls now know 1T to be. In whatever degree the
outlook is strong it is likely to remain that
strong On the other hand there are numerous
dozen things that may happen to turn the
bears into bulls in short order.
Inc foreign news again brought little of en-
eourasement. Rroomhall sent a long cablegram
of a bearish nature. Liverpool closed ], d higher
to I'd lower. Paris, however, was firm and
although about NC off On March and June wheat,
A weakening feature the clearaDces which
with New York missing to noon. showed only
5000 bu shipped out in wheat and -four, and the
final figures totaled only 124, 900 bu.
Bradstreet's figured out an increase of $780,
900 bu in the quantity afoat for Europe and in
Europe, and decrease of $4,000 bu in the
crease in the worlds visible supply of 1,326, 900
bu. Primary receipts $50. 600 bu against
$4,000 bu last year. and shipments 100000 bu
against $4,000. Minneapolis had 173 cars
against 1876, and Duluth Al against 256.
May wheat opened at 1850, sold to 76as a
1870 and dull and inactive within this mar
range to noon. =
The market became more active the close,
but did not out of the ruts and closed
practically the same as yesterday; May. 1914 q
1880, and July. T613c
An excellent derna ruled for the cash wheat
and prices. relative to May, fraction
frmer all grades. No. l northern brought
Nc over May for good part, and there were
posed to be for St Louis account and with
srn sold at NC under TO lac over May accord
Ing to quality. There was good demand and
firm prices for No. 3 wheat. Considerable of
the wheat in the. receipts of the day went to
yonne of the wheat offered on the cash tables
was wheat to come ont of store here.