The Mankato free press., 1903-10-16
Edwards, Wood & Co., Weekly Letter.
Wheat,

Edwards, Wood & Co., Weekly Letter.
Wheat.
Minneapolis, Mimi, Oct. 10, 1908.
Conditions in this market have beer
sharply reversed. The quietness that hat
characterized the trade developed almost
dullness during the early part of the
week. Speculative positions, after eas
ing in keeping with the weakness of corr
and the Indifference of foreign markets
to our slight advances, have undergone
some striking changes. The unsatisfiet
demand for No. 2 red and the better
grades of winter wheat to which we re.
ferred last week has become more ur.
gent because of week of unfavorable
weather for movement everywhere. Chi,
cago finds herself in most unpleasant
position for they have sold themselves
short of contract wheat and must ad-
vance the price in order to direct the
future movement. The attention that
was given the strong cash market at ST.
Louis and Toledo is now centered in the
strength at Minneapolis and the north
west and although every market of prom
inence is paying premium of to 3
cents for good milling wheat, Minneapo-
lis millers unable to secure a sufficient
amount of No. l northern from receipts
to meet daily requirements are compell-
ed to draw from storage. And, at that,
the total stocks of this grade in Mime
apolis is but 100000 bushels, practical
ly all owned by one milling company.
While stocks of wheat suitable for grind
ing in New York is but 100000 bushels
or one days supply.
Nominally unchanged cables have sud-
denly turned strong on further rumors
in connection with the Balkan troubles,
and the more threatening attitude of
Russia toward Japan in the settlement
of their eastern complications. The buy
ing at this time of large cargoes by ia
pan for immediate shipment from Port
land is regarded as most significant.
The deficiency in the crop movement,
which is now three months advanced is
good evidence that the size of the crop
has been much over estimated, and the
logical effect of this will be to still fur
ther strengthen the cash situation, and
when it is more generally understood
that the greater parts of receipts is 60
ing into consumption instead of into
storage for delivery on December con-
tracts, there will be demand for this
future that will carry prices much
higher. There is nothing new to add in
regard to clearances, suffice it to say,
that since July lst, export clearances,
have been larger pro rata, as compared
with primary receipts for some time,
than for five years past.
Interior mills everywhere want wheat
and are willing to pay prices for it that
are high enough to have sustaining in
fuence on the futures. A prominent
country miller recently said ''I am l2,-
900 barrels behind on my flour contracts
and can make money by paying prem
ium of cents, if necessary for my
wheat" A like demand for this most
important cereal comes from all quar-
ters, and we were informed by one of the
best posted millers of the northwest,
not long ago, that only the knowledge
that they could turn to the south
west for hard winter wheat to mix, is
giving them ray of hope that they will
be able to keep their mills running. And
long before another crop is at our doors,
there will, we believe, be felt great
shortage of spring wheat sufficient to
make the price and experience that pre-
vailed in Minneapolis for cash wheat
only few weeks ago sink into insight
ficance, and this at the wind up of
two of the largest crops ever known. A
situation like the present, with big pre-
miums for cash wheat of all varieties
and in every market, never existed before
during the first quarter of any crop year,
unless caused by manipulation, which
is certainly not factor now. We believe
there will be little need to worry about
the question of demand and it will in
crease as the quantity and quality of
this years crop is discovered. The loss
in grade of the northwest is forecasted
by the receipts at Winnipeg during Sep
tember of this year and the same time