The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-07
Stormy Weather in the Northwest
Suggests Temporary Decline
in the Country Movement
The Market Drags at First But on
Later Strength May Sells Up
to "a 1-2c.
Increased Buying by Local Houses
The General Trend Not
Clearly Defined.

Minneapolis Chamber Of Commerce, Jan, r.
stormy weather over the northwest and the
prospect of temporary interference with the
movement of wheat from farmers hands to
country markets, was an argument for moderate
strength In wheat this morning There was less
selling pressure from the southwest, and
stronger market, but aside from these
there were few items In the early news favor
ing renewed strength in wheat The same
waiting tendency noted. In Chicago the
market was stubbornly firm and while the longs
found 1t impossible to lift prices the shorts
equally unable to force them lower. The Chi
cago market holds remarkably steady consid.
ering that there is fair trade there, although
i'll quiet way. Although Chicago, with all
other markets, presents nn appearance or dull
ness, the trading runs to a pretty fair total
every day. Many speculative traders are in
clined to believe the Chicago market Is being
held at the present prices by manipulatlve sup
port, but for what purpose is question. The
long holders believe that the big traders are
quietly accommodating wheat in preparation for
the rise to come later The shorts like to be-
lieve that the big men are holding the market
steady to sell on, and that later when they
have placed their lines the support will be
withdrawn and the market will sink lower.
Favorable news from Argentine and the con-
tnued good reports of winter wheat conditions
encourage the bears. The bulls are confident
that the northwestern supply situation affords
legitimate basis for higher prices, that how
long upturn may be delayed a rise Is
sure to come eventually, and that the first I'M
favorable from the winter wheat states
will be the signal for the entry of the out
SHE buyer INTO wheat, ana Il DtOdu, ACTIVE
bull market The bulls have been making some
thing Of the purchases of cash wheat in Chi
cagO to go east. This is strengthening fea-
ture, although it is true that this business was
partly the result of higher freight rates to so
into effect, and having anticipated this by re-
cent purchases it remains to be seen whether
buyers will continue active.
In the northwest there were $50 cars against
1856. Minneapolis getting $40 against 800, and
Duluth II against GS. Primary receipts were
COL 900 bu against 49,. 600 last year, and ship
mcnts 143,Ooo bu, against 216,oOO bu. Wheat
, and -four clearances, $4,000 bu.
Liverpool closed unchanged on wheat.
The market strengthened later in the session
and better buying started prices up. One local
house bought 25u,OOO July. putting the July
figure TO 73c and starting May up to 41ac on
covering by shorts.
The market closed just under high points May
at 74as 1ac. and July, 7+%c.
The only change in the cash market was on
the poorer lots Of the intermediate grades. which
sold shade easier compared with yesterday.
Then No. , northern went low, but good No.
sold we'll and there firm demand for the
choice No. / northern. Considering the fact
that the millers are little Indifferent just at
present, and not bidders for the top grades,
1T is pretty satisfactory cash market.