The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-05
Wheat &c the Letting go Of Small
Lots and Further Decline
Is Foreshadowed.
Meanwhile, However, Bull News
Would Jar the Shorts, Who
Are Growing Nervous.
The Regular Weekly Statistics Are
Without Important Bearing
A Firm Undertone.

Minneapolis Chamber Of Commerce. Jan o.
Weakness was the predominatng feature in
wheat this morning and the week opened
with another dip. May going shade under low,
point OF last week on a trade at 73laGD7SMc.
There was apparent change in general senti-
ment here over Sunday. The feeling was If
ANYTHING. a tribe less favorable to holders. The
oolls are confident that when the market finally
breaks from the rut and broadens into activity
better prices will be seen. But the bulls have
nothing In sight at present to warrant at
tempt at a bull campaign and the disposition Is
TO hold off for a while. Meanwhile the news Is
pearish in general way since the reports of
he growing winter wheat crop at home and Of
the crop now being gathered in Argentine
favorable These favorable reports of good pros
poets are emphasized. and from time to time
weak holders get discouraged at the unfavorable
go their holdings. This dropping of small-lot
liquidation Is wearing away the market by bits,
and while 1t continues prices may go lower,
even while there is nothing like concentrated
pressure from the bear side. The first reliable
bit of news from the crop Investigators of a
nature unfavorable. would be the signal for
turn about and how much Of reaction would fol-
low would depend not alone upon the Importance
Of the bull news but upon the extent to. which
traders short. 1t is doubtful If there are
many among the local traders heavily committed
to the short side. Having feared to go short
when the market cents higher. they have
stayed out since, and. having watched the mar
ket break slowly to the present level, are even
more chary now than before about selling short.
But in other markets. where the northwestern
supply situation does not appeal so strongly to
traders in this market there are said to be
good lines of short wheat put out by the purely
speculative element. and local grain man says
he canvassed sentiment while on the Chicago
board Saturday and believes there are a great
many bears there. They committed that
they stand to profit by the continuance of the
present wearing away Of prices, but would be
in bad way should anything Of bullish
nature suddenly develop.
At the start this morning the bulls had the
advantage of a weather department bulletin say
ing that the winter wheat states have had
month of weather cold and damp. with more
than the usual amount of precipitation. AL
though there TO hint in this report of any
thing unfavorable. it was decidedly less opti-
mistic than the reports of last week respecting
winter Rosario sent another cablegram saying
weather conditions in Argentine remain very IA
vorable.
The regular Manday statistics showed In
crease of only &C, 900 bu in the visible supply,
his bringing the total up to 40, IA 900 bu For
he week. worlds shipments were 6.o2s, 900 bu
against 6.44O. 900 bu last week and 7.4e3.O 900 bu
/ year ago. America sent out 1886, 600 bu;
Russia. 2.16S. 600 bu: the Danube, 352 900 bu,
md Argentine. 1880 bu. India shipped 224,-
300 bu. The United Kingdom took 2.es4,o bu
In all last week. The quantity on passage, at
%, SOC, 600 bu. shows decrease of $500 bu
Boston a favorable report as to the prospect
for export business. Not so much Ia being
heard there now of Manitoba wheat. and the next
business reported will be in No. / northern, 1t
is thought instead of Manitoba wheat.
Minneapolis received 692 cars, against ia cars
last year. and Duluth had 100 cars against ~.
At primary points receipts were $4,000 hu
against 952, 600 last year. and shipments. 1919
300 hu. against 900 bu Wheat and hour
clearances eQualed $4,000 bu.
The market trie frner near the close:
May selling back up to nc. May closed at ~
G741kc; July, 1880 January. 13c, nominal
The cash market fairly satisfactory to
sellers and considering the fact that receipts
large and some of the mills were out OF
the market prices held very we'll. By comparison
With the cash market of last week the present
tone is qu1eter and there is less OF a rush for
the stuff. This morning No. ! northern sold
at 1895 ii 73lhc for the average and No. north
at II sc to 72t.c. The low grades dragged
Il little and to noon there some lots unsold.