The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-15
May Wheat Reaches 77c, New
High Point, and Closes Firm
at the Very Top.
Receipts Light and Demands Heavy
Local Cash Market Shows Re-
newed Strength.
The Seaboard Reports Good Export
Inquiry and Sales to Europe
at Higher Prices.

Minneapolis Chamber Of Commerce, Jan. 10
The bull feeling broke out anew in wheat this
morning. carrying prices up all around. BY
noon Minneapolis May sold to 761a@76&c and
was apparently tending higher at that time.
When the market opened May was selling at
1870, the offerings coming from weak hold.
ers who lost confidence because of disappointing
cables. None Of the foreign markets showed
disposition to follow our gain OF yesterday ex-
cept in part, and Liverpool was Is @ va lower
at the close. But conditions IN the local HELD
were so strong that traders soon began to 1g-
this foreign hesitation. Receipts In Mime
apolis were only 2ST against 42S last year,
in good demand and frmer in price rela-
tive to May. Millers said the flour business
was good and export orders for -four were entered
this morning at prices zoe to zoe above quo
coming in at the higher prices. Chicago
had falling off of 1os, 900 bu in stocks of No.
northern in the past few days, the present stocks
there totaling 2,91S,O00 bu. In Minneapolis the
stocks are not increasing at the former rate,
and for this week the outlook is for very
slight increase no gain at all. New York
had good demand from the United Kingdom ana
from the continent for wheat. Clearances for the
day were $40, 900 bu.
The Chicago Daily Trade Bulletin has out the
regular annual estimate of stock of wheat re-
manning in farmers hands. 1t makes the guam
THY 23OOO0 900 bu less than the estimate of this
time last year, or 244,0oo,00 bu against 267'-
600, 900 bu. Primary receipts were 4o3,OoO bu
against 521 900 bu last year, and shipments 203,-
900 bu against 195, 00C.
Antwerp accepted offers sent last night from
this side and took some American wheat at the
highest prices paid 50 far. The news OF crop
conditions in eastern Europe was again unfavor-
able The winter wheat is in sense seriously
damaged, but there are bad signs that may de-
velop into serious damage later, while the dam
age in case of cold wave over Europe would
probably be great.
After noon New York wired that there were
bids there for wheat for export at prices very
satisfactory to the trade. Previous to this and
somewhat earlier In the day, Commons & Co.
had message from the Armour Grain company
that there had been big sales Of wheat to Ant
werp via Galveston and many rumors OF sales
at higher figures. The higher tendency was
so clear after that there was pract1-
cally no new short selling. On buying near
the end the market spurted up to new high
point, May closing at TIC, the top point of
the day. July closed at 774c.
The cash market was very strong, even
stronger in tone than the prices paid for wheat
would indicate. When trading began there
was inquiry from local millers, and outside
millers were we'll represented. 1t was evil
dent at the start that there was more wheat wheat
wanted than In sight on the cash tables
and probably three times the quantity on sale
could see advantage to be gained by jump
ing in and bidding up prices on one another,
and local millers were allowed to take the
bulk Of the stuff, the outside buyers getting
only part Of what they would have taken had
receipts been heavier. No northern sold at
1874 1761ac, this the early option. Later
on the rise of May to TIC, the cash wheat to
arrive advanced proportionately. The low-grade
wheat sold better than heretofore.