The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-30
Starts Wheat Movement in Earnest
by Sending Out 100000
Bushels.
This Weakens All Markets and May
in Minneapolis Sells Down
- to 1870.
The Bulls Still Have Confidence, but
the Statistics Are Against
Them.

Minnea polls Chamber of Commerce Jan. 80
ldttle Argentine made an important showing this
morning and was an Important influence In the
speculative wheat market. She shipped during
Inst week She shipped $4,000 eu, and in the
week corresponding to this last year shipped
80, 900 bu The movement is not only heavy,
but 1t is starting in early. 1t begins to look
to the trade as If the numerous reports OF good
yield this season in Argentine were all right.
And 1t begins to look IL the reports of last
week to the effect that the bad weather in
Argentine had delayed the movement so serious
" that no heavy shipments would be seen before
Feb. 49, are not to be borne out. This was the
leading weakening feature this morning The
markets, however, showed stubbornness, and
while Minneapolis May up to noon had sold off
to 76ls m7sAc from yesterdays close at 1850,
this was not much OF decline considering that
cables were disappointing, receipts everywhere
larger and that the market had to stand against
offerings Of wheat bought last night by specula-
tors who looked for cold wave over winter
wheat. and made haste to sell this morning,
when they that the thermometer was not so
low as they had expected. The Pacific coast was
very strong, reporting continued demand there
for wheat from millers and exporters. The Min
neapol1s market firm. relatively frrner at
times than Chicago. There is not much DISPOSE
ton here to sell short, at the lower range.
ordinary statistics of a bearSh nature do not
jar the confidence of the average local trader.
Local stocks will increase this week by about
Wheat and the Unsatisfactory ee railroad Situation
made some of the mills close and the increase
is not surprising to the bulls. They look upon it
as probably the last important increase, unless
traffic conditions remain unsatisfactory.
Minneapolis had 242 against 161 last year.
but Duluth got only IS against 121. Primary
points had $4,000 Blu against S97 900, and
shipped 1876, 900 bu against "a 900.
The Modern Miller says complaints Of the con-
dlfon OF the winter wheat crop have been re-
markedly few, the prospects, q whole, being
reported good Over the largest portion of the
principal wheat producing section the plant has
no covering VI snow to protect it from hard
freezing weather, but it is too early to say
what injury, II any, may result from the present
Geld wave, which covers the country
, Broomhell cabled-The advances in America
yesterday caused a steady opening with prices
1sd higher. Later both options declined sd
owing to the pressure Of American winter
wheat wheat on spot and the Argentine shipments
be1ng larger than expected Corn opened $50
higher on the firm American cables but later
eased OF I'd. The factors were Increased ten
ders on contracts and lack of support
Chicago wired the close that the wheat
pit had been we'll supplied with wheat since
the opening, but offerings for the most part
mad the appearance Of Efforts to break the price
rather than to market wheat. Trade rather
duIl but the undertone firm.
Near the close the market weakened on LIQUID
alton and Minneapolis May sold of to 75%c
York. ~
Wheat and -four clearances, $4,000 bu
May wheat closed at 75M @75hc, and July,
761sc. ''' ''
The No. 1 northern on the sample tables
aoid at 76&c for the bulk with extreme
Joints at 7612c and at TIC. The price range
was narrow all through.