The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-23
Wheat Falls From rs 7-8c Down to
$40 for Minneapolis May
Close at 70 1.6c to 1-4c.
Everyone Watching the Chicago Pit
for Indications Of the Ar
mour Purpose.
Ordinary Opinions Based on Every
Day News Are Considered
Worthless Now.

Minneapolis Chamber Of Commerce. Jan. d.
The second shake-out of the big bull market III
wheat occurred to-day Prices were lifted q
little more to start and then dropped cent.
with hood of long wheat coming on sale on
the downturn. Minneapolis broke from 7s8c
and struck 77s4c before 1t could be stopped. In
Chicago the break very severe, and some OF
the long traders who were reviling this market
yesterday because Chicago went up and Mime
apos did not follow were compelled to admit
that there were some advantages here. and that
there better chance for an eleventh-hour
bull to get out whole here on sudden break
than in Chicago. When the local market struck
77Ac the same local buyer who was so much III
evidence yesterday was on hand again with bids
for big round lots This turned the tide In
twinkling and the market jumped back to Isc,
then worked up steadily to 1885 Q1S13c me
hand of Armour Is clearly seen that
traders more than ever inclined to ignore
the regular of the day and concentrate all
attention upon him. Everyone Is afraid OF the
market either way. The course of prices now
is very much of a guess, and an opinion oased
the facts and figures that usually afford
basis for opinion would not be worth much.
There Is every evidence Of manipulation IN
wholesale way.
Liverpool was up 1@%d but Paris fell off
nc. this on SNOW in France, which gives better
protection for winter wheat and offsets recent
fears OF damage by q cold wave. The racine
coast had rains and there were snow hurries IN
places winter wheat In the middle ana
southwest.
The Modern Miller says there is change in
the condition of the winter wheat crop Rain
has fallen in sections of the Pacific coast where
precipitation was most needed, and In southern
Kansas and northern Oklahoma. In the central
part Of the winter wheat belt the prospects are
promising, as nothing has occurred recently to
change the good condition Of the plant. The
only danger now perceptible is that large area
has no covering and cold weather would not
be without detrimental effect. The movement
OF wheat is large.
Argentine begins to show up little already
n the matter Of whea5 and fg 15s
In the previous week and 100000 a year ago
The early cables to-day reported unfavorable
weather but the later advices made 1T moro
favorable Primary points received 543 oo. pu
against snd shipped agai 9s
last year, and Duluth H. against 14s. Wheat
and -four clearances, 142, 900 bu. King OF To-
1edo sent out dispatch to the effect that mill
ers at that point are short about 900 600 bu
Broomhall cabled that his Argentine agent
cabled that the weather is still cold, wet and
unfayorable for both wheat and linseed. The
strength in American markets yesterday and
opening with prices y q "a higher. Early in the
session further gain Of I'd was made: but
there being demand for spot wheat. better
weather in France end general profit taking
steady at advances Of ia and asd in sympa thy
with the advances in America. Later In the
morning the market followed wheat, advancing
SD early but later easing off again, the nearby
Near the close the local May option .eased OF
1850 bid, and July closing at 1870.
The cash market had largely increased de-
nnand for No. 2 wheat to arrive this being quite
range Of a full cent. some at 76Ac and some
at 77Ac. The spot wheat sold we'll all around