The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-14
A Good Bull Market Develops and
Prices Advance Quickly in All .
s. the Grain Pits.
The News, in the Main Is Bullish and
General Sentiment Favors
~ the Long Side.
The Bears Say There Must, Be a
Larger Outside Interest to
Maintain Prices.

Minneapolis Chamber of Commerce, Jan. ID
May wheat. reached the &c level to-day on
slow. steady advance. With frmer cables and
light receipts, good export inquiry and the early
indication of heavy clearances, tile specua-
tive wheat market opened stronger and a fraction
higher. The only thing lacking to make an
active market was new outside interest, and at
the start it could not be seen that there was
much new buying. Chicago had light trade
at first, which increased little as the session
progressed. OF 1S4 cars Of corn received in
Chicago not one was of contract grade, and
this made a firm tone in corn, which was a help
to wheat. Receipts he:e showed no Improvement,
only 24S cars coming in against 325 last year,
while Duluth had IS cars against %. Boston
wired early that exports from that port would
run well up, which made it look as if it would
be day Of heavy clearances when the other
reports came In. European markets were higher
and Antwerp cabled that there was little ner-
Tousness SHOWN there over the fact that the
snow covering over winter wheat in Europe is
not heavy, and should the weather turn very
cold some damage reports might be expected to
come IN. In Argentine the weather appears to
have again turned favorable. Liverpool wheat
closed sd higher.
The strength IN wheat which has now lasted
for u fortnight, has worked up the market by
small gains until there is now a fair advance
shown by comparison with prices that ruled ear.
lier In the month. While there have been ITO
heavy. gains at any time, the slow, persistent
advance has made the bull side profitable to
those who had confidence enough to get in carly
in the month. when May dipped down around
T313c. The bulls are asserting their confidence
and advancing the argument that the slow.
steady gains from day to day indicate the health
lest kind Of IL bull market. 1t is evident the
advances are due not so much to shorts covering
as to buying by believers in higher prices
to come. This shows strong undertone There
arc great many bull arguments, too many, in
fact, to be enumerated here at length. The
general sentiment favors higher prices The
bears admit most of the bull points, yet fail to
become converts to the bull side. From the
bear viewpoint there is the Argentine wheat,
Th no I.ly
pool. in conslderab Bile quantity. There is the win
ter wheat outlook, which is uncertain, but prom
Uses we'll SO far be determined this early,
and there Is the lack Of bull leadership or i'm
porfnnt outside interest. The southwest does not
catch the bull enthusiast. and rs an illustration
May wheat week ago was selling at the same
figure In st. Louis and Chicago. This morning
Chicago was 1sc over st. Louis. 1t is natural
that st. Louis being closer TO the favorable
winter wheat promise should hold back, it
usually does at this time Of year. SO there Is
nothing bearish in that. 1t is also said that the
big Spencer interests were long heavy line in
st. Louis and that they recently sold it out
there and bought it in Chicago, this starting the
spread. A difference Of &c to 41ac between
Chicago and st. Louis is not unusual, and st
Louis may: be expected to drop under from now
on: Should anything unfavorablc develop later
In winter wheat she would as likely turn about
and pass othor markets.
Urinary points received 523, 900 bu. against
COS, 900 last year, and shipped $4,000, against
100000. Wheat and -four .clearances eQualet
$50, 900 bu. These clearances we're lighter thar
had been expected from the early reports.
Near the close reports ro Of good export tt bas
h,m interior markets. New York had 40 loads
tJr export and Chicago worked 100000 bu No
/ northern. st. Louis sold 100000 bu corn tt
go out. The market strong and up to 76Mc
but at the close realizing forced Ii back to 1878
where it closed. July closed at 1850 January
1850.
Good demand ruled for the cash wheat, No.
selling at May price and No. "a al nc under
May. No. 2 and grades below sold well and al
figures relatively better than yesterday. o. ~