The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-04-23
Humiliation Continues and the
Market Hard Proposition
for the Bulls.
May Looks Congested and Ought
to Show Some Temporary
Recovery.
But the Outlook for a Long LOOK
Does Not Encourage
Buyers.

,,no,is chamber Of Commerce,
Ill % [To-day wheat touched another
low point. going to $3.50 for May. !his
break put a good many holders out Oh II.
The immediate course OF the May "heoI
nrice depends upon how much more
1,a1id. tion there is to come Millions or
bushels Of May have been held by OUTSIDE
sneculators, Some of these were the Old
time s1.25 wheat bulls, who could see
nothing else in sight. These speculaIois
liouidated largely when May sou up
around S105 and then took noia again
when the price went under 81 IN .ne W
lief that still higher prices would come
n,,a,tuany MANY have carried their
wheat for a long time Seeding was pach-
ward in the northwest and the Wlh'er
wheat outlook was poor. Inev were eii
courased to hold on from day 10 Gay ~
the belief that with the bad crop ouIioon
and the short supply in prospect an up
turn would come. Then the lioui niIs
closed. the talk of a larger northwestern
wheat acreage began and nquldatlon
started. AS the price sagged 1t increased.
Rains fell over the southwest ana the
long wheat poured out. This was natural
Much Of the long wheat was held oy spec
,1lators who had become so USED 10 looh
ing at higher figures that wheat IN the
go's had looked low to them. None Oh
, these holders, Of course, wanted the &C
tual wheat, and with the nearer approach
of Nav /, delivery day, they sold out.
This is what the market has had 10
stand If one could now tell Wnether
this liquidation is over he could cali the
turn on May, for there Is very large pro-
fessional short interest that has accumu-
Io+ad IN tho down turn. The impression
one might gain from the course or TO-
davis market Is that the big long STUN
has gone overheard and May is now con-
gested If this inference Is correct May
ought to turn up for a few cents between
now and Saturday next.
view Of the general market is quite
another proposition. There are mum
her of things on the bull side that may be
effectiye sometime hence, but the general
outlook just now Is not encouraging 10 q
holdrer. The weather Is favorable and II
1t continues a larger wheat acreage IMAM
last year will be sown northwest. Prices
are down 15c from high point, but are still
15c up from last year. Crop news VIII
govern from now on and with market as
we'll pounded out as at present, not muct
of a scare would be necessary to bring
quick advance. Yet to look ahead 1t Il
hard to be very bullish. Conditions may
change quickly, but while good weather
lasts, the mills continue grinding at les:
than half capacity, our prices are not OF
g. free export basis and foreign countries
continue sending out big jags Of wheat, 1
it will be pretty hard to bull 1t much
st. Louis had only 5000 blu against Al,
900 blu, and Kansas City $4,000 bu agains
10O, 900 blu.
Australia shipped 1903, 900 blu.
The weather may shows more rain an
snow in the Canadian northwest, rains j.
north Dakota, South Dakota, Nebraska
Missouri, Iowa, Illinois, Indiana and Ohio
Temperatures in the northwest same a
yesterday, but decidedly higher in a
other directions. Kansas, clear an
warmer.
Minneapolis received 80 cars agains
142, Duluth 5 against 80, and Chicago
against 80.
Minneapolis May closed at SsAc, July a
90BQ90Ac, September, S0Ac.