The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-08
PRICES IN WHEAT UNCHANGED FROM YESTERDAY
Traders Hesitant-The Uncertainty
as to War Induces Small Lot
Selling.
The Modern Miller Very Bullish in
the Weekly Report on Winter
Wheat.
Chicago Closes at Exactly Same Fig
ures; Minneapolis Only
Shade Off.

Minneapolis Chamber Of Commerce, Jan.
s.-News items making for immediate eff
fect upon sentiment We're against the price
of wheat this morning. The result was a
dip all around Of 1a@Ac in prices. The
foreign markets were easier, Liverpool
opening unchanged and coming sd lower
on second cables. Consols were up to
81 5-16, q gain of SIS over night, which
was taken as evidence OF greater conf1d-
ence in England. The war news was in
no way more favorable, and the situation
appeared as acute as ever, yet there was
the feeling abroad that change for the
better was possible. hence the financial cen
tiers were more optimistic, securities prices
little better. and the grain markets hest
tant and easier. The shorts made what
they could Of the increase Of 1900, 900 blu
IN local wheat stocks. and also Of the re-
ceipts of to-day of 401 cars against 271 a
year, ago. Kansas City with III 900 bu
against $4,000 year ago was another item.
Aside from these the figures for receipts
were In no wise bearish. Duluth having 81
cars against IT, Chicago 10 against So,
and st. Louis $4,000 bu against 900 bu.
Seventy cars winter wheat were
shown on the inspection report, the pres
ent excess OF receipts in Minneapolis over
corresponding dates last year. being made
up by this winter wheat brought up from
the southwest.
When the bulls looked over the general
situation they could see nothing to war
rant any change In their position. Mime
sofa and Iowa had some light SHOWS and
the Ohio Valley light rains, but the south
west Is still without the needed moisture.
The forecast for tonight and tomorrow
Is for fair and warmer weather for Kan
sas and Nebraska. The question Of wheth-
er or not export business can be done at
present prices was again to the front,
but a message from Richardson to Smith
stating that offers made last night to Eu-
an indication that American prices are on
fair export basis. There was general
summary yesterday from an American
consul in England which indicates that
English exports Of flour and wheat will
likely run unusually heavy during the
next ten months owing to the great dam
age to crops" in England and Scotland.
From Argentine there was a cable to a
Chicago news bureau to the effect that
rains have done no inCOnsiderable damage
to wheat, while the Buenos Aires strike,
factor likely to bring temporary cur
tailment of the grain movement, is as far
as ever from settlement. Argentine shipped
this week 100, 900 blu, against 10000 last
week, and $4,000 year ago.
Primary receipts, $50, 900 BIT, against
49,, 0O0 shipments 1000, against 1860
Wheat and flour cearances As, 255 bu.
The report of the Modern Miller covering
winter wheat was bullish. 1t reads as fol-
lows: Snow or sleet has covered the
larger portion Of the winter wheat terri
tory except in the southwest where mois-
ture is still lacking and badly needed.
complaints Of insufficient moisture are
also coming from the Pacific coast. The
winter wheat plant generally has small
top growth. In q few localities no growth
above ground Is reported. The plant in
general IS we'll rooted, however. Wet
spring weather is necessary to overcome
the backward conditions of the CROP
Wheat aSnOrts for this week
1853, 900 bu. and corn exports !. 249000.
The cash market was active with good
sale for the grade wheat and about the
same relatively lighter demand for the
poor lots. The market was satisfactory
TO sellers on the whole.
May closed at S7Ac, July $3.50 an6
September at 1850, showing only small
fractional changes from yesterday, while
in Chicago May and July closed I'M
CHANGED