The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-07
SETBACK IN WHEAT, But A FIRM UNDERT0NE
Conflicting War News the Cause of
Much Profit Taking Sell;
ing Of May.
The Southwest Still Very Dry Trade
Large and the Wheat Inter
est Spreading.
Local Flour Demand Good-Some
Foreign Markets Up, Some
Down. 49,. ...

Minneapolis Chamber of Commerce., Jan.
I--Wheat had a setback to start with
and was weak to II o'clock. selling off to
S7Bc. On the curb just previous to tho
opening, May was bid up to SSBc, but
this held only moment, and once the
trading began, liz the pit, the drop was
quick, the first regular trade at S77sc,
and others following on a steady sag.
Kenkel. q prominent trader, was a free
seller and his offerings took the edge off
the bull feeling. The market was strong,
however, even on the decline, and the I'M
dertone of strength was evident. The for
eign markets were less bullish, no fresh
war news came along, and as the session
drew on the bear news began to come.
In view of this, the early decline was a
surprise, in this respect, that 1t was not
heavier, that after an advance of or
cents the market could hold so well, and
stand against the selling. Liverpool was
sd up and Antwerp gained &c, but other
foreign markets were irregular, London
and Paris coming lower, while Berlin and
Budapest were higher Over the south
west there was little scattered precip-
tation, scarcely enough to be noticed, and
the winter wheat situation is unchanged,
the crop standing III need of moisture
and the outlook growing less favorable
the longer the rain or snow holds off.
III the northwest the country offerings of
wheat are reported by elevator men as in
Creasingly light, amounting to little on the
whole.
The Price Current says the SNOW COW
ellnS on winter wheat is more extensive
than previously, otherwise there is no ma
terial change. Conditions fair to good in
the west and fair in the northern sec
lions, but the wheat has an unpromising
appearance In the southern regions. The
movement is fully normal, corn increas
ing slightly. Some are holding. Feed
ing supplies are plentiful.
The question now Is whether not
can continue selling wheat for export at
the advance. There are many in the
trade who believe that the market. even
now, is ON an export basis for winter
wheat, or very close to 1t, and they expect
the export orders to come in later, even
tho the for eigners hold off for the present.
The c., sh business In Chicago yesterday
was $50 900 bu wheat, including 10000 blu
No. 2 red vt May price in store, most Of
the balance being No. l northern at Janu-
airy price. 1t sold by carriers to Sc
cure profits and was taken by elevator in
terests. Sales of corn We're 2000 900 Blu, Of
which 50, 600 bu We're for direct export.
Minneapolis received 317 cars, against
2t6: Duluth 80. against 80. and Chicago II,
against 50. Kansas City had 200 bu,
against $4,000 bu. Primary receipts were
G54, 900 bu. against 430 1000; shipments
"05, 600. against 10. 900. Wheat and flour
Clearances 292, 900 bu.
lust before noon a San Francisco mes
sage camo in stating that tho situation
from that point of view is very warll1e
and a moment later a flash cable from
Broomhal said the report was current In
Liverpool that hostilties had actually be-
gun. May wheat jumped from S71sc to
817sc in short order
The market is broadening and the in
forest, spreading. fBroomhalls says ir,t n
later cable: "There was big trade in
the Manchester grain market. This is
interesting in view of the strength in
English country markets and the result
ing advance Of Cd Is the past few days.
New York reported fifteen loads of
wheat and twenty-five OF corn for export.
The market closed easy at S7$sc for
May. July closed at $3.50 and September
at 1870.
In the cash market No. / northern sold
well, also Noe northern. The low grades
were a little slow.