The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-11
EARLY DECLINE, WITH QUICK RECOVERY LATER
May Wheat Sells Down to 851ac, but
Closes at $3.50, Net Gain
of Nc.
War News Less Bullish, Gables Easy
and Other Incentives to
Sell Out.
The Southwest Still Dry, Altho the
Prediction Is for Moisture
to Come.

Minneapolis Chamber of Commerce jan
n.-Wheat opened the week without new
developments in the war situation ca bles
lower. receipts pretty well up and Armour
an open seller in the Chicago pit. For a
trader starting afresh there was little in
ducement on the buying side, and for a
holder of May there was every incentive
to let so, May was off to S5k @858c
from Saturdays close at S61sc. The pres
sure on the market was heavy at times,
but to offset it there were many shorts
who were extremely nervous and quick
torun on any firmneSs. So far as the win
ter wheat was concerned the situation was
still buish, The precipitation promised
inathe Saturday forecast did not come. A
few light SHOWS We're shown up and down
the Mississippi river and scattered SHOWS
thru Iowa, Illinois, Missouri, Indiana and
the Ohio valley. But most of these were
mere traces and the far southwest got
nothing, leaving the growing crop still
without needed moisture. The shaw here
during the morning was reported extend
ing somewhat in IL southern and western
direction. and the forecast is for possible
rains or snow over Kansas, Iowa and Ne
braska to might and tomorrow. Minneap-
oils receipts were 55S cars against 332, Du-
luth had 55 against 20. and Chicago 81
against 80. Kansas City received 10000
bu against $4,000 and st. Louis 165, 900 bu
against $4,000. Worlds shipments were
about a stand off. or $3.50 900 blu against
S,b4S,00O last week. The quality on pas
sage at 1920, 900 blu shows decrease of
100000 bu. Liverpool stocks at $3.50, 900 bu
decreased $4,000.
Liverpool was Fad lower to close, Lon
don1a old lower. Paris 10 centimes lower,
and Antwerp off equal to 5sc.
Minneapolis elevator stocks have in
creased $780, 600 bu for two days. The Wis
ible supply increased 1895, 900 bu, making
the total 40, 1919 900 bu
The first really bad news from the win
ter wheat country came this morning from
Oklahoma City. Travelling men for south
western houses said to be sending in
reports of a very unfavorable nature some
going so far as to say the wheat Is already
SO backward that production equal to
last year seems impossible.
Primary receipts were 100000 blu,
against $4,000, and shipments 276,OOO
against 144,ooo. Wheat and flour clear
ances 4S5, 900 bu.
Broomhall reported private cable re-
lceived IN liverpool to the effect that in
Argentine the weather is unfavorable, "a in
interfering with harvesting in some dis
ltricts. The early export business amount
ed to twenty loads at New York, with
prospect of some more business later.
Near the close the market firmed up,
principally on good buying by Armour,
and May closed firm at $3.50. high point
of the day. July closed at $3.50 and Sep
TENDER at 7SMc.
The cash market was firm and active
for the grade wheat, local millers taking
the bulk of the offerings, altho one big
company bought little No. 1 sold at S51h@
SEC. No. sold we'll for good lots. The
low grades Were not in good sale and near
the close of the session there were some
lots Of No. and lower unsOld.