The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-02-19
The Long Expected and Predicted
Dollar Wheat Here Again
After Six Years.
The Bears, After Being Reported
Licked, Now Believe They
Have a Show Again.
But Foreign Markets UP and the
Bulls Confident of Still
! Higher Prices.

Nr;nnaanolis Chamber of Commerce.
Feb. 19-Wheat was so close to the DOL
lar mark this morning. when the specuia-
five markets opened, that the dollar wheat
bulls felt the time had come Whsn tneI
predictions were to be made good Mucn
bull enthusiasm was shown IN the pit anu
on the floor. TO 10:45, however, the noilar
level had not been reached. May haltlns
7ac under at 99Ac. Chicago had WIG
onenins at differences of a full cent, chi
caco Nav trading simultaneously at 81
and SLOT. In a short time 1t touched $l.o1'
in a few minutes more had dropped to
agile and was back again over doilai'
and trading between $1.00& and sl.ooA.
When the markets opened comn'isslo,'
houses had new buying orders IN hand
These came from the foreign strength
LIVERPOOL made good response TO the
American strength of yesterday. ana was
/ to 11sd on opening cables. rms strehsth
abroad was due not only to the initiative
on the American side, but to lndepenueflS
strength based upon a scare III Liverpool
over the bad reports from the Balkans
and the possibilities lying therein. When
Liverpool closed it was even higher, at
11s@14d advance, while London was up
13s01Ad. Paris came "a 10 lAc up
Berlin equal to 1ac up and Antwerp 1sc
higher. Budapest reported 1sc decllne at
first hut later cables made that market
1Md higher. No could keep tab VIII,
any accuracy in Chicago and whether AT
mour was buying again or liquldatlng ms
holdings was uncertain. 1t was a broad
and active market, yet trading was not so
heavy as might have been supposed.
AT 11:44 wheat struck 81 for May IN
the Minneapolis pit with trading very
active and excitement ruling.
In the local cash market early sales OF
No northern to arrive were made at
81. while No 2 northern sold at 96$4 owe.
May ran up to $1.OO1a and held around
sIOOk Not so much short selling de-
veloped around 81 as was thought would
be the case, and pressure on the May was
not heavy.
MINNEAPOLIS received 1919 cars against
222 last year, Duluth 80 against 100, and
Chicago II against g.. st. Louis received
81, 900 bushels against So, 900, and Kansas
City $4,000 against $4,000. Local elevator
stocks will decrease by 100000 bushels
this week.
ANYTHING bearish at a time like this
looks foolish. yet it is not supposed that
the market is entirely free from things
of a bearish nature. They have no effect
and are not likely to have effect al
present. Still they are here. In brlef
wheat is 25c bushel above last year. ano
there Is according to the United States de-
partment of agriculture about 93,OOO.OOl
bushels more wheat in the world than g
year ago Wheat is higher than for sly
Gears. The winter wheat condition mas
beyond doubt been improved by recen
Argentine and Australia are edCl
piling about 3,000000 bushels week int
Europe and since Jan. 1 Argentine ha
shipped 1865, 900 bushels against 6,49O,
900 a year ago. Thousands of farmer
have held back for dollar wheat and ar
likely to sell when it is above that marx
Thousands of spectators have wheat an
are going to sell out some time. This l
not an argument for price decline. wa
news and a preponderance Of bull senti
ment may do, anything. But the marke
always has two sides to it. no matter wha
it may be doing and however overpoWer1n
the sentiment in one direction may be.
New York reported Is loads for export
Clearances for the week, wheat an
flour. were only $4,000 bu.
e. The Modern Miller is a little bearish.
says the winter wheat belt has exper
enced hard freezing weather. with no pre-
lection to the plant, except in the NORTH
ern section. followed by seet or rain thu
was general thruout the entire whes
country except in the extreme southwes
Including the territories. Steady co
weather prevailed with no alternate free;
ing and thawing, hence no damage to tt
crop Is apprehended
Clearances. 10000 bu.
Primary receipts, 100000 bu again
41S.O0O; shipments, $4,000 against 125, 90
Near the close there was some sellin
but the big bulls held up the market
bids of $1.OO for straight 100000 bu lot
May closed at $1.00 fiat. July strut
s1.00, but closed off a little at 99hsc. Sc
tember closed at S93ac,,