The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-05-07
Wheat Prices Are Not Much
Changed on the Whole-Sep-
II. te1nber Strong.
Sentiment Here Is Turning Lit
tie More Towards the
Strong Side.
Rains Bring Out More Talk Of
Bad Red River Valley
Conditions.

Minneapolis Chamber Of Commerce,
May 7.-All morning the northwest and
Chicago worked contrar1wise IN wheat.
! Chicago was weak and inclined to sell
| off, but Minneapolis was stubborn against
this and led on the rallies. Local senti-
menr has changed more to the strong
side In the past day or two. The winter
wheat reports have not been without DULL
ish effect and on these, principally, the ad-
vance has been maintained STATISTICS are
against wheat, but they are not now SO
effective. The local cash situation and
the closing Of the mills are not encour-
aging. But the mills are likely to resume
on Monday. Some flour was sold yes
terday by a Minnesota country mill to
go abroad, and while of no Importance In
itself, this has been taken as at least
showing that the situation Is not hope
less If a little business can be done, then
the bulls argue more may be done, and
If any considerable quantity OF flour could
be sold for export, great argument for
price depression would be removed. With
this there Is renewal Of talk about bad
conditions in the Red river valley, where
recent rains have again hindered work.
Many in the trade have passed over this
valley condition as unimpOrtant, and dur
Ing the recent period Of favorable weather
there was disposition to ignore it entirely.
But every day means something now, and
every unfavorable day will mean just so
much less wheat sown. With prospect
rather more favorable to rain than to dry
weather over Sunday 1t was not surprising
that Minneapolis was strong. This market
could not carry up the others, but held
we'll against outside bearish sentiment.
Receipts here were 90 cars, against 112.
Duluth had s, against r. and Chicago %,
against 81. st. Louis received $4,000 bu,
against $4,000, and Kansas City 10000 blu,
against $4,000. Primary points had in all
100000 bu, against $4,000 and shipped
900 Blu, against 414,000 Wheat and
flour clearances were equal to $4,000 bu.
The Trade Bulletin gives European
stocks Of wheat May l as $4,000. 900 bu'
April l S6,000,000 bu last year 60,000,000
Secretary Friedlander of the Board Of
Trade, San Francisco, reports the Cali
tfornia wheat crop condition 90c to 95c.
The trade is looking for a round million
decrease in the visible on Monday, or
about the same as last year.
Duluth loaded out 10000 bu of wheat
this morning. Vessels expect to get into
Fort William to-day. Vesselmen In Chi
Icago expect to be doing business early
next week.
The Commercial West says: lowing to
the scarcity Of contract wheat in Chicago
and to the uncertainty Of an early move
ment Of wheat that would grade, old July
wheat in that market could be manipu-
lated, as it is regarded as dangerous
future to be short. Yet the very fact that
no one dares to sell it short heavily may
prevent any undue activity in it.. The
question Of wheat acreage in the three
states is still an open one. Some localities
will, Of course, show an increased acre
age, while others will SOW less wheat
There is, however probability that
southern Minnesota will raise more wheat
than last year, with favorable weather.
Minneapolis elevator stocks decreased
36S,6O1 bu for the week, leaving the pres
ent total II, 607 bu
May wheat closed at 92Ac; July 92Ac;
September, S1as @S1hc.