The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-02-16
The Overdue Reaction Came and |
Carried May from 965sc
Down to 95c.
But There Was Resistance All
the Way Down-News Still
Bullish.
Bad Reports from Winter Wheat
Territory twenty-five Loads
for Export.

Minneapolis Chamber of Commerce
Feb. 16.-Wheat had a setback this morn
ing, and sold down a cent from top point
in the first hour, Minneapolis May going
to 95Ssc against yesterdays close at e65sc
Scattered selling was the only thing MAX
ing for early weakness, and there was no
change in the general situation or In the
news to affect prices adversely. The tone
of strength in the foreign markets was
maintained, Liverpool coming sd up;
London 3s@1ad. up, closing firm, and
Paris closed for holiday. At the close
Liverpool was Off. and unchanged to 7sd
lower, but Berlin was up equal to &c and
Budapest up again on April, making an
advance Of SAC in that market since Sat
urday. Dallas, Texas, was the latest dol
lar cash wheat market to report, and the
wires said there was the most active de-
mand there at 81 a bushel for No. hard,
and $1.10 for No. red. Chicago had
1nixup, due to the new rule, which makes
No. 2 hard winter wheat deliverable on
contract upon payment of a penalty, and
orders for July were divided into old style
and new style, which made 1t a hard pro-
position to follow the trades in the pit,
there being an early difference of about
&c between the old and new. Kansas City
sent an almost sensational report to
conditions In the southwest. Dry weather
talk, 1t said, has now become general and
tevery one in Kansas City admits that the
prospect is for a short crop at the best,
while If the situation does not change soon
the most serious damage will have been
done. Against this there was no effort to
support prices in Chicago. and selling
forced the market off steadily At CSC Min
lneapolis May and July came together. and
those who predicted that July would yet
pass May were more confident than ever
that May will be at q discount under July
very soon.
The worlds visible supply increased
}217, 900. bu, the quantity east of the
! Rockies showing decrease
and the quantity in Europe and atloat in
crease Of 800, 900 blu. Primary receipts
We're 6S5, 900 bu against 1876, 900, shipments
$685. 900 against 10000. Minneapolis re-
ceived 204 cars against 152. Duluth 81,
against 224, and Chicago Sd against 80.
ST. Louis received 12S,000 bu against a.
900, and Kansas City 2O9, 900 against 81, 900.
The southern limit of snow now extends
thru the northern portions Of Virginia,
Ohio. Indiana, Illinois, Missouri and Ne
braslza. The depth ranges from to 20
inches in New England and the north
central states, and from 3 to inches in
the northwest. In Michigan. however, the
depth is from two to three feet It was
under all over Iowa and only above
at Dodge City, Kan, at a. m. The mer-
curry was above to 80 below in the ex
IRENE north; in Dakotas and Minnesota 10
above to IS below; in Iowa and Nebraska,
8 below to above; in Kansas. Illinois, In
diana and Ohio 4 below to 10 above.
Locally some stop loss orders were
reached in July, which put that option un-
der CSC, where the selling ceased and the
market settled
The aggregate supplies Of breadstuffs-
flour and wheat-in the United States and
Canada, on Feb. I, 1904, as compiled by
the Daily Trade Bulletin and the Mime
apOis Market Record, exhibited a de-
crease during January equal to 1884 900
blu. compared with an increase of 1884,
600 bu during December, and increase
of 1890, 900 bu during January, 1908. The
decrease was rather large at the Atlantic
seaboard markets, and slight thru the CEN
trail west, SOUTH southwest, and the
Pacific coast, while there were moderate
Increases at the gulf ports, in the north
west, and in Canada. Farmers a rule
are rather slow to sell wheat. and the de-
Inand from all sources was on a moderate
SCALE. Aggregate supplies of flour In the
United States and Canada were reduced
about $4,000 barrels during January, com
pared with a reduction Of $4,000 barrels
in December and an increase of 900 bar
rels in January, 1908. Supplies were re-
duced moderately in the eastern markets
and slightly thru the central west anC
south. Supplies in the northwest ant
Canada were slightly enlarged.
Late in the session Duluth reported the
sale of loads Of No. Manitoba wheat a,
soc to Liverpool.
New York reported the sale Of 25 loads
wheat for export.
Clearances, with the Philadelphia repor1
missing, $4,000 bu.
The market rallied from CSC to 951hc
but was off again near the close. MAY
wheat closed at 95Ac; July, CSC; Septem.
Der. 653ac.