The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-13
WHEAT FAIRLY FIRM IN FACE OF BEAR NEWSI
"A Firm Undertone and Good Resist
ance to the Selling Are
Shown.

Minneapolis Chamber of Commerce,
Jan. 13.-Bear news was more plentiful
this morning and the wheat market la
bored under pressure during the early part
of the session. Still there was very
/ firm undertone and good resistance to the
selling. Chicago sentiment was helped
little by strength III other grains May
oats selling above 40c, and there was
strength In wheat proper from the winter
wheat reports, which We're again very I'M
favorable. Armour's support was also evil
dent. Against this the war situation, If
not more pacific, was at least to all ap-
pearances less critical as to immediate
war. and the feeling in England was one
of greater hopefulness, as evidenced by a
rise in consolS and decline in the Liver
pool and London wheat markets. The
Argentine news took turn about, and
instead of the bullish reports of the last
few days the Rosario and Buenos Aires
cables were more favorable. The rains,
it is now said have not done the damage
that has been supposed, and the Rosario
sender of a cable to Harris Gates threw
In an estimate to the effect that in a
month more Argentine will have shipped
6,500,O00 bushels. against 1,750,000 in the
corresponding time last year. The Dug
luth Commercial Record was quoted as
of the opinion that the quantity of wheat
in the hands of farmers in the northwest
was never at this date SO large, proper
tional to the crop, as at present, and that
a general belief in dollar wheat in the
country is largely responsible for this.
! No figures were given to back this up,
/ but, altho an opinion only, it had some
effect. Minneapolis receipts were AS cars
against 24S, Duluth had Al against Is and
Chicago 10 against u. Kansas City re-
ceived 900 bushels against $4,000, and
st. Louis $4,000 against $4,000. Mime
apoliS stocks have increased ESQ, 900 BUSH
els SO far on the week.
Liverpool was off $s@kd at the close
and Paris was IL centimes lower.
Minneapolis May was up and down be-
tween SIC and $3.50 by small fractional
changes. Woodwork was the leading
buyer In the local pit. Minneapolis and
Chicago spread out a fraction at one
time, which made it look like Armour
buying in one market and selling in the
other. Commons was g. heavy buyer at
one time. and Watson had some big SELL
ing orders.
BroomhalI cabled that nearby futures
of wheat were firm on bad weather In
! Argentine; distant futures, somewhat
! lower. Later both deliveries declined on
higher consols and lack of support. Nav
igation the Danube Is now wholly
F., closed. Corn was weak on the easier
feeling in wheat.
Cash business in Chicago yesterday was
10000 bushels No. l northern wheat at
&c under May in store and 5000 bushels
terms. Sales Of corn, 10000 bushels, in
Guiding 10000 bushels No. 2 at SIC under
May in store. Sales Of oats, 10000 BUSH
els standard at 37@371Ac and $4,000 BUSH
els white clipped. At the seaboard ex-
porters bought 1852, 900 bushels Of wheat,
224000 Of corn and $4,000 of oats.
There are light SHOWS in Iowa, Nebras-
ka and Missouri-mere traces in most in
stances. Heavier SHOWS in Illinois, In
diana and Ohio, and it Is showing gen
orally thru Ohio this morning. A good
deal Of precipitation from the Mississippi
river eastward. No precipitation in Kan
sas or Oklahoma. Temperatures mild.
The forecast is for fair weather and ris-
ing temperatures tonight and Thursday.
Primary receipts were 941, 900 bushels
against $4,000, and shipments were $751;
600 against $4,000. Wheat and flour
cearances were 1884, 900 bushels.
Armour supported the market near the
close and just before the end sharp rally
occurred carrying prices up 1ac. Loca
shorts covered, fearing to stand shor1
over night in the face Of the war uncer-
tainty. . .a,
May wheat closed at s7ssc, July S6as ant
September 79c.