The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-02-15
"A Multitude of Items, Any One Of
Them Sufficient to Strengthen
Prices.
Still Another High Point Made,
Minneapolis May Wheat Sell
ing Over $3.50.
Many Traders Think a Little Set
back in Order, but It Does
Not Come.

MINNEAPOLIS Chamber Of Commerce, Feb.
15.-The week opened with another high
point in wheat at the start Minneapolis
NAV selling a shade over CSC in the early
trades july also made another high point
at 951Ac and the tendency of the July
option to climb up on May was stronger
than ever. the two options being only 4 %
sc apart at one time. The prediction that
July will yet pass May looks to be all
right now. but the other prediction that
Minneapolis May will sell above Chicago
MAY is still far from realization, Mlnneap-
oils following Chicago at about IL @l7so
discount. The shorts In July are still be-
ing shipped IN. Sometime ago 1t was
thought to be profitable spread to buy
May on the breaks, and. on the bulges to
sell July. This has worked pretty we'll
for q time but considerable Of a short In
terest was in this way brought into July,
and more recently the stua ton has been
$50 increa sing strong, the reports both for
,eisn and domestic so uniformly bullish,
and the winter wheat outlook SO much
more uncertain that the proposition OF
being short In July has not appeared any
more attra ctive than that OF being short
An May. Many local traders think a little
break in prices ought to come. Wheat has
been 80 persistently strong and has been
making new high points with such alarm
ing regularity that the bears here have
been pretty well driven to cover, and even
those who are the most ardent dollar bulls
think little setback ought to be In
order. But it does not seem to come, at
least there is no sign Of setback to this
writing.
Foreign markets were up again, Liver
pool coming in H@5sd higher and closing
81 6DAd up London sd up futures and
IND up on spot, Berlin 11ad up, Antwerp
ssc higher Budapest 2kc higher, and
strength all over Europe. Paris was closed
for a holiday and will be closed tomor-
row. Domestic cash markets were all
strong. milling wheat higher, and good
demand reported from every market east
and west. There was a decrease Of 100
900 bu shown In local elevator stocks.
Minneapolis had AT cars against 392, Du-
1uth IS against 81 and Chicago 40 against
81. st. Louis received 1853. 900 bu against
81, 900 and Kansas City 327. 900 bu against
$4,000. There was no precipitation Of i'm
1portance anywhere cold weather general
and a forecast Of more cold to come. Win
ter wheat reports were less favorable, and
there was In short enough strengthening
news to satisfy the most enthusiastic bull.
About the only bear items OF Importance
that could be bot together were one tell
Ing of q free movement OF Argentine
wheat caused by high American prices,
which make It look to the Argentine ex-
porters like good time to sell all the
wheat they cam and the statistical report
showing an increase Of 2,112, 900 bu in the
quantity on ocean passage which makes
Che total now 3G,776,00O.
The later news was bullish. An Odessa
cable reported the feeling among export
ers there more bullish. with wheat
strong and active, stocks being light. re-
ceipts light, and the war situation viewed
as very uncertain. With this came the
Buffalo report for the past week showing
q decrease Of 485. 900 bu in elevator stocks
and decrease of $4,000 bu in the quantity
in transit to Buffalo. Minneapolis millers
said the foreign inquiry was better and
prospects favorable for business. Attic
bids are still trfie low. Flour prices were
advanced all around.
Clearances 204,0 blu.
Primary receipts were 900 bushels
against 100000 and shipments were 1923,
900 against 100000
The visible decreased by $4,000 bushels
against an increase Of 541 900 year ago
Winnipeg had 81 cars against Sc.
The market continued strong and active
to the end, closing at the top and at
new high point.
May wheat closed at 965sc. July at 96sst
and September at S6B@S7c.
New York reported sixteen loads sole
Cor export.