The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-05-20
Eastern Millers Compelled to Buy
In i;hicago for All Rail
Shipment.
Argent % Movement Light and
Cssher Bullish Things
In Sight.
Modern Miller Bearish = Are
Prices Bordering Upon Arti
fetal Ground?

Minneapolis Chamber of Commerce.
May 20.--Orce more the bulls put the
screws o. sead pinched the wheat shorts
More covsriNg Of short wheat was forced
in all maSkess and in the local pit a good
line of shors stuff was bought in. With
little wheat on sale. there was only one
result po%s&le, the buyers had to bid 1t
up to gel, IL Pennsylvania millers came
into the Milwaukee market and bought
some milling wheat to go east, all ran
Demand 2er wheat on this basis or snip
ment wac Ielt again in Chicago. Inc
Commercial West had out a report COW
er1ng seeding in the northwest that was
strengthening, and in New YORK y. ). H!li
gave SOME opinions as. to the general
wheat cNp outlook that were help TO
the bulls as Mr.. Hill does not see any
thing very wonderful in sight at the best,
and coming from a railroad president. MS
admissions had considerable weight, since
railroad sssen are proverbtally optlmlstlc'
The tons Of the market Is very strong
and therD are number OF important
things warranting strength. Still higher
prices wogld surprise no one. At the same
time thea5 Is an element in the local trade
that quegtions price maintenance, ana
views tho market as In position Wnere a
further ADVANCE Of &c or &c would carry
prices into artificial ground. This view
arises from the situa ton on the lakes.
1t is assumed that the demand in Chica-
go and elsewhere for milling wheat for
all rail shipment east comes, In part at
least frfnn millers who have wheat at
the head IF the lakes that they had ex-
pected wCIuld be in transit before this, and
that settlement Of the strike and the set
ting afoaS of the wheat now tied up would
change the situation materially.
The Argentine shipments fell off as was
expected, showing 2,5S4000 bu wheat,
against 1854, 900 blu in the previous week
Too mucPl Importance can scarcely be at
krc la fn
In shipments from now on very Dear
tsh features will be removed. Since JAM
/ the Argentine wheat shipments are
Sc, SOC, 900 bu, compared with S6,SS2,000 bu
last year. a.
Minneapolis stocks fell off for the week
by about 100000 bu. Seventy-eight cars
were in HIRE against 112 a year ago; Du-
luth had s, against 81. and Chicago 8.
against q, Kansas City received 2lOOO
blu, against $4,000, and ST.. Louis $4,000,
against $4,000. Primary receipts We're l49,
900 bu, against 900 bu; shipments 1885,
eo0s again It 653. 900 bu. Wheat and flour
clearances, 1900 blu. s54.. 49,
Cash business in Chicago yesterday was
$4,000 bu No. 1 northern wheat at Zee
over May and 1t was said to be obtained
later at nc over May, the advance in May
making sellers more disposed to get out
Sales Of corn were 10000 blu, mostly NO
2, largely for rail shipment. Sales OF oats
were $1,000 bu here and 100, 900 bu in the
northwest, the latter to go east all rail
The seabeard sold $4,000 blu wheat and
$4,000 blu corn for export.
The Mo1ern Miller says further i'm
provement in the condition Of the winter
wheat crop Is reported, and there Is nj
deterioration even in the sections where
the plant suffered most damage thru win
Ger killing and lack OF moisture. The croI
will be short in the Ohio valley states ant
In Michigan and Texas an dthe territories
but the yield promises to be better thar
the earlier estimates indicated. The pros
poets. are for large yields in Kansas, Ne
braska and Missouri and for good crol
In Illinois and on the Pacific coast. Har'
vesting has begun in Texas, with better
results than expected.
Kansas City wired: Wheat doing splen
didly, heading out In southern Kansas
Ready to cut in three weeks. Be biz
movement to Chicago If cash situation
holds"
Duluth sold 100000 blu No 1 northern t.
go all rail to Chicago, this no doubt to fl
short sales of May in that market.
The market fell o fla little near tn
close, but was strong against selling pres
sure. May closed at 951ac, July at 93B
and September at S1ss @S11ac.