The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-09
WHEAT OFF OYER A CENT ON A "SHAKE OUT"
Nothing New Came Along to Bull It,
and the Big Traders Ham
go mered It.
Commercial West Says Stocks July /,
Likely to Be Smallest in Coun-
try's History.
Predictions of Rain for the South
west, Where It Is Very Much
Needed.

Minneapolis Chamber Of Commerce, JAN
9--War news Of more pacific nature
and the prediction OF rain or snow Tor
tonight for Illinois, Missouri. Iowa, Ne
braska and Kansas took the strength out
of wheat and opened May almost full
cent down at S61ac, against yesterdays
close at S7Ac. The Liverpool wheat mar
ket was easy on an advance in consols.
Nothing new came from the far east, but
the general impression abroad was that
the outlook is more favorable for peace.
In Chicago there was some evidence or
Armour support around SIC, but no special
new feature. AS was to be expected
there was much selling out and evening
lip Of trades for over Sunday, many think
ing it wise to sell out rather than carry
wheat over and many shorts buying in,
not daring to stand short against the UNI
certainties. After an hour Of trading Val
entine offered wheat openly in the Chicago
pit. A quick break followed Minneapo-
lis May going to S57sc and Chicago May
to sec. That Armour was a seller OF a COR
siderable quantity is undoubted That
heSs1>eld select such a time as this morn
ing to 1iquidate his big line Is not at all
probable. Best opinion has it that he
sold enough to loosen the market and
shake out the host of small traders who
have been following the rise and whose
accumulated long wheat was a weight on
the market The trade will watch the
southwest very closely. Realization Of the
predicted rains would put an end to the
drought talk now beginning to gather
force. Lack of rain would be a bull in
atIence the dry weather having contin-
ued long enough to make the possibilities
of the situation worth taking into &C
count.
The Commercial West says: 'Indica-
lions are that the United States will close
the year July l with the smallest supply
IF rpb hand in all nOSftiOnS in Its
history and this on a basis Of only $780,
900, 900 bushels export. Should the amount
shipped abroad exceed that total appre-
Gladly the situation would become sensa-
tional. There Is prospect at the best
for the winter yield this year in this coun-
try to exceed last years production:
there are indications that the total will
be under last year. People who lead In
shaping markets in this country must take
into account these broad facts. They are
of significance, and if overlooked will be
likely to cost money to those in the trade
who overlook them and who reason thai
because wheat is high it Is necessarily
too high The old 70-cent level for wheat
has passed in this country until produc-
ton exceeds $50, 100000 bushels This
seems to be a fact that the trade needs
to get we'll in mind. A few years back
crop Of that size was bumper. II
is&so no longer, because OF the increase
Of consumption"
Minneapolis received 4S0 cars against
337, Duluth So against 80 and Chicago 81
against 81. Kansas City had 1876, 900 bush
els against $1,000, and st. Louis ZOO
against $4,000. Minneapolis elevator
stocks increased for the week by 1.465, 80
bushels and now total IL, 500, $40. For the
first day to go into the next week the in
crease is 10000 bushels.
Primary receipts were $4,000 blu
against 100000, and shipments $4,000
against AT 900. Wheat and fluor clear
ances, 271, 900 blu.
The market closed at S6hc for May
July closed at S5Bc and September a
1890.