The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-29
Wheat Prices Helped by Advances
in Liverpool, London and
Paris.
Receipts Light and Many Other
Very Bullish Domestic News
Items.
Against Which the Modern Miller
Bearish and Argentine Ship
ments Heavy.

Minneapolis Chamber. Of Commerce. Jan.
"a sharp advance In Liverpool put
strength into all grain markets, Minneap-
oils May selling early at 9oAc, then easing
off on free offerings. There was war talk
yesterday and a full cent advance on it.
The trade went home with the idea that
1t was another scare and nothing more.
So, many times has the war situation
been reported more acute and SO many
times have the markets advanced that
there is no longer so hearty a response,
and the trade has even begun to feel that
should Russia and Japan actually begin
fighting some morning, the advances In
grains will be less than expected. Yes
terday's bad rumors were viewed, after
the market had closed, as only the old cry
of wolf and price recession was looked
for this morning. But when the cables
showed Liverpool May wheat up I'D and
March up SD and consols weaker, 1t was
feared there might be something to it
after ALL Quick covering Of short wheat
was the result.
The news was about standoff. On the
bull side there .werea the higher Liverpool
prices, lighter receipts, all around. espe-
ciaIy at minneapolis. where there were
only 1872 cars In against 242. There was
the good cash demand reported In outside
markets and a decrease for the week Of
10000 bushels in Minneapolis elevator
stocks, against an increase Of 279,402 blu
'in the corresponding week last year. On
the bear side there was heavy Argentine
movement, no less than 2,046,000 bu being
shipped, and there was snow over Iowa,
Nebraska and further south where needed.
Despite the advances in Liverpool futures
cash wheat in that market was not up, but
on the contrary trife lower, while the
Paris wheat market was easy.
Kansas City had "a, 900 bu wheat against
$4,000 and st. Louis $4,000 against 81 ,o00
Duluth had 81 cars against 10 and Chicago
"a against IS. r.
Later cables showed a stronger tone
abroad than at first indicated, Paris clos
ing equal to a ole higher and London
"a old up. Clearances wheat and flour,
without Galveston, equaled 4O6,OO0 bu.
Liverpool closed full penny up and con-
soils were Off 5-16.
Philadelphia and Rochester, N. ", flour
mills were reported to have paid higher
prices than any yet recorded for milling
wheat in the Buffalo cash market.
With the Galveston report clearances to-
tailed 602, 900 bu. ~
The Modern Miller says the winter
wheat crop has been generally we'll pro-
tected by snow from the late severe cold
weather. In the central and western part
of Kansas and to some extent in the ter
ritories the snow covering was lacking,
and northern Texas. The effect of cold
weather on the plant where 1t was not
protected by snow will not be known I'M
til growing weather; sets in. The move
ment Of soft winter wheat IS unusually
small and that Of hard winter has fallen
off considerably.
Wheat and flour clearances for the week
2,917 1000 bu. against 100000 a year ago.
Primary receipts 40 900 bu, against
$4,000, shipments $4,000 against 10000.
May closed at $3.50, uly at $3.50 and
September at 78c.
Wheat to arrive was salable at firm
prices and there was a good business on
that basis. No. 1 on spot brought 90M q
91ac and to arrive 9O3s @91c.