The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-08
May Goes Down Easily to $1.O63A
/ and July Under $1.02, Clos
ing Weak.
The Trade Loks for No Excite
ment Until the Government
Report Is Received.
Splendid Weather and Larger Re-
ceipts Here-News OF the
Trade.

Minneapolis Chamber of Commerce,
April s.--Traders do not look for any
thing sensational in wheat for the pres
emit. The government report Will come
out late Monday afternoon, and until
then, it is thought, there will be little
doing If the government report is not
very high it will surprise everyone, for
all indications have favored showing
we'll up towards par. The old rule N
that a. government report always breaks
wheat. Some think it will not break
it this time for the reason that the
Chicago manipulators will raise the cry
that it has bene discounted, and no matt
ter how favorable it may be,they will
boom the market. Others figure that
thing of all on the bear side. When
this is out Of the way for good, there
, will benothing better that can be said.
The big manipulators will then lay
back until the shorts have sold them
selves into the hole of the government
showing and then they will put on the
screws All this is pure conjecture.
crowd has got grip on Chicago May,
and cam put it awy up; also that they
will have to sell out sometime between
now and. May l, or effect a settlement,
or, if they go a long on it to May l.;
they will get much of the wheat handed
out to them. The larger receipts in
Minneapolis are still the depressing
ears were in against SO year ago:
Much explanation has been heard! of
the heavier movement. Nine times
the trade has been told that receipts
would fall off soon, and about twenty
different reasons have been advanced
for their continuance. Today the
Commercial West says:
IA theory, which seems reasonable,
regarding the surprising receipts, is
that they are largel ydue to shipments
independent grain dealers. 1t is
thong ht that many such dealers have
been carrying wheat in their houses, in
anticipation of higher prices, yet have
reported that they had little or no
wheat. Now, discouraged by the re-
it out. Some Of the big line elevator
companies say that they have no more
wheat in their houses than year ago.
Yet for the next 30 or 60 days the nsw
crop prospects are likely to have a
greater influence upon even Minneapolis
July than is the probability of an old
croD shortage or surplus.
The possibility that the northwest
raised more stuff last year than gen
orally supposed, appears not to have oc-
= curredto the trade.
One of the best illustrations of the
temper of the trade towards Chicago
s May wheat he came to VerhGef Who
good thru next week. For calls the best
sellers figure that could be drawn was
$l.49H; for puts 96&c; Chicago May,
meanwhile, holding. around $1.16A:
Duluth received cars today, against
!. 16; Chicago IS, against -; Winnipeg
AZ. against "a; Kansas City, $4,000
bushels, against $1,000; and St. Louis,
INST or RI o-
creased 4S4,7O4 bushels for week, leav-
ing total of 10,723,685.
The Chicago Inter Ocean says: "The
government report is expected to show
a condition of winter wheat April l of
between SO and 90. A condition of 90
would indicate crop of over fifteen
bushels to the acre and if maintained
up to harvest would mean 476,0OO, 600
bushels. condition of 80 in Kansas
would mean 00000000 bushels for that
state. The December condition was
82.9 and the April condition last year
16.5. There have been onlyl four years
in the past eighteen when the April con
dition was 90 or above. A good part
of the time it has ranged between sc
With May wheat in Winnipeg at
923S (0921hc bushel, freight rates from
Fort William to Chicago and an import
duty of 25c' per bushel, it puts the Chi
cage market within DC of an import
basis.
Primary receipts, $4,000 bu against
$4,000, clearances, 10000.
The Kansas state crop report TO,
April l makes wheat 95 against SS OF
Dec. l, and 81 last year.
The forecast--Missouri, fair, warm
err; Illinois, Indiana part cloudy, prob
ably light showers tonight or Sunday
north; Nebraska, Kansas, North Da
kota, partly cloudy, cooler; Minnesota
Iowa. South Dakota, Michigan, partl,
cloudy tonight and Sunday, light show
ers; Wisconsin, showers tonight am
Sunday, warmer tonight; Mackinac
no change in ice, weather cold.
#f May closed at $l.06A and July a
$1.O1%01.02.