The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-06
Small Traders Afraid to Stand
Long Over Sunday, Fear
ing Decline.
But Good Opinion Is That No Big
Break Is Coming Very
Soon.
The Commercial West Figures
Out an Interesting Supply
Situation.

Minneapolis Chamber of Commerce. May g.
Wheat sold off little today yet the market |
could not be said to be weak at any time. 1t
the close of the week. and naturally there |
was more or less selling out over Sunday. Most
OF the small traders afraid to stand long |
night for the reason that during the late
unplea santness-the Gates fight i'll Chicago
many who carried wheat over found themselves
hard hit by lower openings. This experience mas
not been forgotten and the pit showed that
the average holder Of little lot was disposed
to let it go for fear that he might come down
on Monday morning and find the market OH Il
cent OF That this will not happen was the
opinion of the more confident traders as the
market closed They argue that so much has
been heard the good side OF the crop sltua-
ton that for the present at least nothing more
should be expected. Wheat seems to be worth
something to somebody, for there are buyers
around who willing to take the cash stun.
The new crops are coming on splendldly anu
II the final outcome is anything like the present
promise, wheat will in all probability be lower,
but this is long look ahead AT present the
thing of most Importance Is the government re-
port to come out Wednesday next. Every
body knows that conditions have been fine. and
everybody looks for Il very bearlsh report. hence
If it should not be so bearsh as expected the
market might easily react. At any rate there
were good many the floor today who 90
not believe any serious change in prices need
be expected until the report comes out-unless
something very important concerning the crops
should develop meanwhile.
Considerable talk went around concerning the
stock of No. l northern wheat at Duluth, when,
well-infOrmed men say, may as we'll be ellml-
mated from consideration Of contract stocks with
reference wheat available for such delivery
This Duluth wheat, it Is claimed has been so
skinned down that it will not pass muster here
or anywhere else. 1t makes Il big difference i'll
sizing up the situation.
Ninety-seven cars were received here against
o. year ago, and at Duluth there was only
/ car against s. while Chicago had only )
against %. This does not look like very much
wheat. and taken in connection with the nn-
expectedly large decrease in Minneapolis ele-
yator stocks during the past week, 1t made
the shorts wonder whether their position was
safe after all. The southwest had 1000 bu at
ST. Louis against IA. 600. and at Kansas City
900 bu against 10000. Winnipeg got 70 cars
against o. This made the primary movement
fall under again. the total being only $4,000
bu against 10000. Clearances wheat and -four
172. 900 bu
The Commercial West says: 'wihout giving
official figures. Minneapolis has received on this
crop about s. COO 900 bu of No. 1 northern wheat
as against l. GOO 900 bu last year for the same
period. and of No. only 100000 bu has
been received against 20.0o0,OOo last year
We have about 1900 900 bu less No. northern
to deal with therefore. and 100000 less OF
No. than a year ago. The big supply o.
No. 2 last year served as convenient milling
commodity at this season. but with 5000. 600 bl
less received this year than last. it is com
parativey scarce and forces attention on No.
as against the lower grades. There is fair de
rnand for cash wheat in Minneapolis now iron
outside mills. many of which are finding j
difficult to secure the amount they want l
the price of wheat be held on about tn
result. as -four stocks in the country are no
large. and with the trade assured that the mar
ket is on solid basis it is anticipated order
will come in freely. This would create act1v1t
in grinding. the flour output would be increase
and the demand for better milling grades woul
be marked. a premature advance at this tim
may serve simply to cause arrangement at
low price just too high price worked tina
result.
There are fair receipts Of winter wheat ever
day i'll Minneapolis, which are helping suppl
milers in general and relieve to that exten
the pressure No. 1 northern. Some OF tn
northwest millers looking forward to tn
new Kansas crop in anticipation of July shiI
ments Our advices today from Kansas sugges
that the harvest will not be much. if any. cal
1ier than a year ago. the beginning of whc
was then about July L. In that event the cas-
situation in the northwest may develop une2
pectedy interesting points before August, ninet
days away
The forecast: Illinois. Indiana and Michigan
Showers tonight, fair Sunday. cooler. Mssou
and Iowa-Fair cooler South Dakota. N
braska, Kansas and North Dakota-Generall
fair warmer. Minnesota-Partly cloudy wit
showers northeast tonight, Sunday fair. Wiscol
sin-Showers, cooler.
July wheat closed at 943sc, September at 7o1
and May at 81.