The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-27
Unless Wheat Stops Coming in or
Crop Conditions Change l.
Unfayorably.
Chance Favors the Bulls, FOR the
4, Shorts Would Cover on
Any Bad News.
But Present Conditions Continued
Will Make for Heavy
Pressure.

Minneapolis Chamber Of Commerce. March p.
Three things the bulls in wheat playing for
Ia change in the weather, falling Off in re-
ceipts at Minnea polls something bad concern
ing winter wheat. Without something Of the
sort wheat is going lower, In all probability.
That the chances in favor of the bulls. for
the next upturn, is evident, for conditions being
now very favorable anything Of Importance on
the other side would likely scare the short seller
and wheat might easily jump up several cents.
For long look, however, conditions are against
the bulls. The growing winter wheat Is doing
we'll the weather and soil conditions could
scarcely be favorable for the sowing Of
big spring wheat acreage 1t Is tdue that he
who sells wheat these things is basing his
commitment promise only, but people do
sell wheat on promise. nevertheless, nor do they
always sell themselves into the hole Were this
ordinary time, ordinary arguments might be
applicable, but it cannot be. said to be an ordi
nary time. Wheat Is high level, justified.
perhaps, by present supply conditions. but not
likely to be ma intained If an early winter wheat
harvest Is to send the stuff into market in
quantity. What Is speculation for If not to dis
count the future? If crop losses last summer
the effect Of which in actual matter Of supply
could not be felt for some time later. put prices
up at that time, why should not promise of a
free supply later in the year start prices down
ward now? We may not get the wheat. The
winter wheat growing nicely may be ruined
before harvest, so may the spring wheat now
going into the ground. This is possibility. but
crop damage is always possibility. If one
wishes to tie up to the side of possibility he may
do well to buy wheat. for lightning may strike
at any time. and things would certainly boom
II 1t did. But If gets on the side of proba-
bility he will not be much, Of bull until the
prospect changes, for, If the present good crop
outlook is maintained it will be wonder If
May wheat Is not down to dollar or lower by
May l.
-. Today there were 4s7 in here. This was
only "a cars less than the oil of year ago,
and a distinct disappointment to the bulls.
Other markets showed considerable wheat, for
while Duluth had only II against 90, Chi
oago had so against 8. and up at Winnipeg there
were IS cars in where a year ago today there
was nothing at all. Kansas City ran ahead with
.1oS GOO bu against 1000, and st. Louis had
$4,000 against $4,000. Locally there Is decrease
30 far of Z. 900 bu in elevator stocks.
Wheat in store at Fort William and Port Ar
thur increased 200. 900 bu for the week. making
the total 6.1O6OO bu. which looks big alongside
the 800. 600 Of year ago.
Reports came in Of the closing of several coun-
try -four mills The bulls took this as indicative
Of the exhaustion of wheat stocks In country
bins, but the bears not inclined to view
it that way. seeing it rather as making for less
grinding Of wheat and more of 1t to show up.
The weather prediction checked the decline
after May had sold to $1.093s and July to
$1.O5M. Rains are in prospect for Missouri,
Iowa. Wisconsin and Illinois, for the eastern por-
ton Of Kansas and for Nebraska, the Dakotas
and Minnesota.