The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-07
ST. Louis Reports of a Bad Price
Outlook Weaken May
and July.
The Modern Miller Bearish on
General Winter Wheat Con
ditions. !. J.
Wheat Receipts Here Again Over
run the Total Of a Year b
Ago.

<<a -. st-l .,r II, - =
Minneapolis Chamber Of Commerce. April T.
The cash situation worked against an advance
III wheat thru the morning. Along towards
noon the market was frmer than early In the
day, and higher: for both May and July, but 1T
was not an easy matter to keep 1t going up.
Duluth offered wheat In the local cash market
In IN chunks Elevator men at the head Of the
lakes appeared very willing to let 60 their No
northern In 100, 00O-bu lots or larger, pro-
vided Of course prices were satisfactory. The
Minneapolts millers came in here and looked
around little. but bought scarcely anything.
Stephens had the following interesting summary
OF southwestern cash conditions from Love of
chicago: up to about March of, this year
st. Louis was sailing along very nicely. Most
any class of fair to choice milling wheat met
pretty free sale, but since that time a change
has occurred. Millers of Indiana, Illinois, Ohio,
Kentucky and Tennessee. who had been fair
to good daily buyers here, have simply shut
up; In fact, mill In Indiana had hoped
to sell wheat to up to June so has, to our
surprise. sent samples and asks us to bid on
wheat had been sold by their farmers and all
cleaned up they find a surplus and expect to
ship out wheat. Number of such cases are de-
veloping now every week. Good milling wheat
move the daily receipts. I believe there are
fully 100 cars of fair to good milling wheat
which cannot be sold at all. We have on our
own tables 80 cars and sold five today at
lac under our sales Of Feb. "a of the same
wheat exactly and to the same buyer. Even
this heavy cut in prices does not give free
movement This cash market is in a dangerous
position, and even to out prices heavily would
not bring In buyers to any great extent. I
believe millers as rule have heavy stocks
ana that the wheat in farmers hands is greater
than most any Of US believe and heavy de-
cline Is bound to come in the next six weeks
crop are not greatly impaired we will surely
see landslide
Chicago May wheat got up yesterday to 2sSc
over July. 1t also sold at a point about 241
over Winnipeg. This started new line Of
bear talk to the effect that something has got
TO be done pretty soon In Chicago May. Crop
damage or something else bad has got to come
along. or the manipulators have got to start
a panic by some means and prices up, or,
failing in this. they have got to throw up the
sponge and let 1t smash. or else extend their
operations into other options and other markets.
Chicago May can be rushed up &c at time.
but other markets do not enthuse Meanwhile
Chicago gets more and more out Of line she
invites wheat from everywhere and II Chicago
May continues strong and other markets do not
follow closer conditions will soon have reached
the pass where man can sell Chicago May
and buy wheat in Canada that will grade con-
tract In Chicago and send it down there for
delivery and pay freight and the duty Of Csc
a bushe and not lose so very much at that.
Liverpool was inclined to be easy on subsi-
dence OF the frost scare. The Liverpool traders
thought the winter wheat had been hit hard when
they read the frost news sent from Chicago,
but later they concluded that probably there had
been nothing very serious after all. The dull
Argentine market also affected the English mar
kets. Argentine shipments for the week were
1888. 600 bu against 2616OOO last year and
S.s0s. 900 year ago.
Minneapolis had 221 cars against ia Duluth
So against 3S and Chicago II against IL. st.
Louis had %, 900 bu against 10000, Kansas City
81 600 against Al 900. Minneapolis elevator
stocks will decrease by about 100000 bu for the
week. 5
The Modern Miller says special investigation
as to the presence of he~sian fly other field
pests in winter wheat reveals less evidence OF
insect life than usual at this Of the
year Crop conditions in general continue ex-
cellent. There is complaint of backward growth
on thin soil and damage by ice on lowands. In
Texas and Tennessee the plant is too forwt-d.
Rain is, needed In Ohio The least favorable
prospect Is in Illinois where the crop is reported
spotted. tzIs -" =
The market strong towards the close
May selling to $1.08@1 09k and closing at
S1osaa. July closing at 81 .0sN.