The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-30
"a Good Many Shorts Take in
Their Lines and the Mar
ket Rises.
The News Still Bearish, but a Fair
Rally Thought to Be in
Order.
a.
Receipts Run Well Ahead Of Last
Year and Surprise the -
Bulls.

Minneapolis Chamber of Commerce, March 80
= The thing that stood in the way of a sharp
rSuy in wheat at the opening today was the
of into Minneapolis. Pit traders and
others had sold short for several days, and while
good many had covered lower down, not a few
were still short and nervous about the next turn.
Tae news was almost entirely bearish. Never
tbe1ess the time was ripe for scare of shorts,
aad with May above 81 .9S34 and July to 81. O3.
1t looked like scramble and :upshoot for at
least smother cent. But the posting OF 25S
oars for Minneapolis against 1852 year ago
made it hard proposition after all. Too much
wheat Is coming In. Some day this may change
and receipts may fall off materially. Then it
will be time to look out for boom. But there is
no indication now of any falling off, but the
contrary such North Dakota advices as were in
this morning suggested free movement to con-
tinue. Where all the wheat is coming from is
what the bulls would like to know. There Is
@ shortage of wheat, according to all accounts.
and on this shortage were based the very high
prices that ruled until recently. No trader has
for moment questioned this shortage. Wheat
has been going down on good weather and good
crop promise. but always there has been the
shortage Of old wheat on the other side. Today
there was found a disposition even to doubt
the existence Of the scarcity Certainly there
is about much wheat in the visible as a year
ago, and right here in Minneapolis there is
total of II 100000 bu after taking out the de-
crease this week, which up to this morning is
100000 bu, and of the total stock 4,5OO, 900 is
contract stuff. Even if the mills grind heavily
and wheat goes out to the country there will be
big wad left here May l.. But this is not the
main thing. The big stumbling block is the way
the stuff is coming in. Here 1O6 cars more
than year ago in Minneapolis, 10000 bu against
$4,000 in st. Louis. $4,000 bu against 10000 in
Kansas City, 90 against 80 in Winnipeg,
and % against 10 in Chicago. Duluth alone falls
down today with against so. This makes
total primary movement Of 972, 900 bu against
2S9, 900. The figures do not fall off, but the
contrary. they up and the same is true of
corn with primaries today 100000 bu against
223. 600.
The bulls contend that when seeding becomes
more general in the northwest receipts will fall,
and that everything good has been heard about
the new crop, and that this will all change some
day. This cannot be denied When reliable
bad crop comes the receipts fall off then
It will again be bull market, and all this may
happen any time. and tomorrow the bulls
may control again, but it has got to happen
soon for if receipts continue heavy and the
good weather remains, nothing but muscle
hold up the market.
The Price Current says there Is continued IA
vorahle crop weather and the wheat crop position
is bettered. Spring blowing and seeding is pro-
crossing and the outlook generally is very
couraging. These the sort of reports that
come That they. extremely optimistic and
that the conditions may change night and
all that is evident. but at this time they are
making it harder for the bears, every successive
day that they come.
/ The Northwestern Mi1ler's cables tell Of slow
sales and dull flour markets in the United King
dom. The only active demand seems to be in the
London market. At the best trade in flour
last week with Minneapolis mills was light, the
Miller says. Only one company reported even
moderate sales. The others found business very
slow. Shipping directions came to most mills
much less freely than they wished Virtually
no export business done except to sell q
large lot Of red dog -four to go to the Orient.
Reports from outside mills were not OF very
encouraging character. The most of them sold
considerably less -four than they made tho
running not much over half time. With cash and
May wheat commanding the very large pre-
miums over September future, buyers see no In
ducement to take any more -four at present prices
than to meet immediate needs.