The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-06
These Things Held Up Wheat Flu
lures Against Other Re-
ports Very Bearish.
Analysis Of the Price Situation in
Wheat Futures and in
Corn.
REIMBURSEMENT Of Values Likely to
Be Seen Before Very
Long. ..,

Minneapolis Chamber Of Commerce, March e.
Good local demand for cash wheat and a strong
market for corn held up prices in wheat futures
against conditions otherwise of bearish nature
in almost every particular. The weather. altho
colder and more unsettled, is still favorable
Tor the movement OF wheat and for carly farm
work The prospect to this hour is for continued
good weather as far ahead as the projectors
see. Today Minneapolis received 500 cars
wheat. and altho this was 81 less than year
ago. 1t was considerable wheat. and 1t did not
inspire strength In the local market. The early
Monday statistics were weakening, for there
were 11.12s,o0o bu in worlds shipments against
ments materially, while the American gain was
moderate one. 1.1O4. 900 bu against 500. 600.
The quantity of breadstufs ahoat increased
364o,0OO bu to 1891 900. LIVERPOOL reported
cables were 1s@Md lower. closing cables y q I'D
lower. The change In stocks was matter OF
from decreasing, the local elevator stocks gained
co. 900 bu for two days. while Duluth made
gain for the week Of 10000 bu. The local pit
crowd could little to encourage them to
heavy commitment on the long side, but Chicago
was firm and Minneapolis followed and while
May wheat here was down early to s1.1s1s q
1.18A, 1t turned Chicago rally and sold back
again to $1.18X @1.14.
Receipts OF wheat at other markets, with last
years comparisons, were IL and 43 at Duluth. ~
and "a at Chicago, 81 and 70 at Winnipeg.
Kansas City lis, 900 bu against 1o4, 600 and st.
Louis SO. 600 against 101 900.
On Friday next will come the government
report and many guesses going around,
to its probable import. Last March the govern
ment showed 132. coo. 900 bu wheat in farm
serves, which was POS per cent Of the previous
crop. Should 1t show 20 per cent again this
year It'll would mean about 110, 900 600 bu. The
over 100 600. 600 blu. Should there be more shown
than this last total, 1t would probably make a
bear report. for. with this much In reserve and
the harvest In the extreme southwest only about
ninety days OF. 1t might be difficult to work
up enough bull enthusiasm to hold prices to
the present level. As to corn, 1t is another
guess with the chances rather more favor able
to the bull side. George 81. Phillips of Chi
cago has made preliminary estimate based on
reports from 1000 correspondents. He thinks
there will be 40 600 900 bu corn shown In re-
serve against 474, Oo0, 900 at this time last year.
IL this comes out, the bulls In both wheat and
corn will get figures that in themselves would
favor higher prices. 1t must be remembered,
however, that there is a difference. wheat being
l1sc higher for Minneapolis May and 21&c higher
for Chicago May, but prices are SC lower for
corn. A year ago today Minneapolis May wheat
was 95Hc against $1.19H at this writing, and
Chicago May was 94c against $1.15& now May
corn, on the other hand, was 63S @b3hc year
ago today, against 1850 now. Meanwhile the
preponderance Of speculative interest has been
on the bull side in wheat because there was a
there large crop. Some time this thing
adjustment that may astonish those traders who
have looked so long the side that they
Primary receipts. 900 bu against s45, 900;
elearances. 9S. 900 bu.
May wheat closed at $1.1Sx and July al
81 1Ok.