The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-01-13
"a Cargo Of 100000 bu. Sent
Abroad from Puget Sound,
Resold for New York.
This Helps the Bears to Break
Wheat and May Goes to
$1.15zs.
"A Rally at the End, Shorts Buy
in, and a Firm Close at
$1.16A.

& Minneapolis Chamber of Commerce, Jan. ID
The bears had the big end of the early news to.
day and started the session by drive that
sent Minneapolis May to $115B. The foreign
markets were below yesterday and the foreign
news depressing. Broomhall had advices from
his Argentine agent to the effect that harvesting
is going ahead satisfactorily and that Argen-
tine export demand for wheat is not good. The
big item of the morning was the report or
deal by which New York firm will bring In an
other cargo of wheat from Antwerp Inc nrst
lot brought back some weeks ago, was 4OOoo
bu. This second lot is put at 100000 bu 1t
is red Walla Walla wheat that. originally came
from the Pacific coast and went around cape
Horn to Europe. Now Antwerp has it, and as
prices meanwhile have SO shifted about that
American markets are relatively much nlgner
than European markets, the Antwerp Importers
md it profitable to sell 1t to New York Ihe
cost of passage back to America Is more tnan
Offset by the increase in price over the hgures
first paid Being American wheat 1t does not
have to pay duty.
This was a bear argument in all markets. The
fact that we are importing wheat and are even
receiving back stuff sold abroad, Is, from
the hearish viewpoint, conclusive evidence that
our prices hopelessly high and must get
down to the worlds basis Nevertheless this
argument is not potent now as 1t was a short
time ago, for then the trade looked ut steady
continued accumulation of wheat stocks In our
country, and with wheat p1l1ng up at nome ana
foreigners selling own wheat back to rs,
there certainly nothing bullish IN 1t. Now
however, stocks beginning to decrease.
for weakness for strength for sentiment
is tickle and changes quickly. Much may depend
upon how the speculative trade views 1t, III
other words, the foreigners taking advhn.
tage of inflated prices in our markets to sell
ou1 stuff back to US. Or are we buying 1t
from the foreigners because 1t Is cheap, OF vii!
be cheap before we can raise another crop? &c
long as our own stocks piled UP and Antwerp
sold our wheat back to us, 1t looked as tho vt
were being fooled. Now 1t does not look much
that way, for lao 900 bu wheat is not much
wheat after all, and does not look big against
a decrease In storage stocks In Minneapolis OF
625.O0O bu SO far for this week.
Locally the receipts showed 2S1 cars Amert
can wheat and 10 Canadian or pa. against $50
Duluth got 81, against 81 and Chicago II
against 20. Kansas City received 10000 bu
against $4,000, and st. Louis $4,000, against
81, 600. Winnipeg had o.. against 81 cars
Argentine shipments for the week were 21e
coo bu, against $4,000 a week ago, and 1872,
600 year ago.
Primary receipts 49, 600 bu, against 75o 900
Clearances, 60 600 bu.
The Modern Miller says Precipitation II
the form Of rain, sleet snow has been meft
general and widespread than at any time sihes
the winter wheat crop was seeded Snow nov
covers the plant In the greater portion OF tn
country asst Of the Rocky mountains. BSeel
lent conditions and good results nre probable
when the growing weather Of spring sets In
There has been an increase IN farmers' dellv
e cries of what In the central states, owing t.
the higher prices which have prevailed.
Chicago closed at noon, and Minneapolis be
gan to rally Immediately, going to *1.1sIs @
LIT for May and closing firm, Some sAor
covering was noted at the close.
Minneapolis May wheat closed at $1,1eM
July at S1.14A.