The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-02-04
Firmness All Around - Chicago
July Wheat Shows the
Greatest Strength.
Liverpool Steady and Inclined to
Watch the Argentine News
Closely. ~;
Primary Receipts Light Again
and Local Receipts Under
Last Year.

Minneapolis Chamber Of Commerce, Feb. e.
Cash wheat was 80 strong and IN such good
and a tone of optimism prevailed that worked
into the pit in degree sufficient to hold futures
against the pressure of the end-of the-Week SELL
ing. On the cash tables the No. l northern
sold at 1c under May, the No. about 4c under.
No. 8 brought about SLOT when the May op-
tion was at low point. $1.15A, and No.
wheat sold at &C. For the snd soms
No. / sold at fat May price. Where buyers
were permitted to make selections OF NO:
they paid as high as s10s@11o' and some NO
wheat that was very fine for the grade sold
up to $1.o2. On the whole. 1t was a market
30 good that all the sellers were satisfied which
is saying great deal.
b78o oo Minneapolis received 200 cars, OF which
was Canadian wheat, against S4 au,a.s year
ago: Duluth got 22 against - ana onlGaso .
The southwest showed $4,000 bu at St. Louis
against 71O0O. and $4,000 bu at Kansas Clty
against $4,000. Wheat and nour clearances,
10000 bu; corn, e25. 900 bu. The weather map
shows slight moderation in temperatures west
and northwest, but still cold. More rain IN
Texas, SHOWS in Kansas. Missouri and parts
Broomhal1 says: after opening Va higher,
further gains of u to sd were made IN wheat
the factors being talk Of moderate WORLDS snip
ments and the spreading OF the Argentine strlke
The estimate of smaller American corn ship
ments to Liverpool during the past week caused
an opening advance Of Nd in March and 1sd IN
nv shorts private Argentine cable states
the drought has been broken. but claims that
the damage to the corn already done has re-
duced the crop to 20 per cent less than last year
If the exports are similarly reduced. only about
so ooO, 900 Blu would be shipped against 100000.
900 in 1904. Worlds wheat shipments for week
will be about s 900. 900 bu, and an increase on
passage Is looked for
A Chicago grain man says: II have been
going over the ST. Louis and Kansas City re-
ceipts for last February, and I find that they
received about 61OO,O00 bu of wheat then, an0
I am estimating them for this February at less
than 1900. 900 bu. Let the northwest get a.
much as last year. which they will not, anC
still primary receipts will be small enough
to advance prices. I believe we must more
than ever, ignore foreign conditions Tor the
next three months
The Commercial West says: Sentiment Is
divided regarding the market situation. Some
in the trade exceedingly bullish on wha
they believe is the legitimate situation. They
feel that the country is on the eve Of a grea
wheat shortage. and that many mills will fnt
it impossible to get wheat at any price. This
together with the seeming impossibility of con
tract stocks accommodating In Chicago. justifes
they argue present and higher prices Other
In the trade are firm in the belief that tn
farmers are holding fair amounts Of wheat, ant
that there will be real stringency, except fl
certain localities, as there always IS. They ga
that present prices discount, any shortage Their
may be; and, barring manipulation, wheat vii
sell much lower before May a -
Near the close the market was very strong
Chicago July squirting to $1.02 and other or
lions following. Corn was also on the rise.
Minneapolis May wheat closed at $1.161s an
July at 81. ~.