The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-31
May Goes Booming Up to $1.097s
and Falls at the Close
to $1.08s4.
Liverpool Gets a Scare Over the
Light Argentine Shipments
and Opens Up.
Snow Issues a Very Bearish Re-
port, Making Winter
Wheat 80.

Liverpool made an upturn In wheat today and
oil markets followed. Minneapolis May wheat
going early to s1.os% and July to $1.0Sh:
Light Argentine shipments did 1t. Broomhall
had predicted that they would run low, putting
his estimate at about 2,SO0,oO0 bu. The trade
was with 1t feeling that perhaps Broomhal
had made It little low. and that the total
would run enough over his estimate to XIII the
effect. When Liverpool came In today a full
penny higher it was seen that there must have
been merit in the estimate and the figures
sure enough showed only 261e,oo0 blu, OF less
than the trade, either here or In Europe. had
thought Of. The movement looked small by
every comparison, for a week ago there was
&,464O0o bu shipped and a year ago D. 232 QOO
Were 1t not that. there was an explanation
oabled over with the estimate the market would
probably have been In for a rise OF couple
OF cents more, for If Argentine shipments
should fall of permanently, as superficial read
Ing of the report might indicate, 1t would mean
q great boom. But Broomhall says later trouble
ON the railroads Is doing it. From what he
says the wheat no doubt Is there and 1t Will
freely when these cleared away The Ar
sentine corn harvest, Broomhall says is going
ahead nicely, and the weather for blowing and
new wheat crop work is good. The Argentine
visible supply Is &, 7O4, 600 bu compared with
1904 600 last week and 47S4, 900 year ago.
tnds for the D sGs soer and
xsln OF possibly In northeast Minnesota
In cur own country nothing has occurred to
change the good outlook. There was little
rain last night but nothing to delay work.
Concord1a, Kan. had trace and Amarillo,
Texas, had fall, but the northwest got prac'
tically none. No comparisons could be made In
the matter Of receipts, for a year ago today
was Good Friday and holiday. Minneapolis
received 22s cars Duluth 20 and Chicago %,
Kansas City $4,000 bu and st. Louis $4,000.
Winnipeg had IS against 80. The decrease
In Minneapolis elevator stocks will be about
$50, 600 bu for the week. Primary receipts were
$50. 900 bu wheat. 1000 bu corn.
At the advance this morning Liverpool was
up point where prices figured out equal to
about 7c over Chicago for July wheat and 12c
over for September. At 14c over Chicago Is the
basis usually figured upon as affording oppor-
tunity for export sales the bulls took encour-
agement from the fact that the deferred futures
are getting closer to the point where business
would be possible. Milwaukee sent word that
there little inquiry there for -four
quotations based upon the deferred futures, IN
dicating that some -four buyers think the July
and September wheat may be low enouGS, and
that flour for future delivery might do to buy.
Snow has issued report winter wheat,
In which he makes the condition 80. or Z points
higher than the government made 1t in Deem
Der; also 10 points higher than he made it last
April There has been winter killing this
year. Snow says. and the full acreage sown
will 20 to harvest. The color is good and the
stand satisfactory. The present prospect is fully
points above the average for series Of years.
and is remarkable for the general uniformity
OF favorable reports.