The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-27
Minneapolis July Wheat About
Low Enough, on Legitimate
Conditions.
,---Lt
This No Assurance that Bear
Manipulation Will Not Send
It Lower.
First Sale Today of Patent Flour
for Export, for a Long
Time. '
etaoin shrdl cmfwy
intro grain

intro grain etaoin shrdl cmfwy
NJ N ON: .6N. ON. .6N. On. 6
Minneapolis Chamber of Commerce April q
The hopeessness Of the bull situation In wheat
at the present time shown again this NOR
ming when Chicago May wheat fell to sos4c.
Scarcely a man. however bearish, thought any
such figure would be reached. but 1t was reached.
At the same time Minneapolis May went down 10
e2kc, and Minneapolis July to 90&c. 1t Is a
condition in which ordinary price influences count
for naught. The great downward swing Is sui
one. Sometime the low point Will be reached ana
the market will make the turn, but TO try 10 say
when this will be would be to guess Minneap-
oils July wheat at 9oc would probably be low
enough. When July comes No. northern wheat
will be worth around 90c. In the opinion OF
many good judges. To say that it will not go
below soc, however, would be RASH The thing
is 1t has got to spend itself This NOR
ming men who watch the Chicago pit closely said
thta beyond doubt the last Of the holdings OF
long May wheat had gone overheard. This was
said before when 1t was above SOC. Taking Sll4
as the point from which the big decline ma!
really be said to have begun, and Chicago May
Town this morning 27Ac. This would seem
to be enough. and 1t would seem that there
could not possibly be any more big priced wheat
held. but If one Is trying to figure out whether
or not the low point has been reached these con-
sideration above not sufficient When
market goes up there always many specu-
lators who try to pick the high point to go
short. SO long as number continue going short
and the general sentiment warrants 1t, bull ma
nipulators can continually drive in those shorts
and make high points OF course, there
comes time when high point is made, but he
is shrewd one indeed who knows 1t at that
time. Just declining market. Time
comes when prices low enough legitimately.
Numbers of traders. large and small. are watch
ing to buy when they think low point has been
made. Meanwhile, II general confidence in high
prices has been shaken opportunity favors the
bear manipula tor. The many take on little
wheat because 1t Is low enough and ought to
rally. A heavy drive at the market loosens up
hi yrha with Sjr,SI oCtnr
izing the trade, selling out follows. This Is the
situation. In all probability the old holdings Of
good part OF the short wheat sold above dollar
has been taken in. The thing to do woull be to
buy wheat but If one buys 1t he must figure
against the probability Of successive drives
against it. Hence the situation Is very uncertain
! and while wheat really should not so any lower
at least for the present, there Is assurance
! that 1t will not decline sc to 1Oc more before
/ the downward swing is over.
! Minneapolis received II against 50.
Duluth 3 against and Chicago so against s.
Kansas City had $4,000 bu against $4,000; St.
Louis 5000 against 10000.
j Primary receipts 100000 against 154, 900. Clear
ances $4,000.
! The weather map shows light rains in North
! Dakota, South Dakota. Minnesota, Iowa. Illinois.
! Indiana and Ohio Clear in southwest. Tempera
lures higher in southwest; Canadian points miss
ing, but temperatures In northwest suggest drop
in thta territory.
The forecast Nebraska. Kansas. fair. cooler;
SOutL DdkOta Ialr, cooler east. DakOtaS, Talr,
warmer: Minnesota cloudy, showers tonight.
, cooler; Iowa. partly cloudy, showers east; ILL
nois, Inliana, partly cloudy tonight and Fri
day, showers, warmer: Missouri fair, cooler;
Michigan. Wisconsin,, showers, cooler.
May closed at $3.50 and July at 91A@91&c.
: a sale OF patent flour was made today for
export. This was the first business Of the sort
for months, except for the occasional small
sales that were made when things were clearly
out of line that did not mean anything more
than determination to have a particular brand.
Today's business was of the legitimate sort. 1t
indicates that things getting back to nor
NAL basis.
Liverpool closed today 7s@1Ad lower.