The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-01-25
May Closes at $1.141a After Hold
ing in Marrow Range All
Morning.
Receipts Here Still Continue
Large, and the Bulls Can
Do Little.
Former President Warren of Chi
cago Bull for a Long
Look Ahead.

Minneapolis Chamber of Commerce Jan. 20
Dizziness was the early feature in wheat today,
dizziness not only in the local pit but in the
outside markets Trade ran to small-lot orders
little IS and los Believers in decline sold
cautiously and stood ready to cover short wheat
quickly, for while there are many who look
for the market to drag lower, they know that
after period of decline ~ cotton-tail short In
terest is always in the market ready to run
like rabbit upturn. Wheat Is now
down sc from recent high point and has turned
up about &c from low point. The next move
the bears say, should be downward, for the
reason that stocks IN Minneapolis, 50 far from
falling off, actually show increase Of 100000
bu SO far this week. and as receipts here
continue holding up they are unable to see how
the elevator accumulation Is to be reduced I'M
less localSmilling or outside cash demand picks
up AT the same time Minneapolis Is sending
out some wheat daily. and yesterday shipped out
102, 900 bu, and since receipts have been heav-
Ter every day now, for seven eight consecutive
days, the bulls do not take the increase as any
thing serious, and look for turn about soon
when the movement lightens. Just when the
movement lie going to let up again Is hard
question. The bulls have been saying every
day that the next day would show a drop,
but this Ahas not followed. Bad weather might
effect temporary decrease, but SO long as
wheat keeps moving into Minneapolis at the
present rate It will be hard to bull the option.
Today there were 297 cars against 1873 in Min
neapolie. Five contained Canadian wheat.
Up at Duluth only cars turned up against
3S and Chicago had Ii against LII, winnipeg
getting $50 cars. st. Louis had $4,000 bu
against $4,000. Kansas City again helped the
bull side showing only 900 Blu against 1sl. ooo
W. s. Warren, former president Of the chicago
BOARD SAYS: "What Is the use Of letting the
bogy man Of dull flour trade influence the wheat
situation? It makes difference whether the
buyer Of flour takes hold today, tomorrow. next
week or next month. We all know that the
consumption lis going on all the time, and that
sooner or later the buyer will have to replen1sh.
The conditions which wheat was advanced to
Its present level last August are daily being
demonstrated to have been correct. As long
as this is so, what is the use in bothering with
unimportant details? Last weeks primary mar
ketings Of nearly 1000, 900 bu have nearly all
disappeared and there a decrease of over
100000 hu in the visible supply besides. The
wheat is going out Of sight, just as 1t was
thought 1T would
Kansas City message predicted that the
movement of wheat from Kansas was practic
ally for the present, and said that fully half
of the current arrivals there from Ne
braska
Demand for cash wheat good this forenoon
from both local and interior millers, and prices
stronger. No. northern 1 to &c under May,
No northern &c under. No. g. $1M104.
Primary receipts 521 900 bu against 5O7 ,0OO
Clearances. $4,000 bu.
The forecast illinois, Indiana, Wisconsin,
Missouri. Minnesota Iown-Fair tonight; snow
flurries Thursday. Michigan, Kansas-snow to-
. night and Thursday. Dakota Nebraska-Clo Cloudy
tonight and Thursday.
May wheat closed at $1.141s and July at