The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-14
Bull News Boosts May to $1,1O1a,
Then Heavy Selling Sends
It to $1.081s.
Rains Last Night Bearish, and
a More Are Predicted for
Tonight.
But Should Temperatures Go Too
Low It Would Be Very
Bullish.

Minneapolis Chamber of Commerce. April IL
Somebody sold wheat freely this morning, for
there was much in sight to make for further
strength, and May did sell early to $1:1o1a,
but fell back &c heavy offerings a little later
The weather prediction and the report for over
night were bearish in 50 far as they showed
moisture over the winter wheat districts where
1t has been dry, and more of 1t to come, out
they bulsh in the lower temperatures
shown and the predictions for cold weather.
Freezing tempera lures are possible for Nebraska
and Kansas tonight and this was very bulllsh
1t made the shorts buy in again and sent in a
raft of buying orders from the bulls. but some
one was around ready to sell the stuff, and soon
this selling had Offset the buying and wheat
was offered lower Traders could not account
for the weakness on any other ground than that
some holder holders were letting go little.
There was less wheat here, 9S against 113 cars,
and in Duluth II against IS. Chicago had As
against % and Winnipeg got only 81 against
45. Early sentiment bullish, yet the mar
ket sold down.
After a while the feeling became less bullish.
Some Of the news began to take on another
color. 1t seen that while the possibility
Of freeze was something Of the greatest I'M
portance. the accompaniment Of wet weather
was beartsh consideration in the event that
Temperatures tonight should fail to go very low
There was precipitation either In the form Of
rain or light over Illinois and Indiana
and rains fell in Oklahoma and at Valentine,
Neb. and Sioux City Iowa, with showers gen.
eral thru Iowa Dry weather talk will cease
If more rain comes tonight. provided the country
does not freeze over before morning. 1t Is an
Argentine shipped 4,4OS,0o0 bu wheat against
B52S,O 900 In the previous week and 3,S2o,OoO a
year ago. This made Liverpool easy and unre-
sponsive to strength Of yesterday. The
southwest receipts took the edge off little.
ST. Louis getting $4,000 bu against 1000. and
Kansas City 81 900 against 2S00o Minneapolis
elevator stocks will probably not decrease over
900 bu for the week, which will still leave
,OcO bu here.
Some reports came in late to Poeh1er and
others that spoke of the need for warmer weather
in the northwest to maintain the good promise
Incident to early seeding and sunshine. Wheat
was swn in March in localities, and the
seed was in part lightweight stuff, probably
lacking full vitality. This had begun to ger
inmate when the weather changed and the
period Of cold nights came on freezing the
ground in localities. The question now is wheth
err this seed will be all right when warm weather
returns whether over any important part Of
the area it has been weakened. This might dc
to watch as containing the possibility for some
sort of seed later in case the cool night!
continue.
Primary receipts were 900 bu agains
$4,000; clearances wheat aud flour ZIG,
600 bu.
The Modern Miller report was bulish in some
respects and bearish in others. and about
standoff the whole.
Toledo shipped III. 900 bu wheat today, prob
ably going to Chicago.
May closed at 81 0Sss and July at $1.03A.