The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-02-23
Dizziness in the Pit Makes the
Market Sag and Close
Weaker.
Winter Wheat Reports Will Soon
Be Coming and Will Have
Effect.
Bull and Bear Sentiment About
Evenly Divided just at
Present. '

Minneapolis Chamber Of Commerce, Feb. 2S.-
Bad India reports put Liverpool up 1a@Bd to-
day and started wheat of with strength enough
to hold it against the influence of the American
news, which was rather conducive to weakness
The Price Current finds the outlook favorable,
and says that where melting Of snow and Ice
gives exposure to the wheat plant, 1t appears
well and encouraging. The general position Is
favorable. Interior grain offerings are restrict
ed. Feeding demand for corn curtails the com:
Inercial movement. With this, there were some
ness in speculation and in -four trade. Inc
bears could do nothing against the price for
corn lent strength to wheat New Orleans
cleared $4,000 Blu and Boston 100000 bu, and
moving out Of the country so freely encourages
many to believe In better corn market later,
and this fathers the bought that II corn is
70 60, up wheat Is not likely to go down nuch.
The most discouraging feature on the bull side
in wheat Is the dullness. If interest could De
aroused in futures something might be done
but even the wild reports Of corner IN chi.
cago May failed to bring in the buyers, ana
now that these have ceased some are wondering
If wheat will not drag lower as result OF dull.
ness. On the other hand there Is the usual
sentimental short selling. always seen when a
period Of soft weather comes along at the win,
ters end. Traders feel spring In the air anu
they sell the wheat. Then winter closes IN
again the roads are blocked by snow, receipts
tighten and they buy back their short wheat
often at loss. A little later the bulls say
winter will come around again and this will be
repeated. This is the time, however, when the
trade should begin to think about spring. at
least with reference to early winter wheat meat
reports. Another week will bring the trade
into March. Then will come the first news OF
the winter wheat, how it stood the winter and
how it is starting OF. The early reports. the
bulls believe, will be bad, for there were eH-
tremely low temperatures for time last year
over sections Of country bare Of snow On the
other hand the later snowfall was heavy and the
wheat has been under cover for several months
There should be abundant moisture to start with
Locally there we're 400 cars in for two days,
of which four were Canadian wheat, against 100
for one day last year. Duluth got cars against
80 and Chicago 1S against 20. st. Louis re-
ceived $4,000 bu against 200. 900, and Kansas
City $4,000 against 52e, 600. Winnipeg received
Is cars against "a. Minneapolis stocks de-
creased a2o,0oo Blu 50 far this week; :,n u.
The Northwestern Miller says: 1.-The most
that can be said of trade with outside mills
last week 1s that the advancing wheat market
brought in an increased number Of orders to
some Of them. Tho the volume of business
e., done was by no means large, good many
mills noticed an appreciable Improvement In de-
mand However, buyers wanted to place their
orders at ole prices, and usually the full ad-
vance not obtained. There were mills which
reported that they noticed no change in the mar
ket Shipping directions in not few instances
came more freely
The following came from Peterson. at Port
land oEe., in answer to an inquiry o9 "A so
have been shipped east, and 100000 bg o. O.
they can obtain about 5000 900 bu
hand si outside Of mil1sFs stocRs fully
million bushels.
Eight loads of Manitoba wheat tako1
Tor export at New York:
bu; t Shipments t $4,000 bu, against los 600 bu
Wheat and flour clearances, 10000 bu.