The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-07
ONE CENT RANGE,
CLOSING &c LOWER
No. I Northern Very Strong,
Closing PC Premium Over
May Option

Minneapolis Chamber of Commerce.
March 6;-The news early this morning
was all bearish, materially lower cables
large worlds wheat shipments. a big in
passage and much heavier receipts here
than expected, and good reports from
the winter wheat country. With all this
news to help them out, the bears started
to raid the market on the curb and forced
May down to $113A. The opening was
fractlonally higher, but met with renewed
the market back little There was bet
ter support at the decline and the market
easily worked up full cent from the low
point. only to meet with profit taking by
the early buyers who were satisfied with a
small profit. The selling from this source
with the usual short selling closed the
market off Nc from the close of last Sat-
urday.
The late news was more bullish There
We're reports of Hessian fly in sections of
Kansas and Missouri. This was doubted
is too early to tell whether the flies were
winter killed or not. It%is a well known
1act that there were numerous COM
plants of this Kind just before the plant
went into its winter quarters Gas some of
the traders expressed it,. If the severe
weather we have had during the winter
ity of considerable damage from this
source this spring. Broomhall says that
1t Is officially estimated that the damage
TO wheat in the united provinces of Agra
and Oudh in India is As per cent The
rust is still spreading as the weather con-
tinues unfavorable.
for No. northern and good for the bet
ter samples of the other grades But
poor wheat was very slow sale. No /
northern closed at q c premium over MAY.
against 12c on Saturday. Elevators were
good buyers of the better class of wheat
with millers taking samples very well.
we were able to trace two sales of ele-
Vator wheat made today-one lot of 1O0,-
QUO bushels and another of so 000-while
some of the other elevator men said that
mllers were nibbling for wheat, although
Ihey mad not made any sale. The bid price
Is much better than those made during
last week.
Friday will bring the governments an
nual report of reserves of grain on March
/ In farmers hands. 1t will be partic-
ularly important on wheat for the reason
that wheat is this year strictly do
lation having carried prices above the
worlds level. The figures of farm reserves
VIII give the trade something by which
to go by for the next few months in the
way of supplies to carry through the re-
manning four or five months before the
frst OF the new crop will be available. A
year ago there were 1872 GOO bushels in
farmers hands on March 1, which was
20.S per cent on the crop of 638, 600, 900
bushels. If the, same percentage holds
good GOO this year there will be about no.,
100000 to lis, 600. 600 bushels on hand from
the 1904 crop of 800, 000, 900 bushels There
are few traders who believe 1t will be as
much, but nevertheless it would leave a
smaller total, visible supply included, than
in any one of the past ten years with the
exception of 1897 when the exceptionally
low reserves everywhere stimulated the
big Letter deal. In our opinion the report
should not show over 100. 600 900. and
would be very bullish If it shows ITO, 000-
600, and over that figure would be bearish.
ped to $1.13B @1.13H, rallied to $1l4il and
closed at $1.139s. July opened at 81. 107s sold
at $1;1O%: rallied to s1.112s, closing at
$1.10R. September opened at 925kc sold
down to 92asc. rallied to 92%c, closing at
92Mc.
Minneapolis stocks show an increase of
$4,000 bushels for two days. Receipts 500