The Saint Paul globe., 1905-03-27

are not in the market to any extent,
leaving the cash market 10 the mercy OF
the elevator interests, who are not in the
habit of bidding for cash wheat when
they can secure what they want at lower
prices by waiting. 1t has been about the
same at other cash markets in the south
west, millers keeping aloof and waiting
for the market to become more settled.
Milers here are using terminal wheat,
which has been purchased by them at
lower prices than those now asked for
samples. This is shown by. the amount
of wheat that is being loaded out of the
elevators and going to the mills and a
decrease in our stocks of over 100000 bu
for the week, although contract stocks
show an increase Of about $4,000 bu.
1t looks as though the market would
continue very active and erratic, with
wide range In prices for some little time,
or until the receipts show that there is
little wheat left in the country to come
forward. A couple of days this week re-
ceipts were light and the bulls began to
point to this fact to prove what they have
claimed for some little time past, that
there were very light stocks left back in
the country, but the next two>days show
ed that wheat could come forward very
freely when least expected. showing over
800 cars for each day. Where the wheat
comes from neither the bull nor the bear
can tell, but it appears when everything
looks good to the bulls and knocks their
theory and predictions into cooked hat.
1t is stated that the Pillsbury COM
pany have more May wheat purchased
yators and that they will take and pay
for all wheat that is delivered to them.
That they want il. and will grind all of it
before another crop, which will leave the
shorts in July in rather dangerous pre-
dicament if this plan is carried out. 1t
is also dangerous to be selling short a
crop that Is not even in the ground, as
far as the spring wheat section is con-
cerned, while the winter wheat crop can
have all kinds of damage between now
and the harvest time, in the way of
drought, wet weather, Hessian fly and
rust. Our prices are not much out of the
way as compared with what they We're a
brightest for bumper crop both winter
and spring. And what did we get when
the crop was harvested? A crop of about
100; 0OO, eco less than the year before.
The following items are opinions of
grain men in both Chicago and Minneap-
oils and will give an idea of the way
they view the situation:
An authority says: "A close analysis
of the current of the wheat markets of
America for the last several days would
only again prove the truthfulness of the
OLD maxim that water invariably seeks
and finds its natural level. For months
we have heard over and over again that
supplies were deficient to meet demands;
that the 1904 crop was extremely door in
quality and that before a new crop the
country would be swept clean of all kinds
OF wheat, so that we should be compelled
70 draw on the other parts of the world
Tor supplies. The idea is gradually prov
ing itself exceedingly misleading as well
as a gross error never warranted by the
real commercial situation as measured by
supply and demand. Confederation of
this is found in the fact that while con-
sumption all these months since the cry
OF scarcity was raised has gone right
along, production has laid dormant so
that every day absolute supplies have
been drawn down to the extent of close
to 100000 bu each twenty-four hours.
Yet We md prices are now weak and de-
clining."
Our coast wheat, both red and club, is
practlcaily cleaned up says report from
Portland, Ore, land we doubt if Won
would pay $1.12 or even better. that Won
could secure 5000 bu from this section We
nave heard @ rumoTs TO the effect that there
are S,OOO,0OO TO II, 1000. 900 remaining in the
interior on this coast. but being in close
touch here with all the different dealers.
both at terminals and in interior, we know
for a positive fact that the quantity is
nearer 5000, 600 bu and this will be con-
sumed by local millers''
Chicago-"So far there has been scarce
ly a dlscordant note heard in the har
monious chorus which arises from over the
entire wheat belt" says commission
man. AT the same time, without being
pessimistic, We feel a little skeptical of a
continuance of the present outlook without
| some accident, real or imaginary. looming
| up to disturb the confidence of the short
interest: such accidents should arise
their effects will be marvelously increased
with such a short interest outstanding
and with the marked disparity between
the values of the cash article and the July
! new crop future some radical adjustment
| is necessary, unless an entirely artificial
situation is facing the trade and it has
| been badly misled as to the shortage of
! supplies from the last CROP
A prominent exporter says: Il believe
| the next important movement in the price
of July and September wheat will be in
the direction of a material advance Per-
! fect conditions or perfect weather in the
middle of March is not likely to be main
| tanned and any change must be for the
| worse. One cannot hope for much profit
| selling July wheat short at &c discount
| or September wheat at 2Sc discount un-
der the May. 1t is conceding too much
/ and especially on the eve of the crop scare
! period. Again, il does not seem reason
| able to expect that cash wheat will sell
much, if any, under 90c I'm the Chicago
| market any time this year unless a bump
| er crop is harvested.
| ChicaS So--An authority saws: sThere is
| menace, and strong one to holders of
| wheat. in the excellent wheat crop pros
| poets. The producers know that with
! good crops this year wheat at 81 and above
viii become obsolete, while soc wheat or
| below may become reality. So there is
| every reason why producers should sweep
| up their wheat and market it This is
| not speculative. but a business position.
The price of July and September wheat
today is not much above that of a year