The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-02-03
Rumor to This Effect Breaks the
Market to $1.155s Near the
Close.
The Argentine News Stronger
and Liverpool Little Firm
er on It.
Continued Light Receipts and
Firm Minneapolis Cash
Wheat Prices. -.

Minneapolis Chamber of Commerce, feo. o.
Wheat was in quiet mood early TO-DAY, WI" tsn
sentiment rather favorable to me ou1ls anu oe
bears unable to force prices off much. From
81 1914 to $1.16N was the narrow range, WITHIN
which majority Of the trades were mace ou usi,
ness was light. Holders OF May hesltateo 10 eei,
for the news was favorable to frmness' ana
shorts hesitated to cover as the dullness was
favorable to at least little decline. LVerpooi
found that the Argentine shipments were not ~
heavy as had been predicted, being 1,1ZoVoo ou
for the week. against 2, 900 in the week pre-
ceding and 2,S16OOo a year ago. This turned sne
English markets finer, Liverpool coming $50
higher ,,. Bs0omha ,do nGfea influence for
price maintenance, and stronger tone IN corn
was another help. The Argentine corn snip
= ments were $4,000 bu against 1,ooo,ooo anu
6e4 900, and advtces to the new crop were
not favorable the Broomhall cable noting lack OF
moisture and corn still suffering, the recent rams
having only partly relieved the aTou h
VS., $50, 900 a year ago. and there was on JUG
whole a Of Argentine news very satasrSns
to the bulls.
In the domestic outlook the most favorable fea-
ture was the continued firm cash markets, and
demand for the good wheat. Hece1pts were
also light, Minneapolis getting 20 cars Amera-
can and of Canadian wheat, or Ola, decrease
Of SO cars from the 3O2 of year ago today.
How much Of the lighter movement is due to the
colder weather Is a question Many think the
run OF wheat this way. Meanwhile Minneapolis
elevator stocks have been decreased ABOUT
3 2OO, 600 blu for the week. Duluth had only
4 cars in, while last year there were "a. and Chi
cago, against 35 year ago, could show up only
today. Kansas City made the most bull1sh
showing. with only 1000 bu against 121 900 and
st. Louis had $4,000 against $4,000. Winnipeg
got 81 against 16.
The Modern Miller says damage to the winter
crop is noted where unprotected by snow, by ex
cessive cold weather, and 1t Is feared according
tc telegraphic advices received, that the plan
is suffering from ice covering In the lowlands
Alternate freezing and thawing weather In thu
southeast threatens damage. The general cond
ton of the crop has been impaired.
Broomhall says a private cable received II
Liverpool states that the strike in Argentine
threatens to become general.
The bull message of the day was from New
York. It read us follows: July wheat in Chicag
Is Ice discount under May. AS speculative prop
osition we call attention to 1t. Reports are o
unfavorable conditions developing in Illinois an
Indiana, light covering and Ice forming o.
fields, condition that last year resulted IN ser1
damage.
Near the close the market broke on the repor
y that the state inspection department of 1ninoi
has decided in an East St. Louis case that Ore
gon red wheat, If of No. quality, shall
graded No. 2 red Same ruling in Chicago woul
make about 100000 bu contract wheat thi
grade to apply on May contracts.
May wheat closed at $1.1bB @1.1oA, an
Huly at S1.1S1a,