The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-09
May Sells Down to $1.10, Then
Up to- Sill, Closing the
Day at $1.10zs.
Elevator Stocks Still Hold Up
Despite the Heavy Ship
ments Out of Here.
Good Cash Demand-Corn Firm
and Steady Thru the
Session.

Minneapolis Chamber Of Commerce, March O.
cold wave prediction put a check upon the
bears this morning, and turned wheat stronger,
but not until May had sold down lower than
yesterday to $1.1O. From here there was
rally to Sill and the market showed greater
resistance against pressure. Chicago May was
. up and down between IA and $l.12A. Corn
Armed up by 39c. Greater strength shown
in all markets, but there was much nervous
ness and repetition of selling upon every weak
turn. In short. the average trader feels that
wheat ought to rally. The indications are the
long-continued period Of summer weather Is to be
broken by turn of March weather of the old
fashioned kind. Wheat at $1.10 was down
Just Sc from recent high and could stand
rally of a few cents very reasonably Yet the
men who felt this way were for the most part
afraid to put. their views into action for the
bear-fever Is on and they were afraid the bot
tom had not yet been seen. The mystery of
the stock changes from day to day remains
Nnsolyed. One firm that has been getting a big
share Of the cash wheat consignments had the
Hghtest receipts today since July last, and said
that in their entire country line of houses there
Is not In any one house full carload Of wheat.
With this the case, and with receipts here
light and cash demand good, it would seem
that local stocks ought to fall off, but they do
NOT Yesterday only al cars of straight wheat
were in. At the same time 116 were shipped
out. Today there were pa in against 800
year ago. and 119 went out This does
not leave any wheat to speak Of considering
the Minneapolis requirements, and this sort OF
Ching has been going on for five days. and mean
while the mills are grinding away, and yet.
according to the posted estimate wheat stocks
Tor five days Increased by $1,000 bu. If one
goes back a little he may find in the North
western Miller, an authority whose milling fig
tres have never been questioned. that the Min
neapois mills ground last week approximately
1300OO0 blu wheat, while receipts, less ship
uents were ] 311 900 hu. This shows that
Minneapolis Just about broke even thru that
period. but for the past several days receipts
have been SO much lighter and shipments rela-
lively 50 much heavier that the bulls confidently
looked for decrease in stocks. The fact that
Minneapolis held up 80 we'll In this respect has
been very bearish thing. The bulls believe
there will be decrease started today that will
continue. Duluth had ~ cars todry against As,
Chicago 10 against q and Winnipeg 113 against
e. For the southwest the figures Were 45 600
bu at st. Louis compared with $4,000, and at
Kansas City $4,000 compared with 80, 900.
With reference to winter wheat. thu Price
Current says that the general situation continues
favorable, but the weather is not sufficiently
settled and genial to afford much Development
$4,000, and shipments 270, 900 against 351, 00O
Clearances wheat and -four, $4,000 Blu.
Liverpool closed Is GID higher.
crop prospects caused an opening decline Of I'D
in both months, and further loss of 3sd in
May, but the tone was steady. and later May
advanced ssd and July I'd, the factors being a
continued good continental demand for Argen-
tine cargoes shipped for orders, while there was
also covering by shorts. Corn. after opening
unchanged, eased off I'D for March on the
fairly large tenders on contracts, while May
advanced I'd on speculative buying"
May closed at S1.10M and July at $1.07B
al .OS.