The Saint Paul globe., 1905-02-28
BEAR|SH NEWS TOO
MUCH FOR BULLS
General Liquidations of Lonq
Wheat by frightened
Longs

Minneapolis Chamber of Commerce, Feb.
2.-The statistical news today was too
over long wheat in big bundles. Liquida-
ton of very urgent character was the
feature in the wheat pit. The opening
was fractionally lower on the heavy
worlds shipments. big increase on ocean
passage and liberal receipts here. There
was a fair demand around opening prices
which stiffened a trifie and the market
showed no indication of the severe break
which came a little later in the ses-
sion and was very sudden. This was fol-
lowed by a rally in which prices recovered
about half the loss. The big drop in prices
IN chicago May of 4c frightened the weak
kneed longs and wheat was thrown on
the market regardless of what it would
bring. Numerous stop loss orders were
met on the way down, which added to the
general weakness, all options being very
weak and suffered severely. both May
little over a cent.
On the break shorts covered quite freely
ana buying against puts put the market
on the upturn. the market becoming
stronger as the advance put renewed
confidence into the hearts of the bulls
The close was barely steady, but it has
Geen a pretty severe Shakeout, and a lot
of wheat held by the small marginal trad
ers was liquidated and the short interest
materially m ter h increased by the heavy selling
or the bears. The cash demand was only
fair, No. 1 northern was we'll taken at
around May price, No. northern sold
quite well at Sk@41Rc under May with
lOW BIdueS SLOW ana QraRRy, NO. 3 selling
at g@12c under May and No. 4 at S5@95c,
Millers were not in the market to any
great extent, the sample tables being in
the hands OF the mixers and elevator peo-
pie.
May wheat opened Ac lower at $115,
sold up to Sl151s @1.15A, broke to S1.13B
ana az 1o,c closed at $1141s. July opened at
$l11B. September opened at 94Ac sold
at s2% @93c on the break and closed at
Minneapolis stocks decreased 5000 bu
for two days. Receipts 591 cars. includ-
ing Canadian, against 63S year ago,
Duluth ID nth 81 against 46, Chicago 25 against
Clearances of wheat and flour 95, 900 bu
Primary receipts S16,0 900 blu, against $685.
goo bu a a year ear ago; shipments $4,000.
The visible supply of wheat is report
ed at 36,52S GOO bu. decrease of 100000
bu; corn S,524. 900 bu. decrease of 232,
coo bu; oats. 16,726,O0O bu. a decrease of
SI00O bu. Wheat on ocean passage, A.
9g9 600 bu, an increase of 2,S56,000 bu
Corn, 19, 405, 600 bu, an increase of 1.414,
GOO bu. Worlds shipments of wheat g.
SSS0OO bu; last week, 1882, 600 bu; last
year, 1O,SOOOoO bu.
Liverpool wheat closed A@hd higher
Antwerp unchanged, Berlin 1sc lower,
Budapest 1hc higher. Paris wheat 10@20
centimes lower and -four 10Q25 centimes
lower.
The trade is looking ahead for the re-
port on farm reserves, due this week
from private statisticians. and. from the
government March TO- and the market is
not expected to do much, if ANYTHING in
the way of sharp changes until they ap-
pear and are digested. Last year there
were 132,000,000 bu, or 20.S per cent of
the crop, in the farmers hands March 1,
and in the Letter year, 1898, 121 900, 600
bu. This year estimates range from S0.-
600 600 bu to 100000 bu Applying the
percentage of the crop held a year ago to
the total crop of 1904 would give 115, ,0OO,-
600 bu.
Liverpool - Wheat = The declines in
American markets Saturday caused an
easier feeling here at the opening. prices
being sd lower. Later March gained sd,
May Il and July SD owing to higher In
dian offers. the decrease in local weekly
wheat stocks and smaller Russian ship