The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-01-07
Nearly Everything in Sight Is
of a Nature Favorable to e
the Bulls.
But the Bears Say Speculative
Congestion P:recludes Imme-
diate Advance.
May in Light Range Above $1.17,
Closing the Week at
$1.173s. :.

Minnea polls Chamber Of Commerce. jan L.
The cash situation remains the main influence IN
the wheat market as the week closes. DeH1anu
for cash wheat is good and all thangs touch-
ing the supply situation so strengthening, that
futures are naturally very strong IN line WIN
1t. Minneapolis May wheat was OF 1ractloh
this morning to $1.18%, but was soon up 10
S117A Altho the business in the pit is so
light that trades are at times some minutes
apart, and dullness and the preponderant Dull
sentiment the part of numerous small trah-
ers, make a situation ordinarily favorable 1oH
decline, the bears do not dare press the mar
.ket by short sales and the bulls are apparently
mot ready for shakeout Wheat cannot hans
around SLIT forever and what 1t Will 90 Is
the question. The bulls believe Dig aavahce
will start soon, and on their side many things
are favorable. Receipts are very light. The
lmillers selling flour and buying wheat, and
when they cannot find enough on spot they
buy to arrive. The top has probably been
reached in the local accumulation. and altho
the week shows still another gain-of 12S.s67
bushels--this is figured to last night and for the
one day to count into next week there is de-
crease of about 10000 bu. Minneapolis has
14,50s 1924 bu in all. Of which 3,545, 4s1 is No.
/ northern. This is not much wheat for this
date, and the supply situation elsewhere is
bullish Cash wheat sold before, higher than 1t
lis now. and the bull argument that it will sell
there again and that futures will make new
high points seems reasonable.
The hears admit that the best of it is on the
side of the opposition, but they question whether
bull market can start now. So much bull
talk has been heard for month past that a
majority of all traders bulls and army lots
being held for the great rise that is to
I The market is congested. New specu-
i1ative interest sufficient to carry along this
weight must be aroused, or, failing In this
the thousand and small holders must be
Jared loose and the market freed from this
weight before big advance can be made. even
tho conditions otherwise so favorable. So as
1.-THE week closes there numerous long lots
carried over Sunday for big boom next week,
cd fharn hnor Sfor 1tno md
and doing nothing, but ready to buy In and turn
bun any break of 2 or cents.
In Minneapolis there were only 264 cars Amer
lean wheat and 2 of Canadian 2e6, which
by comparison with 4S0 a year ago today, Is
bullish Duluth received SO cars, against s.
and Chicago ~ against "a. Kansas City had
$4,000 Blu, against 1856, 900, and St. Louis SO, DOC
against 1000. Winnipeg received 81 cars
against o.
George Devigneaud, in the Commercial West
says 1.-The cash wheat situation In the north
west is daily growing more interesting from
bullish standpoint. Spectators who do not handle
the actual stuff do not realize the strength o
tn ecash wheat situation nearly well thu
miller and these men that daily handle tn
actual stuff and do a general grain business II
the we'll posted all Indications point to grea
scarcity Of cash wheat in the northwest befor
next May, not because wheat will be held b.
farmers, millers, carriers and spectators, bu
because the amount Of wheat in farmers hands
as we'll elevators, will be extremely small.
=. 1.-THE price of all low grade wheat in an
way fit for milling has advanced so much dur
ing the past three weeks that No. 1 norther
today is as cheap any other class Of whea
for milling. This being true it Is only a uestio
If of short time when No. 1 northern will b
bought by the mills local and outside an
taken off the market. The general short selle
will therefore have wheat with which to fl
May sales"
Primary receipts 100000 bu, against $4,000
year ago.
Kansas City wired: ''They say 20 cars of OF
receipts this morning frosted wheat froi
Minneapolis. Michigan and indiana millers al
buying wheat here this morning."
The forecast: Minnesota, Dakotas, Nebrask;
Kansas, Iowa, Missouri, Illinois, Wisconsin, IA
and colder. Indiana, partly cloudy and colde
with snow aurrles north Michigan snow t.
night and Sunday.
Broomhall cabled: Towering and talk of sma
Russian shipments caused advance of Is
the. opening in each delivery, and later a
advance Of sd in March, Ad in May and u
in July. Towards the close both March and Ma
lost sd of the advance, owing to selling
+. La Plata houses Corn opened unchanged, oy
Ing to profit taking by shorts but the gener
tone to the market Is easy. Estimates
worlds shipments for the week 5000, 900 b.
- A moderate decrease in amount on passage
promised.