The Saint Paul globe., 1905-03-13
WHEAT PRICES MAKE
NEW Low RECORDS
Week Starts Well for the
Bulls, but Ends Disas-
trously

Minneapolis Chamber Of Commerce,
March lit has been week of great
excitement and activity with the market
extremely nervous. The week started off
well for the bulls, and it looked as though
prices might recover the decline of the
week before, but the news from the winter
wheat belt has been of the most favorable
character and caused the bears to regain
their courage and sell wheat. They have
sold it to a standStill all the week. On eV-
cry little rally they would put out new
practically on the bottom and shows.
break of cents in the more active op-
tions. Saturday saw the worst break of
the week, prices melting away like snow
before an April sun. There was practically
no support; a few of the shorts would
cover a little and then turn sellers again
on any little rally.
There has been a world Of long wheat
dumped during the week on this break,
stop loss orders were freely met from u IL
down and especially after the market
struck S1.0912, the former low point and
new low point made in all the options, the
market being as weak, If not weaker, at
the close than at any time during the day.
Commission houses We're SWamped with
selling orders on long wheat and the pit
scalpers have reaped a harvest, as the
majority of them have been bearish all
the week. The bears have made plenty of
money during the past two weeks and are
very confident of forcing prices down sew
eral cents lower. All the news mas been
of bearish character with very few ex-
ceptions. but this is always the case on
declining market. There has been heavy
Argentine and Australian wheat ship
ments and the worlds shipments for the
past week are expected to be very heavy,
estimated at 10, ,400, 600 blu.
Stocks at Minneapolis did not decrease
as much as traders looked for, only about
day reported on the coming week they
Snow a decrease of 125,000 bu. Receipts
are expected to be light the coming week
and larger decrease is expected the COM
iT1cr nncI, 1r1d hos
cellent all the week from all classes Of
buyers, especially local and interior
millers, and SHIPMENTS out have been on
liberal scale. The government report mas
been construed as bearish by the majority
of traders. 1t shows that on March 1
there We're 111.00O,000 bu of wheat in
be deducted about 25,00O,O00 bu for seed
in the spring wheat states. We are ex-
porting in wheat and -four about 1000, 900
bu per week. which will amount to about
25,00O.O0O bu more by the first of August.
Our visible supply is around the $4,000. 900
mark, making total stocks 146 900, 600,
from which must be deducted the amount
for seed and the exports, leaving only &c.
600, 600 in all positions to carry us to the
next crop. AS it takes about bu 20 lbs
per barrel of flour, traders are apt to find
that our stocks will be pra ctically nothing
at the beginning of the next crop.
H. v. Jones in the Commercial West
says:
1.-The next five months cannot add to the
five months before Chicago can expect
much new wheat and it will be seven
months before the northwest can replenish
from the new harvest. 1t is indeed an in
teresting situation as to whether five
months of heavy marketing without Sc
rious~break in price will be followed by
serious break in price in five months of
small marketings. 1t is true the winter
wheat fields will look green and perhaps
give out splendid promise during the next
sixty days, but even that wifi not add to
the GllnnlV in the ha
port issued during the week on the basis
of $4,000, 900 of production on the last
crop, which we think is too high, does not
set forth bearish condition on July 1.
The computation of prominent Chicago
firm on the basis of the anticipated gov
ernment report on supplies reaches mucn
leaves month to new wheat in Chicago
Along with this situation Is a steady
-four demand that Is keeping the large
mills in operation. Stocks of flour are not
forts put forth by the surplus mill capac-
ity to secure part Of the domestic trade.
The Canadian question has dropped out
of sight, as we Anticipated The hulIa-
baloo over the tariff was more political
than real, and under the circumstances it
has proven to be a good deal of a tenn
pest in a teapot.
Northwestern elevator stocks are
thought to be about half the total of a
year ago and they are not likely to de-
crease much over 100000 bu more There
is bound to be partial carloads In all the
elevators. as the companies will not ship
less than carload lots except In emer-
gencies. This will leave 1900. 900 bu on
hand permanently IN country houses and
after ten days more the receipts win be
on the basis of farm marketirgs at the
elevators, as the old stock will remain at
about the present basis. Receipts at Min
neapolis should be smaller after the mid
die of the month.
There is a better demand for cash wheat
an Minneapolis on the tables. which in