The Saint Paul globe., 1905-03-11
WHEAT STRONG EARLY,
CLOSING WEAK
Early Buyers Llquidate on Bear
lsh Report of the Modern
Miller

minneapolis Chamber of Commerce,
March 1O-There has been a good and
active trade in wheat today and the
scalpers have had the chance Of lifetime
TO reap harvest. The opening was un-
changed from the previous closing al
though the Liverpool markets were again
met at the opening and prices advanced
easily, the May option being very tight
ana hard to buy, small buying. order
ferrad pu,Lag Ine prics up fractionaliy the de
Up to the noon hour IL was q strong mar
ket with limited offerings and a good de-
the, report Of the Modern Miller came out
and as ii was very bearish, the bears
started to hammer the market. Support
disappeared in minute and early buyers
turned around and sold out their early
ness.
The market declined sharply and at the
low point showed decline of 15sc for MAY
from the early high point. Some covering
set in and with a little buying against
puts just before the close and purchases
on resting orders, prices recovered half
cent. The close was weak and kc low
er than the day before. The expected ap-
pearance of the government report, which
came came %ont TINS afternoon, cast gloom over
the buli crowd, as it was expected to be
very bearlsh, some estimates placing the
amount in farmers hands as high as 12S,-
00O; 600 bu The report as issued shows
~ per cent equal to III, 600, 600 bu,
which was about what the majority of
the traders looked for AS prices have
Gecined several cents during the past
week, 1t looks as though this had been
pretty well discounted and that a good
reaction is due.
Reports from Chicago say that the bull
campaign in the Nav option is still good
and that the bulls will show the bears
some sky rockets before they get through
with the deal. 1t certainly is a fact that
the Chicago May option is badly congest-.
ed, that option closing only A0%c lower
Ihan the day before, while both July and
September are down 1asc. A wire from
Ne3raska says that there are Indications
Mlchigan crop report is very bearish,
showing that the plant is in good shape
1t is a Well known fact that on a declin-
ing market all the news is of a bearjsh
character and the reverse on a bull mar
ket. It is likely that the shorts may find
that they have. sold themselves into a
hoie during the last few days The short
interest has been heavily increased, and
the crowd IS without hardly an exception
very bearish.
May wheat opened at 81 1ozs, advenced
to Silly, and on the break sold down TO
$l09B, reacting to s1.1O1a, closing at
$110as. July opened at sl.675s. sold up to
81 .OS% broke TO s1.06%, closing at
$l01as.s September opened at SS%.c, sold
at S9asc down to 875sc. and closed at 8Sc
minneapolis stocks decreased 100, 900 bu
Tor the week Receipts, 249 cars. against
S03 year ago; Duluth % against 49, Chi
cago % against IS; Kansas City 81 and
St Louis 36, 600 bu. Clearances of wheat
and flour 141 600; for the week, / 1856 900
busagainst ], s$4 ,Ooo bu last year; Primary
receipts. 4O8 900 bu against SAG, 900 bu a
year ago. Shipments. 27S.OOO bu against
1000 bu. Argentine shipments. 4,072, 900
6u; Last week, 3,704, 600 bu; last year,
2760,000 bu.
Liverpool wheat closed A@asd higher;
Berlin, 14c higher; Budapest, kc higher:
Antwerp, unchanged; Paris wheat, un-
changed TO 5 centimes lower; flour, 100
20 centimes lower.
Modern Miller says: Weather condi-
tons the past week have been season.
ably favorable for winter. wheat crop.
Rains have been general and in some sec
tons were needed. Plant in some sections
shows Improvement over early winter con-
ditions. There is no evidence of damage
as yet. where it was feared covering of
ice had smothered the plant,
Broomhall: The weather conditions in
Argentina are improving. but consider
able damage has been done to wheat in
stacks by the recent heavy rains No
progress has been made in the resumption
of work on the Southern railway great
congestion continuing and traffic being
totally disorganiZed.- The loss to shippers
will be most serious The delay in ship
ping via Bahia Blanca is estimated at