The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-31
A Day of Strength Winds Up the
Deal with Great Sue
cess.
May Longs Must Now Turn in
and Support the Cash
Wheat. E
Other Options Not Affected by
the May Doings and Easy
I to Close.

Minneapolis Chamber Of Commerce. May 81
Traders in wheat in speculative 1 tt way We're at
make this morning. majority felt that the
market ought to break, for, even II there were
no other reasons, there was good weather every
where and another big run of stuff this way,
oil wheat coming in, or exactly the num-
Der posted on Monday morning, making 1,022
in all since Saturday last. To sell the
wheat short looked like the proper thing to do
but those who tried it found 1t hard to make
money, even tho the market was down all
around early. The pit too nervous and the
market too choppy to permit the short scalpers
to do much, for, being the last day OF May and
the end OF the deal, one knew what sort OF
/ fuss might be seen before the close, and no
dared stay short. Equally afraid were the
buyers, for they felt that with May out of the
way prices would go more towards what they
termed 'legitimate'' level, meaning that
with No. i northern selling July basis, cash
wheat will probably be lower and the options
affected: That this will come about put Is BY no
oils cash wheat Presumably the purpose Is to
use it in making flour. Hence 1t Is clear that
u any one proposes to make flour out of wheat
bought on the May price. since May cash came
above the dollar level it would be poor bust
ness for that to let the cash market go to
pieces. that other milers might pick up whea
cheaper and cut flour prices. In other words,
considerable No.. northern wheat has been
brought here at prices high enough to make the
total holdings average pretty we'll w, and So,
from now the price Of cash wheat has got to
be at least fairly we'll maintained,
until the big holdings worked off. 1t should
not be very difficult to do this, for unless all
reliable opinion is at fault very little more NO.
! northern wheat will show up here. OF course.
II 1t should develop that there is lot of wheat
lying around the country that no, one knows
about, it might be another matter, but every
thing indicates the contrary. 1t is strange, in
deed. if the country is not cleaned out Of wheat,
In view of the high prices that have ruled
The forecast: Illinois, Indiana Missouri
Michigan and Wisconsin-Far, warmer. Min
nesota--Fnir, possible showers east. The Da-
kotas-Fair, moderate temperatures. Nebraska
and Kansas-Fa1r tonight. showers west portion
Thursday.
Bradstreets in full East Of the Rockies
wheat decreased zoos. 900 bu Europe and ahoat
wheat decreased 100000 bu; total decrease
5,eO5 OOO bu Corn increased 900 bu; oats
decreased 1883 coo bu.
Broomhall's foreign crop summary: United
Kingdom Germany and France-Present condi
ton wheat crop favorable, supplies homegrown
wheat extremely small. Hungary, Roumania and
acknowledgements now bright. Russia
Drought southwest been relieved by fairly gen.
eral rains; continued complaints delays In rail-
way transportation. Italy-Sxtremely heavy
rains north, elsewhere conditions continue salts
factory. Spain-Weather favorable.
Primary receipts, 10000 bu against 1,O37,-
900 bu.
May wheat closed at 81 271a, July at 81. 05k
September at $685. aS31c-