The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-06
Selling OFF Early to s5c for May
It Rallies Later and Closes
Strong.
Reports from the Winter Wheat
Fields Conflicting Snow
Due for Tonight.
Local Cash Demand Good and
Receipts Not Very
Heavy.

Minneapolis Chamber of Commerce, Feb. g.
The Kansas City weather man put weight on
wheat futures this morning by predicting snow
for tonight. What the southwest. needs TO
allay fear of damage to winter wheat is h1gher
temperatures and snow or rain. That there mas
really been need for further precipitation Is
proved by the weather report OF yesterday,
emanatng from. Lincoln and stating that Ne
braska has had the smallest total moisture dis
tribution this season OF any for twenty-three
years This was before the recent snow. 10
day Nebraska is in better condition. All the
important winter wheat territory got more OF
less snow in the recent fall. but 1t was 1ght
and not general in Kansas, and Oklahoma got
little. Now if the prediction OF the Kansas
City office comes out and snow falls tonsnt,
the winter wheat ought to be all right, rof tne
present at least. The Minneapolis forecast Is
for fair and warmer weather tonight ana TO-
morrow and slowly rising temperatures Inc
market felt the effect of this better crop out
look and Minneapolis May sold off early to S3c,
market rallied quickly to $3.50 and S5as @s51sc.
The bulls We're little disappointed IN the
showing for local stocks. After period OF
several months of continued increases, the week
started with a decrease of 100000 bu for the
FIRST two days. This was taken by some TO
mean the beginning Of steady decline. But
this morning the decrease for three days was
posted at $4,000 bu, or practically no change.
Stocks may therefore be said to be about mold
Ing their own. Shipments Of about 10000 bar
rels of -four, reported yesterday, made 1t look
as If the mills were making -four enough to
consume wheat at a rate to effect steady
decrease, but today the figures were 39323
barrels. Minneapolis received 14S cars against
199, Chicago 90 against 20 and Duluth 81 against
80. Comparisons elsewhere were 142 cars and
95 at Winnipeg, 10000 bu and 81, 600 at Kan
sas City and So 900 and %, 900 at st. Louis.
Reports came in about II O'Clock that put
the market up quickly. Great Bend, Hutchinson
and Russell showed cold weather and bare
fields Omaha said there was no snow on the
Aald to6 thn
points began sending in messages alternately
good and bad, but indicating damage in some
eases. Springfield, Ill., the other hand, had
one inch Of snow to boast Of, and st. Louis had
four to five inches over considerable extent
of surrounding country. ~
Liverpool closed sd lower. -.
Broomhal cabled that there is some anxiety
In Russia over the very mild weather in the
Odessa are smaller. France and Germany ap-
pear to be in good condition. Hungary has had
a snowfall and in Runania the conditions gen.
orally are favorable Portugal has a larger
wheat acreage and good weather, but Spain re-
ports heavy frosts. Broomhall says the situation
in India is still uncertain, but he finds change
of Importance in Argentine.
y Cash demand was good and 1c under May
for No northern the trading basis, No.
going at 2Ac under. Wheat to arrive sold at
the figures.
Bradstreets showed~a an increase of 1872, 900 bu
in the worlds visible supply, which was not Q
of the Rockies decreased 900 bu, but wheat
in Europe and afoat increased 1881 900 bu.
Of the speculative situation In Chicago AldricI
wired Stephens as follows: "Action Of the mar
ket indicates that the local crowd, who ar.
doing most of the trading, are working almos
entirely on the wheat they themselves sell. Ii
the decline Of sc from soc to Sac the Hquida
ton came almost entirely from western BULL
whose lines were small compared with the Wal
street holdings. The latter, it was noticed dit
not do any of the selling, in fact were constan
buyers on scale down, and this has left thu
market in its present state with the possibili
ties of crop damage or change in foreign
sentiment from the bear to the bull side It i
easy to see how 1t would be possible for tn
bear to have hard shedding for the next montl
or So e.. ~. -
Primary receipts. $50. 900 bu against 327 ,o0O
New York wired: Charters reported of 25 O0
quarters corn Philadelphia to Denmark 26 OO
quarters corn Baltimore to continent, also heav
engagements freight room Boston and New Yor
for April. May and June shipments, by Manitob
wheat exporters go
b,,