The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-02
About 100000 Blu Worked Today
to Come Here at the Mime
apolis May Price.
The Market Up and Down and
Easy at zoe for May at
the Close.
Wheat Coming In Now Is Drawn
Largely from Country
Stocks. ~.1...s

Minneapolis Chamber Of Commerce, March a.
Accommodating stocks make it hard proposition
for the bulls in wheat and the market was H.
cifned to fall again this morning, altho hrmer
and little higher to start. 10 yesterday the
Increase In local stocks amounted to 676,O0O bu,
and today the estimate for the week Is $4,000
Sbu. This will make total OF about 16,GO0.ooO
blu in store in Minneapolis. month ago there
was come eXpect aiton of q steady decline. for
stocks had shown decreases on several days but
the wheat kept coming In more freely than mill
ing and shipping demand required, and so stocks
held steady and crept back up little at times.
Now there is the new influence at work. that
of tax time in North Dakota. Every season
witnesses heavier movement of grain to market
some little time In advance Of assessment day.
This is now on No one can say how heavy 1t
Will run, but it might easily mean a further
increase Of 2,O0o.O0O bu in Minneapolis stocks
before 1t spends itself This is by no means an
argument wholly bearish. While wheat IS now
sick and depressed and 1t is hard to do anything
ON the bull side, more than important thing
that will one day make for strength Is work
Ing to maturity under the surface. The wheat
now coming in here, for instance, 10 very largely
from country elevator Stocks and it will be
found, in time, that there is not much wheat
bapk In another month a good part OF
the wheat available for domestic consumption
or export will have come into sight and it will
be easier to tell by looking in the show win
dows how much there Is to dispose of. Mime
apolis No. / northern down around 7Sc Is not
high wheat 1t is not high for any time
under any ordinary circumstances. If COM
pares prices with year ago it looks r1dic1u-
lously low. Conditions were vastly different a
year ago, with reference to the supply and the
new crop outlook. but the prices are also vastly
difereut-some 34c to SOC lower on the average
Just now wheat has no friends and 1t may
even go lower. but it Is not far away
from legitimate commercial price basis if not
even a trihe below it. Flour trade will not al
ways be as dull as at present, and other 1nfu-
,sness tor strength will probably appear later
on. while the great influence of all, the winter
wheat crop. has yet to show itself clearly.
Ihe winter wheat Is apparently In good con-
dttion except for western and west central Kan
sas, where 1t Is too dry. Some rain
fell over this territory last night, enough to
quiet apprehension, yet more would be welcomed
by the farmers. Further east there is abundant
moisture and on the whole winter wheat scare
would appear premat ure. This is the tlme
however, for winter wheat news to take prece-
4dence. and as there have been some rather I'M
favorable indications in spots unfavorable re-
ports Of the condition Of the crops in particular
localities may be expected to along from
time to time.
Minneapolis had q standotr in receipts today
As against 8, Chicago against "a and Winni.
peg 127 compared with 1923. Kansas City re-
isefved $4,000 bu against 900 and st. Louis
600 against 81. 600. Primary receipts were
E8I2 900 bu compared with 80 900, and clearances
of wheat and -four eeualed 41e. 1000 bu
lash wheat did little better than yester-
day; but the effect Of the gain Offset by the
working Of 1000 600 bu winter wheat at May
price to come here from Nebraska for millers
There is considerable Of this business
pending, and winter wheat is likely soon to be
moving this way in quantity sufficient to swell
the receipts noticeably.
The Modern Miller says: prolonged dry
weather in Kansas and Nebraska. with high
winds and dust storms in the former state
nave created fears Of crop damage. No unfayor-
able effects have been experienced however.
That early relief from drought conditions would
not fuly repair. Special telegraphic informa-
ton from Texas reports crop conditions in tho
Panhandle perfect, and the acreage increased rs
per cent No change Of Importance is reported
from other sections"