The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-01-13
Argentine Reports More Rain and
All the Markets Feel the
Effect.
Minneapolis Elevator Stocks Are
Now Climbing Above
100000 Blu.
Primary Receipts Not So Heavy
News of the Grain
Trade. XII

Minneapolis Chamber of Commerce, JAM 49,
The week ended with wheat firm and no such
closing decline as had been expected. 1t was
thought yesterday that MANY would not want
to stand long over Sunday, and that selling out
might send the market lower. This did not work
out. On the contrary the range was narrow,
and considerable buying was noted at Ntimes
The market more than held its own. Interest
is now directed principally towards Argentine
where according to reliable reports, there Is
rain one day after another, and the quality or
the wheat Is being lowered, besides which a
considerable loss in quantity seems probable
The trade will have to wait longer before 1t
will be possible to tell how. serious this is.
That there have been heavy rains. and that rain
is not good thing for the crop, especially at
this particular time, is true. As Argentine ex-
ports the great bulk of her production, and as
it has to cross the equatorial line In transit to
Europe. 1t will not turn out we'll If 1t Is Wet
Nevertheless 1T Is little early yet to get
scared. .,- =. ..".-.r 49,.
. For one day the increase In local elevator
stocks was 225, 900 bu. The increase for last
week was 1857, 900 bu, which makes the total
in store, as shown in todays report, IL, I06,OOO.
With the one day figured in the total Is well
over il, ooO, 900 bu, and $4,000, 900 blu appears
almost certain for Saturday next unless the
mills start in grinding heavier and buying ea asa
barrels look better than of late, and the fig
ures are not likely to average lower from now
on, with everything faVoring much larger
movement towards the end Of the month. The
primary movement did not look so big. Duluth
got 1876 cars compared with q last year. Chi
cago 81 against IL. but the southwest showed
only standor with $4,000 bu and 1900 for
the Kansas City comparison and 49, 600 and 80 ooe
for that Of St. Louis, while Minneapolis fell
OF noticeabty, only 2s6 cars appearing against
357. Canadian wheat also turned up in smaller
quantity, Ito cars coming Into Winnipeg
against 12e.
Many opinions, both bearish and bullish. APP
pear The Commercial West says: ut is too
early to talk about winter wheat damage or to
seeding. factor
Will move the market must come from Europe
There are reports of serious injury to Argentine
wheat by rains, and one estimate of exportabie
surplus is 93,OOO,0 900 bu, or about 25,O 100000
to go 600 900 bu less than last year. There comes
from india an estimate Of 80, 900 900 to 10000
600 bushels less than last year or for any year
for four years. There Is skeptic1sm about the
reports and q disposition to await more dennlte
information. Australia is the only outside coun-
try that will offer a full surplus. The south
west markets are strong The northwest market
is comparatively weak because Of large receipts,
hence in the minds Of some bullish FACTOR De-
cause of the relative cheapness."
Aldrich. who voices bearish Chicago sentiment,
says: Notwithstanding all the grain shipped
to foreign countries. our stocks continue TO
increase week by week we have We IN ths chi ~
grain. against 100000 one year ago and
IL, 900 two years ago.
Cummings who sizes up speculative condi-
lions, says: ITO us the very stubborn resist
ance the market has displayed to the EFFORTS TO
break it lower in the face Of bearish statistics
points strongly to the fact that the bear forces
are short an immense line and are inclined 70
cover on all dips. The prolonged bull market
and enthusiasm in stocks, cotton and OF late III
nax and provisions, has every appearance OF
spreading to the grains, and If it be true as re-
ported that Wall street money Is being invested
In wheat. everyone would want some and &
bulge of 1O@15c could quickly follow
Primary receipts, 564, 900 bu against 6oS,oOo
elearances equal 400. 900 bu.