The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-01-09
Barnes Leads the Pit Trading, and
Pierce of Chicago Buys
Some Cash Stuff.
Nothing of Special Importance in
Either Foreign or Domestic
News.
Minneapolis Elevator Stocks In
crease 100000 Blu for Three
-.... Days.

Minneapolis Chamber of Commerce, Jan. g.
Nothing important enough to move wheat up or
down more than fraction was in hand when
the market opened today, the news carrying if
anything rather bearish color. Later there
a sharp upturn on good speculative buying
which drove the shorts to cover. The big item
was the local increase. which for three days Is
100000 bu. The wheat keeps piling up here,
and some cash grain men predicting that 1t
will continue accommodating until the largest
stocks ever known will appear. There are Of
course two sides to this. After the larger crop
of last season and the long unbroken period of
good weather that favored country marketing of
wheat, stocks in country elevators ran up to
enormous figures. There were no official reports
obtainable, hence one knew just how big
they were, but estimates as high as 3000O,0oO
hu were heard. Really these were guesses, not
estimates. More recently local authority of
highest reputation put the total at about 20 OOO,
600 bu, and this met general acceptance in the
trade. it is fact that there has been no such
selling of wheat by farmers of late would
measure up anywhere near the receipts in Min
neapolis, and 1t is clear that good part of
chat has gone into store here has
cut of store in the country. Such shifting
Process really means nothing to calculating
TOR longtime results. for however much wheat
there Is in all, there is that much and DO
more, whether it is in the visible or the invisible
aonfng is not forcible. for many traders are
Influenced by what they can see They carry
the approximate visible figures in their heads
and know about how much wheat there
It is hard to get them to
the bull side when they can see the stocks in
creasing every day. Receipts here this morning
were 347 cars compared with only LIT q year
ago. Chicago received 900 against 50 and Du-
luth Is against o. Winnipeg had 264 against
o. st. Louis 40 ooo bu against $4,000 and
Kansas City $4,000 against 600.
Now York sent report of the sale of $4,000
barrels of spring wheat -four for export, but
Minneapolis millers did not find improvement in
this respect aud said that foreign bids had been
lowered little. Shipments posted today showed
a slightly increasing tendency, 309S6 barrels ap-
pearing. Cash wheat in better demand,
and the very choicest lots went at Use under
May, all Of 1t selling fractionally closer to the
option. Pierce of Bartlett-Frazier, Chicago, was
In the pit Barnes was good buyer, taking
small lots, but a good many of them and an
occasional big lot as WELL
The foreign markets carried no indication Of
new development IN any quarter. Liverpool was
A@ssd lower, Antwerp unchanged to sc up,
Berlin aac higher and Budapest unchanged.
BroOmhalTs weekly summary reads as follows:
United Kingdom and France-Weather mild and
wet; supplies moderate. Germany-Wea has
become milder after the frost and snow sup
plies Of native wheat moderate; it is expected
purchases Of foreign wheat will be resumed in
May or June after the Increase Of duty. Hun
gary-Crop situation rather unsatisfactory. Ru.
mania Bulgaria-No complaints wheat crop;
weather wintry. Russia-There is good snow
cover: Odessa expects fair supplies after the
holidays. Notwithstanding progressing ia.
rorably; corn crop is expected to be a record
Bradstreets visible: Wheat east of the Rock.
les increased 1857 900 bu. ahoat decreased
$500, 900 bu, total decreased 1888, 900 blu; corr
increased 1,o52, 900 bu. oats decreased 17s00O bu
Primary receipts 100000 bu against
100000 bu; clearances, 100000 bu.