The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-17
Minneapolis "
Wheat Gets Another Bad Fall and
ss9 Closes Weak Near the
Bottom.
stop-Loss Orders Reached and
Much Selling Out of &
US Long Stuff.
sses
ri .7-. s~.
Bears May Be Pressing Tt a Little
Too Hard-News of the
Trade.

Minneapolis Chamber Of Commerce, Feb. H.
Another break in wheat was made after the
opening today. May going to Sl3ac and chicago
May to S3Ac. Stop-loss orders were reached
lust under SIC, and their execution forced the
market down. The pit then felt that the worst
Of the pressure was over with and on short coy
erng May went back to s11se' Later 1t was ru-
mored that there more long wheat to come
out, that would be loosened little farther down.
Some buyers had appeared, who believed 81 lac
low enough and took little wheat for re-
action, but they got scared again and concluded
, that they had not found low point after all. and
when the market. after taking respectable
Tally, again fell back fraction, they sold out.
The market went back to former low point Of
81 70. and stuck there against a now low point
in Chicago, which touched sSc The pit was ner-
vous, however. and the market shaky. This
Minneapolis May struck 81 Mo and Chicago May
s2sso, and there was only a feeble recovery Of
small fraction at the close.
The local decrease little heavier than
the estimate, ,o4s bu, which brought the
total in the weeks report to shade under
$4,000 900 bu, or to 14,ee1,574. For one day,
however, since making up the report, there
was An increase Of $4,000 bu. which puts the
were s1e cars here against 225. Duluth got 40
against -, Chicago against Is, Winnipeg 124
compared with so. st. Louis had $4,000 bu
against 10000 ard Kansas City $4,000 against
$4,000.
Local cash demand was good at May price
to Nc under for No. northern.
Primary receipts 100000 bu against $4,000
Cearanaes 100000 bu.
Rains were reported general In India, where
hEdly needed. The American weather map
showed gensral1y cloudy with higher tempera-
iowa snd southern Illinois md eastern Missouri.
4 central Indiana Correspondent Of Kneeland
ssys: "If it keeps freezing and thawtng
much longer there will be wheat tn this local
1g.r Wheat Is surely damaged, but, Of course,
cannot tell yet how bad
Cummings thinks the speculative situation is
now getting little precarious for the persis.
tent bears, and says ''fully rs per cent Of the
account. Where they will get wheat to cover
their snort contracts when they try, it is diff.
hetu1t 30 figure out We running into @
month whers the Drop damage seares are fre
doubt to figure out. We are running into
winter wheat can have gone thru the freezing
and thawins it. has been subjected to this win
ter without doing more or less damage
Broorhan cabled: Liverpool wheat easy al
'opsning, "a lower. followed later by a further
Decline Of 7f@Ad. The weakness was due K
further liquidation by local longs and bears
:rnents. There some steadiness on the de-
efne owing to a good continental demand foa
eargoes of coast. The market appears oversold
In the Commercial West, H. v. Jones says
sThe United States, with Canada. probably ha!
$4,000 900 to 80. 100000 bu surplus now on hand
This Is quite an item for the bulls to carry
barring any serious injury to the next crop
and with fairly full quota to ship from Argen
tina India is still in doubt and with apparen
confirmation Of damage from drought. which will
yield smaller surplus for export than cam
from that country last year: On this accoun
there is possibility that Australia will shi
wheat to India. thus lessening the supply t
Europe At present, however, Australia is ship
ping freely. as is Argentina. and Europe Is get
ting about her requirements outside Of tn
United States and Canada. It is not time TO
positive opinion about the price,
Australian shipments for -the week were 1886
600 bu against 1872 900 last week and 300
900 year ago.