The Minneapolis journal., 1906-03-16
Millers Buy Cash Wheat and Also
Take Some Good Lots for
May Delivery.
Probability of More Moderate
Local Receipts from This
Time On.
Millers Afraid Wheat Will Get
Out of Line Again and
Check Business.

Minneapolis Chamber of Commerce, March 16.
5-Buying of May wheat by millers was go1d
point for the bulls today. There has been tax
of improving conditions in flour and larger sales
for several days past. This morning cash wheat
in Minneapolis was above May price, NO l
northern a C over. This, in itself, was conhrma-
tory of better hour business, and when the
Washburn- Crosby company bought 2o0, ,oOo bu
May in the pit it was taken to mean still further
sales of -four and buying hedge III wheaC
against them Watson sold part OF 1t ana WOOD
worth sold little. Daggett was u buyer Oh
Chicago May. Trade of pretty fair proper
tions in ali. New York wired about exports,
which ran to 10000 brls, OF which part went 10
Africa and part to Europe, but locally the mill
ers were rather non -committal about export busi-
ness, admitting that inquiry was somewhat bet
ter, but saying nothing as to sales resulting.
The increase tomorrow, covering the week, Will
be about soc, 900 bu. There is a hint at possi-
BILE Tightening Of the movement this way with
receipts today Of 200 cars against 229 q year
ago. But, with reference to increasing local
stocks, 1t is not question of comparison with
year ago. but of how much the mills are
grinding every day. Flour business is little
better all around and instead Of the closing down
Of more mills indications point to the opening
next week of some now idle. Millers do not like
to see the reports of improvement In flour exag-
gerated for the effect is to advance wheat prices
In degree not always warranted, and SO put
flour out of line again for business. AS mat
ter of fact. there has been no such wonderful
Improvement in -four reports have made
out. Consensus Of opinion drawn from the three
:
! a change for the better has been made, but, as
to Its permanency some doubt is entertained. In
Z the several days Of better business just past,
however, twice the total quantity Of -four sold
1 In the period preceding put the books.
It was an honest and legitimate argument for
firnlness in wheat, but not necessarily bull
argument. If the mills open up On Monday and
more -four is sold it will have additional
strengthening effect but If the bulls who know
as well any others that there is wheat to
spare, and that we ought to sell some Of 1t
should use these better flour sales to bull wheat
j and put prices too high for business they would
! only defeat themselves. The mills are now
making 40, 600 to $4,000 brls day. If they can
this up to $4,000 day more and hold
1t there, it will hasten the day when the wheat
surplus, long talked about and long a
weight upon the market, will have disappeared
If the mills the edge Of better business
it would be well for the price for the long look
ahead, to let them do it.
Comparisons elsewhere were "A cars and 19
at Duluth, and p at Chicago, 81 and 50 at
Winnipeg, 10000 bu and $4,000 at st. Louis
and %, 600 and 21 900 Oat Kansas City.
5 Foreign markets were stronger, Liverpool p
M5Ad up at the opening and &d higher later
and 7sd higher at the close. Paris steady and
Berlin sd higher.
Winnipeg was strong and Manitoba wheat
was said to be in demand for export. Montreal
and Toronto found the outlook better, but re-
ported no business of great Importance. . H..
Sidney Love, In message to Sharp Stephens
says the old saying that familiarity breeds con
tempt is applicable to the present situation II
wheat. The bear arguments, logical as the,
are have lost much of their force. rather more
from being overworked than by of any
very radical improvement in the general situa
ton.
"The -four merchant and the cash handle
alike less pesslmistic now. and altho i'm
mediate danger Of exhaustion in surplus
supplies is visible there is around present levels
a debatable ground which should be productive
of active markets and improved speculative in
terest.''
Primary receipts, $4,000 bu against 375,ooo
clearances. 176O00 bu.
New York wired: "We hear of some bids TO
Manitoba wheat about 1ac out of line"
The Price Current says farmers reserves ar
50,0O0,O0O bu more than the government make
them.
The Modern Millers says: During the lat
spell of wintry weather conditions the winte
wheat crop has been we'll covered with snow i
the larger portion Of the principal producin
states. Over considerable territory in tn
southeast and southwest snow protection ha
been scanty entirely lacking during the Sc
we're cold weather. No reports Of damage fror
the effect Of the low tempera ture have as We
been received from the unprotected sections"
The weather map shows decidedly higher ten
pera lures In Canada. still below zero in Dakotas
Minnesota and Nebraska. Showing in Oklahoma
Kansas. Iowa. Missouri, Illinois, Indiana Mich
gan, Ohio and Pennsylvania.
Argentine shipments for the week were 40
900 hu. compared with 3,S7e 900 week ago an
2,S44,OOO wear grO