The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-05-10
Wheat Traders See It as Bearish
in Some Respects, Bullish
in Others.
The Chicago May Situation Appar-
emily as Strong Today as
Ever.
Meanwhile Little Flrnness
Works Into the Mime
apolis July.

H,nreanoI,s Chamber of Commerce, May 10
The government report was the uncertainty To-
day, and pending receipt OF 1t wheat old, uttts'
altho Arm The figures, when finally received,
brought the usual conflicting estimates OF what
they stood for In bushels. The fact that the
condition of the winter wheat May was 81.
compared with 50 on April 1. was bearish.' On
the other hand, there was about per cent OF
the acreage abandoned since December last. ms
brings the present acreage down to ZsozooVo
Wire reports OF the summary at hand at TINS
writing are not entirely clear. The plan OF
issuing the report at noon, Washington time
makes for confusion. Incomplete and inaccurate
statements cent out by the tickers and coming
over the private wires added TO the unterta4.
the acreage was said be 1,17S,OO0 less than
harvested last year. 1t Is, in fact, In the early
figures are, straight, 1,71S000 less than that or
December last, which was 81, BAL, 900. year
ago, If chamber statistics are taken, the maj
figures for acreage on the 1905 winter wheat crop
were %, S64,05S The present acreage ID there
fore 241,O58 less than harvested last year: Inc
condition now Is 81 against 90 at this time.
year ago. II 1t has any significance 1t Is bull
ish but it is pretty close to standon. Pri-
gate estimates put the Indicated yield at 4oS,-
600. 600, 100000, 4b1, 0Oo,o and 472ooo.-
600 bu Still another says 456, OOO,O 600. Last year
the yield was A2S 000, 900. The probabilities are
that when 1t has been digested the trade will
take 1t as moderately bearish. At the same time
these reports do not necessarily afford a safe
guide. Take the census report OF 1893, Wnlcn
showed SO, OO0, 900 acres winter wheat ana
crop or SSl,OtO,UUO Iud1S InAnSo So' A0PP~H
between now and harvest. -.
The shorts buttered the market yesterday. In
In Chicago 1t developed that 2Ob, GOO bu was de-
liysred May contracts. in small lots, by the
Chicago 1t developed thato 205, 900 blu was de-
slit up into little sackfuls to make 1t reach
Ground for best effect. Most Of the lots delivered
wore Of 5000 bu, with few 10000 lots. and
the total was spread around as far as possible.
Ghsarson- Hanniu and seaver got the most the
latter getting $4,000 blu, which was said to
have been Immediately redeliyered to country
ne ~ Skc& $tA
bake strike is over 1t should be an easier matter
70 get wheat for May delivery. The settlement
of the strike is OF Importance in both wheat
end oats. James Petit, Chicago manager Ct the
Peavey company, said that the cargo loaded out
Of Peavey houses at Duluth yesterday for Chi
eago was not his company's wheat, and that he
did not know OF the clearance until this morn
ing. Another cargo. he says. will follow the
one OF yesterday. It will run to $50, 900 bu and
will be headed for South Chicago. This will
make 100000 Blu route. The Chicago papers
have commented upon this wheat coming out of
Duluth elevators as representing shortage Of
northwestern houses in Chicago May, but this is
only the view Of a Chicago commentator 1t Is
as likely to mean that Chicago men who do
not appear. are short there, and that they are
buying wheat to make delivery with from north
west houses.
Minneapolis elevator stocks decreased 700. OOO
gu for five days. and receipts here were only
20 cars against 100. Duluth got 80 against 7,
Chicago against none, Winnipeg 1923 against
127. The st. Louis comparison was q, 900 bu
and 5000, that Of Kansas City $4,000 against
$4,000
The Price Current says unfavorab1e conditions
for corn are noted. but. If not prolonged. the
weather will DO little harm. Winter wheat
holds Its promise. and the oats crop is in good
condition. - . - ~ - ts'S = ~
There was some driving in Of shorts in Min
neapolis July. The market advanced quickly
and was stronger than other options relatively
The weather map showed: Canadian north
west tempera lures 40 to SO, clear; northwest
temperatures AZ to 81, clear; west, tempera
lures 40 to 80, clear; southwest, temperatures A
to So clear; Ohio valley, temperatures 40 t.
SO, partly cloudy. -. ~-
Cash wheat brought 1As@2c over July TO-
no. 1 northern, with excellent demand rul
ing.
Primary receipts. $4,000 Blu against 125, 900
clearances, 2s1 900.
The weather forecast: Illinois, Indiana, Mis-
souri,, Upper Michigan. Wisconsin and Iowa
fair tonight and Friday, rising temperatures
Lower Michigan. fair tonight and Friday, prob
ably light frost tonight, rising temperatures
Minnesota, fair tonight and Friday, warmer to
night and in south portion Friday; North an,
South Dakota, fair tonight and Friday warme
tonight; Nebraska and Kansas, fair tonight an
Friday. warmer tonight ana In east porto,
Friday. - q -