The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-05
Some Recovery Later and More of
a Resistant Market at
the Close.
The Bears Expect to See 10000
Bushels in Minneapolis
Before Long.
But They May Be Over Sanguine
Come Better Things
Are Possible.

Minneapolis Chamber Of Commerce, March g.
Good crop reports, increasing stocks and lower
cables sent wheat sliding down again to open
the week, and Minneapolis May sold early to
f6iae, Chicago going to 77a @777sc. Long
wheat came out step-loss and short-selling
was renewed the fact that wheat is down
S@9c from high points when the downturn
began having no effect, the shorts pressing 1t
hard as ever, even after the big decline. Liver5
pool was 5s@7sd lower to open, and 1a@Ad
OFF in the later cables. Antwerp was IS al Nc
lower Paris 1a@1c and Berlin &c lower. The
quantity on passage, at 46, 1854, 900 bu increased
632 COO Blu for the week. Minneapolis stocks.
with 100000 bu increase for two days, are pill
ing up at the rate of i 200 600 bu week and
now total 16450, 900 bu, with, 1880 600 bu i'll
sight for Saturday next if the present rate of
accumulation continues tlruout. With 467 cars
1 In today against 500 a year ago and the days
posted -four shipments looking little better at;
80, 175 barrels it is possible that this increase
may not be realized. The bears are figuring
upon big run. however, until the wheat that
/ is being shipped to avoid North Dakota tax as
lsessment has all been moved out, and the more
persistent bears are talking 90, 100000 bu for
the total stock here before the permanent de-.
crease sets In. This may Still there is
some danger In following the bear predictions
too far. The market players for decline have
had long continued and very successful time
of it. and while preDonderant sentiment still
fayors their side and 10 one apparently has the
courage to be bull, the bears are flushed with
success and may be little too sanguine with
reference bigger stocks to come.
In the later news, not powerful enough to help
the market much but we'll worth watching new
,ertheless, for it is when wheat is weakest and
most depressed that bull influences that have
their effect later born. One Of the local
-four mills reported business pending with only
LA slight difference In price on patents for Lon
don. The sale of little flour for export
would be important. Then Duluth reported 80
/ loads Manitoba wheat sold for later shipment
/ on the decline. The southwest showed only
d. 600 bu in at Kansas City compared with
he Ionic OriS
and $4,000. Duluth got As cars against IL
and Chicago 16 against 40. In the worlds
shipments America showed 3.0SS. 900 bu which,
+ while not what 1t should be, nevertheless
fairly favorable compared with the movement
from competing countries. As to the winter
i wheat crop the reports for the season could
scarcely be more favorable except for western
/ Kansas, always more or less doubtful, where it
is a little too dry. A general view Of the
| situation. in short presents feature upon
which to base argument for an advance in
price and wheat may go even lower. Some
signs are appearing, however, that make 1T
look like good time to get away from extreme
beartshness and wait for the market to shape
itself. 1t would not take much in the way Of
!, genuine crop damage legitimate. export news
& to check the decline. -'
Following the Watson summary Of Saturday.
I'm which stocks back in the country were put
at 213.oOO, 900 Blu. two other estimates came
out today. B. ". Snow puts the quantity in
farmers hands at 10000, 600 bu and Nicollet of
the Kansas City Star makes it 1876, 900, 900. The
WATSON estimate lncluOeS wheat IN country ele-
vators well unsold by farmers, while the
other estimates understood to cover the
I holdings of farmers only. On Saturday next the
official government figures will be issued.
Primary receipts. 637 900 bu against 739, 900
last year; clearances, ia 900 bu.
The visible increased by 3s1. 900 hu, something
less than expected. This helped the market a
i little. The total is now Al, 2S3. 900 bu
Armour had cable from Argentine reducing
the evportable surplus of wheat to IS, 900, 900 bu
Tie cale was also bullish corn.
BrtomEalls Argentine correspondent cabled
that the corr crop is too far advanced to be
damaged by drought. Harvesting has commenced
in the NORTH Estimates of the exportable sur.
plus cannot be relied upon before Smelling. Gen.
e,al opinion makes exportable surplus 100000.
900 BIZ. &c.,. - .-s,se- :
New York wired: eve hear Of ~ loads OF
wheat taken for export, including last Satur.
I dnps