The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-31
Six Million Blu Long May Wheat
Held by Eastern Bulls at a .
Big Loss. =
Will They Stand Pat or Will They
Sell It Out Before De-
livery Day?
All Crop Reports Favorable
Stocks Still Increasing
a. Little.

Minneapolis Chamber Of Commerce, March 81.
-on this the last day of March: the specula tive
than heretofore. 1t Is clear that the predomi.
nant feature lies in Chicago. There is no longer
any doubt about the Chicago holdings. There IS
at least 100000 bu May wheat held there by
eastern men, and the greater part of it is wheat
that was bought higher up, and losses Of several
cents a buShel appear In It, OF course, there
IL As much wheat short as there is long. The
Chicago bulls started the talk of a squeeze, that
is now heard so generally. and able to
show how, with contract stocks in Chicago very
light these holders had only to stand pat, and
the shorts would have to buy in to make good
on their deliveries and prices would rise. To
one who looks around the country and sees the
big stocks and the large proportion of contract
wheat in other markets.
absurd. STILL there is no denying that the
men who hold the wheat have money and they
might make the shorts very nervous for time.
Also they could take over their wheat and mer-
chandise it. This would be long time and ex-
pensive proposition 1t is hard to what great
thing would be accomplished by it. Prices might
be manipulated for the next fortnight suff-
GENTLY to allow the Chicago bulls to get from
under their load, but for any serious effort
to work about squeeze or corner in Chicago
there appears nothing but disaster. The price
Cage long lines of May, and with stocks stin in
creasing. primary receipts showing falling
off, winter wheat holding its stand and spring
opening in the northwest with high PROMISE new
countries still giving us a good competitive run
for foreign business. one wonders why Chicago
should be anxious to cash for and
put into store 100000 bu wheat at several
cents above prices at which 1t could now be
bought in the open market. 1t must be remem
bered that the strongest bull influence may be-
come a bear influence in its back action or when
overp1ayed- If these men going to take over
and pay for 100000 bu wheat it is great bull
feature, but, If they are not going to take it
ever, they will have to dispose Of it in some
+ wheat between May 1. and the probable
effect of such liquidation upon the market,
are considerations no Spectator can afford to
overlook. change for the in the new
crop outlook would materially alter the whole
situation. lut no such change appears, all the
news running favorable.
For the week the local elevator stocks in
L creased 81 1875 bu. making the total II, us
bu. For enc day since making up the report
the is bp Keee ht here TO-DAY
ago, and for other points the comparisons were
SIS follows: Duluth Al and 9, Chicago and
is. Winnipeg 13o and 1l5. st. Louis $4,000 bu
and s., 900. Kansas City $1,000 and $4,000.
Cash demand good and the premium lit
tie higher. No 1 northern selling at 1@1 Nc over
\ May No. . northern brought 1ac under May.
& Liverpool closed "a higher for wheat and
+ corn. Broomhall estimates that worlds ship
+ ments next Monday will run to $500, 900 bu. and
that there will be some increase IN the quantity
19GGO brls -four compared with 43 OC0 in the cor
+ responding week of last year.
b Australian shipments; 900 bu for
J. the week.
e. Primary receipts 46G, 900 bu against $4,000 a
! year ago. ClcaranceS wheat and flour for the
day equal to 100000 bu.
In the local pit Woodworth was about the big
! the buying side Washburn- Crosby com
! pany and kenkel and Hallet. Minneapolis was
weaker than Chicago and the difference between
the two markets wdened to lac. A few days
ago the difference &c.
H. The weather map showed clear over the, entire
/ west, northwest and southwest with tempera
lures seascnable general rains in eastern Mis-
souri,, southern Illinois and the Ohio valley. II
looks like moisture for the northwest in the next
/ thirty-six hours and general rise of tenn
peratures. The forecast reads: Minnesota. fail
tonight. unsettled Sunday night slowly rising
! temperatures. Illinois. Indiana, Michigan. Wis
consn, Missouri. Iowa, Nebraska. Kansas, fair
] warmer. pakotes. fair tonight, cloudy Sunday
& warmer