The Minneapolis journal., 1906-05-11
= Z
Prices Run Up Quickly Shorts
Sin Minneapolis July Driven
to Cover.
Chicago May Wheat the Cause OF
It-A Situation Full Of
Uncertainty.
Modern Miller Notes Less Favor
able Conditions in Winter
Wheat.
~ =. : - .N,. AZ

Minneapolis Chamber Of Commerce. May IL
with the government report out Of the way
interest in wheat fell back again INTO tue MA!
situation in Chicago That market was up 10
500 nv II o'clock. Minneapolis May was SoSSc.
IuIv Sic and September 7sH@TSssc, and all
options looked strong and higher. 1t appears 10
be question of how the shorts IN Chlcago may
are going to get out Of It.. Wheat Is moving
to Chicago from Duluth and wneat Is .eins Deins
loaded out here and shipped with the suspicion
that it is headed for Chicago following 1t. II
has been something of hunch here to Sell NM
ueapolis July and buy September, on the theory
that there being plenty OF wheat IN store nese s
no squeeze In July would be likely, and that
September was low enough on general pr1nci.
pies But the situation has changed. IL Wheat
IL to go from the northwest IN any CONSIDER
able quantity, to satisfy Chicago May require
ments then q short commitment In Minneapolis
July may not be such a cinch after all. Take
todsy's local figures FOR example. The mills
/. shipped 81 ,Ss1 brls -four and shipments foi
several days have been between $4,000 ana
90 600 barrels Yet receipts OF wheat have
besn extremely light and again today only 69
cars came in Against such comparatively 1nsig-
ntfcart receipts the elevators loaded out TIC
cars. Naturally there Is nothing possible but
decrease. which is estimated for the week at
| $50 900 bu, and would surprise one II II
ran close to 1,o0O, 900. The sposition OF the
3shask In Minneapolis July becomes rather uncer.
fHstn. Thaae is plenty Of wheat in the country,
Sand plenty more promised in the good crop sit
.olis July are up against an old crop supply
pzopositton solely, and It naturally makes them
EAsxvous b see any Minneapolis wheat getting
Fazzay from here. Moreover, IN the event o,
senyShing developing serious enough to make the
E5uly wheat wanted, buying hedge In September
kyouh not necessarily insure protection for q
s5u1y short, for these options might easily spread
fout wide. such anticipation may seem like
sboasowtng trouble. bat 1t is the line OF thought
the July shorts botherins their heads owe,
s5ust now. Let the Chicago situation ease of
t3et It once become clear that Chicago May Il
bcleaned UP, and. with good crop news and suf
EAcient selling pressure, wheat might break sey
!eral cents, but white present conditions h0ad NJ
soombinat4on of bears can put 1t down. Tht
.cuncertainty Is in the Chicago situation wiict
;;snight change over night. The closing up of th'
:tpcomise, would psobably be the signal for &
general onslaught upon the market. ~. ~
Primary receipts 10000 bu against 1o1 600
Receipts here SO cars against Is. Other com
fpayisons were Duluth 30 and 6, Chicago and 6
Winnipeg 1856 and 81, Kansas City $4,000 bu and
$4,000, St. Louis 1000 and 1900.
Argentine shipments for the week were 9.104,
900 bu against 3,21e,o0o last week and $500,
In the local pit Woodwork sold about 100000
bu. Sowle bought 200. .0C0 and Kenkel about
200, ,oe0. =Whallon bought July and Watson sold
Cash demand was good at 175@2c over Jul!
for No. 1 northern.
Clearances, 100000 bu. {
Kansas City wired: -'Discouraging report
coming from Kansas putting this wheat up
The reports, however are coming from SOM
counties in western and northwest parts tina
have been furnishing bad news for two months
Nobody expected much wheat from those sec
tions, but the reports are more numerous the las
two days.
The Modern Miller says, Reports that dr.,
weather is unfavorably affecting winter, whea
conditions are being received but are few an,
scattered, except In northern Missouri: Drough
has been generally prevalent for several week
In that locality, and the wheat crop is suf
fering seriously from the lack Of moisture. 9th
erw1se nothing especially unfavorable in regar,
to the condition Of the crop is reported bu
there ,@is need of rain over most of the winte
wheat belt