The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-01-31
IL LIZ ~ 0O4SS -
The Market Opens Firm but Meets
Heavy Selling and Prices
Soon Weaken.
Good Local Demand for Cash
Wheat the Main Influence
for Strength.
Stocks Stand Stationary at
100000 Blu Increase for
-Four Days.

Minneapolis Chamber of Commerce, Jan. 81
The cold weather TINT wheat traders haa 1eareu
failed to materialize last night and advlces
from the southwest showed that In no locallties
ter wheat seriously. Cables We're also easy ana
European market dull and Indifferent. Receipts
In the northwest were again notlceably III eA-
cess of year ago, 253 cars In Minneapolis
against 2SS, and 141 against 46 in Duluth. or IN
both markets 80 cars over, or 39f compared Win
1884, The prospect of freeze In the southwest
appeared more remote. The prediction Is 1or
fair and cooler weather tonight and Thursday
for Minnesota and the Dakotas and fair tonight
and warmer Thursday for Illinois, Wisconsin,,
Missouri. Iowa and Nebraska Kansas and the
states farther south have Favorable outlook.
The winter wheat IS indeed quite bare in many
important centers Of production, and good
hard freeze coming along might easily put the
pits into commotion and change the general as
pect of all around At present. how
ever, there is no sign Of it, and indications, on
the contrary, are favorable. The main support
Of the market here and everywhere Is the cash
demand in Minneapolis. No. 1 northern has sold
up closer to May, going again today at lie
under, and the low grades have been moving up
closer to No. 1. some No. selling today at 11ac
under the No. l. altho the general going figure
was Sc under. Not only have the receipts been
moderate Of late, but there has been relatively
small amount Of Nos and in the daily runs.
This operated to strengthen these lower grades
and helped the cash market generally. Another
influence for strength has been the knowledge
that much of the wheat coming in is from
country storage. and that increases in stocks
here have been largely offset by decreases in the
Invisible supply. Today. for the first time In
weeks. there gain in local elevator stocks.
the increase for four days standing the same as
for three days, or 100000 bu. Minneapolis was.
conditions alone prices might easily have held
up, and further advances might even have been
scored. But the outside was weak and bearlsh
and the local bulls found it very hard to keep
the market from sagging Off. Minneapolis May
was $3.50 early, but after II o'clock 1t fell off
on flee selling to $3.50, Chicago May going
meanwhile from S5Ac to S4Mc.
Chicago had in today against Z. Win
nipeg got 81 against 70. Kansas City received
$1,000 bu compared with $1,000, and st. Louis
$4,000 against $4,000
Liverpool ia lower to close. Bids for
Manitoba wheat for export, in New York, were
1c lower. In the local pit Watson was seller
and In Chicago both Cudahy and Friedman were
sellers. The export business light but
good clearances Of coarse grains again appeared
The country IS getting rid of it's exportable
coarse grain surplus in fine style, Baltimore,
New Orleans and Galveston combined reporting
corn clearances Of 1884, 900 bu.
By 1 o'clock the market off to SIC for
Minneapolis May and S4Ac for Chicago The
spread between Chicago and Minneapolis con-
tinues to narrow.
Primary receipts were 900 bu compared
with 81 900 week ago. 413, 900 year ago and
$4,000 two years ago today. CIearances of
$4,000
The Armour people say they are not interested
in the wheat market and any true story regard
Ing their trading from Hot Springs or any other
place is not true. Valentine is in the south but
not within 900 miles of Hot Springs.