The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-10
Sells Up from 75c to 1880 and
Settles Back to 1870 at
the Close.
Reserves of 100000 Blu Are
$4,000, 600 Blu More Than
Year Ago.
Ordinarily Bearish Yet Bullish
Because Less Than Was
Expected.

/ Minneapolis Chamber Of Commerce, March TO-
Valentine appeared in the Chicago pit soon
latter the opening today and did more business
lin wheat than for long time. There was
Aalready shade of frmness in the market, for
Australia had shipped only $4,000 bushels for
1.-THE week, compared with 1,S56.OO0 In the week
preceding and 1952,OOo year ago. This cut
ting down of the movement from source at
present Of Importance caused Liverpool to hold
sup well, and cables were I'D lower, or not at
saH weak our decline of yesterday might
shave warranted. When Valentine began to buy
lit looked as tho an upturn of cent at least
WAS to be expected. At the same time Wood
worth bought in the local pit. But the buy
:ers went at it rather gingerly, and, altho
land also dipped in and flrmed up corn by buy
ling considerable, the market fell on again.
minneapolis May sold to 751ac, but the buying
was more than offset by selling and little was
k1eft over to sell, Lake, Brown and watson
soffering most of 1t. Minneapolis May soon
to tine 9 down rom se to
IThen, having tested the market, and having
Hound that they could not lift 1t except by
purchases of big quantity, the buyers ceased
their operations and it was any mans market
latter that The fact that 1t was Saturday
land that shorts would naturally want to cover
mp and take in their profits over Sunday made
1.-THE other hand, the government report of farm
reserves on March /, to issue from Washington
at noon, was due here around IL o'clock, and,
pending its receipt it was all guess as to
ago the report showed III 900 900 bushels ct the
crop of the before still on hand, or
per cent, and oats, BAT, 100000 bushels, 1873
Eper cent. p,
Shortly after II o'clock the long-debated hg-
Ga5es appeared; Wheat ca was shown to be 49, 1873
/ 900 bushels, or 1913 per cent corn, LOS
100000, or 40 per cent, and oats $40, 900, 900,
| or 1913 per cent. The Interpretation OF the
! wheat figures was bullish and the effect i'm
l mediate. The market jumped to 1880 TO,
May, and Chicago May went up quickly also.
There was rush Of scared shorts to cover.
Later the market fell again and closed at
i 1890 for Minneapolis
/ Some Of the Chicago traders feel that this
government report will mark the elimination
of the bear market. Others here do not share
the view. There is much more wheat than a
IEyear ago, but less than had been expected tt
IIshow in the report There are prices very
much lower than year ago. If we do not
ang there will be big load to carry over into
July. At the same time there has been de
slime enough to Offset many bearish things
HIT ts in short, rather hard to get definite line
us too unsettled. The wheat is piling In
and the bearish things are still here. In an
other week possibly it will be clearer. By
Monday the trade will have had time to digest
1.-THE government report, and every man viii
have figured out for himself about where we
stand with reference to the quantity left ovel
tto export. One good thing about it for the
Ebulsais that the great uncertainty Is out OF
lthesway. They may not be able to bull wheat
right saway. but they certainly, could never
come and no one knew how it would run
TIT may be that statistically the most bearisi
things have been heard on wheat for this year
EIf So the winter wheat crop will tell tn,
story
Broomhall estimates worlds shipments 70
Monday at 10000, 900 bushels and looks for
Ssmal1 increase in the quantity passage.
1 Ciearances $4,000 bushels, wheat ant
Hour,
Primary receipts, 42s,ooo bushels, agains
ABS6,e00 last year.
II The local increase ran above the estimat
Eof yesterday by little, and Minneapolis eleva
ttor stocks gained 915.411 bushels. This make
sthe5stotal 1696999s bushels, of which almos
S11,sro,O0O bushels, or, to be exact, 10955 20
bushels, is contract wheat.
Il Receipts here were 2e4 cars, against 237
Vat Duluth 80 against IS, and in Chicago I
against 81. Winnipeg had 1874 cars agains
5ao3.