The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-01-05
After a Fairly Promising Start
Prices Fall Off on Con-
tinued Selling. \
Minneapolis and Duluth Will
Gain About 1900, 900 Blu
Wheat This Week.
Foreign News Rather Mixed, with
Nothing Very Bullish
in It.

Minneapolis Chamber Of Commerce, Jan. o.
Wheat came down this morning about as fast as
1t had gone up in the two days preceding.
The bulls made a try at holding 1t ut hrst. put
the tone became so weak that they were finally
compelled to let the market go. minneapolis
May sold down from s69sc to, s5M @s5Ac, and
was checked. and Chicago May, on decline from
S9@S9hc was checked at SS1s @SSAc. Trad
ers thought these the low points and were pre-
pared for au upturn, but they We're not iow'
Stop-loss orders came out and further 1rac-
tional declines We're made. Receipts here were
flight, only 25s cars, compared with 2so year
ago, and cash demand was better, both mills
and elevators buying at 2Mc under May Tor
No i northern. 1t looked at first like pretty
fair chance for the market to hold, but once
selling began it slid down easily. The local
increase for the week promises ], 100000 bu,
and with Duluth figured in with gain Of 400,
600, there is an accumulation of 100000 bu i'll
visible stocks in the northwest. This does not
argue for any immediate scarcity of wheat and
In fact the trade is wondering whether the bur-
den will not soon be heavy one. The Min.
neapolis elevators are carrying larger total
of grain than for some time. the total running
to 2s.OOO,OOO bu, Of which 10000 600 blu Is
wheat. There is storage capacity here for
&C. 595, 600, and 1t begins to look like business
for everyone. If stocks of wheat continue pill
ing up at the present rate for a few more
weeks and the gain In coarse grains is contin-
ued, the elevator capacity will soon be utilized
very close to maximum capacity.
Foreign news was again conflicting, the Ar
gentine reports making the situation little
more favorable, but european markers nnulnS
lack Of offerings of Argentine wheat. Ant
wsrp was up &c and Liverpool 1s@Ad higher
Montreal sent reports Of better foreign inquiry,
and sales Of wheat for May and June delivery
and New York said foreigners were buying
wheat there
Primary receipts we're 81 900 bu against
$4,000; clearances, 3S1 900 bu
Duluth received 66 against 46. Chicago IA
against 80. Winnipeg 149 against rs, Kansas
City had $4,000 bu compared with Al 900 and
st. Louis 81 900 compared with %, 900.
The Modern Miller says rain or snow has
been general thruout the principal winter whea t
region the sections where moisture has been
, most lacking being especially favored. No dam
age to the present condition Of consequence is
reported from any cause and general crop pros
poets continue excellent.
Broomhalls weekly Argentine cable says the
wheat market is weak with a poor demand.
Arrivals from the interior small and quality
satisfactory. Notwithstanding the unsettled
weather. the harvest is progressing satisfactorily
The corn market is steady with quiet demand.
Arrivals from the interior are small and quality
satisfactory. Corn crop is making excellent
progress.
a. r. Grove Of the Northern Elevator COM
pany Of Winnipeg, says: $50 far there has been
little export buying of wheat for spring ship
ment after lake navigation opens. Considerable
amounts are going forward, however, all rail
/ suppose there about 20, 600, 900 bu wheat
back in farmers hands above seed requirements
and about 20,OO0.OO0 at country storage points
the bulk Of which will be available for export
In the spring. I look for an increase of 10 pei
centaand possibly Is per cent in the area sowr
to wheat in Manitoba and the Northwest Terri
tories next spring.