The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-12
The Week Opens with the News
Somewhat Less Bearish
Than Expected.
Shorts Buy in and Prices Advance
Cables Come in
Stronger.
Stocks Continue Increasing Here
and Are Now Above
100000 Blu.

Minneapolis Chamber OF Commerce, March IL.
s--Firmness developed in wheat as the week
opened. Worlds shipments We're not heavy,
and the markets abroad were stronger, Liver
pool ed higher, Paris Il up, and Antwerp
steady and unchanged at the advance OF last
week, The Argentine figures, at 1892 600 bush
els, were big, but Russia and the Danube
shipped moderately, and in-the total Of 9,0S6,OO0
bushels from all contributing countries there
was nothing to depress Europe. The quantity
afoat,S at 47,064, 600 bushels, showed another
increase, but the gain was somewhat less than
expected, or $4,000 bushels Traders who
had watched the wheat pile up here and In
crease in the visible. but Buffalo stocks de-
creased 1,2O6, 900 bushels, which was about an
offset to the gain in the northwest, and so
1t was seen that no big visible increase was
likely after all. Winnipeg prices were up
about &c, and this was assumed to indicate
something a little better in the Manitoba ex.
here We're in effect that there was no I'm
provement, but the early Winnipeg strength
had some effect nevertheless. When 1t came
to consideration of the situation bearing upon
the supply, it could not be seen. that there
was much of bullish import, even tho the re-
ports, based on figures up to Saturday last,
might be favorable to strength, TOR the local local
elevator stocks still increasing, and. with
100000 bushels gain since Saturdays report
are now above the II 600, O0obushel mark
RECEIPTS sS4
Duluth got Al against %; Chicago against 49,
Winnipeg's comparison was 70 cars and o.
st. Louis showed 46,OOO DuShelS ana oS,OOu, anu
Kansas City $4,000 and $4,000. Stocks Of
wheat at Fort William and Port Arthur are
now 7.2s4,945 bushels, an increase of Ale, 400
bushels for the week. year ago the total
was 5s37 ,105. ~. r-:-a ",.. 49,
C1earances for the day 169,746 bu Of
wheat and 2o,2ss brls of -four equal to about
$50, 900 bu in ALL Primary receipts, 6s5, 900
bu, against 656.OoO.
N Cash wheat was salabe at May price for
good No. northern and there was a salts
factory demand. No. 2 brought 11a@2c under
May. Z. 81. -. .. - ~. -.@@
The forecast is for snow iurries and slowly
rising tempera lures There heavy precipi-
tation the winter wheat states, points In
northern Missouri reporting six inches and
Peoria making the fall in that vicinity average
about four inches. Terre Haute reported a very
heavy fall for that part of the country, or
ten to eleven inches.
Thornton, of the Duluth Commercial, says:
1.-THE government report, showing farm reserves
Of wheat at 15S0000O0 bu can be construed
a vindication of Jones' The government $
estimate last fall showed a crop Of 500, 900 ,O0C
bu; the Jones Inglis estimate was 625.ooo, 900.
AS showed the other day, the Jones figures
issued last Saturday meant 1888, 600, 600 blu on
! the farm. Now the government comes along
= and says that they 5000, 900 bu less, leav-
ing matter of $1,000, 900 bu to be accounted
for by the washington statistic1ans. What. has
become OF it? Is it possible that the country
4 has eaten more government wheat than Jones
wheat?"
With reference to the Jones report and the
government figures, Watsons offices said to-
e day: We think the government IS ABOUT r1Sn'
on the farm wheat reserves at 15S,OO0, OOO bu
as that agrees closely with estimated 213,
3 100000 reserves farms and Fin other posi-
tions back of terminal. markets: We assume
that wheat stocks in country elevators, mills
and in transit to terminal markets are close
to 81 900. COO bu. On the basis Of Its estimate
of yield at Cos. OOo, 900 bu, the government hal
IS co, 100000 bu back Of terminal markets tina
# does not account for. IT'S estimate of yielt
in December was 6s, 900 900 bu more than Jone
made it four months earlier, in August. Thu
wheat not in the visible must be either con
sumed. exported in farm hands between
e the farm and terminal markets. We estima tt
the amount between farms and terminals a
$1,000, 900 blu. The government crop esdmat
would call for 121 600, 600 bu. and the basi
of tie Jones estimate of yield at 625 900 0O
the amount would be 53,O00,OO0. If there
approximately 81 ,OOo, 900 bu between farm an
terminal, the government crop estimate wa
10000 900 bu too high and Jones' was 100000
too low, allowing $4,000, 900 old wheat to b
brought over July 1, 1908. The government
farm reserve showing insures for July next
allowing 5000, 900 to TO- 600 600 a month 70
expoft-the largest caEryover for many years
The. Missouri March report Of the wheat cor
dition is 81. December condition was 80
last April, 81; June, 81, and the crop las
year 30 O0o, 600. ---~@=-s->- ,sIs'sr----r .-
The weather map shows it very cold in Car
ada, 8 below in North Dakota. 4 above
South Dakota, to above i'm Nebraska, 8
above in Kansas, 10 above in Oklahoma, wit
light SHOWS in Kansas. Nebraska and Missouri
= fair to heavy in Illinois Indiana and Ohio.