The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-06
Depressed at First and Very Dull,
the Market Livens Up
Later.
Rearish, News Still Predominant,
but Bears Not Quite so
Brave.
Winter Wheat Receives More
Moisture in Nearly Every
State.

minneapolis Chamber of Commerce, March O.
Wheat dull, atho slightly frmer at the
opening, for Liverpool I'D higher for flu 7
lures and this helped little. Trade very |
light, confined principally to small lots and with
out important significance either way in the |
local pit. In st. Louis the buying side was
more in the view, for Mliken, big trader |
took some good lots and big quantity in all
This said by st. Louis observers to be GOV
ering of short wheat. Chicago still had the
selling fever. and northwestern houses, also
Wrenn and Peavey brokers, sold both May and 70
July wheat the hard spots st. Louis re-
ported the Koeher flour mills closed Oh account
of dull business. Locally there was no change
!; in the milling situation. Comparisons are being
made with last year. and the fact that Mime
apclis May at nc is 37Ac under a year ago
! and Chicago May is at about the same differ
! ence, has prompted some recent speculative buy
i ing. In itself this is poor guide. Wheat at
,77c is high low according to conditions pres
tent and prospective at the time, regardless of
] what may have been the situation year ago.
! Still this great difference In price has made
! wheat look cheap to many. and should the mar
J ket settle down and show any good sign or
having struck low point there would be much
speculative buying. Many believers i'll wheat at
! TIC be found who would not hesitate to
i buy it at that price for a long pull. but they
do not buy it because they feel that speculative
conditions are favorable to still lower points be-
fore permanent recovery. The mind of the trade
j is bearish and there known to be some east
ern long lines still held at loss that might go
4 overheard at any time. This might send 1t
lower, whether 1t ought really to go lower or
4 not. 1t is question Of determining when
bottom has been reached. Some day wheat will
be a good buy. The bulls say it is buy right,
now merit, but the more conservative bulls
feel that it will not have reached bottom until
stocks cease piling up here. and until some
b persistent holders of long wheat still carrying
good lines forced to let it go.
The ratio of increase shown in the gain of
100000 Blu in local elevator stocks for two days
was maintained and for three days the gain IS
100000 bu. The movement was comparatively
heavier than yesterday. 253 cars coming In here
i against 245. and - against 10 at Duluth Other
comparisons were II and % in Chicago. 297
and 1873 in Winnipeg, 10000 bu and 5000 for
iSt Louis and 81 Goo and $1,000 for Kansas City.
The winter wheat got another wetting down.
The heaviest precipitation reported at Cres-
ton. Neb., where almost four inches of snow
had fallen, and 1t was still coming down at 8
am There was snow also in northeastern han-
sas. and that state, altho still little dry In
the western part has enough moisture in gen
eral to make the crop outlook favorable. Texas
and Oklahoma had rains, and there was rain
orr snow In Nebraska Missouri, Iowa and I'LL
nois Rising temperatures are predicted FOR
the northwest.
Primary receipts 432, 900 bu against 4o4 ,o00
clearances wheat and -four $4,000 blu. Brad
streets estimate of the change for the week In
the worlds visible supply is for an increase of
z, 391 COO bu.
date of Feb %: Flour market here is in bad
way. The American stuff shipped in September,
October and November has come in bunch and
the buyers have big loss in it. When it should
have been here English millers cutting
prices and filling up the trade. At present
there is sale for -four at any price. Old
dealers say it is the worst outlook in ten years.
The wheat market is also bad. Argentine wheat
will be here and then. should America offer
any wheat there would be sharp break Amer
lea has waited too long, If it has surplus
that must be Sold If good surplus is carried
over it that prices will go to an inter
national basis in America next fall. unless there
is short crop
Government snow map taken at I pm last
night shows from trace to 1 inch over the
southern lake region. from to 10 inches i'll
northern tier of states and the eastern slope
of the Rockies far south as northern Texas
No along Missouri valley from Sioux City
south.
Broomhals foreign crop summary: United
Kingdou-Been moderate improvement in wealth
er. France. Hungary. Italy, Spain-Situatto1
unchanged. Observation-Disclosures mild, been heav!
rains giving some fears of damage. Rumania-
Conditions very favorable. Russia-Heavy rain
In. soath condition crops excellent arrivals a
ports rather larger Bulgaria. Turkey-Crol
conditions favorable.