The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-01-23
Yesterdays Prediction of a. Gun
ming for Long Wheat
Fully Borne Out.
Minneapolis May Goes to Sac,
Closing Weak and at the
Low Point.
Speculative Situation Now Pre-
dominant; Commercial
Items Ignored.

Minneapolis Chamber of Commerce, Jan. 23.-
Wheat went down quickly this morning after
starting off firm. May was S51sc on the curb,
but by IL O'Clock the bulls were fighting to hold
it at S41ac. The Minneapolis story OF yester-
day of the bears out cunning for long wheat
excited much interest and was the subject OF
general discussion In Chicago, that market show
ing the greatest weakness and falling to S61ac
when Minneapolis was holding around 81 Nc
Some Of the pit crowd were buyers at this point
the ctation that the market would turn
about later and close firm, as 1t has done on
several occasions of late after showing early
weakness, but the wheat kept coming out, and
it was no easy matter to rally it. The wire
service being still badly crippled not much
news came thru, and the early guide on Liver
pool Montreal message making 1t steady
and unchanged. The visible figures, delayed from
yesterday, showed an increase of 1,94l GOO bu
in wheat, making the total 4S,964 600 This was
the cause of some selling in Chicago, while
Minneapolis holders loosened up a little When
they saw. 475OOO bu in the local increase for
three days. The bulls were looking for some
falling off in receipts to follow the storms, and
this will probably come later. For today there
was less wheat than year ago, or 225 cars
compared with 259, but the loss here was offset
by 140 against "A in Duluth. nor. do the COMPARE
really mean much just now, for there
z is plenty Of wheat in sight here. Chicago got
so cars against 43, Winnipeg 155 against 1885,
The cash demand was pronounced good by d
ma jority of sellers, and exc under May re-
manned the figure for No. l northern, but the
q
indicating that the present rate of increase in
local elevator stocks is likely to be maintained.
Primary receipts SOS, 900 bu, compared with
433, COO year ago. ~
The weather map shows scattered SHOWS Ill
the northwest, with temperatures colder in Can
2 ada, higher in Dakotas and Minnesota warmer If
d west and southwest, with more snow in Missouri,
=. Illinois and Ohio valley.
Traders We're again without wire service east
= and all the private wire houses were without
Tres today. What little news filtered thru
: came by very roundabout way. Prices con-
ttnue heavy to the close, but were holding up
better than the Chicago market; For three
days Minneapolis shipped 65650 bu of wheat and
II, 35S brls of -four s.~'
!: a. G.. Chambers has a message from Pringle
late in the session that was much less hopeful
as to maintenance of prices than former adj
vices. and it stated that in Chicago sentiment
generally has turned bearish.
h Bradstreet's report says: Wheat east of the
= Rockies increased 100000 bu European stocks
decreased 100, 600 bu: worlds stocks increased
100000 bu; corn in United States Increased
1925, coo blu; oats decreased 25sOo0 bu.
A letter of Jan. II from Antwerp to Slaughter
says: The wheat market is frIner and demand
improving. Cables efrom the River Platte re-
port heavy rains which delay the movement OF
the crop. but in spite of this news there are
plenty of offers in the market also from verr
conservative Sellers Slaughter has the folloMs
ing from Odessa, under date of Jan. 2: "Our
present stocks of wheat about 1000 900 bu,
of which 1900, 900 bu will be used by our mills
until March. and by that ting receipts of about
100000 bu are expected 5.s-