The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-03
Cold Wave Prediction Sends
Them scrambling to Get in
Their Wheat.
Minneapolis May Touches 841sc
and Chicago May Rises, Both
Closing Strong.
Local Wheat Stocks Decrease
$4,000 Blu, Quite a Differ
ent Showing.

.>1;rnea,o,,s Chamber of Commerce, Feb a.
The cold wave flag put the bears 10 Tue nau
this morning and sent them to cover on flslns
market Minneapolis May wheat sold stralgnt
I'D without setback to SAC, or &c ABOVE tne
low point of yesterday, where 1t halted ana
hesitated while, but appeared very suong.
Chicago May, meanwhile, soid 10 5000 ,n ne
general outlook is for colder weather. Min
snesota and the Dakotas in for cold wave,
according to the prediction. This means nothing
In itself The question Is whether or not II
will extend far enough southwark to reach the
winter wheat fields Evidently good many
feared 1t would, for there was much nasty
taking In Of short lines. 1t being SATURDAY,
the shorts had to consider the uncertainty OF
a holiday and the possibility OF less tavo y.
able lineup in the southwest at the opening OF
the new week The forecast for Kansas was
for colder weather, with nothing particularly
alarming In that, but for Illinois and Missouri
to be an important price influence, could occur,
under severe cold-had~ more specific indica-
tions the Illinois schedule calling for much
colder weather on Sunday and the Missouri Tore
cast reading decidedly colder on Sunday after
noon -. 80 &
The local situation also helped the bulls for,
while the increase Of 72,154 bushels In elevator
stocks for the week was more than indicated IN
the estimate of yesterday, the report for one
day since showed decrease Of $4,000 bushels
Naturally, this started discussion as to whether
or not the turn has been made. Some think
top has been seen and that stocks wiz, at
most hold stationary for the present, with
the declining trend setting in very soon, and
that the 15,5o4, s15 bushels appearing in today's
report viii be practically the top on the crop
e., Others do not take this view, but are inclined
to look for larger receipts again next week ant
for a period of at least two weeks Of increases
before the dragging down process finally begins
For: today Minneapolis had 234 cars. compared
with zoe; Duluth ~ against "a; Chicago Il
against a. The Winnipeg comparison was 81
cars and 81; that Of st. Louis, $4,000 bushels
and SO, 900, and Kansas City's, $4,000 bushels
and $4,000.
Patten wired J. D. Fraser as follows: "Whilt
I do not believe an attempt should be made
to bull wheat at the present moment, l d.
not think there are earmarks Of strength II
thu market that should prevent one from sell
ing short. estimate that present local AM
Ohio valley milling demand for wheat will de
crease our stocks Of public and private elevato
wheat about 100000 bushels week. Witt
prices as strong they in Kansas Cit,
and Minneapolis, Chicago cannot look for an,
Increased receipts. With the present demand
for cash wheat here our stock should be takel
usually the crop-scarce months. The only bea
argument is the amount Of. wheat in Manitob.
TO be sold, and how much left in the north
west. 1t may develop next May that hav'
a surplus of wheat in this country for sale
and with fine prospects for winter wheat it ma!
sell lower, but do not believe at this pric
1t is wise In February and March to go shor
wheat ......-
Cash demand WAS exeellent. No northern
going at &c under May, and No. 2 northern a
202hc under. -
Primary receipts, AT 900 bushels, agains
S61 .O00.5 Clearances, sol 900 bushels.