The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-05-07
Wheat Strengthened on 1.-THE
Valley Needs Dry Weather
to Finish. s
Prospective Settlement of the
Lake Strike Has Oppo- !.
site Effect. -"><.- =. .~..
Visible Supply Makes a Liberal
Decrease-News of the
Trade.

Minneapolis Chamber Of Commerce. May T.
Chicago May wheat advanced again in todays
early market and held up all options. Traders
were afraid to follow, fearing quick setback.
1t is probable that there is an outstanding short
interest in May large enough to make the shorts
nervous. yet it is really hard to estimate as to
Importance. What the traders fear Is that some
day, when the last Of 1t is covered, May Will
general market. Still it is an uncertainty.
Something of the possibility Of the situation was
shown today ID a rise to s17sc for Chicago May
and reaction to 79%c by II o'clock. The
buying or selling of only $4,000 bu might
make that much OF difference, narrow is
the May option. Chicago July affected
enough to make the figures 79ss @79Ac give way
to 1870. Minneapolis was steadier, the range
in May being 1850 to ITO, and in July 1850 to
7s%c.
- The weather Is turning better Low tempera
lures giving way and for tonight general
rise is predicted. Omaha had rain this morning
- The local decrease for two days is about 225,
0eo bu, wheat coming out Of elevators every day.
+ Receipts here were 214 cars against 152. and
: fairly good cash demand was reported at Ia
1Ac over July fox No. northern. Comparisons
, elsewhere were 20 cars and for Duluth, and
2 for Chicago, 2O8 and Sc for Winnipeg, ID, OOO
and 1900 Blu for st. Louis and $4,000 and
$4,000 for Kansas City.
T. The regular Monday statistics were not espe-
ciaIly significant. Worlds shipments were about
a standod all around, the total of 10, 672, 900
comparing with 100000 a week ago and TO-
944.000 year ago. The quantity afoat for
!, Europe increased by 24s,oOo blu. making the
{ total 81, e4s, 600. Stocks at Fort William and
+ Port Arthur fell off sharply last week. 1881 1881
blu being loaded out for eastern lake shipment.
This leaves 445s,s4 Blu in store there, against
! 607e $50 year ago at this date.
D. Primary receipts Sa4, 900 bu compared with
18s.ooo year ago. Wheat and -four clearances
$4,000 bU.
The weather at an influence for
strength Snow was falling at Mnyville and
+ COTnStOck his had 1riD
temperatures. There snow furries all morn
ing at Grand Forks, and 1t cold at Fergus
Falls This is not the kind Of weather needed
in the valley. It is already too wet and back
ward
Broomhall cabled: Liverpool wheat quiet,
unchanged at opening Undertone was steady
owing to further decrease in local stocks This,
together with the strength in America Satur-
kday, caused some shorts to and prices
gained Nd. Some realizing occurred on less &C.
tive demand for cargoes Corn quiet and un-
changed at opening. Later the market steadied
1s@Ad on light American shipments. Under
tone firm. The Argentine estimate is being grad
ually discounted. The Argentine crop of corn is
officially estimated at 10000, 900 bu against
131, 1000 last year. The present condition of
grain is fine
The strengthening effect of the bad weather
was offset by the later rumor Of settlement Of
the lake strike. It is thought some announce
ndent of resumption Of work by the dsaffected
men will come later. Should the strike cease
it would be hearish in wheat as Duluth would
again be in position to send cargoes to Chicago
for May delivery.
sc. F. Eve Of the Van Dusen- Harrington COM
pany. back from the southwest, says Indications
are that eleva tor companies will be receiving new
red wheat in Oklahoma by June 90 The general
crop outlook is favorable. bearing out in the
main the good reports that have peen heard from
time to time. Texas is early and has good
crop. with the usual ante harvest uncertainty
attending it this year. but everything now to
indicate that 1t will be gathered in all right.