The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-19
The Tone Better at the Close, and
Minneapolis May Back
Up to 81ssc.
Many Bearish Things Come to
Hand in the News of
the Day.
IF ANY Export Business Develops
the Decline Will Probably
Cease.

Minneapolis Chamber Of Commerce. Feb. "
The third day of declining wheat sent Mlnnea-
polls May into the eighties, and predictions maue
a month or more ago came good. The pears
found soft market ready for them, after the
Sunday waiting, for the week opened with sev-
eral bsarish things in sight, notably large world
shipments and increase of 4,SI2.0OO bu IN
the amount ON passage, which total Is now. a.
& 04S. 900 blu. Local stocks also stood up, "itn III
increase for two days of 10000 bu, ana Liver
pool soft and Il to SD lower. Mlnneapons
May opened at S1aac and went to sO7sc aud Chi
cage hay started at s27s to SIC and sold down
to Sane. Receipts were not excessive. YET mere
was plenty of wheat, 557 cars compared with
5S7 in Minneapolis, SO against 80 In Duluth ana
10 and IL In Chicago. Comparisons elsewhere
were 120 cars and Is at Winnipeg, 4o,ooo o Oa
and Al 600 at Kansas City and So, 600 and 10000
blu at St. Louis. Local cash demand was fair,
! and the mills bought the good wheat the early
price bases being 14c under May Tor no.
northern and 1% to &c under for No. northern.
Spot on to arrive, still meets the same prices.
] The trade watched for export business on the
decline and looked for something in -FOUR but 10
noon the millers had nothing to report. Patents,
however, we're down 10 cents. St.. Louis did
some business, amounting to $4,000 bu In hard
winter wheat. Toronto was sounded for prob
/ porters replied that nothing had been done and
that bids in hand to open the week were l to
115c out of line. With the decline in wheat later
5 it Is possible some Canadian business may have
been done, either in wheat or -four that will
show up tomorrow, but men who keep COMPARE
tive prices In mind thru the fluctuations OF the
day were inclined TO CnlOk lneFe was lo OppoI
tunity to do anything altho if our market should
now settle around the lower level and Europe
come up little our exporters and the European
buyers might come together. Any good export
business coming to light would in all probability
put immediate check upon the decline. The
fact. however, that the stocks afoat increased sc
: heavily last week. and that Russia. Argentine
the Danube ports and Australia together sent on
$3.50, 900 bu will doubt operate against sales
from our side, as European Importers seeing 81
liberal a supply coming along. will be less an
! xtous to start business unless it looks very
profitable.
At Fort William and Port Arthur stocks OF
wheat Increased last week by 426, 45S, making
the total now in store there 5,S91, s37 bu com
pared with o,soe GAS year ago, but the Peavey
fire at Duluth took than this out Of the
visible and. there is really less wheat available
for shipment when navigation opens, on Lake
II Superior. than there a week ago.
An Antwerp cable reported Argentine offerins
e3-lb wheat equal to S9Ac c ! Antwerp. This
is equal to 7s1ac track New York, 7eAc f Q
+. gulf, 70c track Kansas City Tic 0 Chi
e2go.