The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-02
Rising Temperatures Send It
Lower, but Short Covering
ss Moves It Back Again.
Local Stocks Will Stand Without
Important Change for the
Week.
Modern Miller Issues a Less Fa-
vorable Winter Wheat
Summary.

3 .s,nre.no,is Chamber of Commerce, Feb p
Rising temperatures were against the Prise ~
wheat today, and the market turned GOWN
ward for new low points. On previous aeclines
S2Mc was low for Minneapolis May, Dut To-Day
1t had reached S21ac by II o'clock chicago
MAY sold at Sac. Everything indicated warmer
weather and better conditions tor tne glo~ins
winter wheat and there was the promise OF
snow in the northwest. The European markets.
were soft, and Liverpool A@&d lower. 70
start with Locally the trade met the surprise
of a decrease Of 10000 bu over night IN eleva-
tor stocks, which practically wiped out the
gain and will leave the total unchanged Tor the
week unless there should be small increase VI
10 900 bu or So Receipts here were also light,
onlv XXI cars against 21S, and cash demand
was better than ever, the No. northern again
creeping up the May option and selling at
hc to 1c under, while No. northern weht
at ~ 62Ac under, Taking it all around, there
was no big bear news, and in Minneapolis the
outlook favored strength rather than decline.
But outside there was the same old story
no speculative interest, everybody afraid OF the
market and holders easily scared out In chi
&cago August Brosseau bought freely, and pit
! observer, who kept tab, wired Tracy mat
Brosseau took at least 100000 bu May, which
looked like new buying rather than covering.
Yet, with all this the market hung heavy as
i ever. This thing has been seen several times
before. Some trader>o Importance, seeing wheat
sat prices that look low, takes on big line, but
5dnstead of running the market up it serves only
Ito check it for the time. The only thing that
a'really puts it up is scare of the shorts. but
these successful players are getting confidence
= now that a half dozen advances have proved
to be only temporary, and they are less in
clined to That they will everyday them
selves eventually, get in too Deep too low down,
! and be driven to big rise, is entirely
: probable That is about what happens after
every long period Of sagging prices. But there
Is nothing in sight today to indicate 1t. The
talk is of SOC for Minneapolis May. Let any
, frst-clas new bull influence arise and the mar
y ket will advance quickly, but failing In this,
the bears, in all probability, will see their SOC
wheat before great while. III. t.. .,.,.
Kansas city received $4,000 blu, compared
with 10000, and comparisons elsewhere were
$4,000 bu and $4,000 at st. Louis, % cars and
81 at Winnipeg. T..
7.5 Primary receipts. 1874, 900 blu against $4,000
i year ago. Clearances wheat and four $4,000
5bu; corn 1,03S, 600; oats, ZAP, 900. r. d.
G&@ The Modern Miller says: 'There has been
an increase in reports of unfavorable winter
3 wheat conditions. The lowering of the crop con-
dition is principally attributed to freezing and
thawing weather Statements that the plant lie
too forward in growth for the season of the
y concerning the effect Of severe freeze If the
s crop has snow protection. Our Pacific coast
correspondent reports crop prospects of that sec
ton excellent" .s.s
- Peoria ILL.,, wired: "a Buffalo man here to
day says dullness and lack Of demand east are
largely caused by the mild weather down there
Buyers not taking anything like usual
amount of feed. New England advises they have
? been getting free consignments Of cheap western
hay, and this, together with the mild weather
makes very light demand for corn and oats.''
a cable from Rosario Argentine, reads
1sS"Corn crop slightly damaged; exporters estl
mate 12O, 600, 600 bu for export If