The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-05-09
Minneapolis Firms Reported Short
There, Against Cash Wheat
Holdings.
Steamer Peavey, Duluth for Chi
cago, with 100000 Blu, Re
ported Cleared Today.
Big Local Firms Feeling the Mar
ket-Weather Turning
Better.

Minneapolis Chamber Of Commerce, May a
Interest centered in Chicago May wheat TO-DAY.
That market advanced to s2$sc before noon anu
was firm. The early business was 1ght' very
light in fact vet when single buying or sell
ing order Of 20, 900 bu moves the price 1ac, not
much business Is necessary to change Quotatlons
materially. Weather and crop reports We're sec
ondary. They had some effect and the report
from Kansas City quoting the secretary of the
kansas state board Of agriculture as saying that
western Kansas would have only half a crop,
vas bullish and started some buying. So also the
light receipts here, only 40 cars, against ~,
and the decrease of 500, 900 bu in local elevator
stocks for four days helped prices, as did the
weather map showing frosts last night as tar
south as Wichita: These things were not In the
lead, however, but traders rather gave first
place to the Chicago situation. However the
crop news may& run the price Of Chicago May.
which is an influence upon all options, Is likely
to move as runs the buying or selling of few
lots, hence the uncertainty. If one could tell
the exact lineup In Chicago May it might be
possible. by watching trades. to know approx
tnately, when the thing is evened up, hut all
that anyone tell is that there is a consider
able short line still outstanding One Chicago
estimate makes a quantity Of about 5000, 900 bu
short thru Wrenn OF Chicago and Watson Of Min
neapous, The same estimate says the Peaveys
are short big line, but that they have cash
wheat holdings in the northwest to Offset 1t and
they will soon have to decide whether to buy in
thsir shorts in Chicago and cover up or get it
down from Duluth or load the wheat out of Min
aeapoiis elevators for shipment to Chicago, for
delivery. Few people know anything about, the
positions Of the big firms in the market, and as
gLess the Chicago estimate Of the situation
80 probably az good any other guess. The
TACT that Woodwork took all the July offered in
the local pit at 7sa&c and big buyer
started gossip as to what that might mean. For
p while Woodwork was the leader in July, but
later on ACKNOWLEDGEMENTS and Kenkel
bought Sellers Of July were Daggett and
Aal1et and Van Dusen- Harrington had July on
tap also. Watson bought July later, and Mar
and no "acfo Tor
company sold. Peavey came in as a buyer Of
July, but appeared to be selling September
against all Of 1t. TO an observer it would APP
pear that the big firms have not as vet reached
definite conclusions with reference to the future,
that, in face, there Is as much uncertainty in
their offices as in the minds of the outside
snoe both to the statistical position Of wheat
ana the new crop outlook, is not such that a
Big firm would step in and take commitment
OF several million bushels either way, to stand
this at the right time, but at present there
appears to be general feeling around for a
nunoh. and gathering in Of crop reports and
news items from every quarter for analysis.
Receipts and comparisons at other markets
were: Duluth So cars, and none; Chicago and
3, Winnipeg IA and 81, st. Louis SO, 900 bu
and 5000 Blu, Kansas City II 1000 and 5000.
Cash wheat was in good demand. No. sold
nom &c to &c over for the bulk, a few choice
lots going at PIC over. ESQ.,. IL
PRIMARY receipts were 10000 bu, against
122G0o Clearances. wheat and -four, 243OOO bu
Late in the session the report came on change
that the steamer George W. Peavey had cleared
from Duluth for Chicago with 300 coo bu wheat
Ihls had Immediate effect Chicago May easins
OF at once, other options following The north
west weather was highly favorable at noon ant
me forecast read as follows: illinois,, Indian,
.nd Wisconsin, fair tonight and Thursday: nos
sioF light frost tonight; slowly rising temper
atnres Missouri Iowa. Kansas Nebraska. Mort
snI s South Dakota and Minnesota, fair tonigh
ana thursday; rising temperatures Lower an,
upper Michigan fair tonight and Tbursdav. 80.
tonight; rising temperatures Thursday. oNn
sana, generally fair tonight and Thursday: mod
crate temperature - 0"' Ano''