The Minneapolis journal., 1906-03-08
A Better Tone Develops Later and
the Market Makes a Fair
Rally.
New York Does Some Export
Business in Manitobas to
Go Out Later.
LOCAL Stocks Gain 850,000 Blu So
Far-Flour Demand a Little
Better.

b Minneapolis Chamber of Commerce, March S.
With another downward plunge May wheat went
to i75l lsc early today. The local market, on the
downturn, was weaker than Chicago. The selling
was said to come principally from Hot Springs,
where the successful crowd Of bear SPECTATORS
has headquarters. There superabundant
bearish news and nothing to. help the market
except some talk of export business, which failed
of full confirmation. and a better tone in the
local cash market. No 1 northern sold at May
price to Ac under FOR selections, and demand
was good. The millers also talked a little OF
the probability Of better business In case the
market settles. Outside news was depressing.
Liverpool % I'D lower, then Ad lower,
Berlin sc off and Antwerp INC lower. The
Argentine news was unimportant and the Win
ter wheat reports from Kansas and other I'm
nortant states were favorable. The Kansas Grain
Dealers association makes an estimate OF II
per cent of wheat still back in farmers hands
which is a little less than ordinarily held at
this time The Price Current says: Some un-
favorableness to wheat crop, but little evidence
OF serious damage. Position generally good
Bad condition OF roads is interfering greatly
with the movements of products. Recent de-
elines in prices lessening interior grain offer
ings."
Local stocks have increased $4,000 bu SO far
On the week Minneapolis received 2S2 cars
against PA, Duluth 27 against ~ and Chicago
Q against 1O Winnipeg got 102 compared with
113, Kansas City 10000 bu compared with
SO, 600 and st. Louis $4,000 compared with
80, 600.
qPoehler says: '.'Ihe trade. generally speaking.
appears to have to the conclusion that
this country must go to an export bas1s--that
ts to a basis that will admit Of sales for eX-
port in quantities large enough to make stocks
OF wheat visible and Invisible, in this country
appear lighter load than it is now generally
believed to be. Many things may happen be-
tween now ard next season, and May wheat
close to 75c may finally prove good property,
but this does not change immediate conditions,
nor does 1t seem to encourage sufficient specu-
lative support to check the declining tendency.
All this appears anything but encouraging to
present holders Of wheat. but. altho that Is
true, there is one comfort left, and that Is
the fact that the price is low and not far from
the point where some export business in a small
way at least. can be expected and where farmers
may. now hold enough wheat back to make
the load feel lighter. And then too. there Is
the old saying that 1t is always darkest before
dawn"
Z I: Primary receipts. 42s. 900 bu against 414,oo0
clearances wheat and -four 1872, 900. Broomhal
estimates that the Argentine shipments this
week will run to 3,600, 900 bu.
New York reported sales Of 1000 bu Mani
toba wheat late yesterday, to go forward al
opening Of navigation. and today sold 1s loads
or about 144, 600 bu, additional.
Rroomhal cabled: Wheat steady at opening
.Ssd lower. followed later by further decline OF
A61 I'D owing to large increase in worlds visi
Towards midday undertone developed some stead
iness on talk of small shipments from Argentine
Corn steady I'D lower at opening, followed by
further declines Of 1s@Ad weakness il
America yesterday and in sympathy will
wheat.
& Russells Commercial News says. "In regar(
to a cable this morning regarding lighter Kura
chee shipments, it.. is shown by the previou
exports that Kurachee shipped anywhere from
fve-eighths to seven-eighths of the Indian ex
ports and the statement regarding the ship
ments from Kurachee is therefore particularl
Important ''' 49, ~%,'