The Minneapolis journal., 1906-05-22
Prices Fall Back but the Bulls
Lend Support to the
Market.
Plenty of Rain Yet Some Doubt
AS to Advantage Of Dis
tribution.
Local Stocks Decrease 525,OO0
Bushels for Three Days
Gossip Of the Day.

MINNEAPOLIS Chamber Of Commerce, May Il
The long expected, long-predicted and much
needed rain finally came last night IN the WINTER
wheat country. The drought was broken. Inc
bulls did not give up however, even tho "heae
prices fell back on them very Sharply oat coi
tended that the fall was insufficient ana ols.
tribution too to bring full rel1ef, ana that
renewed reports of dry lands Will come along
again In n day or two. The northwest did not
see 1t that way, but figured that 1t was all over
with the bulls, and sellers had the better OF II
thru the early part Of the session. III ChtGaso
there was good support. and at IL o'clock, aItho
q further break seemed imminent, 1t was sun
an open question whether the bulls might not YET
be able to rally the market and drive IN the
shorts The southwest got plenty ot ram 1,'id aud
mad it been spread around evenly there wouid
have been no doubt about the RELIEF, out Wnl!e
Great Bend got good rain anu Ked Ciouo,
Neb, had i've inches and washout. points
like Hutchinson Larned Strong City Wichita,
Newton. Florence and Ellenwood got only light
fall. Seaver OF the Midland Elevator company
wired from Kansas City that nineteen staslohs
on their line got rain. North Platte spring gneia'
Mo-. Kansas City and points west OF Topeka
had rains. varying from trace to an 1nch.
while it was true that the total rainfall was
scarcely enough to break the drought peyonG
possibility Of later damage, which encouraged
the bulls, the bears had the advantage IN the
fact that at some points in Kansas 1t was still
raining at 10 am, with the general outiooR
favorable for more to come tonight.
There was no change In the cash situation, de
mand ruling good at Inc over July for No.
northern and July price for No. 2 For three
days the Minneapolis elevator stocks decreased
525, 900 bu: Minneapolis received .t 1so cars IS
against Z. The Kansas City comparison was
81 900 bu and $4,000 bu; st. Louis $4,000 ant
ss,oooi Winnipeg 15s cars and So cars.
Bradstreet's weekly report made the world
visible decrease 2, ,707, 900 bu, compared with de
creases Of 1854, 900 bu a week ago and 2,123.
600 bu a year ago. East of the Rockies the de
crease is 100000 bu and In Europe and ahoa
100, 600 bu.
Primary receipts 100000 bu against 2s7,oot
uu. Clearances. wheat and hour, equal $4,000
. The Market Record publishes today tabu
lated statement made up from inquiries sent on
during the past ten days to some 1000 CORE
spondents thruout Minnesota and the Dakotas
which were very generally answered Ihes
correspondents are mostly millers and grail
dealers as well as others conversant with condi
.tions In their vicinity. straight average TO
the three states indicates an increased acreag
to wheat OF / per cent. AS the increase i
largely in counties with the most acreage
weighted average would show larger per cen
of increase, probably to 8 per cent above tina
Of last year. The latter is probably near th
actual situation.
There was some talk Of settlement In Chi
cago May but nothing definite was Forthcoming
ito the close Chicago pit observer wired tina
May wheat broke cents on the selling OF abou
10000 bu on stop orders. Wrenn was not In tn
fptt to take the offerings he has for some tim
and sellers found the market bare of buyin
orders. On the break Wrenn came in and tn
market reacted to S572c.
A later summary said that while the rains i
the southwest had taken the snap out Of tn
market 1t still held stubborn. The rank and I'll
Of the traders are afraid to sell it. fearin
manipulation. Pringe and Rankin are heavil
long July wheat pyramided from below eot
The foreign situation has weakened materially
while Chicago has been advancin.
The weather forecast IN full: Nebraska an
Kansas-Showers tonight or Wednesday, Mis
souri, and Iowa-Showers tonight or wednesday
+ cooler Illinois-Showers late tonight or Wedne
day; coler In north. Indiana-Fair; increasin
coudiness: coler. South Dakota-Fair In north
showers south tonight OF Wednesday; cooler
North Dakota-Fair; cooler tonight with fros
Minnesota-Fair, except showers in southeast t.
night; cooler In southeast; frost in north. WI
consin-Showers tonight or Wednesday; cole
Lower Michigan-Showers late tonight or WEI
nesday; warmer in southeast; cooler.