The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-14
Hints at the Wheat Conditions
Abroad Make It Look Like
Famine to Come.
Domestic Conditions Still Appear
to Favor the Side Of
the Bears.
Seventy-fve the Point About
Which New Opinions
Are Forming.

Minneapolis Chamber Of Commerce March IA.
es-SeSentS- hSe appears to be the new pivotal
lgure In wheat. Several times the market has
reached that point and this morning again II
was within hairs breadth 1T. Every time 1t
came back up. This means only enc thing
someone or some number Of people, think wheat
buy at 75c. If one could know who the buy
ers are, If it were possible to so back of broker
or pit representative and find where ownership
is lodged, it would be easier to form definite
opinion to the market. Specuatively, this
buying at T5c has two sides to it. If big peo-
pie are really taking hold, then there will be an
end to the bear market somewhere close to
that price level But, in speculation, the same
thing that stands as an influence for strength
often becomes a weakening element upon
change Of circumstances. If the wheat being
bought every time the market goes to 75c Is OF
the real thing, longtime Investment sort, 1t Is
strong argument. If, rather. 1t represents
principally the buying of scattered bulls to
i whom the figure Is, after year Of much higher
figures. appeals In sentimental way, then 1t
/ is an element of great weakness. for, should
! their price line at 75c be broken thru. some OF
j this wheat would likely come on sale very quick
". The speculative situation, in short, is still
full Of uncertainty, and does not vet permit Of
commitment to one side, on the part of promul-
gators Of opinion, who try to look below the sur
face. Meanwhile, there is return to comment
regarding the situation IN Russia, and 1t is not
unlikely that this old influence will be to the
front again later The trade was badly fooled
/! when first the Russian damage reports came in
/, last year. No one here knew much about Russia.
= Sne was SAID TO nave lOSt millions or bushels OF
all grains. big bull market had this for it's
basis. 1t fattened out later. Russia continued
shipping out wheat freely. The trade concluded
I that 1t had been misled. that, at least, the
Importance Of the Russian losses had been over
stated. Yet. even had there never been any
/ sensational reports it is entirely reasonable
superstition that Russia, with her men taken
i away into the army. her internal affairs unset
producing districts. suffered seriously. Now,
I some months after the subsistence of the last had
I report, there are the indications of others to
/ come that will deal not with cause crcunl-
I stance, but with final effect. There is, in short,
the probability of famine in Russia. One may
rent number Of the Review of Reviews in d
purely political article, there Is hint at it,
and so 1t crops out in many places. The Lon
don Standard goes farthest and says there is &C.
tual famine impending. that promises to exceed
that OF 1891 in intensity and severity. This Is
an important thing for wheat traders to watch.
!. While we have abundant wheat side.
other countries exporting freely and our
crops are coming along all right Liverpool is
not likely to be seriously disturbed by condi-
tons in Russia, but let anything develop in the
united states to lower the supply promise mate
rally and the Russian situation will very
quickly come into Importance in England
nsk Is the big Surplus f Of whsa 7ts for
do not agree with some people who figure that
we have an enormous amount of wheat to sell
for export. In fact, If we carry over a sur
Plus as large as last years. according to one
OF orr statisicians. who figures so. OoO,O 900 bu,
we have not great deal of it to spare
The weather map shows the lowest tempera-
lures of the season In the northwest North
Dakota. % to 80 below; South Dakota, II be-
low; Minnesota. above to 16 below with gen.
eral SHOWS. 1t showing this morning in
Oklahoma, Kansas Nebraska Missouri Iowa,
Illinois, Indiana and Ohio Good rains in Texas,
Tennessee and Kentucky.
Broomhalls Corn Trade News of Feb. q says:
Russia--1t is once more reported that there are
large quantities Of grain the railroads wait
Ing to be forwarded, some 200, 900 wagonloads
Reckoning that each wagonload holds ten tons
1t is easy to see that the visible supply is
large. This is equal to "A, NOo. 900 bu of grain
1t does not look much like famine. No doubt
this was based upon reports of time earlier
than date of issue, and there may have been
4 other Developments since then.
Local stocks Increased 475, 900 bu so far ii
the week. Minneapolis received 1893 cars against
164. Duluth 46 against and Chicago against
Z. Winnipeg showed comparison of 50 and II
kansas City 10000 bu and $4,000, and St. Louis
q 600 and 81, 600. Local demand fair, with
May price maintained for No. 1 northern ant
some very choice lots going shade over.