The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-22
Some Argentine Wheat Reaches
London in an Unsatisfactory
Condition. ~ "
Better Local Cash Demand-Du-
luth Out of Line for
Export Sales.
Any Good Foreign Business
Would Help the Market
Quickly.

Minneapolis Chamber Of Commerce. March y.
.-Whethcr or not America is TO do a better eX-
port business Is again the prime consideration
in wheat. The gossip about a squeeze in Chi
cago has subsidized. country stocks i'll the north
west have been estimated and re-estimated from
high figures to low, the marketing of wheat by
the farmers, increasing stocks at Minneapolis
and other things, have been pretty thoroly
worked After ALL the price is going to
depend upon the export business, for the will
. ter wheat is apparently coming along all right
every report, including that Of the Price Cur
rent today, making the situation free from
anything to indicate damage. The -four mills
are going ahead at fair rate OF activity,
but no Increase in business great enough to
change the milling situation materially has
been found. Meanwhile the cash markets are
doing better. With Manitoba wheat at the
seaboard selling for export at prices relatively
the interior prices, with No. L northern
in Minneapolis 1ac to lie over May today, and
demand excellent, local and outside nillers
buying and 100000 bushels Of wheat shipped
!, out Of Minneapolis yesterday, the strictly COM
mercia1 aspect Of the market overshadowS the
speculative considerations and everything looks
healthier. Is it q temporary turn for the bet
ter, or is 1t in the nature Of permanent I'm
provement? This will depend If export bust
ness of any considerable Importance should come
to light the bulls would undoubtedly get under
the market and no further great declines would
be likely until the winter wheat becomes the
big influence, when the market would move
up or down according to southwest advices Be-
fore this comes about some little interval Of
time must pass, and unless there is shown some
disposition Of the cereal. either as wheat or
-four, greater in quantity than has appeared OF
late, there will be weight upon the market,
for, while 1t is true that stocks are not pillng
up SO rapidly, they are increasing nevertheless,
and Minneapolis will have gained $50 900 BUSH
els for five days of this week. AS good size
I'D of export conditions in territory,
has been seen, came in today in Duluth ad-
vices to George Daggett The summary says
Liverpool May wheat closed yesterday at
IS e%d which is equal to 95c per bushel. Du-
luth May is In the neighborhood Of 77s--a DIFF
ference of 1sc. The Liverpool quotations are
=. made on their grade "A contract wheat. and
we have nothing in America that would pass
their grade A except possibly some Manitoba
hard. Of which there is very little to he had
AS matter Of fact, our Duluth No. l northern
do not think would grade there better than
Is C. because their grade b requires test of
ffty-nne pounds, imperial, and we doubt If
our No. L northern can be depended upon to
do that. Grade CO is deliverable on contract
at 4d per GENITAL discount. that Duluth No. l
northern is worth to deliver Oh contract in
Liverpool today Is 2&a practically 9oc per
bushel. 1t will cost. after the wheat is deliv-
cred in Liverpool, about 4c per bushel to put it
into proper storage for rendering. so that 1t
would leave about Sc per bushel with which to
put the wheat from Duluth to Liverpool today,
and this is some &c to sc out of line
Primary receipts 36l 600 bu. against $4,000.
Broomhall estimates Argentine shipments at
8, 800, 900 bu.
The trade In the report of the arrival
II of Argentine wheat in London, In bad condition.
r the possibility of better inquiry for American
wheat. Should any of it turn up and
be found unsatisfactory to the English millers,
it would certainly be important but single
cargo would not necessarily mean anything
serious on the whole.
Receipts. compared with year ago showed
= the following comparisons: Minneapolis, 23e
- cars and $50: Duluth, 20 and g. Chicago. !
and %: Winnipeg. SO and 50; Kansas City
$4,000 bu and SO, 900; st. Louis 900 and
$4,000.
Liverpool closed A@%d lower. Broomhall
said that of the Argentine wheat is ar.
irving there In poor condition.