The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-20
Bulls Thought Bottom Was
Sounded Yesterday, but It
Proved Wrong.
Minneapolis May Went to so1ac
and Chicago May Sold
to 81zsc.
Liquidation Still On Bears May
Be overplaying It
a Little.

Minneapolis Chamber Of Commerce, Feb. 90
The bulls in wheat had calculated that low
point would be reached with the shaking out OF
the long stuff that was stopped for losses from
81 hc to Sic, and when May wheat went TO
S0Tsc yesterday they figured that bottom had
been sounded. But this morning May sold at
S0Ac and Chicago May at SIC. - The renewed
weakness showed the persistency of the bears,
for they attacked the market quickly on first
sign of wavering and sent it down from early
high points of 81 @S1 1ac for Minneapolis May
and S27sc for Chicago. This early frmness was
oR Liverpool cables, which, coming In 1sd higher
on first reports, showed surprising steadiness IN
view OF heavy decline of the day before.
The Liverpool tirmness due in turn princi-
pally to official estimate of the acreage In
France, which Is put at 60S1 900, or con-
siderable decrease from the $3.50, 900 of year
ago. In an ordinary time this might have had
Its effect, but the downward trend was on,
everyone scared and liquidation in the air, and
once the bears a low point at S0Ac,
they pressed it the harder, sending 1t to so Ec.
On this second weakness Minneapolis got the
full effect and Chicago held around S21sc against
our further slide. The bulls feel that there
has been enough taken off the price at heast
for the present. and that even tho the news
continues bearish wheat ought to steady and set
tie somewhere around the present level until
- something more definite comes relative to the
winter wheat crop. But the bears have sounded
the slogan of Comparative export prices, and
they do not let up. Today for instance, Mani
toba No. 1 northern was quotable at about 81 @
81 14c c / Buffalo No. l northern from our
side, on basis of the options at time OF figuring
out the quotation for the Manitoba wheat, would
be about s6@S6Ac + Buffalo This is the
bear cry-competition To do free export bust
ness we have got to get closer to competitive
prices. This is sound argument. Still it must
not be carried too far. A little shifting about
in prices might develop some export business
of Importance, which would be another story.
There is good-siZed surplus available for ex-
port, and If the winter wheat turns out fine
there will naturally be desire to sell out the
Old stuff But the trade has been surfeited of
late with beartsh and bearish statistics
and, speculatively speaking, it might be we'll
to go little slower on the bear side. Even if
wheat is destined for lower prices ultimately
which Is by no means certain--it would seem
that several weeks of persistent bearishness
ought to be followed by some price recovery
John r. Marheld came in today from Califor-
MA There were beneficial rains in California
while l was there said Mr.. MARRIED. land
the crops look fine. Coming up thru Kansas and
other winter wheat territory the wheat looks
very promising. 1t would be absurd of course
to venture any opinion to winter wheat so
early In the season and on such superficial OBJ
servat1on. but the impression one gets from ira
Fers1ng the country and from conversation is
tnat the southwest agricultural outlook on the
whole Is very favorable for the season
Local elevator stocks increased by 1926 900 bu
ior three Gays. Some time ago, when a de-
crease IN elevator stocks appeared and many
~pought wheat on the expectation that there
w2nld be no further increases and that W.,
permanent downward drag had started. the opin
ION was; expressed in this column that this would
prove wrong, and that Minneapolis stocks would
nold tnelr own for some time, with a still fur.
Iher increase not impossible. It has worked m,
tnat way. The mills are using enough who's,
every ever DAY to make $4,000 to $4,000 barrels OF
nom but there is usually little Iert over f.
s 20, lnto elevators Today Minneapolis received
<o4 cars against 100 year ago.
Duluth received 81 cars wheat against 10
'nu Chlcago Il against p. Winnfpeg had III
compared with 90, St. Louis So 600 bu acains
Iocai ana kansas City $4,000 against 10000
May Tor No. 1 northern. oe
Urinary receipts, Ass, 600 bu against $50 900
clearances, 216,O0O bu. '' oo''ooo
:, ne" York wired: Wheat stocks afoa+ onf
1naaI o4,oS2'ooO bu against 81 1896 600 las
'"eeA' sno"ing increase Of about 2 700 NOO hu :,
broomhaH makes wheat in and afoat to IT,,
tpe increase 2,696O0O bu. Wheat and cor,
STEADY IN Liverpool, but not much inquiry na
mand fair. but at lower rates Oe
sihe government weekly Snow ronor+ s,,. $500.
oi ground at pm. last night was con sn0,
paat.cally to the northern lake region nor+h
Eastern EASTERN Iowa Minnesota and North Dapnta
ara ra, ene eeptn Is from to - inches. Trace
scattered points in the middle M,ssesi' anu a
ohsas Clty says crop news of all kinds S
hnu pad; no rain in wheat belt: bettar t soo
" ai, niarket; farmers not selling on flo DO
IIiiie' look Tor smaller recetpts Wv VIC
:, Kansas City wired later: ..Witbou+
Tue Tue houses say no acceptances of whoa. r.
Ia country dried uD; farmers NOT Wilt;
- 'ake these prices for their wheat WILLIE
EnroonhalIs weekly crop summary saws. 17ni+o
@ WI eather too wet Germany and Hrr
heard. Rumania-Condition cron re,ooinp nv
actoly' Russ1a-Weather unseasonohla nj
TO- we" ase nut no complaints heard regard cond
-1arae n, business very dull; arriyals ratbe
ger fsld also talk of fair interior rasane
4s9 TAX OF expected agrarian riots in n,1's
ltaly-Conditfon Of crops satisfactorv ~ spring