The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-10
"A Double Holiday in Sight and
Traders Undecided at the
Start.
Later the Shorts Buy In and
Some Longs Take On a
Little More.
Weather Forecast Favors Bears,
but Local Statistics Are
Strengthening.

Minneapolis Chamber Of Commerce, Feb. TO-
With a double holiday ahead, and little, of
Importance in the market news, holders OF /
wheat Were undecided about selling out OF
standing over, and business was light to start
the day, prices holding firm, but in narrow
range The weather outlook was rather favor |
able to the selling side, with rising tempera-
lures in sight and fair and warmer weather
in general promised for tomorrow. For Sunday
there Is increasing cloudiness predicted for
Missouri, Nebraska and Kansas, with snow
fnrries, and promised for western Mis-
souri,. Bad may come from the winter
wheat fields before Tuesday, but the chances
now would appear to be the other way. Lo-
cally the decrease of 3O3,193 bushels in ele-
vator stocks for the week. and Of 100000
/ bushels for day since making up the re-
port promoted strength, especially SO since
-four shipments are holding up fairly well, and
cash demand is good No. 1 northern sold
again at &c under May and No. northern
at 11a@1&c under, and more could have been
sold very readily. The local situation. in short,
was favorable to an advance In prices, except
for the showing of BIZ cars. against 154. which
] suggested that probably receipts are again to
run in of year ago. in which case
stocks would not continue to decrease at the
: present rate. Lincoln's birthday will be gen
I orally observed and there will be practically
nothing doing in any of the speculattve mar
kets. When business opens up again on Tues
day there will be more definite returns from
the southwest, and it should then be possible
for a wheat trader more closely to determine
whether or not the situation has changed with
reference to the winter wheat crop. The sea-
son of crop soares is here, and from now
on such matters increases and decreases in
stocks and other statistical items ordinarily
important will have less effect upon the mar
ket than the reports from the wheat fields.
+. One element of uncertainty that prompted some
to buy wheat is the India situation. strength
In Liverpool has been explained by Broomhall,
on three late occasions, as being responsive
to drought from India. Today Liverpool
was inclined to be little softer, but the
local trade realizes that between now and Tues
day next such reports might come to Liverpool
from India would move that market up, in
which case American markets could scarcely
fail to follow. a. 8
Kansas City received $1,000 bushels today,
compared with "a, coo, and st. Louis Al 1000,
compared with 10000. Chicago got Is cars,
against 9; Duluth 81, against %, and Winnipeg
12S, against 3d. g. go -tr
Thornton Of Duluth presents some figures on
the northwestern supply >situation. and says
eat the beginning Of the year, the Commercial
Record estimated the northwestern crop at
2l2 900 900 bushels Total shipments to ter
minal markets at Minneapolis and Duluth, up to
Feb. 1, have amounted to 81 100000 bushels.
Country mill consumption for the same period,
aside, from what they receive from Mime
apolis, would be around 100000 bushels. A
conservative estimate Of country elevator stocks
and wheat in transit would be around Fl 900, 600
bushels. Seed requirements should run up to
220oo,O00 bushels, leaving, on the basis OF
estimate Of the crop above quoted Al 900 900
bushels still in farmers hands to be sold.
The total available stocks, therefore, can be
placed at around 80, 900, 900 bushels, including
Minneapolis and Duluth present stocks Of 90
900, 900 bushels. 4a ~.
''This will go about follows: Minneapolis
and country mill consumption, 90, 000, 900 bush
els Minneapolis shipments, 100000 bushels
Duluth :, mills, 1000, 900 bushels, which woul6
leave balance Of 100000 bushels for ship
ment from Duluth or to carry into the mex
crop; and it is doubtful If Duluth shiI
that amount without the assistance Of an ex
port demand
Primary receipts. $4,000 bushels, agans
S13,OO0 bushels. .Clearances, 3S3, 600 bushels
BroomhaI cabled wheat firm, IA highe
atfopening, support being stimulated by. thu
smaller Australian shipments and the strength
in American markets yesterday. Later the mar
ket declined Is @hd, owing to reported rains Il
Punjaub, weekend realizing, and less actiy
demand for, cargoes. Corn hd higher at tn
opening, owing to predictions of smaller Amer1
can shipments. Toward the close prices ease
off I'D account Of exporters pressing"
India;s official wheat shipments given a
only 10000 bushels. Australian wheat shipments
this week, 1,592OO bushels; week previous
2272, 900 bushels; last year, 1, 900 bushels.
3Broomhau estimates worlds wheat shipment
for Monday at 100000 bushels He predict
that there will be further increase in tn
quantity of breadstufs passage. -
The market sold up to 94c at the close an
was strong and apparently tending higher at th
40 end of the session.