The Minneapolis journal., 1901-04-02
SHARP BREAK IN WHEAT, MAY SELLING TO 721Sc
Another Decline at Liverpool, With
Bearish Aggressiveness, Forced
Out Some Long Wheat.
CHICAGO BOARD HAD NO SESSION
>radstreet shows Increase Against
Decrease Last Year-NeWs OF
an Active Day.

Minneapolis Chamber of Commerce, April
The bears made a savage assault ON
wheat this morning and succeeded in break
ING May to 721sc. All through the weakness
Of yesterday there was evidence OF an un-
1erlyipg feeling OF confidence on the part OF
holders, and while the price was hammered
down by short selling, there was not much
long wheat dislodged The bear crowd have
been trying to force the market TO point
where weak holders would have to let go,
and this morning they succeeded in part.
May opened at 73AQT3ssc, sold at 1885, fell
back to 734c and held at this figure until
the end OF the first hour. Here there was
wheat offered and the market broke 4c in
a twinkling. The early cables brought led
decline in Liverpool, which, following on
yesterdays foreign weakness, made the mar
ket weighty. Berlin was 9sc lower. Chicago
was closed up for election day.
The sharp decline OF 219c since Saturday
last puts the trade in a condition Of mind
even more unsettled than formerly, and there
Is wider divergence OF opinion as to the
future course of the market. There is, of
course, the natural anticipation of reaction
after the break. There are some, however,
who see in this decline the forerunner Of
much lower trend. 1t is said that this break
should have come long ago, and the old ar
guments that have been advanced right along,
but without much effect heretofore, are now
being brought out and put forth with re-
doubled energy. These are, in brief, the ap-
parently ample visible supply, continued
good receipts, the favorable outlook for the
crop and the fact that even at 721sc May
wheat is 71ac higher than last year. On the
other hand, it is believed that before the
May settlement is on, wheat will have to
move up, that millers will neeed all the
wheat they can get. Flour stocks in general
are light 1t is not known what part of the
visible will prove deliverable on contract
but it is thought there will be less good
wheat than is now figured on. Meanwhile
good deal OF wheat is going out Clear
anees hold well up, and Bradstreets figures
tor the export last week showed a material
gain over the week before and the CORE
spending week a year ago. The seaboard
reported 101 loads worked for export North
western country elevator stock are now 4861-
OVV Du, against $3.50 900 bu April ! last year.
Many are inclined to feel that this break has
cleared the atmosphere, eliminating some
weak elements in a speculative way and
making the outlook better on the whole
The condition OF the winter wheat is the
most important factor at the moment. With
chicago closed, some of the usual daily
statistics were unobtainable. Receipts at
Minneapolis were 1870 cars, against 24S last
year. Duluth had 162 cars
Corn was very dull, traders not caring to
venture heavily without the Chicago option
TO guide upon. The tendency was weaker
May opened at 4O5sc and sold down to 4Ole
Al noon the market broke, more in SYM
pathy with wheat than through pressure.
May selling to 99%c
Bradstreet's figures showed an increase in
wheat Of 900 bu, against decrease of
l,So2OOO bu last year Corn decreased /. .OO1 :
uOO bu, against a 81, ,O00-bu increase last year.
The market showed better support at the
end and closed at 7214@72ssc for May and
I414c for July. May corn closed at 4O04O1sc.
Ihere was good business in cash wheat
The bulk OF sales were made before the op-
ton broke and show Ac to 3sc over the early
May price for No. l northern No . north
ern sold from 20 to Tic, some poor No 2
going at 6Sc. No. sold up to 67c for choice.
ranging down to 64c and 63c. Rejected sold
at 5S to 60c and grade from so to 5sc.
Prices in some grades showed wide varia-
tlon as between selections sold early and
poor lots sold after the weaker turn in May.