The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-05-07

All Crop Reports Favorable and the
Northwest Outlook Greatly
Improved.
THE MARKET WITHOUT SUPPORT
Traders Inclined to Look for a Bear
ish Gogernment Report on
Saturday Next. -

Minneapolis Chamber Of Commerce, May Z.
Fine weather everywhere, and good reports
OF growing crops, with improved conditions
in the northwest; these were the bearish in
t1uences In wheat this morning. Additional
to this and also depressing was the prellm-
mary gossip respecting the government report
that is to come out on Saturday. Traders
have been figuring the thing out and from
the sentiment it would appear that ma
Jority have arrived at the conclusion that the
report will be bearish Admitting that Kan
sas Is bad and that in places the crop was
too far gone to be benefited by the later
rains, and even admitting that Kansas may
snow decline in condition since the last re-
port, it is nevertheless the expectation tnat
the condition of winter wheat on the whole
will be raised somewhat over the previous
figure which 1871 Washington wired
that the report will give the present acreage
as compared with the estimate Of acreage
planted last fall. All that is officially known
as to winter wheat acreage is that the agrl-
cultural department figured out 32OOO,Voo Tor
the total. which compared with 2S,0oo0oo IN
the previous year. This estimated increase or
1900, 900 acres the trade has known OF ever
since the government report of Dec. lO last.
Since then considerable area mas peeh
plowed up. Some commercial estimators
have put this high as 100000 acres. Inc
government report is expected to cover this
is, and the trade rather expects that the
total acreage remaining will not be de-
creased materially after all from the original
estimate.
Nearly every local house with private wire
connections sent out reports this morning 10
outside markets of improved conditions in
the northwest. These were only repetuons
OF what they had from their country CORE
spondents A few days of the present weather
would improve the northwest outlook ma
terially.
July wheat opened &c off at 159s@I5a4c,
sold to 75A@757sc, and then broke to 7oc. Sep
TENDER was weaker, breaking a full cent
from 72Ac at yesterdays close, to 717sc. Here
the market steadied for time, but at noon
broke again, July going to 745sc and Sep
TENDER to 711zc.
Receipts here continue running very light
and this is one of the strongest features OF
the general situation. To-day there were IS
cars against 12S last year. Duluth had 70
against A. Clearances were 900 bu. Prl-
mary points received 204, 900 Blu against 449,
600 and shipped 2o7 900 Blu against 35SOOo.
Reports of export business began coming
near the close, but they helped little. Inc
market continued weak and on decline. May
wheat sold to 7411c and closed at 745sc Sep
TENDER sold to 71asc and closed at 7l9sc.
1t was dull in cash wheat more from lack
OF offerings than from any lack OF interest.
Receipts were so light again that there was
only about sprnkling Of samples on the
tables. No / northern was sold to arrive
at 76c. No northern on spot sold at 100
75hc, and on trades to arrive at 741sc. Inc
market was much easier later following the
weakness in the option