The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-03-08
MAY WHEAT TOUCHED 75c TO-DAY. ON A Squirt
Much Depends on the Government
Report and Rain Relief in the
Far Southwest.
BULLIsH FEELING is GROWING
Local Cash Outlook Firm-Receipts
Light Everywh<re-GOssi
of the Trade.

Minneapolis Chamber of Commerce,
March SHAY wheat sold UP to Toe to-
day. The market was strong throughout
. and showed more life and activity than
for some time. So far as the early news
was concerned there was not much to
give new strength, and there was some
doubt felt as to whether yesterdays gain
: would be maintained. For one thing,
cables were disappointing, Liverpool clos
ing only 1sc higher. The market opened
e Ac off at TIC. But there was an accumu-
: lation OF buying orders in the hands Of
mors Of damage in the southwest have not
been without effect, and with the firm
tone In the southwestern markets of the
. two previous days as evidence that there
was some faith in these reports, many
: who were hesitating decided to buy lit
tie wheat. The most uncertain thing is
the forthcoming government report No
one pretends to make even good guess
at 1t, but the impression is somehow
gaining that 1t will be bullish. Those who
bought wheat to-day figure that they have
to take the chances of large rainfall In
the southwest over Sunday. Yet, even
with this, they feel that there will be
some strength remaining on the damage
reports already received, while bullish
report from the government might Offset
drought relief. On the other hand, if
next week enters without any rainfall
over the far southwest, the trade will be
running close up to drought scare, and
should the government report Of farmers
reserves be bullish as we'll, there would
De double opportunity for an advance
Inc week closes. therefore, with the
market hanging on these two factors.
The weather map this morning shows no
precipitation in Kansas, Oklahoma or
Texas There are light showers in Mis-
souri,. Good rains are shown in Illinois,
1t was cloudy in the extreme north at Z
a. IN. Partly cloudy in Dakotas, Mime
sofa. Nebraska, Iowa and Kansas It
was clear in Texas and Oklahoma. Tenn
peratures are normal for March. The
map Is favorable one, except as to the
southwest.
Broomhall cabled: The Liverpool mar
het opened steady in tone with advance of
"a to go due to American crop ad-
vices. AT the close the more distant op-
tons had lost this advance on realizing,
while March had also eased off 1hd.
Corn at the opening was unchanged to
IA higher on covering by shorts and
later steadied further I'd on the
forecast of small shipments during the
week. The expectation is for world $
shipments of 100000 bushels on Monday.
Australian wheat shipments this week
were $4,000 bushels, last week $50. 900
bushels. last year $4,000 bushels. Local
STOCKS decreased by 464, 453 bushels, MAX
ing the present totals Is, sol, 974 bushels. (
Primary receipts were 900 bushels,
against 200 bushels last year, and ship
ments $4,000 bushels against 216, ZOO
bushels. Wheat and flour clearances
equaled 235,0O0 bushels. Minneapolis had
III cars against 374 last year, and Duluth
102 against so.
The market turned easier at the close
on realizing. May closed at 749ac, July at
1870. Chicago May closed at 77Ac.
The cash demand was very firm with
prices fully up to yesterday and on choice
lots little better. A feature of the
market is the lack of offerings of wheat
to arrive. No. northern on spot was TAX
en- up promptly by millers, the basis be-
Ing 1c over May for anything at all good.
NO. northern sold from 1874 to 741sc, fol-
lowing the option in part, and sales of
No. 2 were made to arrive at 74hc No.
wheat ranged from 71Ac to 73Ac and
rejected and no grade from 651hc to TIC.