The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-04-18
MODERATE. DECLINE in WHEAT MAY LOSlNG Sc
Predictions of Rains Prompted
Liquidation and Some Selling
Of Long Wheat.
MODERN MILLER WAS BULLIsH
No Rain Yet Where Needed-The
Market Hinges on Any Turn
In the Weather.

Minneapolis Chamber Of Commerce, April
1S--It was a quiet opening in wheat this
morning. The market was firm enough, and
with considerable early selling there was
only moderate recession. The early feel
ing was one Of hesitation rather than weak
ness So far as general conditions were con-
cerned there were no changes nor was there
any material change in general sentiment.
Reports Of dry weather in the southwest and
in south central Minnesota were continued.
the local cash situation held firm as ever, the
northwest had only 80 cars in all, and In
Minneapolis the showing was IS cars, COM
pared with 253 on this day last year. The
hesitation came from the fact that it was
cloudy over a wide western area, with a pre-
diction for rain tonight in Illinois, Indiana,
Michigan and Wisconsin, and for cloudy
weather in Minnesota and Iowa tonight and
Saturday. and in some part from the r. G.
Dun report, which says the outlook is en-
couraging for a heavy winter wheat crop
Notwithstanding the lack of moisture in the
southwest. For Kansas, Nebraska and Mis-
souri, the prediction remained for fair wealth
er tonight and Saturday Cables we're unre-
sponsive, Liverpool closing Nd lower Snow
says the Kansas crop Is to 10 points lower
than on April l, that the late showers were
insufficient and that the lack of moisture is
working Injury.
Minneapolis May opened firm but broke to
72B973c on the early pressure. At noon tho
market was back to 1850. Argentine ship
ments for the week were 1.0S0,UO0 bushels,
compared with 1,256,0o0 last week. and 744, 900
year ago .'
Wheat and -four clearances AL, coo bushels.
Primary markets received in all 1877, 600
bushels, which compares with 391 900 last
year and shipments were 6S6 900 bushels, com
pared with 400, 900 bushels. Minneapolis had
SO cars against 253 and Duluth 10 against %
last year Indications point to a decrease
of 100000 bushels in local stocks this week.
The Modern Miller says: Moisture is lack
Ing over the largest part Of the winter wheat
territory. The only rains of consequence
during the week have fallen in the far south
- west. Reports Of damage and deterioration
in the condition Of the plant are increasing.
General condition of the crop is less favor
able. The increase in the acreage however,
offsets the loss by damage up to the present
time. Insect life has appeared but dam
age indicated therefrom yet There is
little winter wheat movement. .,,.
Bradstreets reports wheat and -four clear
ances for the week at 4,11s.000 bushels against
5,306,000 last year.
At the close May broke to 72&c on realiz-
ing az profit taking and closed at the low
point. July closed at 74bc and September
at 72Ac. Chicago May closed at 79Ac.
The cash market was firm ever, but
there were few lots not strictly up that
dragged through the first round and sold
later at slight concessions. Trading in wheat
to arrive was again feature. No. 1 north
ern to arrive sold at 74Ac, some spot No.
going at Use early. No. 2 northern to ar
rive brought 73h@73Ac, and spot No sold
from "A to 731ac No. wheat sold from 72A
to 75c and no grade from Tic down to CSC.