The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-03-07

Market Turns Up in the Face Of
Rain Southwestern
Reports Conflicting.
INCREASING FEAR OF DAMAGE
Modern Miller Changes Over From
Extreme Bearishness-News
of the Trade.

Minneapolis Chamber of Commerce, March
1.-THE wheat market opened this morning
with new influence in sight, that of rain
In the southwest The outlook from the local
viewpoint was firm with light receipts here,
good cash demand and an absence Of any ma
terial pressure. Liverpool was firm, and
closed Is to I'd higher
A nervous and hesitating feeling arose over
the uncertainty in the southwest The pre-
dictions were for rain, and it was feared
that good downfall would give ground for
bear onslaught. and declines might fol-
low But the early advices showed no rains,
although 1t was cloudy everywhere. About
IL o'clock Topeka, Kan, confirmed previous
rumors Of rains In that vicinity, and soon 1t
was reported raining in a half dozen places
in Kansas and throughout southwestern Mis-
souri,. The market showed little effect. May
having opened at yesterdays close at 1850,
and having sold to 1880. now eased off to
731ac where it stuck. Towards noon further
sdvices came saying the rains were not as
heavy as at first reported. Chicago had a
Iibble for some export business.
Primary receipts were very light. little
buying began, and May sold promptly to 74c.
Argentine shipments for the week were
1,136,000 bushels, compared with $4,000 last
week, and 1,608, 900 bushels year ago.
Wheat and -four clearances elualed LIS, 700
bushels.
May sold 10 74sac at the close and closed
at 74Ac. July closed at 75sac, and Chicago
May closed at THO.
The indication is for decrease of about
100000 bushels this week in local stocks.
Primary receipts were 356, 900 bushels com
pared with Coz. 900 bushels last year, and ship
ments were 10S, 900 bushels, against 81, 1000
bushels. Minneapolis received 121 cars
against 346 last year, and Duluth had IS
against 60.
The Modern Miller. while very conserva-
tive, changed over tritle from its previous
tone OF pronounced bearlshness. and TOR the
first time took notice of the rumors Of dam
age. The Miller says: Complaints are being
received OF damage to winter wheat by
drought and high winds in the southwest and
by freezing and thawing in the southeast,
but as there has been no growing weather as
yet to reveal the actual conditions of the
plant the injury is more apprehended than
actual. The average condition Is considered
to be favorable. Exports Of the week were
1895, 900 bu, against 1924, 900 bu last week
and 1890 900 a year ago. These figures, with
the large showing from Argentine, foreshadow
heavy worlds shipments for Monday next,
with a probable increase on passage.
Elevators were bidders for No. / northern
to arrive lat nc over May. The spot No.
was taken up promptly by local mtllers, and
the bulk of it brought lie over May. Receipts
are light enough. to make the maintenance
of the premium easy. and millers have been
Obliged to draw little wheat out of termi-
nails for day or two. even though the foul
production is not very heavy. No. northern
is in good demand also, and sold to-day from
721sc to 731sc. No. wheat brought 11M4
725sc. and there good demand for the low
grade stuff range of &c to 1O1ac for re-
jected and grade.