The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-02-24
Many Weak Holders Forced to Let
Go-All the News Was Bear
ish in Tone.
CHICAGO MAY FELL TO rs 1-2C
liverpool Nd Lower-A Flood OF
IiQutdat1on-Vtsibl Decreases
by 100000 Blu.

Minneapolis Chamber Of Commerce. Feb.
24.-Wheat took sharp down turn to start
the week. May sold off to 731sc. Pressure
was on the market from every side, the reg
ular weekly statistics were against the price,
the prepondersnce Of the winter wheat news
was bsarish and the general feeling was one
Of encouragement. Although it was expected
that the tone on Monday would be bear
ish, and to some extent this was discounted
IN the selling which forced the decline On
Friday, there were good many holders VINO
decided to remain long over the double hoil-
day. Against their holdings stop loss orders
were placed, and this brought flood OF
offerings at the opening. Chicago led the
weakness Much interest was attached to
winter wheat reports, as the recent warm
weather. has taken off the snow covering
over wide areas. Charlottesville, IND, was
the only point reporting unfavorably, and this
was lost in the mass of favorable reports
Omaha wired that the wheat comes out from
under the snow looking very promising, thaS
& rough estimate makes the acreage 20 per
cent larger than last year, that farmers are
talking OF planting considerable spring "heat'
and that every thing at this time points to
big crop, Damage may come to winter wheat
but the trade does not expect 1t for sometime.
There Is enough moisture according to ali
reports to carry the crop safely through
dry spell
Liverpool closed yad lower than Friday.
In the local market there were 146 cars
compared with 4ss last year. The northwest
had, in all, 9S6 cars against 524. 1T IS nara
to see much encouragement for the bulls at
this writing There are no doubt goou
many short lines out. and on any strength
ening news the buying tn may carry the price
up sharply. Then there Is the increased
possibility OF export business at the lower
level. Sentiment, however, mas turned
weaker than for sometime, and while 1t may
ha mist ha IN
in the winter wheat at this early DATE yet
the Idea Is slowly taking root that we are 10
have big crop in the southwest, ana Win
this notion growing and the probability OF
increased receipts everywhere, 1T is question:
able whether enough buying support can oe
brought out to offset the pressure
Worlds shipments for the week were
6,e2a 600 bushels, compared with b,4l,ooo
last week, and 6,93s,00 bushels year ago.
America shipped s,GO9,ooo bushels. Russian
shipments were 100000 bushels ana the
Danube shipped 272,o0o bushels. Argentine
shipped 64S, 900, Australia 6SS,O0o and India
a52, 900 bushels. The amount on passage IN
creased by 4SOo 600 bushels. The visible de-
creased l,021 900 bushels, making the present
total 54,ss5. 900 bushels. Primary receipts
were ], O56, 900 bushels against 7o4,o ousneis,
and shipments ri, 900 bushels against ooo,ooo
bushels Clearances Of wheat and flour, 22o,-
900 bushels. Receipts here 746 cars, against
1873 and at Duluth 100 against 81.
After noon there was little effort at
rally in wheat but corn was persistently weak
and declining Chicago made a hnal break
through 76c, and sold to 7519c, Minneapolis
May going to 729sc. At the close Minneapolis
May was 72ss@72Ac; July, 74c; Chicago May
765s975&c.
The cash market was weak and lower with
the option, but the basis OF trading showed
no special change. No. wheat in Great
Northern cars dragged again. but the other
lots of No. went freely at about 11ac under
May On the whole it satisfactory cash
market considering the larger receipts and the
unsettled option. No. wheat showed a
range Of 691ac to lilac, and other grades
showed sales at scattered prices.