The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-03-18
May Broke Early to New Low
Point at II I-Sc, but Recovered
on Later Buying.
WAITING MORE NEWS FROM S. w;
Decrease of 3.549,OOO Blu. In the
Worlds Eisible-News of the
Grain Trade.

Minneapolis Chamber of Commerce. March
1S.-There was a nervous opening in wheat
this morning following yesterdays decline,
and indecison marked the early trading
Sentiment was fiTmer. The trade figured that
favorable conditions to the growing crop
have been pretty well covered by the late
declines, and with the market down this
morning to the lowest point yet touched on
this decline, or 72isc for May, there was the
feeling that something Of at least a tempo
rary uotIrn was due. Still there was not
much buying Very few care to take hold
while liquidation is still on. Undoubtedly
there was considerable wheat bought late
last week on the expectation of damage re-
ports to follow the cold wave, and on the
failure Of the development of anything seri-
Gus. and the general lack of bullish enthusl-
assn, this wheat went oySrboard yesterday ana
broke the market. This morning there were
signs that all this wheat had not yet been
cleaned up and the pit traders feared that
further pressure. was to be expected, and that
even if they hN confidence in wheat at present
range it was the part OF prudence TO walt a
while. Hence there was not much new buying
and on moderate selling pressure new low
point was touched. Whatever may be the
range week two hence, or however true
it may be that all grain markets are seeking
lower levels, there seems reason to expect
steadiness for the remainder OF this week,
with possibly even little better price. he
Ceipts are about as light as for the past sew
eral weeks. Statistics do not cut so much
figure just at this time. Interest lies prl-
marilv in the winter wheat crop The Price
Current and the Modern Miller are the author
tiles most quoted at present, and both nave
been reporting favorable crop condltlons,
while the Miller has been extremely oearlsh
tor several weeks. Presumably the pest mas
been heard about winter wheat, and repeu-
lion of the favorable reports in this week S
haIII ha adj
ing ayceDt in SO far as they would show the
crop one week further along towards maj
maturity On the other hand, should the
Price Current find any less favorable OUT
look in this weeks report, the erect Woulo
be towards price frmness, and should the
Miller, which has perslstertly oenieo 'ne
truth of damage reports right along, aunt
any damage in its next report, it would al
nos5 certainly have some stimulating eHecl.
Since we are just going through a perlou OIL
alternate freezing and thawing in the south
west it is not unreasonable to expect thaC
damage reports will be forthcoming from re-
liable sources this week, II thefe are " '0
any such at all.
Rising temperatures are general The pre-
diction is for PARTLY cloudy and warmer Tor
the Dakotas, and warmer for Nebraska anu
Kansas "a,
LIVERPOOL closed sad lower on wheat and 14d
lower on corn. ... ;,
The BTadStrGet uSUFSS SLOW q oSSiSe~> '-N
the worlds visible of 3,o49,00O blu. This COM
Mares with a decrease Of 900 bu last
week and ia, 900 blu year ago. The quantity
east of the Rockies decreased by l,2oooo
and stocks in Europe and afoat fell OH by
2.S49,OO0 Blu.
Primary receipts were 900 blu, against
70, 200 last year. and shipments loO00o,
against 400. 600 pu. Wheat and flour clear
ances equaled 10000 bu. Minneapolis re,
ceived III cars, against 1873 last year. ana
Duluth had $50 against 81 a..
The market closed steady and hrmer a.
72ssc FOR Nav. July closed at 73%@73sc, and
September at 72lsc. Chicago closed at. '7c.
No special trade noted in the cash
market No. l northern held at lc over May
for good lots, and No. northern Went ~
about 1ac under. No. wheat sold from 'o72c
m 7OsIc for the average, some very choice
No. 8 touching ne. Millers were not quite
so active in their inquiries although they look
the bulk Of the good offerings.