The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-05-05
Rains and Resultant Liquidation
Did the Work-Recovery
Near the Close.
EUROPEAN OUTLOOK A FACTOR
Clearances Heavy and Export Sales
Reported, Visible Decrease
~ $4,000 Blu.

Minneapolis Chamber of Commerce, May 5.
Wheat opened weak this morning and
sagged through the early part, barely hold
Ing to a level &c under Saturdays close.
After an hour additional pressure came in
the form of selling by southwestern points
and the market broke to a full cent under
Saturday, July sold to 74ss974Ac, and Sep
TEMPER to 72Ac. The eastern two-thirds of
Nebraska was visited by rain yesterday and
last night, with indications favorable for
continued rainy weather. Western Iowa was
benefited. There were also rains in Kansas,
Nebraska, Missouri and Texas. Liverpool
opened SD lower or about as expected, put
closed I'D lower.
One important thing the bulls have now to
consider Is the European outlook. For weeks
there has been scarcely line of gossip re-
Bpecting Europe's crop. To-day little came.
With the exhaustion Of news regarding win
ter wheat and the passing of the southwest
rs the overshadowing influence, interest has
been conferred largely in the spring wheat
territory in parts of which seeding condl-
lions have been very bad. This in time is
giving way as an influence for price main
tenance, and should nothing sensational de-
Iveop at home. 1t looks as If the European
outlook will take the center as the leading
factor. Should the bears attempt any con-
certed effort towards forcing DECLINE, they
might bring out the European situation as a
club with which to try knock at the pres
0nt preponderanCe OF 1dYOraDle SentlllenL.
From all that can be learned prospects in
Europe have rarely been better at this time.
year ago at this date there were numer-
Gus reports OF damage, especially in Germany
and France, and most of these were subse-
quently pretty well borne out II there was
anything at all unfavorable this year, it
seems reasonable to suppose that the Ameri-
can trade would have had it before this.
staustically, there was not much to help
the bulls. Wheat on passage at 4676S,ooo bu
shows increase for the week of $4,000 bu.
Worlds shipments for the week were 9,244,-
900 hu. compared with $4,000 bu last week
and s,069 900 blu year ago. America shipped
b,3O8 900 blu. Russia and the ports of the
Danube 2, 900 bu; Argentine, 100000 bu,
and India, 32S, 900 Blu, with the figures for
Australia delayed. The visible supply de-
creased by 2,121, 900 blu, which brings the
present total down to 3s, 1928, 900 bu.
Clearances were $4,000 bu, which good
showing was sustaining At primary points
$4,000 bu were shown for receipts against
$4,000 last year, and shipments were 316,Ooo
bu against $780, 600 Minneapolis had PSI cars
against 33s last year, and Duluth Is
against IA.
Reports Of exports sales at Duluth, Chicago
ard New York lent strength and brought. re-
action in part. At the close July was 1880
W and September 72Ac.
Cash wheat sold we'll on the basis of 1ac over
July for the No northern. No. to arrive
was salable at 75ss@75Bc. No. 2 northern sold
at 74%c to arrive and the spot lots brought
?4k@74Ac. No wheat sold at 13A@74c. Re-
jected and no grade were in better supply
and in good sale on range from 73A954c
6owin ga. '"'7474buwidfg vgv7u 2)356R 1858