The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-02-26
WHEAT. FIRNER ON RUMORED CROP DAMAGEI'
May Wheat Broke to II 1-2c, but
Was Back Up to 70 lac at the
Close-Shorts Very Cautious.
LIvERP0OLWHEAT CLOsEDLoWER
To-morrov's Market Depending
Principally on Verificat1On of
To-day's Winter Wheat News.

Minneapolis Chamber Of Commerce. Feb. &C.
Wheat opened weak this morning and in the
early trading May sold off hc.; striking 721zc.
number Of bearish items were In the first
bunch Of gossip. and statistics were generally
bearish. Not the least important influence
the showing in the northwest, where the
receipts In Minneapolis and Duluth totaled
$50 cars, against 230 last year. Chicago
wired that the selling pressure there came
In good part from the effect. Of this heavier
showing in the northwest On the down turn
Minneapolis and Chicago held the ruling
difference OF Sc apart, but near the low point
tho difference widened to 3A93Ac, the local
market holding relatively shade hrmer on
the changing Of the posted figures for local
receipts. The local office erred by 100 cars
This was important, as the original posting
showed 81 cars more than last year, while In
fact receipts here were lighter than last year
by SO cars. The corrected total for, the north
west was therefore 430 cars. against 23o Az
was expected, a little unfavorable gossip be-
gan coming respecting the winter wheat.
Omaha wired that the snow having gone OH
the ground, the wheat Is showing up poorly
MCPHERSON county. Kansas, sent the worst
report, claiming IS per cent of the area In
that county to be in bad shape. No one took
very much stock in these reports. and they
were accepted as about representing what may
always be expected at this time. The belief
remains that winter wheat Is very promising
and something more comprehensive will have
to come to change this belief. Still. these
reports had effect There was a noticeable
let-up in bearlsh aggressiveness. and some
of the lightweight shorts bought in their
wheat, to be on the safe side. BY noon Chi
caso, from 75h@T51sc, was back over 16c,
and Minneapolis May sold back up to 1880.
The weather is generally cloudy, with colder
weather indicated for Kansas and the Dako-
tas for Thursday.
Liverpool was I'D higher to start, but closed
A1Sd lower.
Wheat and flour clearances for the day
equaled $4,000 blu.
Primary receipts were 575, 900 blu, compared
with $4,000 blu, and shipments $4,000. bu,
compared with 21S.0O0 blu last year. Mime
apolis had 1876 cars. against 234. and Duluth
294 against H. - 49, ~. -.
The market closed firm just under the high
points OF the. day. Minneapolis May closed
at 7sss@73,ac; July at 74a4974Mc. Chicago
May closed at 7s1h@76Fsc. H. -. -
At the close to-day the feeling is that every
thing tomorrow depends upon the, vertical
ton or lack of verifcation Of the damage
reports. 1t is the belief that they are at
least partly. exaggerated. In case OF. a. lack
OF full confirmation, it Is the feeling that the
market will hold close to the present lever
Notwithstanding, especially II there is any
encouragement in the cables. Bearishness,
1t Ii believed. will not be so openly shown
again Immediately as to cause any cons1dera-
ble break, as those who favor the short side
are now more cautious than before, through
fear Of damage news. On the other hand,
should the damage reports be confirmed, an
advance Is not unlikely.
In the cash market there was fair de-
mand to-day, but the market lacked special
new feature and was rather quiet No. l
northern sold at May price for good part
and No. sold largely at 1kc under the No.
l. For No. wheat the range was 69070sac.
Some No. 8 sold as low 6S12c and not very
much went at the high figure Of 705sc Re-
jected and no grade wheat ranged from 621E
to CSC,