The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-04-24
Subsistence of the Buying Movement
on News of Rains in the
Southwest.
TENDENCY TO SELL FOR PROFITS
Considerable Short Wheat Out-Mnr-
I<et Awaiting VeriticntiOn OF
the Rain Relief.

Minneapolis Chamber of Commerce, April
24.-Wheat started in this morning with
sharp decline Rains over the southwest
dampened the ardor of the bulls. Hesitation
was the first effect, followed by cautious
profit taking and selling out of long wheat.
This brought decided setback all around:
yet the decline Was not more severe than
might have been expected from the heavy
selling pressure. From last nights close 1T
759sc, May broke to 74&0747sc and July was
sold from T71sc down to 761sc. Liverpool FOL
lowed our advance of yesterday III part, CLOS
ing A01d higher. The weather map showed
no precipitation anywhere east OF the ROCKIES
except for light showers at Ccncordia, Kan,
and at Sioux City, Iowa. and some rains far
south and below the dry territory. But our
ing the session reports began coming Of rains
at Wichita and around Kansas City, and at
the latter point the effect was severe Kansas
City wheat declining about &C.
The Price Current says the weather has
been unfavorabe for wheat, and there is
moderate decline, but the general average is
still favorable. Oats have a poor start, bur
corn is starting well, with an Increased acre
age in the northwest. There change
about in the gossip, and the tendency at first
was to take a more hopeful view OF the crop
outlook from the fact that there was search
ty Of new damage reports.
Receipts at primary points were 100000 bu
against 394, 900 last year, ana SnlpnentS 4uo,oVo
against 377, 900 bu. Wheat and -four clear
ances were heavy at 72S, 900 blu. Minneapolis
had 1873 cars, against d79 last year, and Du-
luth II, against 36.
The market continued heavy and on steady
decline to the end, with no attempt to rally
at any time. A good deal of long wheat went
overheard. Some Of the sales were made or
profit taking by bulls who are still believera
in the market, but got out of the way of the
slide. There was considerable short wheat
sold at the opening to-day and most of this
was still uncovered at the close, as the
shorts expect a continuation OF the decline
into tomorrow. 1t is the general opinion at
the close that if the weather map tomorrow
morning shows the heavy rains that were
reported and that brought the decline, that
a still further drop may follow. II the rains
have not been heavy, reaction is not unlikely,
and the large short interest would probably
help along any upturn by running to cover.
Many of the weaker holders were shaken out
May closed at 74ssD741ac, July at 1880 and
September at 74s4c. Chicago May closed at
75A@75asc and July at 761ad76Mc.
The cash market showed special change
Receipts little larger than has been
the rule of late, and there more active
trade. The basis relative to the May option
was unchanged. Some very choice No.
northern was reported sold at 77&c, but this
was above the general market, and TIC was
about the average. No. 2 was saable to ar
rive at 1880 to 1870. No. wheat sold at
74c to 74&c and rejected at TIC for good
lots. No grade sold at 733sGl73Nc for the best
lots.