The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-05-23
FAVORABLE CROP REPORTS DEpRESS WHEAT
Commercial West Says Northwest.
ern Conditions Cannot Well Be
Improved Upon.
JULY WHEAT SOLD uFF TO ~ $50
Prussian Report Bearish-Govern-
ment Final Report for 1901 Due
IS, Late Tt,;.s+ a fteruoon.

Minneapolis c n,..l ,e ! al commerce. May rs.
Wheat halted and hesitated this morning,
showing occasional turns Of frmness, but
sagging again any selling. Trade was 80
light that the pit without life. and in
Chicago it was the same. Traders are influ-
enced for cautlousness by the increasing re-
ports Of favorable conditions. 1t is becoming
the coinion here that were it not for the
strength OF the northwest cash situation. the
market would sell off somewhat. 1t will not
sell off from any intiatory move here. With
stocks decreasing rapidly and receipts contin
tuing light, local traders are in no great rush
to go short OF July, and are even a little
timid about the short side in September. This
market has held WELL relatively speaking,
against declines elsewhere. and would be
quick to respond to anything strengthening.
The difficulty is to find anything important
enough to warrant bulish feeling. 1t re-
mains a problem whether the northwest sup
ply situation hold the market against
Southwestern pressure until the general stu
alton turns Grmer. -- g..
Broomhall cabled explanation OF slight
weakness in Liverpool, attributing it to heaV-
Ter spot offerings there, and favorable report
from Prussia Last year at this time the
German crop reports were very bad. and they
We're substantiated By later losses OF wheat
and rye, which made Germany an unusually
good buyer of American wheat. So far this
able, and in fact the crop prospects, taking
Europe as a whole. are said to be little
above the average. All this, OF course, could
be changed in short order by later adverse
developments, but at the moment 1t IS de-
pressing, for the reason that European wheat
importers are influenced to buy very conserv-
atively while their outlook remains so favor
,aolc, As to domestic crop conditions reports
continue favorable The Con1rnercia West
tomorrow will say that the northwestern con-
ditions cannot we'll be improved upon. and
that Developments have been entirely salts
factory with the splendid growing weather
Flax seeding has begun in the fax country OF
North Dakota and will he pushed rapidly.
This afternoon. late, the government is due
to issue the final report showing yields for
1901. This report may change existing esti-
mates materially, and if so it might modify
estimates OF the new crop to some extent
fair average Of private estimates made shows
the 1901 yield at 72l O00 900 bu wheat, $50 0OO,
900 bu corn $50 100000 bu oats %, 00o 900 bu rye
and 10000, 900 blu barley. 1t will be interesting
to note to what extent these will vary from
the government figures.
July wheat opened at 44@7+%c. and held
between 7424c and 75c. September sold to
71@@71Ac.
Only 81 cars were in here. against 1s1 last
year, and Duluth had 7. against g.. At pri-
mary points receipts were 1ss. 900 blu, against
358 900, and shipments 179, 900 bu, against 74S,
0OO Wheat and -four clearances equaled 374,-
0Gl bu.
The Prussian report was bearish. Exports
for the week, 5,1S4,00O bu, against 5,172, 900
last week and 4, 100, 900 last year. July wheat
sold to 1850, closing at 741kc, and September
closed at Tic. ."
No. l northern to arrive sold at 761ac. or
15sc over July. No. northern to arrive
brought 75A@75asc. Spot No. 2 sold from
75lSc to 1880. No. wheat at 74asc for two
cars, and rejected brought 731ac.