The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-03-05

Light Receipts in This Market the
Principal Inoentive-May Sold
up to 70 SIC
GOVERNMENT REPORT DUE SOON
Traders Feel a Little BeariSh, but
Fear the Short Side-News
of the Session. "' j.

Minneapolis Chamber OF Commerce, March
6.-Only 81 cars OF wheat came into Mime
apols to-day. This remarkably light run was
leading incentive to frmness, and from
yesterdays close at 7S1sc, Minneapolis May
opened at 73Ac and sold up to 1850. This
showing OF strength was discouraging to the
bear contingent. majority of the trade
had expected further weakness. With
weather conditions favorable, let-up in bull
ish crop-talk from the southwest, and gen
eral lack of speculative activity, the market
has dragged along in a manner indicating that
declines might reasonably be expected on
any material selling pressure. But, IN
speculative way there has been little pressure
for a day or two as there are not many VINO
cage to sell short at the present range in
the face Of crop report uncertainty. Mean
while the dropping off in receipts, removes
the pressure Of such selling as would nat
urally follow a heavy OF even a normal run,
and the bears beginning to think that
the market will not sag much below the pres
ent level no matter how favorable the south
western crop outlook. until the bearishness
can be crystal12ed and the market ham
mered down by heavy speculative offerings.
With continuation of favorable crop con.
ditions this is pretty certain to happen some
day. But the trade does not look for 1t to
happen soon, nor for much bearish~ agrees
siveness until after the government issues it's
estimate of farmers stocks Of March l, which
report should be ready to give out on Mon
day next. There is as much opinion that
this report will be bearish that it will
be bullish. There is the same uncertainty
that always precedes the issuing Of a gov
eminent report. But the bear, who ordi-
narily would not hesitate under present con-
ditions to commit himself to the short-side,
realizes that he would have to take the double
chance of the government report having bull
ish influence, and Of a possible unfavorable
turn in crop conditions, and hence he hest
tates. The general feeling might be put as
one Of moderate bearshness, tempered with
extreme cautiousnness. go
There was little change in weather condi-
tons, and temperatures are generally sea-
sonable. Nothing especially new came in re-
gard to the crop but there was repetition
of former damage reports. Kansas City wired
that reports Of bad conditions are so con-
ttnuous, and farmers coming into Kansas
City speak so discouragingly of the prospects.
that large houses there are starting their men
out through the country to see if there is
enough damage to warrant the general 'ner-
vousness. ~.
Receipts at primary points were 4O6, 900
bushels against 100000 last year, and ship
ments Isl, 900 bushels against 24S, 900 bushels.
Minneapolis received 81 cars against 238 last
year. and Duluth had III cars against So. g..
!. Liverpool closed 1sd higher. = ~
Clearances were heavy equaling 611,00O
bushels, New York reported twelve loads for
export. Near the close there was recession
from the high point May closing at 1880
July T4A074Ac. Chicago May closed at
176sac. d. ssss%&cl 5<sJ tzsslE
Cash wheat was in active demand aud ruled
higher all through. Receipts were SO ligh,
that there was not enough to go around, and
millers who wanted the choice milling lots
had to bid for them. No. 1 northern, OF
which there was very little in sight sold al
Ne over May, and. at this price 60 arrive
while on later trades to arrive there was some
business done Hat a full cent over May. No
2 northern was salable from q to &c under
May for the choicest, and showed a range OF
72A@72Ac,i while ordinary No. sold re. No
, wheat brought .7Ohc to 71Ac, and on re-
jected and no grade sales were made at 65t
to Zoe. r. - s. 49,. . =