The Minneapolis journal., 1902-05-16
July Touched rs 1-8c on Early
Strength but Turned About and Z
Closed at Is 3-Sc.
NORTHWEST REMAINS STRONG
But the Southwest Is Bearish-Mod-
ern Miller Report Depressing
Export Inquiry Light. RS

Minneapolis Chamber of Commerce, May 16.
Rains in the northwest started the wheat
market fraetionally higher this morning. More
precipitation at this time suggests further de-
lay to farm work and hindrance to wheat
sowing. Many farmers in the territory where
conditions are backward will SOW wheat II
they can get to it by May 90, and some will
probably SOW as late as May Is. Continued
rains however could not fail to aggravate a
situation already considered an important IN
fuence for strength The leading bear pres
sure comes from the southwest. In Chicago
the position of July wheat contracts Is looked
upon as firm, and the short interest Is lodS-
Ing more in The September and December OPP
tions. weak feature Is the general lack OF
interest which Is needed to sustain rallies
Declines are checked by reports of export IN
Quiry that are quick to come, ana oy tae hsht
grain movement. The crop and weather SIT
uaton in coarse grains is bearish. The secre-
tary OF the Kansas Millers' association now
puts the condition OF Kansas wheat at 70,
and says this points to about 6S, oO0 900 bushels
for the state July wheat opened here A9as,
higher at 757sc and sold to 761sc.
Liverpool closed unchanged Broomhall
cabled the text of the Russian official report
Just issued. Russian wheat on the whole Is
promising, except for local damage in few
localities. Lohrke reported a better tone IN
the New York export market, with cables a
little more. encouraging, but says no wheat
be worked on the present DasS. Argenr
tine shipped $4,000 bushels. against $4,000
last week and 7760o0 last year.
Eighty-one cars came in here, against 13S
last year and Duluth had eight, against TWEEN
ty-nine. Primary points had 16S. 900 bushels,
against S04 coo last year, and shipments were
352, 900 bushels; against 1,e43,0 900 last year.
Wheat and -four clearances, 403, coo bushels.
Towards thee lose the market broke on re-
ports that Manitoba wheat is still offering 1sc
under Chic4so and that there is 2000O,O 900
bushels yet to market, and on the review OF
the Modern Miller. The Miller says moisture
has been plentiful in the entire central re-
gion Of the winter wheat territory, the rains
were especially heavy and general in Texas
and Kansas, where the drought was most
prolonged and where the plant was damaged
most where its vitality the poorest.
Since May l the average condition of winter
wheat undoubtedly has improved greatly.
Harvest has commenced In the extreme south
ern section of the winter wheat belt. Far
mers' deliveries OF soft winter wheat have
increased but are we'll taken care Of. The
mills in the sections where wheat Is prae-
tically exhausted are drawing literally upon
the states where supplies are to be had.
July broke, sold to 75A@75Bc and closed
At 7oasc. September closed at 711ac.
The cash market was very firm. No. sold
At 1c over July, but for the bulk of 1t the
premium was higher and anything choice went
at 11sc over. No. northern sold at 751z to
7eAc and to arrive at 76c. No. 3 wheat
brought 75B@75kc. There were scarcely any
offerings IN no grade or rejected