The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-05-13
The Market Dropped Cent and
Then ACKNOWLEDGMENT Sen
timent Turning Firmer.
NOT MUCH NEW BUYING SEEN
The Northwestern Situation Firm as
Ever-Brud Decrease
2,734,OOO Du.

Minneapolis Chamber of Commerce, May 13.
The fact that the agricultural department
has lost something of former prestige was
shown to-day. The government report on
wheat was admittedly bullish yet the market
responded only moderately, and after losing
opening advance Of SIC turned downward
for cent? To some extent the report had
been discounted in the small but steady ad
yances of the past few days, yet the principal
hesitancy seemed to come from disposition
to accept the report with more than the usual
qualification. The fact that the census de-
partment in gathering data for 1899 found that
the yield of wheat in that year was about
no. 900, 600 bu more than the agricultural de-
partment said it was, has not been forgotten
By the trade. 1t had the effect to weaken con-
fdence in the agricultural department to the
extent that the reports are no longer so I'M
portant market influence.
Considering the already strong situation in
the northwest and the setback to seeding in
a portion of the territory, and considering
the fact that the spring wheat acreage in gen
eral will be lighter than last year, this gov
ernment report would seem to be the only
thing needed to help sentiment and insure an
increase of general confidence. Since the con-
dition Is only lowered to 76.4 against 1873 last
report, there is nothing bullsh in this: 1t is
rather the reverse. But the acreage was estl-
mated last December at SO. 900, 900, and this
has been cut to n. 1OS, 900 acres by the aban-
contNS or ploWlnS up or 1913 per cent OF the
original seeding, this principally in Kansas
and Texas. If 16 bushels to the acre were
taken possible average yield this would
figure out about 340,G7O,0 900 bushels winter
wheat. Some allowance must, of course. be
made for the good rains since this report was
compiled, which may have raised the condi
ton, but the acreage has undoubtedly been
decreased and probably fully as much as the
estimate of the department indicates.
LIVERPOOL closed Id lower
July wheat opened at 767s17S4sc, advanced
to 7s%@76Ac. From this point the market
slid of. losing full cent and selling at 75Ac
at noon.
Bradstreets' showed decrease Of 2,734, Coo
bushels in the worlds visible. East Of the
Rockies the quantity decreased by 4,134, 900
bushels, but the quantity in Europe and a1oat
increased 100000 bushels. Local receipts
were 81 cars, against 10t, and Duluth had A.
against "a. At primary points receipts showed
$4,000 bushels, against 351 600 last year, and
shipments $4,000, against 713.000 Wheat and
flour clearances equaled 10000 bushels.
The market turned flrmer near the close
and on covering by shorts moved back close
to the opening. The day shows a gain of
A@asc in July, that option closing at 1850
September closed at 1880. Wheat to arrive
was in good sale for both No. northern and
No. 2 For some No. l, 775sc was paid and
j 77Ac for other lots. No 2 northern to arrive
| sold at 76@76Ac. Spot offerings were well
: taken, No. spot at 775sc, No. at 76@76asc,
and No at 75A@76c. Rejected and no
| grade sold well.