The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-04-22

Rains Broke May to 73c but There
Was Recovery-Loss Of
1-4@3-8 for the Day.
PRECIPITATION OVER KANSAS T.
Vhe worlds Visible Decreased by
8,G6O,OOO Bu.-News of
the Trade.

Minneapolis Chamber OF Commerce. April
22-Wheat held It's strength to-day against
conditions we'll calculated to- bring decline,
and at noon Minneapolis was firm and a shade
higher than yesterdays close. The market
had sharp setback at the opening May sell
ing down to 7Sc Rains in the southwest did
It. The weather map showed pretty general
precipitation west and southwest. bu. in no
'ocalty was there any heavy rain. Hutchin-
son., Kan, and Valentine, Neb., mase the
heaviest showinss with half an inch From
this 1t shaded down to mere tras at other
points. Kansas Cit:- naturally felt the full
effect of this, and at the opening that market
was excited on scattered range, 7s0l1sc
under yesterday Other markets weakened in
less degree. Minneapolis &c lower. at
1Sasc for May. and after striking 13c on the
break, turned about and made good recovery
The market Is so susceptible to the weather
influence at this time that other matters are
apt to be overlooked. There scnle, bull
arguments entirely aside from the dry wealth
or reports. The continued light receipts eV-
erywhere very important consideration.
Although -four business is quiet. millers DO
not find enough good cash wheat offered to
I'LL requirements. The strong cash markets
would seem to favor price maintenance even
II crop conditions were normal. The present
price range is not much more than natural
reaction from the low figure 10 which wheat
when the winter wheat outlook was 50 very
favorable. Now there is less promsic's out
look for winter wheat. The bulls tai the
view that good rains In the southwest will
bring on break, but they do not believe it
would mean anything more than the shaking
out OF the weaker holders, and they have con-
fdence in an ultimately higher price range,
whatever the immediate course of the market
may be. The principal bearsh considera-
tons hat N,trp
good, that the foreign markets hold back
when American markets advance, and that
there is enough wheat in sight for the present.
All the timidity arising from these facts,
however, would give way promptly If the
buying movement increases. 1t may be true
in way that the s2eculator who refuses to
turn bull on dry weather reports usually
wins out for the reason that in the majority
OF cases rains como before 1t is too late. Yet
there were many who persistently refused to
believe in the southwestern drought last sum
mer and got caught, and these traders are
careful not to go contrary to general senti-
ment again. Hence there Is less pressure on
the market than would be expected to follow
the reports Of rains. Then there is the fact
that the visible supply is considerably under
last year. Is decreasing steadily. and that OF
the smaller total about 100000 Blu is Cana
dian wheat. The Bradstreet's figures OF to-
day showing a decrease Of $3.50, 900 bu in the
worlds visible supply were help to strength
East Of the Rockies the decrease Is 1880, DOC
bu. and IN Europe and feat 1.7OO. coo bu.
Receipts at principal primary points were
30l 900 bu. compared with 361,0O0 bu last year
and primary shipments 392, 600 bu, against
391 900 bu. Wheat mad -four clearances equaled
10000 bu. Minneaoolis received 126 cars
against 157 last year, and Duluth had 90
against 81.
At the close the market eased off on realz.
Ing. May closed at i3asG731ac; July at 1890
September, 13Bc. Chicago closed May wheat
14sc.
There was good trade in wheat to arrive
One lot OF No. l northern sold on this basis
at 751sc. Fer the bulk of 1t 74%c was the fig
ure. Spot NO. 1 brought 747k075c No.
northern sold at 731a973%c for the bulk of thu
spot offerings, and at 131ac for lots to arrive
No. brought 72aq73c, and rejected and NJ
grade 71a4c to SIC.