The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-02-27
May Sold Up to FAC, but Eased
Back at the Close to Yester-
days Closing Figure.
CORN AND OATS WERE STRONG
Some Bearish Items, but u General
Tendency to Ignore Them and :.
Watch Winter Wheat.


Watch Winter Wheat.
Minneapolis Chamber of Commerce Feb. o.
May wheat sold up to 74c to noon to-day
1t was dull and uninteresting market for the
early part OF the session. Minneapolis May
sold down to 7SAc to start. The early weak
ness was due in part to heavier receipts in
the northwest, the figures showing 533 cars,
against 2S2 last year. This was soon offset
by lot or news to the effect that rains are
making the roads bad and holding back coarse
grams, and by a stronger market in conse-
quence in both corn and oats. Kansas City
was up over cent corn and st. Louis
was strong on both corn and wheat. Some
buying orders came IN and the market re-
sponded quickly. .,..
The effect Of yesterdays crop damage gossip
was shown this morning, it expected
It would be- In decidedly less aggressive set
OF bearish traders. The ccncensus Of opinion
IS that the reports were eXaggerations, that it
is rather early for anything of value regard
ing conditions, and that while there are no
doubt bad places In the winter wheat area
It is doubtful if anything has been discovered
warranttug the belief that the general outlook
Is otherwise than favorable The Price Cur
rent report was watched for with a little
more than the usual interest. Winter wheat,
1t says is regarded little less hopefully
than last month, as 1t Is nearly all in good
condition, yet lacking the high yigor neces-
sary to withstand adverse influence REPORTS
like this. covering both sides, giving the
outlook as favorable, yet not overlooking the
possibility Of sudden changes, make the bears
doubly cautious. and the market hesitates in
consequence. There are a good many bear
ish things in the general situation, especially
from the northwestern viewpoint, yet traders
realize that all such matters cash demand.
light exports, heavier receipts and other
things. ordinarily Of leading influence, will be
Ignored at the first real evidence Of any
crop damage. Hence the cautiousness. At
this writing the market is firm with sentiment
more bulltsh than otherwise, pending further
news from the southwest. days reports
are OF low barometer over Kansas, suggesting
storms.
Primary receipts were SOC. 900 blu, against
900 Blu, and shipments 200 bu, against
2VG,NO. Minneapolis received 1858 cars, against
251 last year, and Duluth had 165, against 81
cars.
Liverpool closed 7ad higher.
Clearances OF wheat and flour equaled 49,
600 blu.
At the end the market weakened and fell
back to yesterdays closing figure. May
closed at 1850; July, 74Mc; Chicago May
closed at 1850.
Good demand ruled in the cash market and
while receipts were larger than yesterday, the
good lots were promptly cleaned up. No. L
SOLO on unchanged basis, but No. 9 there
was triie irmer range. Mllers bought the
bulk Of the milling wheat and were not so
critical as OF late, taking anything at all
good. No. wheat sold from 69c to 717ac for
the extreme range, and no grade and rejected
from &c to Too