The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-04-25
ANOTHER BREAK in WHEAT, MAY STRIlzll
General Liquidation Followed the.
ns-End Of the Bull
Campaign.
THE MARKET WITHOUT SUPPORT
Chicago Close to an Export Basis
Heavy Short seiling-Nevvs
of the Day.

Minneapolis Chamber Of Commerce, April
25.-Wheat broke another cent this morning.
July sold down to 74ss@74Ac. This was 21sc
off from 771sc, the strong close OF Wednesday
night There were rains ana heavy rains
where badly needed and the entire western
country was pretty we'll covered. In Kansas
however the precipitation was light. With
twelve Missouri points and twenty-one Kan
sas points reporting rains yesterday, the
map this morning showed much lighter totals
than expected. The bulls pinned asllttle nope
to this, as the advance was primarily on
the bad Kansas outlook, and, to this morn
ing, the worst districts were still without
good relief, although the rainfall was, extern
sive Sentiment, however had undergone a
complete change, and there was an utter
lack of support, In place OF the nervousness
and fear of destruction OF the Kansas crop,
there was the feeling that the long neeoeu
spring rains are here at last ana the ent.Ie
area will shortly be wet down IN all sum
Cheney Cables were off, Liverpool closing
! 1lhd lower. Minneapolis May wheat helo
after the break to 731sc, partly for the reason
that Chicago May at that time was about lac
under Liverpool, which meant that 1t would
be- possible to do export business, provided
Of course foreigners were disposed to BUY.
There are still few bulls left in, the market,
although the average trader has turned ABOUT.
II will probably be difficult to revive the
hullish enthusiasm now that the rains are
on Still the fact that Kansas needs "a great
deal of rain, that the weaker holders are
out of the market that there is the posi-
biIity OF export business, and that the short
interest Is large and of a class quick TO run
in. makes the bulls feel that 1t is not I'm
reasonable to expect moderate reaction, and
that from this price level 1t Is about
stand-off either way. Meanwhile much de-
pends upon the later reports as to what e@-
tent Kansas has been benefited l,~.>
Argentine shipments for the week were
4 .3GG, 600 bushels, against 900 last week.
and 1882, 900 year ago.
At primary points receipts were lo4,ooo
bu, asainst 1858, 900 last year, and shipments
37t DOC against 232, 900. Wheat and flour clear
ances euualed 462 900 bu. Minneapolis received
SO cars against 206 last year, and Duluth nad
16 against 3D.
Bradstreet's figures show exports OF S,7oo'
900 bu for the week, against 4,11S,OO0 blu IN the
previous week, and 4,2S2,o0o blu year ago.
Local stocks will decrease by about 60ooVO
bushels this week.
Near the close the market broke again,
May going to 73c and July to 74asc. AT the
close May was quoted 73b@7aAc, July 741a@
74&c and September 73Ac. Chicago May
closed at 74bc, July at 75A@757sc
Heavy trading in No. northern TO ar
rive was the feature OF the cash Market.
Round lots were bought at 73Ac, 1870 ana
74c, Some business was also done IN NO. l
to arrive, but not very much. The spot NO.
/ sold at 75Ac and spot No. from 73Bc to
74&c No 3 wheat was In fair sale from
72Ac to 73hc. Rejected and grade ranged
fron + 72Ac.