The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-06
Good Weather Starts a Little Selling
and Prices Ease Off Frac-
tionally.
But the Close Is Practically I'm
changed From Yesterday
Chicago Quiet.
---------------- ------ --------
A Scarcity Of News of an Important
Nature-A Typical Bull
View.

Minneapolis Chamber of Commerce, May g.
4 quirr and featureless wheat market with few
important changes, but undertone of strength
all through. little more bad news from
California and the Missouri state report which
makes the wheat condition So against 81 last
month. and 81 year ago. were strengthening
factors Missouri corn, according to the same
report. now stands at condition of II against
DO. This report was taken evidence that the
recent frosts had done some damage after all.
notwithstanding the reports this morning con-
tanned very little of damage news. The cables
were not encouraging, coming only partly respon-
sye to our strength OF yesterday, Liverpool clos.
ing I'D higher. Germany and France had
letter wea Their, which was offset In Liverpool
and held that market steady.
Broomhall cabled: Rejecting the frnness in
American markets yesterday wheat opened I'D
higher all around. The nearby or cash month
later lost this advance. owing to rather free
tenders on contracts. The other deliveries re
mained unchanged. Trade stagnant The
recent unfavorable weather for planting and the
fear that the crop has been considerably delayed
caused steadier feeling in corn with prices sd
higher. No change occurred later in the session,
the market being extremely dull.
e Primary receipts were 2IS,000 bu against 204,
600, and shipments 423 900 against 201, 600. Min
Reapol!s had 20 cars against SO; and Duluth >
agaicst 90 Wheat and -four clearances eQualed
d 0Oc bu -.a Z -.. .-. ss
The market shows undertone of strength
and Is we'll supported number of the lead
ing houses In the trade bullfsh and are
sending out bulish reports from day to day. A
good example of the views of the bulls. those
who are conservatvely bulish, Is found in the
following from White of Chicago to Lewis: AL
Though our growing winter wheat crop at present
looks promising. and has so looked from the
start. does 1T not stand to reason that the dis
counts now obtaining for the distant futures
have fully Offset the prospects? Furthermore,
there have been but two seasons in the last
generation when wheat bought in the very low
70s did net show good profit. The general
position preserves and commercial supplies) Is
stronger than at any time durns, the last twelve
years. with one exception, viz, the season of
lsa7-0s
''Tile prices abroad, both in the United King.
dom dnd OH the continent, show more than the
usual advance over ours notably France, where
spot prices have been ranging around $1.2S fol
some tine. and have been above 81. 30. During
the first week in April country markets in France
advanced 2l2c, the second week &c. the third
DC and the fourth week &c, making total
advance Of 141ac during the month Of April. This
advance has practically been maintained. We
believe the dominating factor to govern the
market this season will be the European stua
tion.
Conservative journals in Europe report unfa
vurable conditions for the entire winter wheat
area of Europe. The north African crop is also
very. poor, and while this crop of itself is in
significant, as regards quantity, it is significant
inasmuch as 1t aids In demonstrating the wide
boundaries of the regions unfavOrably affected
The average output of the affected territory
ah0ve referred tn Is more than twice the amount
of winte: wheat produced in America even If oul
most optimistic hopes relative to our growing
crop Should be realized.
Eencefort there will be large deficiency II
the European yield. which deficiency will grow
daily larger in the absence of cOpious warn
rains. Up to the present weather has been mos
unfavorable and there We're hailstorms reported
In France yesterday. while III Germany there
were excessively high temperatures which Is alst
most detrimental to the crops Therefore, will
serious European situation and our own spen
did winter wheat crop outlook discounted, Jul.
wheat is sellirS at re and September wheat a
7tc. Above all remember that our own crop Il
not harvested yet
The government report will be out on Mon
day next and it is intmated that the agri
q cultural department will this time make i
public at .whoch would be a radical de
parture from it's old method of so timing it
issuance as to hold it off until the close o
trading in the leading speculative markets.
The market closed steady at close to yes
terdays level, having fuctuated above and be
low. The weakness near the end was partl
cast off at the close. July closed at rs @755sc
q September. 69Ac; May, 1880.
Little wheat was on sale in the cash division
receipts running very light. There was goo
demand .--.E