The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-03-12
Reports of Larger Flour Sales Here
and Lighter Shipments From
Argentine.
These Helped the Market on Rise
to 75.751/sc for Minneapolis
49,. May. ~. VI.
But Reaction Came Later and on the
Decline May Sold Down to-
.. 741sc.
Minneapolis Chamber Of Commerce, March u.

Minneapolis Chamber of Commerce, March IL.
Wheat opened stronger and higher this NOR
ming, May selling to 75c on little buying
squirt. Chicago yeas strong from the first and
Minneapolis followed quietly. The stronger
features were not many and there was little
in the early news to bring any change. 1t de-
yeloped, however. that -four sales had been
larger and on this prospect and prospects OF
lighter shipments from Argentine some firm
ness developed and there We're enough shorts. to
start covering and bring the upturn. No evil
dence OF new buying was seen and despite the
higher range the market not very active.
The Argentine estimate was in the form of Il
private cablegram direct to a Chicago house,
stating that shipments have fallen off owing to
lower prices, and for the week will likely be
100000 bu or less. There lower Their
nlometer In the northwest and In the extreme
northwest as low as zero was recorded. For
tonight and Friday the forecast is for snow In
Minnesota, Iowa. South Dakota and Nebraska
Kansas has forecast of fair weather. Ad-
vices from the southwest continue favorable.
Local houses have some direct reports that are
very good. The Price Current says there is no
material change III the crop situation. The
wheat prospects promising, with few draw
backs. Spring field work is late in starting.
Little grain is moving because of bad roads.
Minneapolis receipts were 20 cars against 2eo
last year, and Duluth had SIS against 26. Pri-
: mary receipts were 435,000 bu against 44s, 900
last year, and shipments 1890 bu against
:. 10000
Liverpool closed I'D to 1ad higher.
Broomhall sent a second cablegram of a
strengthening nature. Sentiment, he says, is
little frTner and in Liverpool there was cable
from Berlin stating that freezing weather Is pre-
dicted for Germany. Our crop summary on
Tuesday said that growers fear late frOsts. 'Our
subscribers will please note,' says Broomhall,
THAT our weekly estimate of Argentine ship
ments refers to the shipments to the United
Kingdom and continent only. 1t does not cover
shipments to Australia other non-European
countries"
Kansas City had only Is cars in this NOR
ming. Yesterday Kansas City dropped of to
$4,000 bu, as compared with 1880 the previous
week. It has been time since these south
western receipts have shown any decrease as
compared with either the previous week or last
year. So far this week Minneapolis stocks haye
decreased $4,000 bu.
Wheat and -four clearances equaled 253, O0C
bushels
Broomhall cabled that wheat opened unchanged
to 14d higher and during the morning further ad
vances Of sd and SD occurred, July showing
the greatest advance of Esd at the 80 p: IN
cables. The features were good speculative buy
ing. better demand for American parcels anC
few offerings Of La Plata wheat. The market
developed very firm undertone. March corr
opened unchanged and May Va higher. Tht
frmness in spot corn caused considerable nervous
ness among shorts; resulting in "a advance II
eased off 1sc at 1:30 p. m. Our agent at Nlcol
aeff. South Russia, cables that the wea ther IL
favorable and spring sowing is progressing. Tht
season is early.
The market broke to 741sc near the close ant
closed weak at low point. July closed at IA Il q
74&c.
.Firmness ruled in the cash market. choice No
going as high as &c May. The range OF
p No. 1 was 76hc to TIC, and No. northern from
75A @75&c. The lower grades sold better.