The Minneapolis journal., 1903-03-16
The Week Opened With the Bearish
Reports Still Coming Concern
ing Winter Wheat.
Corn Had Sharp Break and This
Gave Opportunity for the
IT, Wheat Bears.
The Wheat Visible Decreased Mod
erately-Gossip Of the
V.
-. Trade. .'. .=''.

minneapolis Chamber of Commerce, March 16.
Under the influence of continued bearish
news, wheat opened the week depressed and In
cined to weakness On every turn of selling
stir up enough of new buying to hold the price.
May opened at 1880 and sold off to I3A @IS$sc,
where it held awhile. The early foreign new news
The weakness came entirely from the domestic
news, which bear1sh in almost every Item.
Rainy weather everywhere was the showing on
the map. The Canadian northwest had cold
weather, but this was modera ting. Furtner
down it raining. There were local rains
through Nebraska. Iowa and Kansas, ana over over
a part of the Ohio valley, while in the far north
west the downpoNr was very heavy. state
Statistician Johnson, of Indiana. had out very
bearish report saying that conditions have never
been better in that state; that grass and cereal
life Is fully a month advanced over last year,
and that that the wheat crop is promising splen-
didly. This Is fair sample of the kind of re-
ports that coming. most of them entirely
reliable, and this has the effect to make buyers
scarce, although any estimates as to winter
wheat are admittedly unsafe at this early stage.
The worlds statistics were not much different
from what had been expected. Shipments were
1856 600 bu against 9.s43,ooo last week and
5,27s 600 last year: America sent out 3 8 S60' ooo
sentine j. .24o. 900 and India 100000 bu. The
quantity on passage at 30.664.000 bu, shows
decrease for the week of 1872, 600 bu. In the
were sellers Of May corn. and there was sharp
break in corn, this affecting wheat.
later cablegram from Odessa said the stocks
Of wheat in farmers hands in southern Russia
are larger than generally supposed.
Minneapolis had $50 cars in. against Az last
year; Duluth 10, against 1877 cars Primary re-
ceipts 797, 900 bu, against 691 900 bu, and ship
ments III 900 bl, against 227, 900 bu. Clear
ances, wheat and nour. 337 900 bu. The visible
decreased by Sol 900 bu making the present total
&c. O66, 90 bu.
Broomhan cabled that the quantity Of bread
stufs on passage to the United Kingdom was
21 .1O4 900 bu and to the continent $50 900 bu.
showing a decrease to the former Of 100000
bu and to the latter 1000 bu. Corn on passage
to the United Kingdom, $3.50. 600 bu and to the
continent 6<iS4, 900 bu, showing an increase to
the former Of 5S4, 900 bu and decrease to the
latter Of .113. 900 bu, total decrease of b29.-
900 bu- The closing easiness in American mar
kets on Saturday caused slight decline In wheat
of I'D ut the opening. Later this loss was re-
covered covering by shorts due to smaller
Russian shipments and a better demand for par
cells of Manitoba wheat. Liberal American offer
ings of caused easier opening, with
prices I'D lower while a further decline Of I'D
occurred in the nearby months early in the ses-
sion. A reaction of ~ took place towards noon.
the unsatisfactory condition Of some arrivals OF
corn from America causing covering by shorts.
The local market sold at 73c for May and
closed at 1918 @73Ac. July closed at 7311c.
In the cash market the demand was good for
all wheat available for milling purposes. No.
northern went at &c May for the average
The low grades dragged little, and some lots
were unsold late but the good wheat was
cleaned UP promptly.