The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-02-20
The Market Generally Firmer-The
Cash Demand Better Chicago
Less Bearish.
Argentine Shipments Less Than Ex-
pected and Argentine Weather
Less Favorable.
The Modern Miller Puts Out a Bear
ish Survey Of the Winter
Wheat Crop.

Minnea polls Chamber of Commerce. Feb %
The grain markets opened steady and strong this
morning without much gimp. Cables were with
out particular change Corn was active and
drmcr. partly on rnmors of strong combination
Of bulls In tue July option. Wheat steady
and firm. with fair trade Mt the level of YES
terday's closing price. Temperatures all over
the country were trife higher. with the out
look for clear and warmer, weather to come.
There precipitation worth noting any
where. One strengthening item was the report
Of Argentine shipments Ii was Broomhall's
prediction that Argentine would send out q 200
600. but she actually shipped l.7cS. 600 bu. or
almost half-milion less than the prediction.
This compares With l,6S0.0O0 hu last week and
$4,000 bu a year ago. A later cablegram from
London said the Argentine advices We're of rains
over the country. causing some interference with
threshing operations. Liverpool was I'D I'D at
the close. and Paris and other continental mar
kets unchanged to tribe lower.
The Chicago gossip carried more hopeful tone
than yesterday. aud the traders there were in
rlined TO turn for the moment from considera-
ton OF the foreign supply outlook to more
careful ANALYSIS of supply conditions at home.
The Minneapolis nllers known to be doing
satisfactory -four business and considerable
wheat Is being consumed every day. 1t is true
local stocks are not decreasing. But the bulls
point to the fact that this is about the only
important point where there is not already
evidence Of decreasing tendency. and that the
decrease here is really going on. but is not evil
dent OF the surface that considering the matter
of the Minneapolis milling supply there is de-
crease going on. the local stocks being ma in
tanned at the expense Of stocks In country
houses. which latter fact will show up later
on. 1t would appear that milers everywhere
doing fair business from the fact thai
cash demand not only in the Minneapolis mar
ket. hu: at other milling points well. re-
ported better this morning. The big depressing
feature and the leading bear argument just now
is the lack of export business. Little is heard
Of sales of wheat to 60 out. The principal
export markets have been reporting light in
Quiry and only scattered business for week or
more. If little. export business would de-
velop and cont inue from one day to another. the
bulls fot long pull would have their position
fortified and would feel certain Of winning ont
by just waiting. But If do work up
" more export business than Ia now being reported.
IT. will be in order to look for the bear argument
that we are not on an export basis, and for
pressure the market to force the option
lower. --..-
San Francisco OF trihe. not on any
thing weakening there any less active de-
mand. but more in sympathy with the bearish
gossip going west from Chicago. At the same
time. the reports from three big Chicago houses
this morning said that the most prominent Chi
cago bulls adding to their lines the
dips. which is one why that market has
so far held stubborny against the bearish news.
Near noon runor came of 200. 900 bu sold to go
locate the actual trade. Primary points had
41SO0O bu against 500. 900 last year. and shipped
1928 600 against 100000. Minneapolis received
E222 cars. against 800 and Duluth 100, against
So Wheat and -four clearances were extremely
light. amounting to only $4,000 bu, both wheat
and -four. -.- .... '.--.'
Inc MOOefn 1lller says CneF6 Is no apprenen-
sion Of damage to the winter wheat crop from
the cold weather that recently swept
over the country. except in sections where sleet
without snow experienced The crop has
had snow covering during most of the extreme
cold. and was benefited rather than harmed
thereby: The movement of wheat to market
was further restricted by the blizzard. There
1 Is an urgent demand for wheat at the accumu-
lative centers by outside Mills which cannot be
met because of inadequate rail transportation. .
BroelnhalI cabed that the visible supply OF
wheat in the chief ports of Argentine Ia to-day
2.576.O 600 bu. against 2.24o.O0O bu, week ago
and 1.Gl6.OOn bu year ago. The visible sup
ply of to-day is 1877 900 bu. against 1874 00t
bu a week ago. and 1874, 900 bu year ago. The
Argentine wheat markets steady in tone
with a moderate demand for export. Arrivals
from the interior are large and the quality Is
satisfactory.
The May option sold up TO 1850 the
close. and closed at I612c. July closed at 1914
6766sc.
In the cash market there a frner tone
and prices relatively fraction higher all around
No. northern OF any description and In almost
any was salable at 1c over, and higher
premium was paid for some lots No. north
ern sold from Ac under to 1ac over May, &C
cording to quality aud the containing it
The Great Northern and Northern Pacific whea
continues selling lower than other lots, owing
to the inclination of the milling buyers to pass
these lots. as the are not available for re
loading. with flour