The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-06
With Wheat Dull the Corn Situation
Is More Closely Watched by
Wheat Traders.
Worlds Wheat Visible Decreased
$4,000 Blu. but This Had
Little Effect.
Export Business Fair and Some Sales
Reported Early-Flour Mar
ket Weaker.

Minneapolis Chamber Of Commerce. Jan. G.
Wheat started or this morning on level prac-
tically unchanged from yesterdays close. There
was the stimulus of firmer cables, early reports
of export business and the expectation Of Il large
decrease in the visible. The Bradstreet's esti
mate Of the visible, it predicted, would
show falling of of ut least $500, 900 bu. ere
was some scattered covering Of shorts. Iinne-
apolis May wheat sold at 741sc at the opening,
dipped to 1880 the first selling and sold
back to TAG. The pit traders were inclined to
await veriication Of the estimate Of the visible
decrease and something more definite as to- eN-
port sales, the first report making the quantity
taken equal to 20 loads this sold on the Chicago
board to go out through southwestern ports.
Trading turned light and all the markets fell
Into dullness.
All the speculative holders of long wheat now
realize the Importance Of the corn situation.
With wheat entering the new year extremely
quiet, the general tendency one of waiting for
new development and the outside speculative ee-
n,ent not interested they were at this time
last year, when May wheat closed ut 1880 and
July at S0ssc, it Is realized that a turn either
way In just would probably have more
than ordinary effect upon wheat. A seaboard
grain man who has just completed a survey OF
the west and southwest, which included Kansas
City, Atchison. Leavenworth, ST. Louis and Chi
cago, says it is conceded everywhere that the
crop the largest ever harvested. The
quality of the corn in southern Kansas, Missouri
Illinois and southern Iowa is good to very good
In Nebraska and central and northern Iowa the
condition is poor on account OF early frost and
continued soft weather.
The corn strength yesterday was partly be-
the west is finding it impossible to fill
all it's contracts to shippers here east The
result is that these Chicago and seaboard inter.
ests having their contracts to fill and learn
ing that the western in some instances is
not able to fill his, are buying the in the
Chicago market. There is good shipping bust
ness, but it is in CARROTS and mostly in small
lots, the can be obtained.
New York said France bought about 500, 900
bu wheat there and In Chicago yesterday, vet
houses in Chicago with foreign connections said
they had more European selling orders than for a
long time.
Minneapolis had 331 against 256 last year,
and Duluth had Al against 81. Much nilder
weather general over the northwest and
there little precipitation anywhere the coun-
try except for few traces of At
primary points receipts totaled 200 bu
against 439, 600. and shipments 900 bu against
255.0Oo. Wheat and -four clearances equaled
204 900 bu. When the Bra1street's report came
1t showed even a greater decrease than expected,
or 3,440,O 900 hu. East of the Rockies the guam
tjty In sight decreased by AGO. 900 bu and the
quantity in Europe and ahoat decreased 2,OOO,-
600 bu
The close easy and at prices practically
unchanged from yesterday. May closed at III
and July at 1880. January wheat closed al
73c.
The cash market showed special change
from yesterday. There good demand for
choice No 1 and No. ? northern and fair de
mand for the lower grades.