The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-02-14
Market in Narrow Range, Minneap.
oils May Holding Between 757sc
and the Opening at 761sc.
The Southwest Is Weak on the Good
Reports of Winter Wheat and
Predictions of Snow.
The Bears Afraid to Venture Very
Far and the Bulls Holding on
With Confidence.

Minneapolis Chamber of Commerce, Feb. L.
dull and draggy session marked the close Of the
week in the speculative wheat market. The
local pit extremely quiet in the early part
and local traders did nothing but follow Chicago
the minor changes. Speculative> enthusiasm,
was lacking Tie southwest was inclined to he
bearish and the messages coming from st. Louis
and Kansas City were all depressing. AdviceS
from st. Louis say that local sentiment is quite
henrsh and the various crop reports indicate that
winter wheat condition continues to be favorable,
but acceptances of country bids are not lib
eral At the decline in prices there will prob
ably be noticeable falling of In receipts unless
wheat advances again.
The southwest gave no heed to the cold wealth
er and appeared to scout the idea Of any damage
to winter wheat, especially in view of later pre-
dictions of SNOW. This southwest selling in
Chicago largely responsible for the weak
there Chicago dipped every turn of
selling. Minneapolis Nay ranged from 76lsc to,
treniely narrow and embarrassing day i'll the pits.
Hroonihall cahed that increasing offerings
from America and the forecast OF large Russian
shipments Monday caused decline of 1sd in
wheat at the opening this morning. Later,
prices further eased OFF slightly. but reacted on
covering by shorts, closing quota lions being 1sd
lower to I'D higher than the opening for Marc,
and May respectively. Corn opened unchanged
but during the session the forecast of light ship
ments from America induced shorts to
snlting in gain of ia in the nearby delivery.
The distant month remained unchanged.
Rroomhall cabled again later estimating the
worlds shipments Monday at about 5000. 900 bu.
OF which quantity Europe VIII take ABOUT .2OO:-
90 bu. He predicts tine quantity of breadstuffS
on passage to the United Kingdom and the
1incnt will show but moderate change. Arrivals
of breadstnffs into the United Kingdom during
the past week We're about $4,000 hu. agaiust
2,4uU.0uo bu week ago and $500, 900 bu a
year ago.
Very low temperatures shown In the e1-
IRENE north. as low 40 below Not much
precipitation is shown the map for the past
twenty-four hours General rains fell in the
Ohio valley. but very little elsewhere. The
SHOWS predicted yesterday not realized. If
the low temperatures now in the extreme north
should move south there would be occasion for
crop scare. Primary receipts 625. 900
bu. against 527 900 last year and shipments
c37 900 bu against 277 600 bu. Wheat aud -four
clearances $50. 900 bu. Minneapolis received 25T
against 357 last year, and shipped 1874
I against "a. Thirty loads of sold at
the seaboard. but there important
export trades reported in wheat.
The market closed at 76c for May and 1850
for July.
The cash market lacked the snap of the early
part of tho week. While there fair demand
and good clearance. sellers were complaining
that it was more difficult to get firm prices.