The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-03-04
This Is About the Present Situation
in Wheat, and It Appears to
Be a Deadlock.
The Northwest Is Bullish on the Sup
ply Outlook, the Southwest Bear
ish on Crop Promises.
The Foreign and Export Situation
Meanwhile Rather Favors the
Bears. .a...-

Minneapolis Chamber of Commerce,
March 4.-Wheat traders are as much un-
settled as ever in their views and there
is no important change either way in gen
oral sentiment. 1t is a case Of waiting
for the market to move, and the ques
ton is how long the trade will have to
wait. At the opening this morning there
was nothing important enough in the
news to start an upturn or downturn
and during the early part Of the session
the market dragged along in the same
old rut. May sold at 76M @76kc. Trad
Ing was so light that at times the pit was
almost deserted and it was just as quiet
In all other speculative markets. If there
has been any change at all during the
past week in the feeling here it is this,
that the average bull trader is not quite
so bullish as he was. 1t is not that the
bulls have lost heart at all or that they
are any the less confident Of higher prices
later on, but they are little more free
to admit, that sound as their contentious
are for long look ahead it may be diff
hcult to hold the market against tempo
rary decline. if the bearish feeling con-
tinues growing on the outside, and trade
does not increase. The foreign news
has been bearish for some time. This
morning Bromhall wired that the English
grain merchants are sending their wheat
orders to Russia. We have done little
export business for a time and the out
look at present is not especially favor
able. The bulls have the lighter stocks
in the west, the smaller visible supply
and the good demand in the cash mar
kets to build their hopes upon, and these
things may win out for them The bears
have been looking matters up and have
discovered that in March last year, May
wheat declined about 51kc, under condi-.
lions less bearish than are now ruling,
considering the worlds supply outlook.
The bears are afraid to do much because
this is the time for the winter wheat crop
scares to come along. But time is pass
ing and the season is close at hand when
it will no longer be In order to look for
a freezing scare, unless the weather
should be unreasonable in the extreme,
and should the next two weeks pass
without cold wave scare, the hessan
fly or dry weather damage will be next,
and a dry weather scare would not like
1y come very soon, as there has been
an abundance Of moisture over the west
and southwest so far. And so the mar
ket stands. The bulls have an excellent
chance If they are content to hold wheat
through thick and thin until the May OPP
ton natures, and meanwhile the chances
are all on their side, as to damage posi-
shorts who would run quickly on an up
turn. The bears have the worlds situa-
ton as it now stands in their favor, and
the fact that the speculative pits are
filed with Disguised bull traders, while
business is very light. So unless winter
wheat is hurt, or something unforeseen
develops, as for instance. a combination
Of big men in May, the bulls will find
their burden heavy one, and some day
the market will begin to slide.
Shipments from Argentine this week
are estimated to show 100000 bushels
last year in the corresponding week, Ar
gentine shipped 1.0eSoo0 bushels. Pri-
mary receipts ran to 431, 900 bushels to-
day against 100000 last year, and pri-
mary shipments were 100000 bushels
against $4,000. Minneapolis received 220
cars against 90, and Duluth Is cars
against 143. Wheat and flour clear
ances equaled 1910 bushels.
3 Liverpool closed Ad lower. Paris
Is confines lower 80 '','7"''
Wet weather over the entire western
country is the forecast. In the south
west it is for rain and cooler weather and
In :: the northwest snow and colder
weather. J. = -
Broomhall cabed: Our Argentine agent
estimates the wheat shipments for the
week ending Friday next will be about
2 2.4O0,OOO bushels, and corn 10000 bu.
The quality of wheat arrivals. from the
interior continues satisfactory.
Broomhall cabled later that the re-
vised official estimate Of the Roumanian
corn crop places it at 66,912, 900 bu, com
pared with 113. 100000 in 1901, the latter
being the record crop. Liverpool ner-
chants are again buying Russian wheat
The easy closing in American markets
yesterday and free offerings Of Russian
wheat caused an opening decline of Md
During the morning prices remained I'm
changed, trading being inactive. Open
ing prices in corn were 1s and Nc lower
for March and May respectively and late7
II further decline Of "a and &c occurred
In these months The bearish factor was
larger offerings from America and being
cheaper for distant than for nearby ship
ment caused the greater weakness in the
IS May delivery. = =. -. -
Near the close q big Chicago house
81 wired as follows: I'VE do not see rlucl
# III the wheat market just yet. There arr
several longs holding on expecting or hop
ing for crop damage to help them out; OF
i the other hand the bears are not very az
gressive, fearing to get short too much il
season Of crop scares Meantime Europ,
buys her supplies fro mother countries
who are underselling us. think if W,
8 go along about two weeks more withou
9 any serious accident to the winter whea
crop prices will then commence to de
cline to an export level 'a ~ ~.
The market closed easy at low points
May 76a @1sc and July 761s Ole ~
The cash demand was good but not s.
good as yesterday, with some of the Low
grade wheat dragging a little.
THE FLOUR MARKET
y . .