The Minneapolis journal., 1903-04-20
The First Day Of the Week Ends
With the Bull Element Still
in Control.
And the Liquidation Of Long Wheat
Has Little Effect May
Breaks to 75c.
But Receivers Promptly Visible De-
creased Heavily-Foreign
News Strong.

Minneapolis Chamber Of Commerce. April 20
The week opened in wheat with the bull market
still on. ard prices up another fraction IN the
early trading: There was an active market ana ana
option opening at I5&, selling to lo& &@lasc.
and then dropping to I51sc. Armour was at II
again in Chicago. aud was a buyer on the carry
breaks. The fact that the Minneapolis nour
mills are to resume grinding again very shortly
was strong argument. There is no disposition
shown to go against the trend of the market.
While opinion senes to incline to the view that
prices are rather high and that reaction should
not come after the long sustained advance, the
shorts scarce and those who go short do not
stand very long against the strong turns.
Liverpool was Ad lower. which had no ef-
feet here Broomhall cabled about the French
crop and Harris, Gates had private cable from
Paris also The two did not jibe exactly, al
though both limited at possibility of damage in
France from late frosts. There was fair ex-
port inquiry reported and ao,0oO hu No. l north
ern was reported worked at Chicago early
tlearances were pretty we'll up, showing 66O,-
ono bu. r.. .-.- .-...-.. +. ..'>
The big grain houses are more inclined to be
buisll now than they were last week. One
house says that the effect of bountiful winter
wheat prospects is wearing off the spectators
mind, especially the speculator who realizes that
other than home conditions make the price. The
unfa vorable outlook for continental crops and bad
weather continuing as we'll as heavy on passage
shipments, which do not seem to have added to
the European stock during the past two months.
leads the alert of the trade to look for bet
ter prices for our wheats. Certainly the quantity
of good quality wheats available between now
and July l is incouscqcential. particularly with
The drains which will be made on these supplies
from the other side. 1t is not bear season
when he is forced to nay for the privilege of de-
ferring deliveries. Wheat is a purchase on any
break or its merits, and behind this it has a
speculative situation Of short interest that Will
help materially to mark up the price. o. -s.-
The above from house that has been bearish
hut has evidently concluded that 1t is no use to
stand out against Armour
CHICAGO house. situation,
says 1t has been matter of surprise to the trade
at large that the expert demand for wheat has
followed that the export demand for wheat has
Outside markets have been steadily coming up
t" a parity with ours in response to this excel
lent foreign demand. The latter appears! to be
based the serious winter killing in Germany
and of unreasonable cold which is affecting the
crop situation 1T France. The drouth in Roumania
has been relieved by rains. but no improvement,
is reported in the southern Russia districts that
were reported lnfavorable fortnight since
Owing to unreasonable weather. offerings OF
Argentine wheat are not nearly as large as those
of a month or sis weeks ago. but any material
further advances OIL our side may Increase them
Just now the Argentine grain man is financially
strong, and is more disposed to sell corn thar
wheat There is scarcely any merchantabl.
wheat at the seaboard, and exporters have beer
forced to go west for supplies. The buying this
week has been more largely at southwest ant
northwest centers than here, market was
first to take cognizance of the foreign crop situa
ton and much the highest. The change
in the crop conditions abroad has materially
weakened the position Of those who were selling
July wheat short because of the splendid crol
outlook at home. There is little pressure OF
tie July at the moment and shorts show ner
vousness. -5G-
Minneapolis received 1888 cars against IS
last year, and Duluth 8 against 5s
>Ths market closed firm on reaction from 4
break to 75c for May. AT the close May wa
75ssc and July 75hc, September closing a
6S5sc. K
.s Some of the millers were back in the cas-
market again and in consequence there was bet
"a
No. brought T6ilo to 77c There was goo
demand for wheat to arrive, especially the No.
wheat. @'z.s l.+ ~.
The May delivery was somewhat erratic, bu
on the weak spots the leading long supported th
market, causing rally. The export deman
again good and strong tone prevailed lat
in the day. May advancing to 7skc and closin
at 7S$ @is1ac, a gain Of &c. July closed a
121sc, With gain Of 1ac, after selling up t
72Js @73c. -.