The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-02-07
Shorts Who Played for an End-of.
the-Week Break Were Driven
to Cover.
Review of the Supply Situation as
Seen by the London Grain
Trade.
Local Stocks Increase-The Market
Il Firm at High Point of
the Week.

Minneapolis Chamber Of Commerce Feb. T.
French demand for American wheat was the
bull card to-day at the opening of the market.
When trading began there We're kilograms here
from the Pacific coast telling of demand there
for wheat for France. Local traders were in
clined to take this with grain of salt, not
wlthstanding the Chicago market showed effect
aud was higher. Australia has drawn so heavily
upon the Pacific coast for wheat within
month two past that the coast is. in a market
able sense almost bare of wheat, and prices
have been advanced repeatedly of late. There
may be reasons unknown to the local trade why
3 French importer needing wheat should so into
this well-drained-out territory and bid for wheat
against Australia. but the local traders were
unable to find what they The situation,
however. favored an advance Wheat had been
gaining strength all week and there was the
expectation in the pit that the end-of the-week
liquidation would be weakening influence at
the close on Saturday. So there were good
many shorts standing around this morning wait
ing for the expected break. The strength In
Chicago made them nervous. and when Chicago
passed soc many decided to get under cover.
Minneapolis May sold to 774c near the close
and closed very firm at high point.
An interesting review Of the situation as seen
In London. came this morning to A. 6. Cham
hers. reading follows:
The most conspicuous feature of the weeks
trading the purchase on continental account
of Walla Walla cargoes both on passage and for
prompt shipment From this we infer that there
is growing feeling that all is not so well
1t might be with the w1nter-sown crops of
France, Germany and Russia. Our own adj
vices are to the effect that the sudden changes
from springike mildness to severity have been
distinctly prejudicial to the French crop and we
have little doubt that what has been the case
in France must have been the also in more
or less corresponding degree in the continental
countries. II is, Of course, early to speak
definitely of any actual damage. and our i'm
preston is that the purchases which have been
made for arrival In Europe during April and
May have been sort of insurance against any
damage that may have been done already that
may occur later on, and 1t is also interesting to
note that prices In the leading French markets
have had smart advance and creeping up
toward an import level. 1t must also be borne
IN mind that. in spite of the enormous ship
nnents to Europe during last autumn stocks in
the principal importing centers very light,
which shows that the consumption of foreign
grain must have been on enormous scale, due,
no doubt. to the poor condition Of the bulk Of
the native grain. and also to the poor crop of
potatoes and the high prices of meats and pro-
visions. For instance the total stock of for
eign wheat and -four in the United Kingdom is
estimated at not than a three weeks sup
ply at the present rate of consumption
The statistics this morning were not Of inhu-
either way. Local stocks increased 219.-
900 bu. making the total 15367 1857 bu. Pri-
mary points had sos 600 bu, against 900 last
year. and shipped 177.oOO bu. against 149, 600
Wheat and -four clearances were $4,000 bu.
Johrke reported inquiry from Australia in the
New York cash market .s--
The local cash market firm and active,
p with good general demand for wheat and active
Inquiry for good milling wheat.