The Minneapolis journal., 1903-03-07
BY Successive Raids They Ham
mered May Wheat From 7634c
Down to 73s4c.
-,
Everything Was in Their Favor and
They Carried All Before
Them.
The Market Weakest at the End
-Discounting the Good Crop
Promise. .s.

Minneapolis Chamber of Commerce, March +
Wheat opened heavy as lead this morning and
fell off almost cent in the first hour. May
traded at 75,sc at the start, but there were
orders in the pit to sell and they came OH the
was not checked until it struck Ic. Here
there some good buying and the market held
against continued selling by the pounding bears Ears
dent at the start that the Monday statistics
are to be bearish, for the foreign advices and
the domestic statistical changes clearly, fore
count this, and to discount 1t freely in view
Of the additional fact of the government report
o. Tuesday, which will be very bearish, unless
all signs fail The first private reports from
the southwest began coming this morning. 10
such trade Journals as the Price Curernt and
Modern Miller for reports Of winter wheat condi-
have their own Investigators in the field and
much Will be heard about winter wheat from from
and ths e ks
fisher dispatch about as bearish as the writer
Of it could well make it. and said the wheat
promise is exceptionally, good in the territory
around that point. Medford wired that the
prospect is brilliant and was never better. Nat
urally such items were disconcerting. to holders,
ready known. The Chicago Herald printed a
long interview with Patten, the corn trader
which very bearish and this had effect In
the Chicago market. As an offset there was a
weather map showing rains in Illinois, Iowa and
roads and the probability of lighter receipts is
an important consideration now
LlVerpOOl clOSeu 1SQ n1Sner brOOmnail cdDleu
that their advance in wheat really rejecting
the advances and closing frmness In America
yesterday; The Liverpool market opened steady
and 14d higher. but during the morning de-
cline Of 14d occurred in March. owing to the
liquidation by longs. while the distant
months also eased of sd being Influenced by
the easiness in cargoes. The forecast of small
American shipments to Liverpool during the
past week caused nervousness among shorts, re-
sulting in opening advances of I'd and further
gains later of sd and Ed. The market had a
firm undertone.
IS On the Pacific coast the decline continues and
4 in San Francisco speculative prices for wheat
had a further but small decline yesterday, and
spot prices for shipping grades We're easy though
unchanged. An improved crop outlook III Cali
fornia and lack of export inquiry were the pr1n-
Il cipal depressing factors. There is little or nc
European demand at ruling rates. further de
cline in the market. however, would be likely te
< revive the export inquiry. -
Primary receipts We're Aid. 900 bu, against 43S.
GOO last year. and shipments 16l 900 bu agains,
100000. Wheat and flour clearances. 226. 800 bu
and Duluth 40 against 56.
At the close the market broke to 73Ac. ant
closed easy at 1874 @735sc. The bears have hat
a successful week and have hammered price:
down about &C. everything being in their favor
4, Some traders were inclined to think there hat
been break enough for the present. but the ma
jority who were short went short over Sunday
in view of the general weakness and in hope o.
a final break Monday. =.
The cash market was much disturbed by TIN
new complicat tions arising in the situat ton
There was a good general demand for milling
wheat.