The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-03-24
Wheat Market Touches Another
Il Low Point With Heavy. Sell
ing to the End.
Favorable Crop Reports Coming
From Almost Every Corner
of the Globe.
The Bulls Looked for a Rally, but
Lost Hope Early in the
Session.

minneapolis Chamber Of Commerce, March q
Two very interesting and important items were
round in the early news this morning bearing
upon the wheat market. The a dis
patch from the 500 to Detroit stating that the
ICE IS breaking up IN the straits, and large boats
mignt PICK their way through even now by
exercising great care. The other the Off
bc1al report Of the minister of agriculture of Ar
sentine. The fact that the straits are clearing
or Ice so early is assurance of the early open
ing OF navigation. 1t also bears out the general
indications Of early spring for the north
west, and those who watch conditions in the
country are already predicting that spring wheat
seeding this year will begin earlier than the
average The Argentine report not
1T was, however, the full confirmation of the
estimates put out month ago Of large Argen-
tlne surplus. The minister of agriculture puts
the Argentine area of last season at s, S93, $40
acres, and the yicld at lis. eS3,3 1857 bu. If the
average quantity needed for home requirements
Which Tor seed and natural consumption aver
ages about 81 ,957 900 bu. is deducted from the
total, there is left about So, 600, 600 blu for
port. Minneapolis May opened firm at 1875 @
73G, but had sold off to 1925 @721ac by noon.
The weather was a typical March showing.
with no very low temperatures although it was
under freezing at points in Kansas and Ne
braska. and close to the freezing point in Mis-
souri, and Iowa. Snow protection is 50 general
that no apprehension was felt and fear of
weather.
Liverpool was unchanged at first, but closed
SD higher. The Bradstreet's figures showed q
decrease Of 36s.ooo bu III the worlds visible
1,ses,oOo bu. and the quantity in Europe and
anoat increased 100000 bu.
Local stocks have decreased 100000 bu so far
this week. Chicago contract stocks have do
creased 10000 bu.
Conflicting views continue coming from the big
Chicago houses. One house says 1--WE do not
see how the winter wheat condition in the
April government reEort can be under IS.
This would indicate crop Of SIS, 0O0, 900 bu,
against a crop last year of S63 5000 bu. The
acreage this year is largely increased. In Mani
than
last year engaged in agriculture. This should
enormously increase the spring wheat yield.'
Another big Chicago house says: Wheat has
shown strength, hut the weak corn market has
induced free selling. With the present ship
ping market, small stocks and opening Of navi
cation at hand, the May option looks low
enough
Minneapolis received $50 against 100
last yeal. and Duluth Is against Ga. Primary
shipped $4,000 against 3s5,ooo. Wheat and
-four clearances equaled 1s9, 600 bu, with port
to hear from.
Near the close Broomhal1 sent the following
summary Of European crop conditions:
United Kingdom-Crop reports are most. sat
lsfactory,, but some reports of winter killing
mentioned last week have been confirmed. The
acreage is rather smaller than year ago.
France-The weather has favorable the
torily. Supplies in the country markets small,
causing very firm undertnne and advance in
prices
past Few days and IS fa fave fdr T. grow
Ing winter crops and farm work. Spring SOW
Ing is now quite general in the south Arri-
eas of wheat at Odessa are fairly liberal.
Roumania-Since last report slight
freeze has occurred but particular damage
was done. the outlook st'll being favorable.
Hungary-Crop prospects steadily improved
during past two weeks.
Itai y--The dry weather mentioned two weeks
ago has been partially relieved in the south,
but rains are still wanted in the north
Spain--The absence of rain spoken of in the
report of 10th has become more pronounced and
drought is causing damage.
Germany-There have been fewer complain
winter killing during the past week and weather
continues favorable for Ill crops.
North Africa-Good rains have fallen and
crop prospects are good.
The market broke to IT'S Orc near the close
and closed at 72672hc for May and 72lac for
July
The cash demand was excellent at 2Isc to Sc
ever May for No. 1 northern. and 14a@2c over