The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-02-17
May sprlrts to 767sc on Covering
and New Buying, and Closes
Firm at 76s4c,
! The General Tendency Firmer Not
withstanding the bearish News
Keeps Coming.
Some Reports of Damage to Winter
Wheat in Iowa and Ne
braska.

Minneapolis Chamber of Commerce. Feb IT,
Extreme dulness was the feature again in wheat
sion The tone of hesitation that marked the
trading Yesterday was seen again. Traders
were afraid to so In very deep for, while the
trade In the pit was very light and light in all
other markets well, 1t was evident that there
was plenty of reserved force, and that the
market would very likely turn extremely active
their minds to the probable trend. Every
thing looked weak it has looked for several
days. But the market held very stubborn as
1t has held for all through. Chicago and other
markets were fractonally lower to start. but
Minneapolis May opened at 76ssc and was rela-
lively hrmer than other markets, holding above
76lsc rather free selling.
Everything that comes from Chicago is bear
ish. The large traders in the Chicago pit are
nearly all quoted as bearish. The news from
every source has been depressing. yet the mar
ket does not decline. One great disappointment
to the local bulls is the fact that Minneapolis
stocks do not decrease. 1t was the opinion
weeks ago that the maximum figure had
been reached and that decreases might be ex-
pected to follow regularly. But since then
stocks have held up and have even gained lit
tie. Within day or two. receipts have been
lighter. and to-day Minneapolis had 1872 cars.
against 213 last year. When stocks begin to
decrease it will probably be steady slide-off
from week to week, but far Minneapolis
is past the average date when stocks begin to de-
crease. and there is downward turn in sight
vet. On the other hand-and this Is the strong
EST bull argument in the northwest outlook-the
stocks. and when the report comes in at the end
of February stocks in country elevators will be
found to be the lightest in years. BY March I,
country stocks if the present rate of decrease is
a safe guide. will be the lightest in ten years.
Another thing that must not be overlooked is
the country demand. Yesterday the country
,,nillers bought in Minneapolis and reshipped to
their country plants seventy cars or $4,000 bu
of wheat This country demand Is not likely
TO run much lighter than at present during the
spring months. ~.
i,,,no ti0D in IN
ply statistics is found in the relatively larger
quantities of wheat this year at few inpor tant
points In the twenty one principal centers that
appear in the supply statement there are to-day
'4S.970, 900 bu. A year ago to-day there were
81. 400 900 bu. so the country is 6,4a6000 Blu be-
hind last year in the quantity Immediately avail
able for consumptive purposes. And OF this
total quantity 30 564 023 bu is collected at four
principal points. Minneapolis houses holding 49,
44699S bu: Chicago 1880. 90 bu; Duluth 4. 674,-
925 bu. and Fort William. 3621 900 bu. Many
important points like Buffalo. Kansas City, New
York and ST. Louis have very moderate stocks
Chicago has in the tital of 1880. 900 bu. about
2.25l .225 bu of contract grade. OF this, l,145,'
5SG bu is No. 2 red winter wheat.
Winnipeg was again very cold ranging to sc
below zero. and it was cold all through the coun
try but the indica lions favored moderation from
now on Nothing important came from the win
ter wheat territory to indicate damage. The
export news not very favorable. and Lohrke
the big exporter, was reported selling wheat or
the New York Produce Exchange. Liverpool
closed 1sd higher.
Primary receipts $4,000 bu, against
457 900 last year, and shipments 673.OOO bu
against 293 600 bu Bradstreet's report of the
changes in the worlds visible supply show
an increase Of 100000 bu or less than had beef
looked for.
Chicago house had dispatch near noo
saving that some evidences of damage to winte
wheat were being found in Iowa and Nebraska
This turned the market ard brought Zshar
advance t. 1850 May closing at 1870 Jul
closed at TIC E~
An excellent cash wheat market was reported
Demand was active for all the good mlllin
wheat and the spot stuff moved readily. Miller
were good buyers.