The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-03-17
Sells Down to 72zsc in the Early
j Trading, but Rallies Again
Promptly.
Sentiment Still Bearish and the
Bulls Lying Low for the .
Present.
!. Worlds Visible Decreases 2,s22,000
Bushels-News of the
Grain Trade.

Minneapolis Chamber OF Commerce. March II.
Wheat struck another low point this morning,
12Bc the market held and promptly reacted
good half cent. But the tendency was weak,
even after the recovery, and no fair-sized lot OF
wheat could be offered without breaking the
market a bit. There not much new buy
ing, although commission houses reported
orders in from scattered bulls who were In
clined to take little on the argument that
the market is cents down from recent high
points and ought to react cent or two pretty
soon II reaction is to come, the news will have
to change materially or some manipulation power
full enough to start the shorts into pauicky
ing will have to get to work in Chicago II the
market is to sell up materially Oh straight buy
ing of wheat on it's merits, it Is not likely to
sell up right, away, for whatever merit there
may be to wheat Is lost sight OF at present.
The news, the crop reports and the statistics are
all bearish. and the opinions being sent out by
the big Chicago houses against prices. 1t
is hard to see how the bulls can do much just
at present. The possibilities. on the other
ready had pretty good turn at it. and it looks
as If they to have it their way yet awhile.
Whatever happens, however. Of an unexpected
nature. is likely to favor the bulls. For the
present many bulls content to lie back and
stay out entirely, believing that the bear market
will itself too low. and, with everybody
come when the bulls can get back in for
campaign. But there is no immediate nkel1-
hood of this. judging from present sentiment.
Milder weather general this morning, with
rains over the northwest the west and south
west. There were general rains in Nebraska.
Iowa. Illinois. the Ohio valley and on the Pacific
coast, and local showers through Kansas and
Missouri. 1922.
Primary receipts were 600 bu. against
4S1. 900 blu last year, and shipments 234 900 bu,
against $50, 600 bu. Minneapolis had 15s cars.
against H. and Duluth 81 against 1885, Wheat
and -four clearances equaled 300, 900 bu.
Bradstreets figures show decrease of 2222.-
900 bu in the quantity east Of the Rockies, and
a decrease Of 10000 hu in Europe and afoat.
total decrease of 1892, 1000 bu in the worlds
visible supply. Important decreases are 500, 900
bu in north western interior elevators. 81 900 bu
at st. Joseph. 5000 bu at Omaha and IS, 600 bu
in Chicago private elevators.
Broomhall cabled brief summary of European
crop conditions! follows:
The United Kingdom is, on the whole, show
ing satisfactory conditions.
France-Recent favorable weather has dispelled
the fear of damage.
Russia-Snow has fallen very recently afford
ing necessary moisture over considerable area.
Bulgaria-The crop Is backward.
Germany-Considerable wheat will be reseeded
to replace the winter killed. g.
New York reported 20 loads wheat and 40
loads for export. and later raised the
wheat to 20 loads. The market irmed up and
closed at 1850.
No. I northern in excellent demand. as
also No northern. and prices were relatively
a little firrner. while the wheat sold easily. In
the lower grades, however 1t not good.
and Of the low grade stuff dragged. Poor
no grade wheat was very slow.