The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-08
The Trade Thinks It a Substantial
Advance and One Likely
to Hold.
Stocks Light, Receipts Light, and
Crop Reports Generally Less
Favorable.
The Local Statistics Favor Strength
and Full Price Main
tainance.

Minneapolis Chamber Of Commerce, May ST..
Wheat opened this morning just about where 1t
left off yesterday, and then turned strong sud-
denly, July selling ON quick rise from I51ac
up to I6GlI6lsc. The trade had in mind the
& development Of yesterday, which brought out
very prominently the relatively greater strength
In July. The outside interest In wheat which
has not been very large, was increased somewhat
by the showing in the market reports of last
night, which made it clear that there was some
force back of Minneapolis July, since that option
yesterday held up and closed only 1-16c of, while
all the other options closed considerably lower.
So when the market opened this morning there
We're enough new buying orders In the pit to
bring &c advance promptly 1t was hardly
a run of shorts, although there were some shorts
who ran quickly. To an observer 1t looked more
like an advance Oh new buying and advance
that was likely to hold. The buying appeared to
come from no one particular source, but was
general. The other options benefited by the
strength, but the initial strength was distinctly
Z In July.
The foreign reports brought in little of i'm
portance and indeed the cables generally
weak and lower. Fine weather in our country
was another factor hut this had little effect. The
local statistics decidedly favorable to
14S last year, ard Duluth had Is against 5. The
lcal statoistics decidedly favorable to
: strength Not only the receipts light but
the elevators loaded out 23S yesterday, and
tie decrease In local stocks so far this week Is
100000 bu, which brings the total well under
the 100000 blu mark.
AT the primary points 2O7 900 bu were received
against 24S,00O last year, and 37s,0O0 bu shipped,
against 242, 900 bu. The wheat and -four clear
eaualed :94, 900 bu, i'll which there was
IA 900 barrels of Hour.
Argentine shipments were 1858, 900 bu against
o. 5000 blu last week and $4,000 year ago.
Since jan 1 Argentine has shipped 80 484 900
blu, against IS. 332, 900 bu in the period last
year all Increase of 600 bu.
innpeg wired at that there was
very heavy dry wind yesterday all over the
country, and some minor complaints are being
heard.
ST. Louis wired about the same time that bad
raF ms in M
more emphatic.
The Modern Miller published a rather bullish
report, the result of special inquiry thru
the states of the central winter wheat region
The report says returns from correspondents COW
ering the principal winter wheat states of the
Z central region. in reply to special. inquiry re-
garding the condition of winter wheat, and ex-
tent of damage by unfavorable weather, fly or
s, frost indicate that in Illinois and Missouri the
crop Is the poorest. The plant has deterforated
greatly In both of these states, especially In the
southern section and claims of damage from +
to 33 per cent made. To the cold, wet
spring is this unfayorable change generally
ascribed, though In Illinois the Hessian fly is
claimed to have worked injury. Reports from
Ohio and Indiana generally show excellent condi-
tions and there few claims of damage. South
of the Ohio river conditions are good. Kansas
reports slight deterioration, thru dry cold wealth
er. but no frost damage. In the southeast terri
drought, but late rains have been beneficial
and Improvement is noted In Oklahoma and in
the Indian Territory.
Clearances for the week, according to the
BradStreet report. were 32OOOOO bu wheat and
-four, against 1902, 900 last year.
The market closed strong at high points, July
a 76ssc, September G3hc May 76hc.
II In the cash market there was good demand for
sold at 77%@77&c for the spot stuff, and or
later sales to arrive, 7Sc the figure.