The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-02-19
WHEAT STRONG IN The FACE OF BEAR NEWS
May Gains 14c at the Close After a
Session Marked BY Bearishs 8
Pressure.
France Has an Acreage About
Equal to Last Year and the
Condition Is Good.
-
In Our Own Country the Winter
Wheat Is Apparently I'm.
harmed so Far.

Minneapolis Chamber of Commerce. Feb i911-
Wheat dipped and rallied. backed and nlied
spurted up notch then lost the advance turned
dull by turns aud active again in twhklpg.
and to noon to-day showed the same. undecided
trend that has characterized .the, market for a
week. There is. no getting away from the. fact
that the undertone is firm. Every sort of bear
argument has been on tap for fortnight. and in
many cases the bull talk has been the legitimate
thing. based actual reports and statistical
changes of unl,estioned bearish Influence Yet
the market has not declined very much; and
even to this date the bears who became bears
rs as they saw that, Argentine was likely
10 throw big jag of wheat into Liverpool. have
little to show for their side of it.. The cold
weather failed to bring any reports of damage
TO winter wheat, and many longs who Thought
10 below zero in Kansas and Nebraska: could
not fail to work some injury Ito winter wheat
and WHO took a little in anticIp tion. have
more recently been selling out on the failure of
any damage reports to materfalizs. This NOR
ming little selling of this sort broke May to
1890 but it back 76hc after a time.
The bears argue that, while there have been
important declines so far. the bear news is
bound to affect the market adversely. sooner or
later. The bulls. on the other, hand. argue that
there has been plenty of, bear news. and vet the
market las held pretty we'll. There is not likely
to he Ing more bearish than has been heard,
and the chances rather favor little bull news
to come along Meanwhile there is something of
short Interest in all the markets And so the
wheat market stands al this writing. PM,
Liverpool quick to follow our weakness
Of yesterday and come a.d lower at the close.
The French government crop report was more
favorable than had been expected and this had
some effect Rising temperatures were general
in country. BroomhaH cabed that in
southern Russia there have been heavy frosts.
but the wheat there was protected by and
mus far there has. been no, damage reported.
As winter wheat In country. the
Price Current says the wheat went under the
in good condition. There is some appre
hensiop from sleet preceding the snow and bare
SPOTS from drifts, hat not to important extent
Interior movement of all grain is light because
OF bad roads.
The French report makes the acreage g. IA. 900.
Last year the French acreage was 16 523, 900.
The condition is good
Minneapolis had 1%3 cars. against OBS last year.
and Duluth 81 against 70. Wheat and -four clear
ances eIualed '3Snn bn. At primary points re-
ceipts 35?oho bu. against 442, 900 last year.
and shipments 362, 900. against 900.
\ prominent Chicago trader wired Il can't
sec anything in tho market particularly, hnt it
seems to our decline is lisproportionate TO the
weakness abroad. Receipts small and this break
must bring some exports. st. Louis is best buyer
This morning. I do not believe 1t Is the time. to
get short. 49,. p. ..
The market spurted up fraction near the close
and May closed at 1850. july T61E, M76hsc. The
close strong and showed fractional gain
after ,sesSian of, hearish News.
The cash demand active and prices firmer
all around rela tive 80 May. With only 135 cars
In there was not much wheat sale. Mo- I
northern brought lie over May for the average
and No. northern 1ac under. some of the choice
No. going at the full May figure.