The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-02-13
Every Statistical Item and Every
Scrap Of News Received Was
Bearish.
Yet the May Option Made a Net
Loss of Only nc to 3sc for
the Day.
Winter Wheat Reports Bearish, But
They Admit insufficient Snow
Covering.

Minneapolis Chamber of Commerce. Feb. Is
Extreme dizziness ruled In wheat for the first
hour this morning. Friday and the thirteenth
day seemed an unlucky combination. and the pit
element and the scalpers did little but stand
around and watch the outside markets. There
was big trade at all and small lot scalpers
had The pit pretty much to themselves. Notliin.
In the early news was of nature to encourage
orc to buy wheat, indeed tic news and gossip
was rather bearsh. IF there was any effect
from the foreign rrnorts it was depressing. Yet
there was hesitancy about selling. The market
has boon on the downNard drag for several days
and 1t is believed here that therc is now
considerable short interest in the speculative
markets the country over Naturally the aver:
age trader little ti,nid about going short
at prices &c lower. Since he could not make up
his mind to sell and there was nothing TO spur
him to buy, he did little or nothing. The
local May option held between 16kc and 76c.
but broke under &c just before noou.
THE first report from abroad was hearish. 1t
came In the form Of a private cabegram to
big Chicago grain house. and gave the sentiment
of the liverpool speculative market. The ten.
denvr there is to hold off and work for declines.
on the expectation that with heavier Argentine
shipments and a free movement of wheat from
Russia, the Liverpool grain buyers will soon be
1udependent of America. SO with this feeling
ruling Liverpool u "a sad lower at the close
Paris was off 10 to % centines. Budapest was
CSC lower and Berlin 1ac lower. With this the
bears had the heavy shipments from Argentine
that country having sent out 1,952, 900 bu this
week against 200 900 last week and II 6. 600 bu
a year ago. And they pointed to the fact that
Minneapolis had $50 cars in against 175 last
year, and Duluth 1913 against 129, and while
the hgurcs for this year two days they
argued nevertheless that the showing was bear
ish. Still the market extremely stubborn
and even with bcarish report by the Modern
Miller it difficult shake down the mar
ket. The Modern Miller says there is abundant
moisture throughout the winter wheat belt and
conditions are favorable for the wheat plant. SO
far this winter the crop has been we'll favored
by the weather. The dangerous period is close
at hand. as much depends upon the weat her OF
the next six weeks. There Is no snow protection
except in the northern section of the winter
wheat country. Transport alton of wheat to the
markets is still light. being hampered by lack of
cars The Price Current was also favorable in
the report OF the growing crop saying that the
wheat condition is good, the weather on the
whole favorable. There have been unimportant
draWDackS from freezing and thawng. Interior
wheat movement light. Corn fair. Roads bad.
bradstreets figures for exports of the week
coming about noon, another incentive to
weakness: showing only 2.S56, 900 bu against
For this week. allowance should be made for the
holiday. but even the figures are light.
rive loads were taken at New Iorw and there
was little business at st. Louis. -.'
The market sold to 1874 c for May. but reacted
to 1878 "a 16c at the close.
Millers had considerable wheat turned over
to them this morning previous purchases to
. arrive. This helped the cash market by taking
away n considerable quantity that would other
wise have been offered, but it also made the
milling demand less keen for the time There
was fair cleanup by closing time, but the
market was draggy and unsatisfactory to sellers
in the main. No. l sold at 76A M76a4c for
the average and No. northern ,e1 ranged from,
discrimination against wheat in cars unavailable
for prompt reloading.