The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-28
Wheat Declined Moderately, but
n Bears Who Played for a Shake.
Out Disappointed.
Too much Damp and Rainy Weather
to Encourage Extreme
Bearishness.
Some Good Local Houses Bullish on
September May Closes
Tomorrow.

7 VI Il 4 j Z .rf 8 : X 8 \
Minneapolis Chamber of Commerce, May as
Many speculative traders in wheat played for q
shake-out this morning. The market openeu
weak and on slow decline NUMBER OF n iIs,.
speculative markets, where sentiment mad Deem
bullish for a tine reporter a change ABOUT over
might With almost the entire following or
small traders the bull side, 1t was hguteu
that the time ripe for slam-doWn' thaI
on any considerable selling pressure the small
men would be Jared out and would follow ID
the rear Of the market on the repoIteu preahs
conservative authority, wired that In the pest
opinion 1t time to stand from under as q
natural setback was impending. Tomorrow VIII
be the last day May, and this was an add
tional argument for weakness. me narAe. ,
however, was stubborn against decline, ana
nothing approaching shake-out developed, aitno
July sold off early from 77Ac to 77A @71asc.
There were many discouraging Items In the news
The foreign markets were dull and featureless,
and domestic interest in the market light. Inc
Price Current report OF crop conditions was La
Norable.
Against this there was the effect Of the rains
Thru Iowa the rainfall of late has been very
heavy and SO far from being needed, or being
q benefit, has been positive handicap. corn
planting thru northern and central Iowa IS estl-
mated to be on the average about one-hfth COM
pleted. There is an immense area, even up 70
the Minnesota line, which the work OF seed
Eing has not yet been done. The grain trade is
Ihesitant to scare on too much rain. Drought
news usually meets prompt response in the firm
ing up of general sentiment, but the trade al
ways figures that rain is a good thing and 1t 1s
reports are even approximately correct and
there has been such thoro soaking ana wash
ing out as Is reported, this cannot be Otherwise
much wheat and coarse grain the country may
produce this year, the effect will be lost, at least
+ upon the option, If the movement is de-
1ayed. On this alone the situation for this
week would seem to have turned little more
favorable to the bulls, to say nothing Of the
increasing liability to damage the later the
are in reaching maturity and the fact that the
trade has long since heard the best that can be
heard about the crop promise, and everything
would ordinarily tend toward lowering Of the
promise from this time It is noticed that
some of the most conservative local houses are
now openly advising the purchase Of September
wheat, which is a little daring, perhaps but is
good evidence that they are not scared by the
continued talk Of enormous crop, and believe
that even If it is raised the other factors Of
steady consumptive demand and light stocks will
effect it.
The barometer lines indicate the continuance
of showers rains in the middle west and south
west, and possibly in the Ohio valley, probably
working up into the northwest by tomorrow.
The storm looks as If It might extend further
east than at present. Boston and Worcester,
Mass, report rain last night but partly
cloudy now. The forecast in that section for
to-day is for showers followed by fair weather.
Omaha, Neb.,as advices say Nebraska was
treated to heavy rains again yesterday after
noon and last night and reports that good
deal fof corn has been washed out and drowned
out, which will necessitate replanting, while the
low lands are SO badly flooded that quite large
area will not be in condition in season for cul-
tiyatfon Nebraska stand good deal OF
water, but In some sections farmers have had
overdose. Moreover, with good weather
from this time forward there is no reason why
they should not have good crop of corn.
Primary points had 267, 900 blu, against 314, OO(
bu last year, and shipped 242 900 bu, against
900 bu Minneapolis received 119 cars
against 3d. and Duluth 8 against II. Whea
and -four clearances, 3s3 900 bu. "
Minneapolis was as weak as any market ant
there was considerable selling here and also {
little in Chicago that came from here, ali OF
the reports printed last night that the miller.
had refused the advance asked for by the fou
leaders and that strike might follow. Th
q would be bearish, since 1t would temperate,
stop the drain terminal houses and the de
crease in local stocks, which so far this weel
amounts to $50 600 Blu.
The market closed moderately lower for tn
day, July at 77A@77ssc, and September at 69s
@69Ac. -
Demand for wheat to arrive was active an
some good large lots were sold, notably on
900 bu lot of No. northern at SOC.
After the close of business tomorrow the Min
neapolis Chamber Of Commerce will take a three
day holiday. The proposition to adjourn fror
Friday until Thursday morning at $3.50 was pu
to a vote at noon to-day and carried unanfmousl
and with enthusiasm. The New York Stoc
q Exchange and leading commercial bodies will ad
journ over Saturday and Sunday only but til
5,- Chicago Board of Trade will be closed on Nor
i day. II -