The Minneapolis journal., 1903-03-10
Traders in Wheat Did Little All
Morning Pending Receipt
Of the Figures.
The Market Dragged The Brad
streets Figures for the Wis
ible Delayed.
Chicago Bear Traders a Little Less
Agressive-News of the
Day.

Minneapolis Chamber of Commerce, March 10.
This IS the day the government puts out the
hands on March 1. The grain trade naturally
looks to this guide. Whatever may be said
OF the loss of government prestige due to the
controversy last year between the agricultural
and census departments, it is fact that the
government reports are still factor IN afect1ns
speculative sentiment And the report that is to
come this afternoon being the first one OF the
year. has been awaited with greater interest
since 1t Is to give something to guide on respect
Ing the wheat reserves on hand, In ADDITION TO
the regular report as to the condition of the
growing crop. 1t Is the fact that this report
Ii expected to be bearish that, as much as any
other thing, is responsible for the recent cont1n-
ned declines in wheat. There has been much
to indicate bearish report, and even up to
this morning the messages from Chicago said
the trade there still bearish and still In
clined to sell wheat. In the local pit, however:
sentiment was not 80 bearlsh, the early declines
were purely responsive to Chicago, and there
net mitch general selling here. The local
crowd was inclined to think that break from
761.c to 731sc was pretty fair setback for
while at least. Sentiment is very bearlsa
everywhere the outside. and while this
continues the market it is freely conceded.
many who cared to sell it on this morning 5
early range of 1884 Mg73bc down to 1875 a
731nc. They figured that the promise OF con-
tinued bearish news and bearish government re-
port and that lower range was quite likely.
Nevertheless they also figured that there must
be good many shorts now, and good many
IL
minds that the break Is over; 50 that a govern
ment report less bearish than expected might
start an upturn very suddenly. So the market
dragged awhile without much activity.
The delayed statistics Of yesterday came along
this morning. Worlds shipments were 8, 9,S43,-
900 bu. against 1858. 900 in the previous week
and S,G12,OOO bu last year. America sent out
:491 900 bu Russia 2,296.oOo bu. the Danube
1O24 900 Du, Argentine 2,9l2,O0O bu and India
10000. Tile quantity passage increased by
$50. 900 bu.
Minneapolis received 271 cars, against 100 last
year. and Duluth o. against 124.. Clearances
wheat and flour. 2S5.OOO bu Primary receipts,
$4,000 bu. against 437, 900 last year, and ship
ments 165. 900 bu. against 110, 900 bu. Liverpool
closed sd higher.
Chicago dispatch read: TRADERS here can
see no good in wheat unless the government gives
considerably less in farmers hands than 16O.-
900, 900 bu. The export demands are not good,
the crop outlook is for bumper one, there is
plenty of wheat in the world and Russia. the
Danube and Argentine steadily underselling
US and filling Europe up. Believe May will sell
under 7Oc The speculative trade is about dead. -
Another view of it came later, as follows
:'The local trade generally have sold wheat on
their guess the government report. Do not
any larger than expected when wheat was SC
higher''
New York had loads for export. The Brad
streets figures of the change in the visible sup
ply were delayed.
May wheat closed at 73h@7s%c, July at
1850.
Good general demand ruled for the choicest lots
In milling wheat, but there was some dragging
on the lower grades.