The Minneapolis journal., 1903-01-13
The London Times Prints q Bullish
Review Of Winter Wheat in
Eastern Europe.
News From Argentine Conflicting,
Fair Weather at First, but
Rain Reports Later.
Interior Receipts Moderate-Fair
Export Demand for Both
Wheat and Corn.

Minneapolis Chamber of Commerce. Jan. 1S-
Hesitation was the distinctive feature in wheat
this morning, the market holding In close range
and dragging little, while traders waited for
some new influence to come in The foreign
news brought nothing important except that from
Argentine, which made the general outlook there
favorable, the weather having made turn
for the better. The northwest showed up re-
ceipts Of $27 cars, against 422 last year, Minne-
apolis getting 241 against 3SI, and Duluth 81
against 30, Local elevator stocks are not IN:
crcasing at the heavy rate Of the past several
weeks, and the first part Of this week shows the
comparatively moderate gain OF 123,oOO hu.
Chicago grain exporter who has been making pr1-
vate investigation since the harvest began IN
Argentine, with view to determining to what
extent that country will cut into the export
trade, announced this morning that there Will be
100000 to 80, ,O00, 900 bu of good average quail
fly. Later in the session a Chicago mouse had
a cable from Argentine announcing that 1T wa; was
raining again considerable area. WIN
this came London cable limiting at dry weather
and need of rain in India.
All this had little effect upon speculative SEN
timent. The markets everywhere dragged. and
although there bull news in Liverpool before
that market closed, the closing figure was up
only I'D. This bull news was in the London
Times, which printed lengthy article made up
of reports received by mail covering invcst1ga
tions into the condition of the winter wheat crop
in the territory tributary to Odessa. In mum.
ber of districts conditions are reported very oad
the plant being inferior in growth and generally
damaged. There few districts where the
outlook is so poor that the government officials
are already taking steps to provide for storage
Of stocks Of grain to anticipate the stringency
that will come later if general crop conditions
do not improve materially. While it is only
q small portion of the south Russian area that
makes such bad reports, it is said the condt
tions in those particular localities are the worst
in ten years.
The worlds visible supply decreased 8. 3.5es, 900
bu, according to the figures Of Bradstreets East
Of the Rockies the increase Is 3O2. 900 bu, and
the quantity in Europe, aud ahoat decreased by
100000 bu.
Primary receipts were 54e, 600 bu against 557,
900 last year, and shipments 211 900 bu against
195,OOO. Wheat and -four. clearances, 34o,-
900 Du.
Chicago reported sale of o,ooo bu corn for
. February shipment from New Orleans. and In
wheat New York had Is loads. Near the close
the market was strong. selling to 751h @76&c
May. and closing firm at the high point =, July
closed at T6Bc and January wheat at 741sc.
Good demand ruled in the cash market: Re-
ceipts not very heavy. and there was de-
mand for every thing. Millers bought the selec-
t}ons and elevator buyers were In evidence.
No. 1 northern ranged from 75c to 76Ac, the
average going at the lower prices OF the early
and easier time of the option. No northern
sold at 74@74l4c for either spot or toarrive,
and there was fair demand for this grade to
arrive. No wheat sold at 72@72hc for the
bulk. There was moderate demand for the
poorer lots in the low grades.