The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-25
Wheat Opens the Week on the Down
Turn Due Principally to the
Good Rains.
But the Market Holds Against Lip
uidation and Gains Strength
Later.
The Visible Makes a Large Decrease
News and Gossip Of
the Day. .'.

Minneapolis Chamber of Commerce May 25.-
Speculative sentiment in wheat was little weak
this morning and prices were moderately lower
I all around The principal incentive to weak
ness came from the heavy rains over good
part of the west. The southwest had really
too much rain, some districts in Oklahoma get
ting almost four inches which was bull fea-
ture in corn. The complaints of drought, how
ever, as affecting wheat We're completely dissi-
pated. Not only was there general soaking
but the forecast is for rains wide area to-
night and Tuesday, including Minnesota. For
4 North and South Dakota there is the forecast of
!. fair Their to night and. Tuesday Mime
apolis July opened at 771ac and sold to 77Ac.
but recovered to 77&c. A feature for later
strength was the decrease of 3,453,000 blu in
the visible supply, which makes the present total
q, 202, 900 bu. f4
Worlds shipments for the week were 12,213.-
600 bu, against 1o,ss2,o0o bu last week and
967200 bu last year. America shipped $685.
600 bu, Russia 24SS000 blu, the Danube S64 900
Blu, Argentine 2.3760OO bu and India 1882, 900
BIZ. The quantity on passage at 35.S52,0 900 bu,
shows decrease of 900 bu.
The principal item from abroad was the Prus-
sian crop report, which, in our equivalents.
shows the wheat condition about SO and rye r..
The area replowed is estimated at 20.s per cent.
Berlin sc up and Budapest cent up.
: Antwerp advanced equal to NC. Paris was up
A@1c. The weather. in France is reported
fine but hot. Primary receipts We're 436, 900 bu,
against 3e2, 600 bu. and shipments, 1863, 900 bu,
against 100, 900 bu. Wheat and -four clearances
. equaled POI, 900 bu. Minneapolis had 267 cars,
against 2SS, and Duluth ID, against 1. The
3.
The Harris-Gates review of the situation reads
as follows: 1.-THE market appears to be run
ming along on an even keel providing the May is
Z left out of the question To offset the excellent
crop promise have the fact that supplies at
home and abroad low, and Europe continues
to buy very heavy scale. This feature is
attracting considerable attention on the part of
cash grain men, These have been predicting
light exports at this time Of the year, but. in
stead these are found running ahead of the very
large totals of year ago., The record for this
yUnn iS x hr ~ A M mo
;. bu a week ego and 5,1S4, 900 bu the correspond
ing week last year. Our selling prices are found
to be as low any other exporting country, and
we are booking new business more freely now
than any other shipper. Nevertheless, the aG-
lvances Of this week have brought Argentina and
. Russia more freely into the selling lists. and
+ Europe is counting worlds shipments of 49,
]. 100000 bu all told for the week. Our proper
ton of this is shown above. Seaboard stocks of
wheat are very light and the northwest is rapid
ly decreasing. If soft winter wheat should be
+. an unpleasant situation for the July shorts II
Is conceded that damage is in the soft winter
wheat sections. Even in the event of heavy
movement from the crop, it is not likely
Z that the grain would prove burdensome for sew
4 eral weeks otter the movement started.
New York wired: ''There have been no rain
to amount to anything east Of Ohio. The larges
damage so far thru the middle states. especial,
around this section and New England has beef
to the hay crop" 49,
The market closed firm and shade higher
July at 777s @7sc. September. 69A @7Oc.
The cash market had receipts a little large
and an excellent demand. Outside millers an,
No. northern sold from 791ac to SO3sc, the to-
figure being tor something choice.