The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-23
Selling to Even Up for the End Of
the Week Had Some Depress-
ing Effect.
But September Lost Only Fraction
While July Closed Slight.
~ Firmer.
Local Stocks Down to 8,051 1878 Blu.
Many Opinions Conserva-
lively Strong.

Minneapolis Chamber OF Commerce, May 23-
wheat opened shade easier this morning with
traders afraid to do much at first. Later 1t de-
veloped into market with frmness gathered
from the news, against the end of the week
selling to even up. July sold at ISc, put near
hte close off again. still there was fract1onai
gain for the day. September was slightly easier
than July and closed fraction under yesterday.
According to the weather map the drought east
is practically unrelieved. There are few local
showers in New York, but nothing to speak OF
and some thru southern Pennsylvania. Elsewhere
it is dry. There is further rain IN the north
west and prospects for more. Good rains nave
fallen again in the winter wheat belt, and II
looks like continuance Of same. NO more ram
is needed now in the winter wheat belt. There
were heavy rains in Manitoba and eastern Mime
sofa and in South Dakota. showers In kansas,
Missouri, central illinois and the Ohio valley.
Z Temperatures are high west and southwest. No
/ rain In California. There was a prediction or
possible frosts in Nebraska and this was the
cause Of come little buying. On the early
strength all the markets were up together.
From Kentucky and Missouri there were reports
of further damage. E s,.s4+
Nothing came from abroad of special impor-
tancc. Liverpool closed Ad lower Broomhall
estimates worlds shipments for Monday next at
$4,000, 900 bu, Of which quantity Europe VIII
take about 10, 400, 600 blu. He predicts that there
will be moderate changes In the quantity OF
breadstufs on passage to both the
United Kingdom and the continent.
Arrivals Of breadstuffs into the Unit
ed Kingdom during the week were about $500.
600 bu. Liverpool wheat opened Inactive but
. "a higher this morning. owing to Shows report,
but later declined SD freer offerings of Mani
toha wheat and continued brilliant weather IN
the United Kingdom. Corn opened $50 higher
and further steadied 1s@Ad on shorts covering,
owing to a scarcity Of American offerings.
Paris weather brilliant and hot.
Berlin fine. !.
AS June draws nearer there is the annual revlv
al Of the talk that June is bear month In
wheat Yet some reliable authorities are not bear
ish. but rather bullish in a conservative way
The Commercial eWst of to-day says:
1.-The United States will raise large crop o.
wheat say about TOO, O0O. 600 bu Northwestern
Canada If there are no early frosts. will prob
ably raise much wheat as last year, perhaps
more. Europe, If advices are authentic. VII
raise considerably less than last year. Further
more, stocks of wheat and -four are small |,
Europe. It follows then as an absolute certain
ty that Europe will be better buyer OF us on TIL
than on the last crop With greater supplies o.
the continent to draw upon last year, and wit
100000, 900 or so from the Canadian northwes
coming to Europe because 1t could not go else
where Europe used the United States only as
reserve. on the principle OF any OLD port IN
storm III s.4+.
cit is time for a change. We shall have
large amount of wheat to SELL, it is true; bu
Europe will want it-not only will want 1t bu
will be hungry for it. Canada is better equ1ppe
with storage facilities than last year, and whea
will move from there less under compulsion
Then until it can be shown conclusively tha
conditions the world over are against falr pr1c
for the exportable surplus Of the next CROP
semes like poor business to undervalue what "
have to sell. Unless conditions change, Euror
will be compelled to pay fair price for Whea
possibly good price. Seventy-hve cents IN On
cago cannot be called high price
Minneapolis received 1872 cars against IA, an
Duluth IA against 7. At primary points receip
we're 357 COO bu against 900, and sh1pmen
532. 900 against 322O00 Wheat and Hour clea
ances equal 100000 bu.
Eighty cents was paid for No. northern
the cash market. No. to arrive sold at ~
e1. ot,4yoo No 4 as
was paid. There was good demand for everythi1
in sight.