The Minneapolis journal., 1903-03-27
Heavy Wheat Sales at the seaboard
Equal to About $4,000 Buy !.
Checked a Decline. y
The Bears Had Pounded May to
717sc, But the Close Was :.
Strong at 72lac.
Minneapolis May Crossed Chicago
May on the Early
Break.

Minneapolis Chamber Of Commerce. March e.
Wheat fell of at the opening this morning
and sold back down to IT'S dlT2c, The pressure
came principally from the southwest. The
minneapolis decline was purely in response to
the weakness outside. The southwest continues
leading on the breaks is NATURAL and the
Dig traders in the midst OF the fine winter wheat
minor advances and strong spots In the local
pit there Is less bearishress than formerly The
tec.ne .,n mere this morning was al very moderate
trading Some smaller lots were thrown over
out IL was difficult to detect any heavy selling
whlle at the bottom there was good buying and
bidding for big lots at 72c Apparently there
were some large standing orders in hand to
pny at d2c The local crowd cannot ignore the
strengthening features in the local situation, al
though traders realize that they are all relatively
unimportant at this time There Ia little bull
sentiment but there is less of bearish feeling
here than formerly Many Inclined to think
mat May ought to hold the present level for a
Time at least. II the Spectators the country
over continue selling the wheat they are
likely to do, and force prices too low. sharp
rebound may be expected some DAY which will
! catch the shorts, but such ocucrrence would
hit the Minneapolis pit less severely than the
others. Here the traders see the situation with
e reference to the southwestern crop and the Ar
any, and filled with the same bearishneSs as
the traders the outside. But here the bearlsh-
ness Is tempered by the fact that there is a
pretty good -four business and demand for cash
wheat that local stocks fell off 10000 bu;
that 2D3 came in to-day while 239 were
taken out of the elevators yesterday. There is
not much wheat in sight here that one need
Gear any great supcrabundance for while. even
If the winter wheat comes out as we'll as is
now indicated. The effect Of all this was shown
this morning in the crossing of Chicago May
+. by Minneapolis May. Yesterday at the close
Minneapolis May 72hc and Chicago May
72M@72Ac. On the break today Chicago 1s fell
to 1%c before Minneapolis went through re.
Brocmhall cabed that navigation Is opening
carly aud that advices from Rostov report the
weather favorable for IN early movement Cron
stadt and st. Petersburg advices indicate the
opening of navigation earlier than usual. May
l is about fair average date, but the outlook
now is for start several weeks earlier than
usual. Liverpool was off Ad Mt the close.
Tie Modern Miller says special investiga tion
of crop conditions in the winter wheat states
east OF the Rocky mountains shows that the
recent cold weather in the west and southwest
did no damage to the plant although 1t was
without snow protection. There are indica tions
of the hessian fly in The early sown whent In
Indiana, Illinois and Missouri, and of the green
bug in Texas. hut In instance Is there any no
ticeablc damage. The reports as a whole indi'
cate unusually favorable prospects and the con-
dition on April will average above any pre-
violls year on that date since 1891, when the con
htion was about 81, according to the government
estimates. In Kansas and the states south OF
shcrt, the outlook Is good on an Increased acre
Primary receipts were 5000 hu and ship
ments $4,000. against holiday last year Min
neapolls received 2o3 and Duluth 10. Wheat
and -four clearances. 432. 900 bu. IT, . 4:
Near the close tn eseaboard sent reports Of gooe
export business. At first 100000 bu winter
wheat reported sold and this was raiset
later to 800 900 bu. Still later this raised
to 100000 bu and on this the price reaction was
quick, May selling back up to 72lac and CLOSING
firm. =.e
Bradsreet''s report of clearances for the week
shows 1904 900 bu. against :, ,39o. 900 bu last
week and 2.904 900 year ago. Corn clearances
We're 3.61s.0oO bu. against 3.012,O00 last weel
and 139 900 year ago. -:
Good demand was noted in the cash whea
division, everything selling we'll.