The Minneapolis journal., 1903-03-30
May Gains Over aCent From Low
Point and Closes Very Firm
at 1915 Cents.
The Visible Supply Decrease Of
2,375,oo0 Bu. Was a Strength
ening Feature.
food Export Inquiry Reported
News and Gossip of
the Trade.

Minneapolis Chamber Of Commerce: March lar 80
Wheat was just shade off In price this NOR,
ming. May opening at 721s @I214c, but it turned
frmer almost Immediately and held up WELL sell
ing to 73Ac after time. There was consider
able doubt to what the visible would show,
and some disposition to buy a little on the fore
east of a big decrease. Stocks at Fort VIII
lams were reported to have fallen off consider
ably. and this it was thought might affect the
visible showing. An early message brought the
report OF fair export inquiry at New York and
the indications of good business to come: senti-
ment has changed considerably and the week
opens with the situation, while bearish enough.
yet free from the pessimism of last week. A
big Chicago house that has been rather inclined
to put out the bear side Of the situation had
out more favorable summary to-day, saying
that they have noticed that foreigners appear to
he willing to take a little cash wheat whenever
reached at about the same level on two success
sive dips last week. This rather indicates that
competition from Argentina and other countries.
liquidation has been rather free during the long
continued decline. and much of the pressure IS,
therefore, removed: This leaves the market in
good working condition and in position to re-
spond to any important development either way.
Just now the situation appears to favor the bear.
happens. The Modern Miller predicts that the
condition Of winter wheat April 1 will be as
high in 1901, when its average was o. The
area this year is so much larger that an enor-
nous crop is to be expected. barring important
accidents The recent fears of manipulation
appear to have faded away Spring wheat con con,
: are not as general that there will not be
enough to so around. Current clearances are
moderate. but we will be fortunate to maintain
even this level for the remaining three months
of the crop year. The showing for the nine
months Of the crop year to date is certainly
gratifying. We have exported ia 600 bu
to date. compared with 1874. 600. 900 bu for tho
corresponding period of the previous year: The
very high prices prevailing for meats Of all sorts
the world over have undoubtedly greatly in
creased the worlds consumption Of wheat.
Worlds shipments were s. 900 bu, against
s,os2, 900 bu last year, and 6 $50 900 bu year
ego. America shipped 2.904, 900 bu; Russia,
2.oS2. 900 bu; Danube. 1 PAS, 900 bu; Argentine.
2. .4A,ooo bu. and India. 1o4 900 bu. The guam
tity on passage, at O. s4S. 900 bu, shows big de-
of 1,176,o00 bu. The visible shows a big de-
crease or 2, 764. 900 bu-
On the big decrease the markets strengthened
all around. Primary points received $4,000 bu,
against $4,000 bu, and shipped $4,000 bu.
against 177.o0o bu. Wheat and -four clearances
.equaled 100000 bu. Minneapolis had 400 cars
against s4s last year, and Duluth had q,
against 26.
New York reported IT loads wheat and Is of
corn for export.
The market was firm near the close May
tSuching 7sA @73aac on sales. May closed at
1870. July 1890, September, 6I1sc.
There was excellent demand for cash wheat.