The Minneapolis journal., 1903-03-19
Foreign Buying Would Help and
the Bulls Hang Their Hopes
on This.
The Weather Favorable Although
There Is q Cold Wave Scare
Posi- BILE.
j Not Much in the Foreign News
News and Gossip Of the
Trade.

Minnea polls Chamber Of Commerce, March 10.
. Nothing approaching cold weather was shown
on the map this morning. nor was there any thing
in the later reports to cause apprehension. The
shorts who covered in wheat: near the close yes
terday and ran the market to 74c,l on fear of a
cold wave scare; were in doubt sas to the, wis
dom of their action. Pit traders who had called
May wheat at I4c could not make up their
minds as to just what, they ought to do and
the market hung while In tndecision all around.
3 May meanwhile holding between 14c and I41sc.
T In the extreme northwest lower temperatures
were shown with SHOWS In, some parts. this turn
Ing to rain the Ohio valley. Kansas Mis-.
souri, and Iowa. The Price Current sent an
other weekly report of a favorable nature re-
specting winter wheat, although not quite so
good as previous reports, Wheat Ia SAID TO De
maintaining very good condition but the
growth is rather too forward. The roads are
bad. but are improving. The Interior grain
movement is light. but there Is disposition TO
{ will permit. Much In the fields IS damaged
3 In the absence Of good buying and an indiffer-
ent outside interest the market remains in the
hands of the pit crowd, and any item that might
influence prices fraction either. way Is seized
upon with avidity. Yesterday there was Broom,
halls estimate that Argentine shipments % VIII
ming Chicago house had a cable from their
own informant in Ruenos Aires, who said the
shipments will be close to ZOO 900 nu. so so
what little strength arose from the Broomhaii
estimate Of yesterday was lost this morning
There were items of leading Importance IN the
: early foreign news. Liverpool closed Is g a
higher ,-.,.. -.s., $40
minneapolis had 292 cars. against 24S last
year, and Duluth e., against r.
~! The recent break In wheat has placed wheat
values in somewhat healthier position so far
as foreign markets are concerned. Liverpool
May wheat is about 14c above the same delivery
in Chicago and Ice above the Chicago March de-
livery. 1t would seem that good business should
: be done on the opening OF navigation II fnese
differences are maintained foreign demand
later on is the bull hope. ANY considerable for
eign buying at the present time would be help
: to prices. If this foreign demand does not come.
outside speculative interest remains light and
crop reports continue favorable as at present,
6 a further decline is not unlikely. -y.e.-
{. Primary receipts were 445O00 bu against 5o1.-
600 last year and shipments 1O7 900 bu, against
100 900 bu. Wheat and -four clearances equaled
131 900 bu.
Chicago wired late that there is a disposition
there on the part OF wheat and corn traders TO
rIay for something of an upturn from the recent
depression. the argument being that a reaction
would he but natural. AS a side help. the wealth
err In the northwest is quite cold. and 1T Is pos
sible it. may spread to the southwest and develop
a little crop scare. These all contingencies
and could be made effective. perhaps, If there
ton and good shipping demand. But with trade
as poor as it s. sentiment is not strong enough,
with the commercial situation more weak than
strong. .
Thirty two loads were reported sold at New
York. 1-
May wheat closed at 1870 and, July at 741sc,
No. l northern sold at 21ac over May for a
good part of the offerings. There was an ex-
@cellent demand for No. and for No. 2 also.
.Millers were buyers Of tn egood lots: The low
grades sold fairly we'll, but the poor lots dragged
a little.