The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-04-08
Chicago spurts Up on Heavy Buying
by Armour, and Other Markets
Follow.
The Early Foreign News Was of
Nature to Encourage Fair
Advance.
Later the Tendency Was Easier, but
the Armour Buying Turned
the Tide.

Minneapolis Chamber Of Commerce, April s.
Damage to the Russian crop and good sales at
the seaboard to continental buyers we're the
hull cards in wheat this morning. Strength
ruled from the first aud May was soon up to
74Ac The market was up principally on new
buying. There were apparently not many shorts
to run. or if there were they were not running.
Armour said to have bought 100000 bu
July and 6UU, 600 May in the Chicago pit. Fowler
OF Chicago wired that confirmation had been
received of the damage to the Russian crop.
Nothing definite received as to the damage
: ard it is the opinion in the trade that 1t Is
extensive enough to be alarming nevertheless
the fact that there Is damage beyond any doubt
was strengthening all around With this there
the report that foreign buyers yesterday
took all the wheat offered and New York sold
in all 81 loads. Liverpool was up A@$d at
hall attributed the later strength there to good
puying orders from France. French country mar
kets were reported up equal to about 21sc q
bushel. -..
The fact that seeding il late in the northwest
was brought out again in the local pit bull
argument. But seeding Is not delayed seriously.
II work becomes general in the southern parts
of the spring wheat territory by Monday next
the start will be good average one. Traders
are inclined to make comparisons with last year
and to base conclusions upon them, overlooking
the fact that last year there remarkably
early spring and all farm work was ten days
to two weeks ahead Of the average date. So
far as the conditions In our own country are con-
cerred. they are bearish ever. The winter
wheat investigators saying little except that
Z the condition of the growing crop Is being main
tanned. On Friday will come the government
report. This will show the condition of tho
crop April 1. There gossip to
whether the government would anticipate the
Good Friday holiday by issuing tho report to-
morrow, but nothing authoritative received.
Two important items to-day the" corrected
Dradsreets figures and the reported settlement
of the strike of the lake The settling of
this strike will release the grain fleet that has
been tied up for time at Chicago. The
movement this fleet will mean the clearing
out of considerable grain and the changing of
the western supply situation to stronger stats-
teal position. Some one bungled the reports Of
the Bradstreet figures yesterday and the trade
was told there had been increase of 50O,O 900
bu In the quantity on passage. This looked
piciously light in view Of the heavy shipments
shown In the Monday figures, yet the trade did
not question it's accuracy. This morning it de-
Z velosG1 that the operator who first sent it out
had Inadvertently dropped the first figure, and
chat the increase atloat should have read $780,
900 bu. So that instead of decrease of ,6S7 )
600 blu as reported. an increase of 313 900 blu
should have been shown. Minneapolis stocks
have decreased about 25U,O0O bu far this
week.
Receipts here were LAG against "a, and
Duluth LIZ against IS. At primary points re-
ceipts were 666,UU0 bu against 553 OOO and ship
ments $4,000 against 577, 900.
The following Is Il condensation Of the foreign
crop conditions published yesterday in Broom
halls Liverpool Corn Trade News:
United kingdonl-Crop prospects continue gen
orally favorable.
France-Reports contradictory, but arr
worst from the iulportan wheat growing region
in the north. where more reseeding has beer
found necessary than was expected. Welcome
rains have fallen in localities where moisture
was wanted, but the temperature is too low fo
. the plant to make satisfactory growth.
Russia-CrOp conditions in the southwest arr
favorable but the dry weather in southeast con
tinues. Complaints of frost have been re
. ceived from central Russia.
Houmania-'rhe drought reported in two of ou
cables last week still prevails.
neutrality-suspicious. rains have faller
causing an improvement in crop prospects,
If ltaly--Reports are most satisfactory.
r. Argentine-Our agent cables that weather con
ditions have again turned unfavorable.
Wheat and -four clearances equaled PAL 900 bu
New York wired that brokers say that Their
( Is fair bidding again for forward deliveries O
Z new crop red winter wheat at good limits. /
r,llnor was current at the produce exchang
of 60 loads of wheat for export for France an
the continent, but wns not credited by SOM
large interests. A big shipper said that yester
day he had bids on Gu loads spot up to Octobe
about 1c under the market.
The market spurted UP near the close. Their
was nothing in the news to encourage furthe
bullishncss and Chicago wired that 1t was a ma
nlpuated market with Armour buying ever
A time the May Or July touched a high point
Minneapolis May closed at 741a l74Mc, Jul
74%ic, September, Csc.
e In the cash market demand was little bette
and the premiums fractionaly hrner. For tn
No. 1 northern. 75Ac WIS the price for prac
tlcally every thing, this the early option
lots got the benefit of the later strength in tn
option.
Close: Wheat---May, 7a!sc; July, 765sc. Cor
4 May, 51#sc: July, 49Ac.