The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-18
Rains in Northwest and a Less En-
couraging Prospect for French
Duty Removed.
These the Factors Making for an
Easier Feeling in Speculative
Sentiment.
But It Is Not a Weather Market
and the Undertone Is Very
4 Strong.

Minneapolis Chamber Of Commerce. May Is
A good rain over the northwest, covering Mani
toba. took the hne edge off the speculative wneat
market at the opening. On SATURDAY ~ nau De.
gun to look like the beginning of little crop
scare across the line. While 1t was conceded
that there was abundant moisture In Manltopa
and no likelihood of any damage FOR some time,
the trade knew that the first bullish thing IN the
view would be seized upon and worked for all
it was worth. And with the top soil dry enough
In places to blow around and carry out the SEED
1t was evident to the speculative element that
whether there material damage or not Daa
reports might be expected to come piling IN II
no rain fell soon. And this was one reason why
Minneapolis July, having closed at 1856 sofa
to 771sc on the curb on Saturday. This morning
there was different story. A. rain swept the
dry territory and brought general relief. Mime
apolis July opened at 76A Q16Bc, ana eased Oh
Z to 761a @76sc. The fact that It heio 50 we" We
however was taken as partly good evidence that
1t is by weather market Ihat
while the sentiment is such that quick ad-
vances are likely to follow any bull news, the
mere maintenance of crop conditions does not
necessarily mean decline while other Factors, as
3 light stocks, light receipts and statistics IN
general remain bullish Another thing to cause
an easier tone this morning was the gossip In
regard to the French duty. The news was that
the French minister Of agriculture expressed
himself to deputation at Paris as not inclined
to favor reduction; that present prices OF wheat
in France do not justify reduction in the I'M
\ port tax on foreign wheat. This was taken as
indicating that the prospect of reduction In the
duty Is remote.
Minneapolis received 1873 cars against 259,
and Duluth had 81 against 2 Primary points
received 800, 900 bu against 100000, and shipped
351 900 bu against 221 900. Clearances. wheat
and flour, 373, 900 bu The visible decreased by
1,791 900 bu leaving the present total 3O,655, 600
bu. 's 5s
No relief is reported In California. The San
Francisco Examiner Of this morning says: dis
couraging reports concerning the grain crop OF
Fresno county are coming in from all sections,
and indications art that the yield win only be
about the normal. The acreage is about the
average of several years past, but the dry
weather has cut the yield beyond hope of recov'
cry. There has been rain for over month
the development of grain being arrested at the
most important time. small percentage OF the
crop would be bereffted by rain at even this
date, but the bet Of conditions could not produce
more than 60 or 65 per cent of average yield
Worlds shipments were 0,s22,000 bu against
10. 922, 900 last week and 9,405,00O year ago
America shipped 4,O9S,O 900 bu, Russia 3,12S, 600
the Danube $4,000, Argentine 2,104, 900 ant
India 100000 bu. The quantity on passage in
creased by $4,000 bu.
The market closed firm and steady. July only
small fraction under Saturday and September
frmer. July closed at 76% @76Ac, and Septem
Der 69Ac May closed THO.
There was an excellent demand for cash wheat