The Minneapolis journal., 1903-04-02
The Foreign News Less Favorable
and Talk of Manipulation
in Chicago. =.
Foreign Demand Good and More
Sales of Wheat To-day
for Export.
The Shorts Very Nervous and In
cined to Cover on the
Statistics.

minneapolis Chamber Of Commerce, April 3
Strong and steady markets were noted all
around in wheat this morning. Minneapolis was
firm and up to 1880 for May in the early busi-
ness. Other markets were about In line. 1t
was evident the statistical reports Of yesterday,
that made the shorts hesitate then were still
IN mind, and not much pressure was felt at any
time. The decrease Of almost 5000, 600 bu In
the worlds visible supply Jared up the shorts
hand from outside shorts to cover their wheat
ii the market looked strong. At 1850 the
tone was very strong, and the market would not
weaken on offerings of good sized lots. Hence
the buying in for short account began and May
73Bc in twinkling, selling finally at 74@
74hc. !. A very important matter now is the
Minneapolis stocks decreased by ,497 bu,
and this morning the report showed a decrease
of about 600, 900 bu with one more day yet to
figure in. The indication, therefore, is that In
the Saturday report Minneapolis stocks will be
just about 10. 900 bu in all: In the country
elevators. as the trade learned yesterday. there
is only ,763, 900 bu, less than this date
for many years. On April last year there was
visible supply of 49.615,O00 bu. To-day the
visible stands at AZ, ,291, 900 bu or 6.S24 900 bu
less. Wheat prices are very close to the point
where export business be done, as Is evil
dent by the foreign sales reported every Caay aay
sold 10000 bu yesterday to 60 to Mexico and
st. Louis sold 100000 bu, all this in addition
to the ffty-eight loads reported taken at New
York. This morning New York had further in
qury, and to noon reported the sale OF thirty
1oads About noon a few scattered reports OF
from ST. Louis. at the same time Chicago
house put out the gist of cablegram from
slightly less favorable. The old talk of Armour
manipulation in May did duty in Chicago and
helped along the rise.
Clearances were disappointing, showing only
10000 bu. AT primary points receipts were
419.OOO bu. against 800 O00 and shipments 34o,-
900 bu against 21O,O0o. Minneapolis had POS
cars against 142, and Duluth 49, against 40.
Minneapolis is more inclined to strength than
the southwestern markets. where the good win
ter wheat promise lies all around. The crop
prospect is certainly fine. and even to this NOR
ming the Price Current report says there Is no
material change to report and everything IS IA.
vorabe. Farm work is little backward but
is progressing favorably than last week.
The interior grain movement is moderately IN
creased In short, every report that comes In
Yet the trade here realizes that the selling
against this fine prospect is likely to be over
done. Chicago July wheat was under last year 8
price and this made the short sellers think, per-
haps. the market had been forced low enough
for the present. which is just what the local
trade has thought for several days past
Broomhall cabled that the Liverpool market
was firmer from the fact that Argentine offer
ings had been lighter for a day or so, and also
because of nervousness over reports IRON sousn,
eastern Europe. Southern Russia and Roumanla
need rain and bad reports are becoming more
numerous Liverpool closed Ad up. while Buda-
pest. close to the dry territory, was up equal
to 1&c.
Poehler of Minneapolis sent out comparison
yesterday, of foreign conditions From all
that be learned, the letter says, european
crop prospects on the whole not SO brilliant
a year ago crop prospects in all counties OF
Minor were excellent. Big crops were finally
harvested. This spring early prospects ar
as If a considerably smaller crop, compare
lively. will result: The French crop & IS no
where the greater part is raised winte
killed, and reseeding with spring wheat wa
necessary. The conditions prevail Il
northern Germany. Russian prospects are 1al
to good Austro- Hungary, from last accounts
was considerably under year ago. Rouman1a
Bulgaria and other Balkan countries are a!
under last year to condition, and in all Med
iterranean countries there is some complaint o
drought"
New York reported IS loads in all for ex
port. ,r
74Hc July 74A@74akc, September, 67asc.
The cash demand was satisfactory at &c owe
May for No. 1 northern, and about lc over O
the average for No. 2 northern.