The Minneapolis journal., 1903-03-13
Early Strength Gives Way to Weak
ness and May Closes Easy
at737sc.
Clearances Light and for the Week
Only Fair-Argentine Ship
ments Light.
A Report From Snow a Feature
News and Gossip Of
the Day.
Minneapolis Chamber of Commerce. March 1s.

Minneapolis Chamber of Commerce, March 13.
despite q new supply of bearish material.
lower cables and weather that would help the
bears to batter the price, wheat stood up fairly
we'll this morning, even advancing *sc at first
from yesterdays closing figure. feature to-
day was report by Snow. dealing with reserves
of wheat and covering practically the same
ground as covered on Tuesday i'll the government
report. Snow makes the farm reserve of wheat
1876, 900, 900 hu Id ,00O, 600 bu last year.
The farm reserve of corn is l ,062, 900 bu.
The crop being below the average in nutritive
value requiring larger feeding, is largely respon-
sibe for the rapid disappearance. The oats
reserve is placed at 369 100000 bu but is
reached by applying percentages to the large
crop estimates. But all estimates of crop last
year were too large and all current estimates
OF reserves must be accepted with caution. The
movement is not likely to confirm the. oats esti
mate any more than it has up to the present
time. ,.
Locally there were 245 cars i'll against 1o1
last year. and Duluth had 81 cars against 122
Clearances of wheat and -four were 1884, 900 bu.
The Argentine shipments were even lighter than
the estimates, showing 1.24o.0Oo bu against
2,a12, 900 last week and 42s,ooo bu a year ago
special from London to Wrenn of Chicago said
the outlook in Argentine is very good. That
the weather had been bad, but within few
days has turned favorable. The first Argentine
is arriving in London and is said to show
Up very we'll as to quality. Liverpool closed sd
lower. 80
The Modern Miller says weather conditions
have favored the winter wheat crop, and nothing
to the dscredit of the growing plant has been
heard. Reports from the southwest nave been
especially good. Pacific coast conditions are
reported being excellent, late rains have
Decn beneficial. Farmers deliveries of wheat
held back by impossible roads. In San
Francisco wheat futures the December option
more freely offered in the speculative pit
when the maj ket opened yesterday morning and
prices had slight decline. Afterwards frmer
tone prevailed the Chicago market showed
much steadness. Cash wheat in San Francisco
had better tone than for several days and
shippers showed more disposition to operate.
Broomhall cabled that wheat at the opening
of the market affected by the lower cables
coming from America, initial prices being Is q
I'D lower. Later the more distant months re-
gained va, owing to the smaller Argentine
shipments and better demand for wheat on spot.
There were few sellers, which also fea-
ture.
Clearances for the week. as figured by Brad
streets were $4,000 bu, against, 3,491 900 bu
last week, and 1905 900 a year ago.
Primary receipts Ali 900 bu against 3S1,
800. and shipments 161 90 bu. against 103, 900.
The market closed weak and the bottom,
May at 1880 and July 74@741sc.
Excellent demand was noted for the good mill
ing wheat. The milling buyers could not find
enough No. 1 northern on the cash tables to go
around. Two cents May paid for any
thing in the grade, and for the choice lots as
high 21ac over. The low grades dragged a
little, but the good wheat sold we'll all through.