The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-11
ALL WAITING FOR The GOVERNMENT REPORT
Wheat Traders Undecided and In
clined to Lay Low for the
Time Being.
July Crosses the nc Mark by a
Hairs Breadth, Then Eases
Off Again.
Sentiment in General Is Strong
Statistics Favor the
Strength.

Minneapolis Chamber Of Commerce. May IL
July wheat crossed TIC in the early business this
morning but crossed 1t by only Lice margin.
ana then eased off. At noon the market was
firm and steady around 76Bc. There a gen
eral feeling of strength in all markets, but this
was tempered by hesitancy. The usual waiting
3 disposition was shown. In the pit there were
longs who have been long for some time and
have prohted by the rise, who are still holding
their lines in the belief that the government re-
port, to come out late this afternoon, will be
publish enough to further RISE There
are as many who bearsh and who believe
now is the time to sell little on the old rule
that government report breaks the market.
But to noon there was very heavy trading,
and hesitation ruled. The news from abroad
creased by 100000 bu leaving the present total
30, $4,000 bu. Last year at this time the Wis
IDLE decrease 2,S56. 900 bu.
The HarrisGates review says: 'After week
OF close examination of the crop situation by
authorities of every sort. the conclusion is gen
orally arrived at that the damage by freezing
was unimportant. Nevertheless, there are
rev states reporting that the crop is deteriorat-
Ing from no known cause. Missouri and south
efn Illinois In particular report the plant turn
Ing yellow in numerous localities The trade be-
Heves that all crop damage from frost other
wise could be easily repaired with few days
OF warm, growing weather, such as are to be ex-
Ipected at this season of the year. Neverthe-
less, the government report, due to-day, will be
awaited with considerable interest. 1t Is now
expected that 1t will show loss Of four to five
points as compared with it's status a month:
ago Meanwhile the speculative situation has
been cleared up considerably this week. The
leading holder of July has marketed his property,
and a large number of followers have also sold
out. This leaves the distant months on legiti-
mate basis and subject to future developments
and influences. The May continues closely held
and there seems nothing to prevent it's price be-
Ing raised arbitrarily to almost any figure on this
side of the dollar mark. The foreign situation
Is strong
Worlds shipments for the past week foot ND
lO922, 900 bu, against 9,0SS,O00 bu last week
and q $4,000 bu year ago. America shipped
800. 600 bu, Russia 2.944 900 bu, the Danube
600 bu
The Michigan crop report makes the condition
of the winter wheat 50 per cent. against 81
per. cent in April and 50 per cent at this time
last year.
Primary receipts were 100000 bu against
o6O,O0O bu last year; shipments. sos, 900 bu,
against 525. 900 bu. Wheat and -four clearances
equaled 476.000 bu. Minneapolis had 1874 cars.
against 23s cars last year. and Duluth 49,,
against 4. ~, =
H. Broomhall cabled that Liverpool wheat
opened quiet and unchanged and remained I'M
changed during the morning session. the I'M
seasonable weather in the United Kingdom bav-
ing offset the effects of the larger worlds ship
ments Corn opened unchanged and later eased
OF Il d to SD on the arrivals of corn being in
a better condition.
Twenty loads reported for export.
The market closed firm and active. July,
z I6Bc, May 11Ac, September 69hc.