The Minneapolis journal., 1903-03-21
Speculative Sentiment Much De-
pressed by the More Favor
able Turn in the Weather.
The Foreign News Extremely Bear.
ish-India and Argentine Of
fering Wheat Very Low.
Locally There Is Good Demand for
Wheat and Stocks Here De-
creased 427,050 Bu.

Minneapolis Cha nbcr of Commerce,
March 2I.--Wheat lost over d cent to-
day. and the Minneapolis May option made
another new low point, selling down to
721Ac. II was the old story of a lot of
traders loaded up with wheat on the cold
weather and winter wheat damage possi-
bilitles, letting go their wheat at the end
of the week. From the first there was
the pressure of wheat on the market,
and with Chicago very weak and declining.
it was impossible to sustain prices here
at all At 73Mc there was a pause, with
the market hnging OH Chicago, but
further down turn there brought renewed
selling here, and May struck 72ss @y.21sc
on stop-loss orders. There were no tenn
pera lures in the winter wheat country low
enough to cause any apprehension Of dam
age. and the weather map showed tenn
..peratures generally seasonable. In the
past twenty-four hours there were light
rains in the Ohio valley and Illinois and
light SHOWS in the northwest. The reac-
ltion from the more favorable sentiment
of yesterday was very marked ard this
change was helped by the gossip from Go
mestic speculative centers and from abroad,
which was all very bearish. Some Of the
news more beaIish than anything yet
received on the decline. For instance,
'Broonlhau cabled that Kurrachee, India,
is offering wheat for spring shipment at
Sd per GENITAL, or about 7c per bushel be-
shipm ents of wheat. as reported by Brad
streets, caused a slightly steadier feeling
in wheat at tho opening in Liverpool. with
prices unchanged to I'D higher. The mar
ket soon reacted. however, on heavy ten
ders on March contracts and the cheaper
offerings from India. Shortly before the
close good buying by a large house stead
led prices somewhat, closing quotations
being unchanged from last night. The
firm American cables were responsible for
the I'D advance at the opening in corn,
blt this slight gain was lost later. being
affected by the larger arrivals and the
advent Of spring weather in England. This
Broomhall report was bearisl1 enough and
the big Chicago houses followed it up with
dispatches sent to all their correspondents,
Is CT which the following is a. sample. 1.-TWO
Of Americas greatest competitors, be-
cause they invariably undersell. us when
they have anything to sell. Argentina
and India. Argentina has 6000G,000 bu
. of wheat yet to sell, and India is put at
3O.Co0O0O bu. Here is 80, 900. 900 of wheat
against less than onehalf that quantity
last year Besides Russia has plenty and
the Danubian section plenty. Those four
countries hold the key of the wheat situ-
alton this year The sooner America rec
ognizes thisathe better. she will be off
We can't afford to. hold our prices up Who'll.
ly to their advantage. for If We do, they
will get the cream and we shall be left
and with these reports going out and the
winter wheat, outlook so favorable, it was
not surprising that the market suffered
further decline. t:
Minneapolis received 1856 cars, against
1875 cars a, year ago, and Duluth 23
against 54. Primary receipts We're $4,000
bu against 447. 900 last year and shipments
1ac, 900 against 251. 900 Whenat and flour
clearance equaled. 225,0oo bu. Loca:
stocks decreased 427.o5O bu this week
leaving the present total 14,610,940 bu.
: Twenty-Five loads Of wheat and Is loads
of corn were taken by exporters at the
seaboard.
The market closed weak to the end
but with very slight recovery on the curt
Just after trading ceased. May closee
at 721ac and July at 7Sc.
Millers we're good buyers In the casf
market, taking everything available fol
milling purposes. There was good gen
eral demand all through.