The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-02-10
The Wheat Market Undecided and
Traders Hesitate But the
Undertone Firm.
The Worlds Visible Cupply Makes
an Increase of 100000
Bushels. IA
Plenty of Bear News Coming But
Not Much Giving Way in
the Grain Pits.

Minneapolis Chamber or commerce.. FEB. To-
Wheat quiet and neglected during the early
part of to-day's session. There was fair trade
here, but in sympathy with dragging tone in
Chicago the market was inclined to halt and
hesitate. Chicago weakened early and fell un-
der 79c, selling at 76Isc several times. This
put the Minneapolis May under TIC, and 767sc
was touched. Receipts here were 206 cars,
against Isl, while two days brought 15S cars
into Duluth, against ~ last year. The Chicago
weakness was due In good part to the discour,
aging talk put out by the Chicago cash grain
men. Reports from country millers through the
central west were TO the effect that stocks Of
wheat at their plants are ample, and supplies
are obtainable close at hand at prices relatively
cheaper than i'll Chicago. \ Chicago exporter
also reporting gloomy prospect, saying
that he had sent out cables TO many foreign
points offering No. = red wheat at &c under
May: that Liverpool and London replied with
bids away under, and that, the continent made
no reply at all. The weather map In our country
is extremely favorable to the movement of grain,
but lack OF to load is great handicap to
country shippers. There precipitation
anywhere except in the extreme south. Neither
snow rain shown winter wheat
Temperatures generally were mild, Indicating
warmer weather Liverpool was I'D off at the
close. The Paris cable brought repetition Of
yesterdays report to the effect that French
stocks decreasing rapidly and the French
growing crop is showing condition less favor,
able. but the local trade refused to be Jared
up by this, in view of the fact that the Paris
market closed equal to about Nc lower. Chicago
stocks i'll public and private houses showed an
with the bear feeling. telegram from st.
Louis said the export business of the past week
was panning out little less than indica ted by
the first reports. st. Louis was seller in
Chicago. .
Bradstreets figures of the change in the
worlds visible supply shows decrease east of
the Rocky mountains of 400, 600 bu, and an in
crease of ,SO0,O 900 bu in the quantity In Europe
and afoat for Europe, net increase of 1,4OO,-
700 bu. A year ago at this time the world )
visible decreased 1922, 900 bu.
Primary points had 56S,0O0 bu against 312.-
600 last year, and shipped 100000 bu against
2At, 900 bu. Wheat and flour clearances equaled
100000 bu.
ito 1890 and at noon turned tirmer again on all
advance off 1c to 15c In San Francisco, a rumor
from New York OF $50 loads of wheat sold for
export and the better demand and larger sales
of -four reported by local mills. Considerable
wheat is being consumed here, more than is gen
orally supposed, IN view of the unsatisfactory
car situation. Bad as conditions are some
wheat is moving out to country mills, and tho
local mills are grinding pretty we'll up, and the
bulls are encouraged by the fact that despite the
heavier receipts, Minneapolis wheat stocks have
not Increased so far the week. +.
The close was at II NC for, May, with the
market firm at the close. g.. = H. wi. --.
Buyers We're paying premiums again for wheat
In the desirable cars, and taking the market
all through the Milwaukee,. Omaha and 500 wheat
brought $sc to 1ac more than the lots in Great
Northern Or Northern Pacific. Some of the low
grade wheat dragged at first but at the close
the tables were pretty well cleaned up.