The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-20
The Wheat Market Holds the Re-
cent Advance and Appears
Tending Higher.
Many Local Traders Are Bullish on
September Wheat for a
Long Pull.
Decrease Of 100000 Bushels in Min
neapolis Stocks The Close
Very Firm.

Minneapolis Chamber of Commerce, May 20
Wheat firm again this morning and in the
early trades the market was fully maintained at
the new level established by yesterdays ad-
vance with some early business another lac
up and July ranging from T7ssc to 77Mc. The
market is strong underneath. There Is no bid
ding for big lots. rush to buy and nothing
approaching bull market yet the underlying
strength is great and there is always some one
ready to take the offerings on any decline. the
bulls are very confident and while they are not
looking for any wonderful advances, at least
for the present, they believe that they are due
to win out by sticking to the long side for a
long pull. Conditions about equally favor
able either way for bull or bear who figures
on the changes from day to day or from one
week to another. But many of the bulls have
about reached the conclusion that from now on
the general trend is to be upward and that
thru all the daily fluctuations. and the periods OF
alternate bull and bear turns, the tendency will
be upward rather than downward. So the big
traders here who figure months ahead and ignore
the influences Of purely temporary nature, are
for the most part the bull side. The argu-
ment is that since the market has held so well
against bear news and still holds well. there Will
be decided bull turn on the first sign OF
anything really bullish in the domestic crop sit
uation, and advances so made will be maintained
at least in part. There has been nothing ex-
tremely bullish as yet but every day has brought
its minor bull reports This morning there were
the Record Herald reports of talks With proml
nent Chicago Board. Of Trade men, who agree
that the winter wheat outlook has been low
ere0 MATERIALLY. Lie CTOp rs AZ lHOW oLoAuS ID
doing well on the whole, and in the spring
wheat country conditions are very favorable but
the bulls argue that the chances from now on
are In favor Of deterioration If it were the
crop outlook alone that should be considered,
& that the chances would be about an even thing
between the bulls and bears, and the later reports
of crop deterioration or Of the maintenance OF
conditions would be the influences. Here the
bulls would have at least an even show and the
balance of weight is thrown to their side Of the
scale by the fact that the stocks of old wheat
are very light, the detailed figures OF which most
readers are familiar with. So as 1t stands In
Minneapo1i to-day there are few bears except
the scalping bears and the little traders, anc
there are many bulls who are stable traders anc
who are likely to buy September wheat on any
good declines with view to carrying 1t awhile
thru the temporary attacks that are certain tt
The weather map shows general rains SHOWS
in the Canadian northwest. light rains in Mime
sofa good rains In Missouri and scattered rains
in the Ohio valley and southern Illinois There
was frost at Williston' N. D. Iemperatur e;
are about unchanged. In the extreme norti
and northwest it is partly cloudy. The north
west is generally clear, the west and southwes
partly cloudy, Nebraska fair, Iowa clear, Illinois
partly cloudy, Kansas generally clear, Oklahoma
cloudy and the Ohio valley partly cloudy
Minneapolis stocks up to this morning hat
decreased about 100000 bu Local elevator
loaded out 242 cars yesterday. Minneapolis re
ccived "a cars against So last year and Duluth
II II against II. Primary points received 21s, OO
bu against 220,00O last year and shipped 1885, O
Z against 230 900. Wheat and hour cleafance
equal 100000 bu.
The foreign markets were unsettled, Liverpool
closing 9sd up Paris practically unchanged, Ant
werp equal to / Nc lower. Paris has fine warn
weather Berlin reports cloudy weather
The market was strong and steady at tn
close, July closing at 77%c and September a
701ac.I
Excellent demand was shown for cash whea
and the premiums were frmer al laround. Fo
the No l northern 2Ac over July was read1i
paid and of the selected ears went as h1g
as Be over. There was good demand for whea
to arrive both No. and No. and On som
of the No. / sold at the stronger time OF tn
option the figure SOC. 4