The Minneapolis journal., 1903-04-04
The Grain Trade Again Turning At
tention to the Favorable Win
ter Wheat Outlook,
Not Much of New Interest in the
Foreign News-A Fair Ex-
port Business.
The Numerous Reports From the
Southwest the Feature Of
the Daily News.

Minneap polls Chamber of Commerce.
April 4.--Bearish crop reports piled in
thick and fast this morning and the wheat
market felt the pressure from the hrst
Yesterday and for two days previous the
attention of the trade had been diverted
from the American crop outlook to the
conditions abroad. Yesterday there were
reports of less favorable conditions in Eu
rope and higher prices ruled abroad which
was the incentive for strength on our
side. This morning all this was gone and
the bulls at the opening of the market
were back in gloomy contemplation of
the prospect in this country. All the
private adyices from the southwest were
favorable. The weather all right.
The Missouri report made the condition in
that state 81, which on an acreage of
3,8220 900 should mean about Sc, 900, 900 bu,
since the state produced that quantity on
about the same acreage last year with the
condition April 1 last year 80. Other
minor reports were Of about the same ten
or, and even the Bradstreets weekly re-
view Of commercial conditions took note Of
the promising winter wheat outlook as the
important factor, saying the outlook Is
undoubtedly as favorable as ever known
Shows weekly report says weather con-
ditions have been highly favorable, both
for growing crops and the prosecution of
farm work. The wheat condition is
fully maintained and the general average
Of condition is also above 95. Washing
ton is the only state showing condition
materially short Of perfect Growing
weather fails yet to reveal any seri-
Gus threatening Of Hessan fly damage
Oats seeding is being pushed rapidly, with
good soil conditions. The acreage is like-
ly to be a little smaller than last year.
Texas corn planting is over, with heav-
lily increased acreage. A Chicago expert
got to work at once and figured that the
condition Of 95 as figured by Snow would
mean 1880 bushels per acre. This would
mean 533.O0O.00O bushels winter wheat.
This is worth as much as any estimate
of yield put out at this time
Broomhal cabled estimating the worlds S
shipments on Monday next at about H.
600, 900 bushels, Of which quantity Europe
will take about 900 bushels. He
predicts a fair increase in the quantity
of breadstuffs on passage. Arrivals of
breadstuffs into the United Kingdom dur
ing the past week were about 100000
bushels, compared with 5000, 900 bushels
last week and 4,500 900 a year ago. The
eaSiness in American markets yesterday
afternoon caused a slightly easier tone
in wheat, the opening initial prices being
1sd lower Later the market steadied on
the forecast of very small shipments from
America to Liverpool this week, but
towards noon this advance was lost on
realizing induced by the weakness in
Paris.
The declines in America yesterday were
responsible for the opening losses in corn
of 1sd. During the morning this decline
was recovered and better undertone
prevailed, the factors being covering by
shorts owing to fewer offerings from
America and better inquiry for corn
on spot.
Chicago had a cablegram saying that
Argentine is Offering new corn for May
shipment equal to 40c in store in Chicago
condition guaranteed.
mo one." says Chicago trader, Evil
sell our corn and guarantee it's condition
you easily see the foreigner will
take the Argentine corn guaranteed il
preference to American corn
Minneapolis received 225 cars. agains
1S6, and Duluth 7 cars, against 40. A
primary points receipts were Az, 900 bu
against 0,00O bu, and shipments 213, 000
against 504, 900 bu. Wheat and fiou
=. clearances eQualed 502. 900 bu. The loca
decrease for the week which was ex
Is pected to show 100000 bu, was consider
ably under the estimate at 495, ,233 bu
This leaves total here of 13,343, ,210 bu.
The market was down to 73Mc afte
an opening at 1875 5s@7324c, and range
around 1875 731ac all through. closin
at 1888 073hc for May, 731a@735sc fo
July, and 6624c for September.
The cash demand was rather slow
o and sellers were compla lining a little
Millers apparently had enough wheat fo
+. the time being and were indifferen
buyers.