The Minneapolis journal., 1903-03-26
Better Export Inquiry and Few
Other Favorable Signs Cause
Them to Hesitate.
Liverpool Gable to Local Grain Man
Says Argentine Wheat Poor
in Quality. ..a
Good Cash Demand-Local Stocks
Likely to Decrease Over
100000 Blu.

Minneapolis Chamber of Commerce. March 26
Nv heat active and firm in the early trad
Ing this morning selling up to 72Bc very
promptly, although the opening was a trihe lower
than yesterdays close, May opening at - u
MI25sc. The bears were in line for another
slam at the market, and 1t was the free offer
Ing OF this short sellers stuff that brought the
low opening. The conditions favored the
bears that have been with them for long time.
Moderate temperatures. lack of new buying in
terest and favorable crop reports We're all on
their side, The situation the whole had un-
dergpne no radical change. Over night. however.
several moderately hulish things developed, and
the shorts, secinS these things became little
more cautious. 1t developed that the Minneapo-
lis flour mills doing business somewhat
better than the outside grain trade has sup
posed, while the outlook for the immediate fu-
ture is favorable. Minneapolis stocks have de-
creased at greater rate than indica ted
early in the week Up to this morning the ele-
vators had lost 500, ,OOn bu, and the prospect now
is for decrease Of 750, 900 to 900 bu for the
week. This. of course, Is nothing to cause any
comment, indeed decreases are the expectation
at this time. Still it Is a pretty fair de-
crease, and it enough to show the shorts
that there few strengthening things In the
situation, notwithstanding the general bearish-
ness, and it had the effect to breed cautious
nese the bear side 1t " as really the important
item of the morning. Local receipts were 22i
cars against 17O Duluth 1s against I.
st. Louis was the weakest market and at one
time &c under yesterday, this affecting
other markets. Chicago less bearsh. The
DullS tuere were pUlullllG W tue luCt LidI SHi'
cago contract stocks are very light and that
4ODOOO bu No ! northern has been sold this
week. There whisper around that Armour
was doing something quietly on the bull side.
The principal bull argument however, the
fact thnt Chicago Is about 15c under Liverpool,
and the trade has noticed that whenever such 4
difference exists there Is usually some export
business being doue quietly. which transpires
after time, and starts an npturn. To noon
to-day the seaboard cearances Of corn We're over
1000. 900 bu, with New York and Galveston to
hear from, and there was rlmor OF better export
inquiry for wheat. Verhoeff had cable from
Engs of Mmne's New York office, who Is now
in Liverpool. The quality of the Argentine
wheat arriving in Liverpool he says, is variable
and poorer than expected. English millers fnd
1t not quite mp and mixing the best of the
Russian wheat with it to get the desired results
This is especially interesting. in view of the
reports of export sales yesterday and explains
the demand for the choice American wheat. st.
Louis, Chicago. Duluth and New York all had in
qufry yesterday and some business was done
at every point
Clearances of wheat and -four to-day equaled
b2s. 900 bu.
Primary receipts 1868 900 bu against 37Q.
600 last year, and shipments 1877 900 bu against
10000.
Liverpool closed Is O. 4d lower.
The Price Current says winter wheat Is main
tanning Its fine promise and the outlook is favor
able as ever.
Near the close the market easier and May
closed ait 721ac. July 73@731ac and September
67Ss @6715c.
although the differences in premiums were very
slight There continued good demand fol
good milling wheat