The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-02
Heavy Influx of Bull News Starts
Buying Again by All
Glasses.
Government Report on Winter
Wheat Condition Is Unfa-
vorable.
Cash Wheat Advances 11sc in
Liverpool-Kansas Wheat
i Reserve.

Minneapolis Chamber of Commerce,
March "A flrmer tone prevailed in the
pit this morning. and there was a strong
er feeling manifest in all markets. May
wheat opened A@7c higher than yester-
days close at 9Ss @9SAc, while Chicago
was up A@1Ac. Cables, altho fraction
ally lower. were relatively strong in the
face Of yesterdays decline in this coun
try. 1t therefore looked like an advance
and moderate amount Of covering was
done by shorts. Attention was drawn to-
ward the winter wheat crop and its con-
dlt1on by the appearance of the govern
ment report, which said: LAS a whole,
the reports regarding winter wheat indi-
cate that the condition of this crop is
unpromising over much Of the greater
part Of the winter wheat belt. The most
unfavorable reports are received from the
middle and eastern districts. Only the
northern portion was covered during the
greater part of February Shortly after
this report came the prediction Of cold
wave thru the west and southwest. If
it strikes those sections it follows upon
temperatures which have for a week been
in the forties and fifties, and it will find
the crop bare of snow covering. These
advices served as important strengthen
ing factors. Further bullish influence
came later when Liverpool closed 1s@Ad
higher and Paris 10 confines higher. Cash
wheat advanced AID per quarter in Liver
pool, and Argentine cabled that the strike
situation was serious. Many believe that
the decline has reached bottom and that
prices are now due to go higher than
ever. Armour was said to be liberal
buyer of May wheat in Chicago, and
there was good buying of old July by
commission houses. Chicago May reached
99hc by IL o'clock. The feeling was
stronger in both markets than at any
time since last Thursday. Minneapolis
May wheat went to 99hc at the same
hour on, liberal hlIyipc Of chnrt
and commission houses. It Is said that
there are still a few shorts who have not
covered on to-days upturn, as they are
still sold at fair profit, but a further
advance will doubtless force them to buy
in again.
Wheat receipts at Minneapolis were BOG
cars against 220 for the corresponding day
last year. Duluth had sc against IS, and
Chicago 33 against 25. st. Louis received
10000 bushels against $4,000, and Kansas
City 100000 against Is, 000 Local elevator
stocks have decreased 100000 bushels in
four days.
The weather map shows light SHOWS
in Minnesota and the Dakotas, but there
is no other precipitation. The southwest
is still without moisture. Temperatures
in the extreme north are under zero, but
in the south they are unreasonably higher.
Cloudy weather, accompanied by cold
wave, is predicted for Kansas, and cold
is threatening Illinois and Indiana. Rain
turning to snow and colder weather are
forecasted for Michigan, Wisconsin. Iowa,
Minnesota and the Dakotas.
Primary receipts were $4,000 bu against
431,00O and shipments $4,000 against 2O5,
900. Wheat and flour clearances, $4,000
blu.
New York reports the sale Of six loads
wheat to Liverpool at an advance of 1Ac
over yesterday. Foreigners were said to
have bought more in. futures than for
some time.
The Kansas City Star estimates the re-
serves of wheat in the hands Of Kansas
farmers at 1900, 600 blu, Of which the mills
ment on March l Of last year estimated
Kansas wheat reserves at 0.5o0.0 900 bu
Kansas City reported 100000 blu wheat
marked for Minneapolis.
May wheat closed at 99Ac July at 973sc
and September at 87$c.