The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-04
Wheat Up and Down in Rapid
Succession-Lower at Start
a on Gables.
Bulls Still Looking for Higher
Prices Argentine Shipments
Are Heavy.
Modern Miller Bullish - Spain
Seeks to Lower Tariff on
Flour.

Minneapolis Chamber OF Commerce.
March 4.---Wheat was irregular and easy
right from the start, May opened 7ac un-
der yesterdays close at $3.50. and adj
vanced &c to 97s4c on moderate buying.
There was no support, however and
prices soon went down again. going as
low as SS1sc within the first hour. Trading
was not heavy either way. and was made
up of the scattered small lot order. Cables
were lower and Argentine shipments fully
up to expectations at 3.5S4.00O bu. These
large figures offset any strength that may
have been derived from the labor strike In
South America. for thus far. current re-
ports notwithstanding. the much talked OF
strike has failed to make any noticeable
impression in Argentine shipments.
Traders say that it appears as easy to
overdo the selling of wheat as the buying.
The recent sharp breaks are said to be due
entirely to Misrepresentation ana not be-
cause Of any change in actual conditions.
On a break like this last one, wheat has
gotten mich closer than 1t was to a oon-
sunptiye basis. Armour has been a steady
buyer of wheat for several days. and 1t
therefore appears that his belief in higher
prices is unchanged. Enthusiastic bulls
say tho situation la just the same as it
was two weeks ago when May wheat was
10c higher. They believe that with the
cash situation strong everywhere there is
little profit to be made in shorting futures
at big discounts. For the present, the
1ull in war news has lost the bun the help
he had for several weeks from that direc-
fion. Nevertheless. the war is on and no
one knows how long it will last. Mean
while the winter wheat crop condition is
to be considered. Some surprise was eN-
pressed with the appearance OF the Ohio
crop report giving the condition OF the
growing wheat ut SEC gainst ,94c at this
time last year. 1t was expected that the
difference would be considerable but few
had looked for much as 25c. For a
short while this report had.a railying effect
on prices. May wheat advancing about &c
in the local pit, and jumping up to 9sc In
Chicago. The advance was short lived.
however. and figures were soon down
again. Chicago reported a new influx of
"outside" buying and Valentine was said
to have been heavy buyer.
No precipitation anywhere is shown on
the map. except light rain at Cincinnati
and few light rains In Tennessee. There
is no moisture in Kansas. Missouri. or
Oklahoma where it is greatly needed
Temperatures are higher everywhere, and
milder weather is indicated.
The Modern Miller says except in the
northern portion Of the winter wheat belt
where winter snow protection was gen.
orally ample, the wheat crop is in poor
condition to Withstand the freezing and
thawing weather Of March. The tor
growth is unusually small and thin. vet
the plant appears to be we'll rooted In most
s.
ture to bring the plant to full development
Broomhall cabled Liverpool weakness:
due to the American break yesterday
Later there was some recovery on the
prospect Of the Argentine strike being
prolonged. because the Argentine visible
supply is already being drawn upon fo
export Toward noon. Liverpool price:
eased off on smaller cargo demand. Liver
pool closed hT%d lower London I'M
changed to I'D lower. Paris 5 centime
lower to centimes higher, and Antwer,
unchanged.
Minneapolis wheat receipts were %
cars against 227 last year. Duluth had
against 43. and Chicago II against q. st
y Louis received AZ, 900 bu against 81 900
and Kansas City $4,000 against 120. 0Oo
Minneapolis elevator stocks have decrease,
$4,000 bu for the week.
A wire was received at noon to tn
effect that a bill had been presented t.
the chamber of deputies by the govern
ment Of Spain. asking for reduction i,
import duties on wheat and flour, becaus
of the current high prices. The duty as
now stands is 2.26 on each barrel Of flou
and 81 bu on wheat.
Primary receipts were 464. 900 bu agains
,O00 and shipments 900 against $50,
600. Wheat and flour clearances $4,000 bl
Bradstreets clearances Of wheat for tn
week were 1,643,000 bu against 1851 90
last week and s,491 900 a year ago.
Detroit wired near the close that tn
Michigan crop condition would probably
more than that Of Ohio, and this togethe
with the falling off in Bradstreet's clear
ances, started prices upward May ad
vancing 1ac to 97asc. .....
May wheat closed at 97ssc, July at 973a,
and September at S61nc .$ 'f. "'r'.