The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-29
Can Hardly Fail to Be Bullish
Trade Will Take It at Full
Value.
An Erratic Wheat Market To-day
May Up to $500, Then
Off to 9714c.
The Foreign Situation Reviewed
in a Liverpool Communica-
tion to Peavey.

Minneano,is Chamber of Commerce, March 90.
Wheat made another fair gain today, selling
up nc early Lighter receipts vas na1 tne nniMtS e.
cars for two days against 80. and chicago ~
against 20. In the southwest the showing was vas
more bullish than for long time. Ihat tne Dig
movement int3 southwestern primary points 10
would appear to be certain from 70 GAYS ',s
against Sa. OOO n wear ago, and in Kansas City
81, 900 against 100000 blu. -
What the government report Of April 10 VIII
bullsh cannot be doubted. Taking the various
state reports a basis to figure upon, and II 10
hard to see how the government can be otnerWise
than bullish. 1t Is little HAZARDOUS 20 ven zen,
turs forecast Of what the government Will
say, but one can at least figure what the re.
port ought to be, assuming that state reports ana
other reports received to date are approximately
right Not over Is should be the government
condition The report viii probably be taken
by the trade this time at It's full worth. OF
very nearly 80. 1t must be remembered tnaI az. a
ter wheat condition was very high, and on 1t was
based the idea which took root and spread every
where that a crop large beyond anything ever
known might be raised. When the government
final report came out later on the condition was
so much lower than in the first report as to 1nol-
cate yield almost 200, 900 600 Blu less than that
indicated by the conditions given in the first re-
port. Between the time Of issuance of the first
report and that Of the last, there was deteriora'
ton warranting a material lowering ~ condition,
but it may be questioned II there was deteriora-
tion enough to warrant great difference. and
right or wrong, the impression became WIDE
fully warranted by conditions at the time. Criti-
cism along this line was not wanting. Even TO-
day Beerbohm is found warning the English
trade against taking the first American winter
wheat crop report too seriously. From all this 1t
is fair to infer that the government will this
year use greater care than ever to get the condi-
ton right. and with the department ably han
died. facilities for getting accurate information
Increased and the bureau experts smart1ng under
criticisms. 1t is certain the report that comes
ont hp
condition. and 1t is likely to be so accepted by
the trade.
Primary receipts. $4,000 bu, against $4,000
bu; shipments, $4,000 bu, against 266, 600 bu
Wheat and -four cIearances, 2Ss, 900 bu.
There was one little rainfall in Kansas City
this morning This is the only precipitation
shown. There is ITO moisture in the southwest.
Temperatures are higher everywhere. conditions
favorable for farm work and the grain move
ment The southwest Is not getting the mo1s-
ture it requires The snow map shows no snow
covering except in the northwestern states and
northern Michigan, where the snow Is heavy ana
hard. 49,. .
conservative review of the situation as it
appears to one Of the largest European houses Is
found in letter from Ross T. Smyth OF Liver
pool to Peavey, which reads as follows: Our
markets have been firm, but not interesting, dur
ing the last few weeks. Europe appears to get
on fairly we'll with little or no wheat Imports
from the United States. The shipments from
Argentina and Russia are liberal: Attic ,, we
to the frmness Of the market, we expect, with
the opening of the rivers in Russia the ship.
ments from there will be about as they have
been. 1t is difficult to buy in Russia at present
Stocks at the ports are small. There Is consid
cradle invisible, which, we think, Will come out
in May and June.
AS regards Argentina, there is undoubtedly
better holding power than there used to be. The
country Is prosperous. Farmers have not the
necessity for selling. They sufficiently vel
posted to see that Europe will require free sup
plies for the next four FIVE months and will
have to pay the price the Argentina farmers
demand. We look for about 80. 200, 900 Blu fol
export with "a. 600, 900 bu already shipped.
India prospects are exceedingly good and thu
new crop will move early. As regards supplies
therefrom we have sufficient until the new har
vest without drawing appreciably on your coun
try. If American prospect should prove to be poor
there would probably be tendency to advance
in the great exporting countries, but we do no
expect the prices this side will ever come t
your basis on this crop. Should your. spring crol
be of moderate dimensions, and your winter crop
as at present seems likely, poor one, We ma!
we'll see higher range Of prices next August.
Bradstreets showed decrease Of S51 900
in wheat east Of the Rockies, and an increas
Of 400, 900 in the quantity afoat. net decreas
of 451 900 bu /,
Near the close the market declined sharpl
on free selling in all markets especially by 81
Louis traders in Chicago. May closed at 9Iasc
July, 97ss &871ac; September. s3A @s3Ac