The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-09
To-morroW's Government Report
of Winter Wheat Expected to
Be Bullish.
But Good Rains in the Meantime
Would Nullify it-Bears
Active.
Traders Opinions Mixed Car
Restrictions Affect the Cash
Wheat Market.

Minneapolis Chamber of Commerce,
March 9.-It was the same story in wheat
to-day. Yesterdays market was an eN-
hibition Of early strength and later heavy
decline and this morning there was an
other show of strength to start with and
an immediate reaction, the decline car
rying May wheat down to $3.50 by IL
o'clock. Quick changes We're the rule, and
1T was an active, uncertain market. In
terest Is now conferred In two things-the'
government report. to be issued to-mor-
row, and the rain prospects in the south
west The government report will give
an estimate of the condition Of the grow
ing winter wheat on March l. Since that
date there has been little moisture in the
southwest, and from some districts there
have been bad reports, the reliability of
which Is unquestioned. To-day. however,
there is rain predicted. and at noon there
was some reported at Kansas points.
Wheat is decline and has been going
down for some time Prices now look
low by comparison with figures recently
seen. but they are high judged by the
average from year to year. Traders are
mixed In opinion some viewing the de-
cline as thing that must run farther
Ibefore it will have spent itself, and others
taking the view that there has been de-
cline enough and the tendency now IS 70
overdo it the bear side. Meanwhile
the winter wheat must have rain soon.
and the seriousness of the situation is
generally admitted. altho it is doubtful
If irreparable damage has been done IN
any locality A good rain soon would
change the whole situation and make 1t
possible for the bears to start In anew
and put prices much lower but without
rain soon it is likely SO much uneasiness
and nervousness will develop thru the
southwest as to put an end to further
decline for a time at least. A heavy,
extensive rain tonight or tomorrow
would kill the effect Of a bullish govern
ment report A report showing a low
meanwhile, would leave the market in
shape for a drive in of shorts and a
quick advance.
The weather map shows generally fair
conditions all over, with high tempera-
lures. There is no moisture in the south
west and the mercury registers St In Kan
,sas. Temperatures in the corn belt range
from 80 to 40 above. The northwest Is
clear, 10 to "a above. It Is colder over
the northern border.
Minneapolis receipts 1884 cars against
ISL, Duluth 70 against 20 and Chicago q
against 20. Kansas City had $4,000 bu
against 10000, st. Louis $4,000 blu against
$4,000.
Primary receipts $4,000 blu against $780,
900, shipments $4,000 against 100000
4 Wheat and flour clearances $4,000 bu
The Northwestern Miller says Mime.
little flour The week was even dullel
than was the preceding one sales being
much short Of the output. With the de
Ginning wheat market, the trade was lotl
to buy more flour. Then millers, having
plenty Of orders on their books, did no
urge customers to take flour; instead the.
held their prices pretty high, so that to-
many orders would not come in.
Near the close the market rallied an,
was strong to the end, shorts buying IL
freely. May wheat closed at 945sc, Jul
945sc, September S31ac.
The cash wheat market was ruled b.
the car selection. Quality or price wer
really of secondary Importance so far a
1nillers were concerned. They wanted car
to load out with flour, and sellers VIII
had their wheat in cars not available TO
ireloadng with flour for the east had t
cut prices on the best wheat or carry
over unsold