The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-04-22
MORE RAINS And BEARISH FOREIGN REPORTS
Heavy Pressure on Wheat in Con-
sequence May Breaks Back
to 9oA@9oZsc.
Market May Turn About for a
Rally from Excess Of Bear
ishness.
Modern Miller Substantially Same
as Jones Report of Early
in the Week.

MINNEAPOLIS Chamber Of Commerce,
April 22.-All the gain Of yesterday was
lost in wheat after an hour OF tradlng:
Yesterday May touched 929s 092&c, ana u
D91hc was the trading figure at lO:45 this !
morning. By 1870 it was 9O7sc. Every
ttem in the news was of weakening ma
fire More rains fell over the southwest
the northwest reports were better ana
statistics were unusually bearlsh. Inc
big item in the figures was the Argentine
shipments that country sending OUT no
less than f. 043, 900 blu. India shipped 9o4,-
900 blu, which looked big, yet was not SO.
bv comparison with the 100000 blu shipped
q wear ago at this time The Argentine |
showing was, however, very bearlsn, lor
the a, O43, 900 blu, compared with 1870 000
bu last week and /, $4,000 bu year ago.
The northwest had rains, and ram ana
warmer weather Is the prediction Tor sat
urday for Minnesota and the DakotaS.
Ten o'clock telegraphio advices to Van
iDusen- Harrington showed seeding checked
by rain at Candy, Mimi, but the OUTLOOK
improved around Cavalier, N. Dr. ana
seeding predicted next week IL sood
weather continues wheaton mas colo
night and another freeze. Verdon, 3. d.,
reported the work again put back little.
Wichita, Kan sent advices Of good show
ers thru Oklahoma where needed. ana
more rains in western Kansas. the SOUTH
west made another low showing Tor re-
ceipts, ST. Louis getting 5000 bu against
Ga 900 and Kansas City $4,000 against &c.
600. Minneapolis got 116 cars against IL,
Duluth 10 against and Chicago az
against 81 Minneapolis elevator stocks
should show practically no change IN to-
morrow's statement.
Wall sentiment Is now bearish. It Is
impossible to find anyone Of prominence
In the trade here who Is not on the bear
side. Everything runs in favor Of the
BEARS This morning there were rains at
Grand Forks, Neche, Comstock, Rugby,
Fargo, St. Cloud and Hilsboro. These
should help clear the ground. Some ex-
port business was reported to-day, but
with Argentine shipping 30 heavily and
American prices somewhat out OF line, no
big export trade seems likely at present.
There are differences of &c to 7c between
Minneapolis wheat prices and prices or
Manitoba wheat at Fort Williams, Ont,
and the bears are getting considerable
encouragement from this.
Primary receipts 100000 blu against 1885,
900 blu; shipments $4,000 bu against
643, 900 blu. Wheat and flour clearances
1000 blu.
Broomhau says the Argentine wheat
markets are now steady under influence OF
good export demand. Arrivals from the
interior are again large while the quail
fly Of the grain continues to give satisfac-
ton. The corn markets have turned dull
owing largely to the foreign demand fall
ing off, being now only light. Shipments
from the interior continue both light in
volume and unsatisfactory regards
condition. There Is considerable pressure
to sell India wheat and millers are secur-
ing large lines much under public QUOTA
lions. Broomhall predicts smaller Argen-
tine wheat shipments from now on.
London says Argentine conditions have
not be6n altogether favorable. Corn crop
estimates are being reduced. Complaints
from some sections Of a scarcity Of labor.
The Modern Miller says that under the
influence of continued cold weather with
freezing temperatures in some sections
winter wheat has made slow growth. The
crop was already late and now Is two
weeks behind an average growth for this
Season of the year. Moisture has gem
orally been plentiful, but warm weather
and sunshine are urgently needed. Crop
conditions are poor in Indiana, Ohio,
Michigan, Oklahoma and Texas, and a
large acreage will be plowed up Altho
Oklahoma had the first good rain Of the
season, lack of moisture and frost have
Reduced prospects to a probable yield of
about half that Of last year. The prom
ise Is best in Missouri, Kansas, Nebraska
and the Pacific coast. . ...
This supports the Jones report OF
Tuesday last
Sentiment is so extremely bearish al
around that traders look for some price
reaction to come from excess of it.
Duluth reports IL loads for export
Minneapolis May closed at 91hc, July
e1hc September S1Ac
Late in the day New York reported q
loads wheat sold for export