The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-04-05
Wheat Makes Another &c Decline,
Going $40 Under Recent
High.
Rains in Oklahoma and Nothing
Doing in Chicago-Heavy
Bear Pressure.
This Third Time the Market Has
Reacted From 9311ac-Some
Recovery Due.

Minneapolis Chamber Of Commerce.
April 5-4Another heavy drive was made
in wheat to-day, and by 10 o'clock May
was off to 94c July to 1890 This ap-
peared to have brought the finish OF the
urgent selling and after thA break the
market turned very quiet. At 94c May
wheat was 11a,c under yesterdays close.
3bc down from Saturday and about 47so
off from high point Of few days ago.
Some traders thought this break enough
for the time at least. and selling orders
found more buyers waiting to absorb
them Still the buying was Of the half
hearted sort and those who took the long
side were not heavywefghts, judging from
the buying orders, which were Tor little
lots only The bears, having had three
successive days Of it, were inclined to
press the market further on every favor
able spot yet were more cautious about
new short commitment at the lower level.
To-day there was nothing doing in Chi
cago on account Of an election-day hol1-
day and Minneapolis was weak 1nde-
pendently The turn towards more gen
eral bearishness this morning was largely
on rains over Oklahoma. Kansas had good
rains and they extended well out into the
state, but the rain over Oklahoma was
the really bearish thing The principal cry
of moisture deficiency came from Okla
homa and its cessation marks the passing
OF a strong bull influence. The flour Stu
alton lie not favorable and reports of poor
business are still heard Some OF the out
side observers have refused to take the
situation as being as bad as represented.
The Record Herald Of this morning says:
.aThe Minneapolis millers are evidently
determined to force wheat lower and are
ipersistently working this way The Chi
cago Tribune says: 1.-The flour news Is 80
bad as to be almost suspiciously bear1sh-' -
However this may be, the -four business Ia
certainly not what it might be and this Is
q big bear card.
with no session either at Chicago or
Kansas City, the statistics OF the day
were rather incomplete. st: LOUIS re-
ceived Is, 900 bu and shipped 100, 600. Min
neapolis received 1877 cars against 100, and
Duluth 70 against Is.
Foreign markets were weak. Liverpool
was A0Ad off, and this Broomhall at
tributed to,a bearish Interpretation placed
upon the Missouri crop report by the Eng
lish trade, as we'll as to weakness In
American markets. Paris was weak, Ant
werp quiet and unchanged.
Examination Of the weather map this
morning shows good rain at Wichita
Kan, light rain in other parts Of the
state, O2 inch at Concordia and .02 Inch
at Dodge City. The precipitation at Wich
tia was "A. There was also good rair
at Oklahoma City, and showers In Mis-
souri,, Iowa and Nebraska. Temperature:
are higher and Indications point to rains
in the west and southwest. The forecas
reads as follows: Illinois, Indiana, uppe
and lower Michigan and Wisconsin, show
ers tonight and Wednesday; Missouri
Minnesota and Iowa, showers tonight
fair Wednesday; North and South Dakota
Nebraska and Kansas, fair Tonight an
Wednesday,; Montana, fair tonight an
"Wednesday, except showers in western
portion. l..
Minneapolis elevator stocks show 1856,
900 bu decrease 50 far this week.
The worlds visible, according to Brad
h1I hni
q decrease of 1916, 600 blu east Of the Rock
les and an increase Of 900 blu in tn
quantity afloat.
Following is a condensation of week.
foreign crop conditions: United Kingdom
Crop cnditions during the past weel
have continued to show a gradual i'm
provement. France, Rumania, Bulgaria
Hungary, Belgium, Italy and Spain
Weather conditions remain satlsfaotor
on the whole and the crop outlook
favorable Russia-Some reports receive
state that the condition of winter whea
has improved; spring seeding'is backward
Germany-Cold winds the past week hav
caused anxiety for the crop, but tn
weather has now improved. India an
North Africa-Crop conditions continu
extremely favorable.
Before the weakness spent itself Ma
had gone to 93Bc and July to 931ac, br
on report of better flour demand an
some export business at the seaDoar
shorts ran to ever quickly and an uptur
followed May closing at 945sc and Jul
at h@94sc This is the third tim
since the first great advance that whes
has fallen to $3.50 and then reacted. TT
first reaction some weeks ago carried
back over ST. Then 1t fell back to 93H
again and sold back up again to 80
Now that 1t has struck the low for tt
third time and is up a cent the bulls al
figuring for things to go their way aga
for a day or two at least.