The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-04-08
Whipped Into Line on a Rise in
May, That Option Going
From 945sc to 965sc.
Talk of Contest for May Control
and Bad Weather in
Northwest.
A Ten-Day Setback for Seeding,
the Result Of More General
Snow.

Minneapolis Chamber Of Commerce
April 8.-The bears had another nervous
hour of it at the opening this morning,
May wheat selling off slowly to SAssc ana
then jumping a cent to 95sc. much as
1T did In the little furry Of yesterday
Heavy weather over the northwest and
rurnor Of something doing In Minneapolis
May were two items Of importance. At
10 o'clock 1t was showing at Fergus Fails.
and to 8 O'Clock this morning almost
three feet of snow had fallen at Moorhead
and two feet on the level around Grand
Forks Snow was reported at many points
from the Canadian line down to the Me-
braska line, very light in places and heav-
lest at Red river valley points. West OF
GAINESVILLE there was wire trouble due to
the snow. and other points failed to SEND
early reports, SO that to noon 1t was hard
to tell to just what extent the northwest
ern seeding situation had been affected.
With more snow predicted however, there
was tendency to give UP hope Of early.
seeding and to discuss probably delay.
There Is yet plenty Of time for seeding,
but there Is also a great quantity Of old
snow and Ice under the present fall all
OF which has got to 80 off. repetition
is suggested Of spring conditions of sea-
son before last, when the low lands were
flooded for weeks and seeding delayed
Whether or not anything is on In May
that option Is getting tighter every day
and harder to trade in. 1t showed to-day
some tendency to pull away from July.
Some traders predict that the options will
soon begin to widen and that May will
sell we'll above July. 1t is hard to see
any reason for this from the legitimate
supply viewpoint. There will certainly be
no more wheat here in July than in May.
Still there may be speculative commit
ment already existent In these
options the shifting about OF
which would bring about such a
z change. Little has been heard about the
government report for day or so, but
traders are awaiting it no less anxiously.
AS the 10th falls on Sunday, the report
Will be out on Monday next. Traders who
looked for a condition Of 70 are now talk
ing about IS or go the recent Missouri
state reports and private advices from
the southwest having prompted them tc
modify their views to that extent. On
the whole less bullish report Is looked
for then was the expectation fortnight
ago
Receipts here ran above last year, 174
cars against 80, a good part Of to-day's
run being winter wheat. Duluth had 81
cars and Chicago II, Kansas City 41,0o(
bushels and st. Louis 10000. Last yea,
there was a holiday
Primary receipts, $50, 900 Blu, and ship.
ments 900 blu. Wheat and flour clear.
ances 100000 bu.
The Modern Miller says continued i'm
provement has been made In the condition
Of the winter wheat crop under the "a
voring influence Of rains and warme
weather. In localities in Kansas and tn
.Steritories where there has been mucl
complaint of insufficient moisture, goo,
rains have relieved the situation. Tn
plant has a strong healthy growth. Com
plants Of field pests are EXCEPTIONAL.
few.
=
vance, May going up &c from low point 0
the day, to $3.50. May pulled away from
July, there being a %c spread at on
time. May closed at 96% @96hc; July
S5Bc, and September, 8311c.
Bad reports came in late. The storr
was severe over northern South Dakot
and seeding will be delayed over a con
siderable area.