The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-04-07
May Wheat Sells Down to 941ac
by Slow Stages Under Heavy
Pounding.
Then Jumps to 951zc in a Little
Three Minute Bear
Panic.
More Snow in the Northwest
Which May Delay Seeding
Somewhat.

e MINNEAPOLIS Chamber Of Commerce,
April 7.-Steadiness and fair buying sup
port were early features in wheat, hold
ang the market around yesterdays clos
ing price thru the opening hour. Trade
was light and sentiment Of the waiting
sort. May got up around nc and back
down around 94%c, but was steady at
95@95hc on most Of the trading. Rain
Hell again in Kansas and at points fur-
ther southwest and advices from Missouri.
Kansas and Texas were rather bearish.
Against this snow furry thru Mani
&oba and a prediction Of colder weather to
come generally. Later on four inches Of
snow was reported at Grand Forks and
more falling, which will mean further
delay to seeding operations. There Is
nothing bad in this, however, as there will
be ample time for seeding IN the valley
even If farmers cannot get to work for a
fortnight yet, as now seems probable.
There will at least be moisture enough and
no likelihood of any "dry soil' reports.
The low lands will probably suffer from
too much early moisture, as there IS
great quantity Of snow and Ice to go Off,
aside from to-days fall, but with favor
able weather from now on seeding would
begin at time about the average OF
the crop situation at large the Price Cur
gent says the week has been favorable for
growing wheat A moderate improvement
as indicated. Spring seeding is delayed.
IA full acreage of oats is expected. Market
ing Of wheat Is restricted by bad roads.
Corn supplies are comparatively small;
wheat supplies small In eastern sections.
One element Of uncertainty is the Chi
cago corn deal now on. Armour Is pre-
stunned to be running a bull campaign In
corn and sentiment is against it and
GONE big houses on the opposition side.
This makes the outlook in corn very I'M
certain, and as wheat has been quick to
follow corn Of late it affects the latter a
little.
Minneapolis received 1919 cars, against
159; Duluth So, against "a, and Chicago
81, against Al. Kansas City had 1900
bu, against 5000 bu last year, and St.
Louis $500 blu, against $4,000 blu.
Cash business yesterday 900 bu,
No. 1 northern wheat sold in Chicago to
go east all rail, at better than &c over
May in store. Sales Of oats were $4,000
blu for eastern interior shipments Mil
hwaukee sold $4,000 blu wheat to mills and
aToledo sold $1,000 bu No. red to mills.
The seaboard sold 112, 900 blu Of wheat for
export.
The Duluth Commercial says consider
able difference of opinion exists as to the
amount of wheat left in farmers hands
in North Dakota and it Is generally con-
coded that what is left is in strong hands.
hands that have been expecting and will
still expect a higher price. The effect
may be the as tho there was no
wheat left, as these farmers are in posi-
ton to- and some have carried two and
Ahree and even more crops.
AT noon sharp furry occurred. May
had been sold down by slow and steady
stages to 94c and had been on decline for
an hour. Suddenly it turned upward and
in three minutes touched 95Ac. Shorts
were scared and badly ratified. Altho ad-
mittedly a sassy" market no one had
looked for such sudden reaction. Moth
ing especially alarming was heard and il
Hooked as If the shorts In a little three
minute panic bid it up on themselves
Primary receipts 374OOO blu, against
85S,000 blu; shipments, 2S3, OOO agans
$4,000 blu. Wheat and flour clearances
t154,000 blu.
The same large local house that has solt
tso heavily for some time was again
theavy seller to-day and it was the of
lfering of a big lot by this house tina
fBtarted the break here. The heavy sell
ang Of the pit representative of this hous
khas been the talk of the floor for a weel
or more. No one apparently knows tn
Significance Of the selling but from it
sperslstence, and from the fact that tn
Pwheat IS sometimes offered and forced O.
Esale at weak time the floor has draw
the inference that 1t represents the eff
Mort Of big local miller to break tn
Fanarket.
May closed at 94Bc; July, 94Tc, an
september, S1Ac.