The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-04-12
May Breaks From 94zsc, the
Opening Figure, to 92ssc,
Closing Weak.
The Government Report Dis
counted in Full, With the
Usual Result.
The Question Now One of Price,
Relative to the New Crop
Promise.

MINNEAPOLIS Chamber of Commerce.
April 12.-Wheat was weak and lower and
by II o'clock May had sold down to 931ac.
This was the old sticking point and May
was down to it for the fourth time in
few weeks The bulls felt that If they
could hold it again they might force a
rally The bears felt that if they could
get it thru they would be able to break
ii considerably more, and tried hard. bat
there was good resistance. Now that the
government report is out it comes down
to proposition of the outlook relative to
the price, and whether or not the latter
has discounted the former. At 93hc May
wheat was an even 19c above the closing
figure of the corresponding day year
ago. Is 19c too much or not enough?
There is an acreage in winter wheat
1000, 900 under last year, and the condi-
ton Of the. crop the government. makes
2O8 points lower. This is certainly not
a very good winter wheat outlook. If
sixteen bushels per acre be taken as
probable par it would figure out about
291 $50, 900 bushels for the present prom
Use. If 16h bushels be taken, it comes
to about 427, 900, 900 bushels How much
the condition will change between now
and harvest time is, of course, a propo-
stion about which it is worthless to
guess. The trade knows, however, that
decline in condition between April 1 and
harvest time is usual Last year winter
wheat stood at 97.3, or almost perfect,
on April /. By harvest time it was off
to IS. To-day it is starting even lower
than this final figure, at 1915. The spring
wheat outlook is too indefinite yet to cut
much figure. The season is late. This is
not necessarily bad as to probable final
results, yet 1t is hardly the thing to cause
increased bearishness. A little later the
spring wheat prospects will be a leading
Influence.
There are bearish features. Foreign
competing countries are shipping heavily
foreign markets are dull and easy, export
business not very good, the flour trade
light and cash wheat demand poor, this
latter probably the most potent bearish
feature Of all. These things, the bears
say, are too much to permit of a bull
market and if they continue prices will
go lower The bulls, on the other hand
contend that these will pass and that in
view Of the bulish things in sight wheat
should hold in the nineties
Minneapolis had 81 cars against g. Du-
luth 80 against 8, and Chicago % against
81. Kansas City received $4,000 bushels
against 100000 last year, and ST. Louis
$4,000 against $4,000.
Near the close the market having brok.
en- thru 93Rc, turned very weak and fel
off quickly to 92asc for May, closing weak
at the low point. There was much selling
out on stop loss orders.
number of later things helped thu
bears 1t was known by a few traders
that the mills will close later in the weel
as result Of discriminating rates and thi
was help to such of them as were on tn,
bear side.
Bradstreet's makes a net increase O
1,719,000 bu in the worlds visible supply
Primary points received 49, 900 b,
against 100000 and shipped 1884, 900 agains
$4,000. Clearances, wheat and flour go
900 bu.