The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-05-10
DAY OF ALTERNATE STRENGTH AND WEAKNESS
July Wheat $500 OFF to 931sc,
Back Up to 941sc, Then
Down to 9314c.
Government Report Uncertainty
Duluth Buys Wheat
Here.
Michigan Report Shows Winter
Wheat 81 Against 70 Last
Month.

Minneapolis Chamber Of Commerce,
May 10.-There was fear of the market
In all grains to-day, and everyone was
waiting for the government report due
late this afternoon. Prices in wheat were
firmer and higher to start, off again, then
back up, Minneapolis going from 93&c to
831s @93Ac and back to 941sc Orders
came in here from Duluth about II o'clock
to buy wheat and this put firmness into
the market With this the Bradstreet's
figures showing decrease Of 1,1S0,000 bu
In the worlds visible came in, but these
were minor things. The government re-
port is the big thing, and once 1t is out or
the way traders will make up their minds
as to what to expect In the way of price
changes. Many take the view that the
report will have to be very bulish to hold
the market against decline. there are
numerous little lots of wheat held that will
probably be sold out. There is much
bearish talk going around and 1t Is said
some of the biggest local traders are
against the market. The weather is sea-
sonable over a wide extent of country,
altho temperatures in the northwest are
below normal. The London Statist has a
rather bearish tone in it's wheat article.
4 1t says the fact that America and Canada
combined now occupy fourth place in our
list of sources of supply instead of the
first position has evidently no effect on
the markets in the face of the liberal
movement from Argentine and Russia and
Z the expected abundance from India and
Australasia. 1t estimates the surplus for
export of south Australia at Al, 900, 900 bu
and from Indian 4S,0O0 900 blu. sIts sum-
mary of crop conditions is favorable ex-
cept as to Russia and America. It may
be noticed that since the publication the
cable advices to Russian crops are
more favorable.
The Bradstreet's figures show decrease
OF 2.28O,0O0 bu east of the Rockies and
increase of 100000 in the quantity in Eu-
rope or af1oat for Europe
There was fair cash business in Chi
cago yesterday. There were sales Of 65,-
600 spring wheat to millers and sales Of
small lots Of No. red at $1.08 and of No.
hard at SSc. st. Louis sold As, 900 bu No.
red to millers. There were sales of
$4,000 bu No yellow corn, rs, 900 bu of
No. corn and $4,000 bu No. corn, 1885,
600 bu in all. The seaboard reported at
the close about 5000 bu Of wheat and
$4,000 bu of corn taken for export.
Z Minneapolis stocks have decreased by
100000 bu so far on the week.
The Illinois crop report says: While
wheat in some places Is not doing well,
the average condition was greatly i'm
proved during the week. A majority of
fields range from fair to excellent. Much
ground has been prepared for corn and
some planting done. Under favorable
weather conditions a large acreage will
be planted during ensuing week. Outlook
for oats is uniformly encouraging, crop
practically all in ground and in many To-
calities the plant is showing.
Minneapolis received 81 cars against ca
Duluth 80 against 10 and Chicago 4S
against SO. Kansas City had Al, 900 bu
against $4,000 and st. Louis 5000 bu
against $4,000. a. - @ p
Primary receipts 900 blu against 255.
600, shipments 100000 against S07, 900.
Wheat and flour clearances $4,000 blu.
The Michigan state reports makes the
winter wheat condition in that state May
l. o. against 70 last month and 80 year
ago.
May wheat closed at 94Ao; July 93Ac;
= September, S1B@S1Ac.