The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-21
NAV Sells Off Almost Two Cents,
Closing on Slight Rally at
9414c.
Rains, Weak Gables, Bear Fig
ures and Bearish Foreign
Crop News.
With a Poor Local Flour Demand
No Rain Along the Union
Pacific.

Minneapolis Chamber Of Commerce,
March 21.-Rains in Kansas. easy cables
and bearish figures, clipped cent on
wheat to start the week, May selling early
at 945sc against $3.50 the close or Satur-
day. Selling was continuous thru the hrst
hour. and by 1880 May was Off to sS7sc.
The market, while very weak, had a nerv-
Gus undertone and was quick to rally on
the appearance Of any fair buying. All ad-
vices from the big Chicago houses were
bearish, and suggestions that it would
prove profitable to sell wheat were very
numerous. Too much Of this made too
many shorts, hence a rally to 94&c &C.
Cured even while the adViCes to sell short
We're still coming. The heavy rains thru
Kansas undoubtedly did much good. and
the Modern Miller was out with an extra
report telling Of the benefit to the crop.
Actual showings were not heavy. only IA
inch at Kansas City and LAP at Wichita,
the point of heaviest precipitation. The
general benefit was unquest1oned. AL the
southwest got some precipitation.
Worlds shipments were lO,744,0O BUSH
els, against 9,192, 900 last week and 9,408.-
900 a year ago. The amount on passage
increased 1,235,00 Receipts here were
heavier, 5O4 cars, against 1853. Duluth got
AZ against II, and Chicago 20 against 70.
Kansas City had $4,000 bushels against
$4,000, and st. Louis 10000 against $4,000.
Wheat and flour clearances $4,000 bush
els.
Foreign crop reports, given out thru
Washington, were very bearish, tho most
of the information was old. Following is
the summary: Austria-Official estimates
Of wheat crop Of 1903, 46,Ol4,O5S bushels,
of 60 pounds each.
ustralasia-Wheat crop Of 10000 I'M
doubtedly very large. and will leave an
unusual quantity available for export.
Argentina-Visible wheat supply about
56 per cent greater than year ago and
+l~o+ 1ofn f,
1902. The surplus available for export
out of the 10000 crop is unof:icially es
timated at over 90,000,000 bushels.
Rumania--Wheat area sown in the fall
Of 1903 officially estimated at ALTO, T19
acres.
Russia-Official estimates: Wheat area
for 1908, 81. 266,71s acres; production, 621--
457, $50 bushels Of 80 pounds.
Hungary-Crops officially reported salts
factory.
Turkey-German consul general reports
grain crop at European Turkey extraordi-
narily good.
Italy-Crop conditions fairly good.
France-Official preliminary estimates
of 10000 crop are follows: Wheat, Is,
92O,42S acres; rye, 1926, 439; barley, $50,
099; oats, 2,O21,O 7S. The winter wheat
area is over 8 per cent less than year ago
Condition Of cereals stated as falling
somewhat below good
Observation-Disclosures too mild, and
wet.
Primary receipts, 10000 blu, against
01,00O; shipments $4,000, against 1877.
900.
Broomhall cables that some politicians
in the United Kingdom are talking of re-
imposing the import duty on cereals, bu
this, 1t is believed will not be done. Liv
erpool closed A@2sc lower.
Later reports from the southwest sale
there was no rain worth noting along tn,
limo of TTpjOn Pacific
The close was easy, but a trife above
low point Of the lay. May wheat closed a
94Ac; July at 945sc, and September a
81&c.