The Minneapolis journal., 1904-03-26
NAV Gets Within a Hairsbreadth
of CSC, Then Falls Off to
967so.
The Trade in Doubt as to Effect
of Cold Weather in the
Southwest.
General Belief That No Serious
Damage Has Been Done
Prompts Selling.

Minneapolis Chamber of Commerce,
March 26.-Wheat closed ac up from
yesterday, having sold up full cent
early. Much weekend selling devel-
oped late in the session and pressed 1t
back. The trade was In doubt as to-
whether there bad been any serious
damage in the southwest. Tempera-
lures were low, but nothing serious
came along. The week closed with
the matter indefinite, but majority
inclined to believe that winter wheat
had not been seriously injured.
The weather map showed decided
drop in temperatures-Okla 2S;
Kansas, 1S to "a; Missouri. 20 to %;
Nebraska, 6 to "a; Illinois, lS to ~;
Iowa, to 49, Minnesota, 10; North
Dakota, 6 below to above. Canada,
8 to 22 below. Heavy rains fell at
Fort Worth, st. Louis, Indianapolis,
Cincinnati, Louisville and Evansville.
There was no further precipitation in
Kansas or Oklahoma. The forecast
says: Illinois, Indiana, Missouri, Wis
consin, Iowa, the Dakotas, Nebraska
and Kansas, fair tonight and Sun
day. Michigan, snow flurries tonight
in part, otherwise fair Sunday. =
eBroomhall estimates worlds ship
ments Monday at about 10,000,000 bu
wheat, Of which Europe will take
about 8,S00,O00. He predicts there
will be some increase in the quantity
Of breadstuffs on passage. Arrivals
into the United Kingdom during the
past week, about 100000 bu, against
100000 bu the previous week and
100000 the same week last year.
Foreign markets did little. Liver
pool closed 1sd lower to I'd higher.
Paris closed without important change.
Local elevator stocks have increased
193,987 bu, making the total now In
store here 11,598,015 bu. Minneapo-
lis received 1873 cars against 149: Du-
luth 3S against 81, and Chicago 27
bu against 31,126. For the first day
of the new weeks Minneapolis stocks
will gain about $4,000 bu.
The Commercial West says that
Minneapolis and northwest mills will
need 40,OO0,00O to 50,00O,000 bu of
wheat to Aug. 10, nearer the latter
than the former total if the flour prod
uct can be sold. The government es-
timated wheat in farmers hands in
the three states March 1 at 38,000,-
900. There is 100000 in country
storage and 100000 in Minneapolis,
a5total supply Of 54,4O0,O00 available
until the new crop, out of which must
come 100000 blu for seed, leaving
the net total at 34,000,000. Duluth
stocks will be shipped out and are not
taken into account as supplies. Mel
will go east from Minneapolis Or that
will be received at Duluth. On the
basis of the government supplies on
the farm, exhaustion of northwest
Supplies on normal grinding basis
becomes a fact, and also an interest
ing subject for prognostication as to
price. Has the present price dis
counted a situation that exhausts sup
plies, or are higher prices warranted
in the northwest? If so, would higher
prices In the northwest curtail the
flour demand, and if SO is the south
west in about the same position, and
would that compel buyers to purchase
flour for domestic consumption re-
gardless Of price?
4 st. Louis wired that a big milling
interest there is about to close down
because orders for flour are filled and
they have a large stock of hard wheat
flour on hand which they cannot sell
at satisfactory prices.
The market closed quiet, May at
97c, July 96B @97c. and September
S3ss @83%c.