The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-31
| Closing a Shade Higher for the
Day-A Strong Cash Sit
y uation.
Southwest Still Has Many Local
tiles in Immediate Need
of Rain.
Foreign Markets Inclined to
Strength-Figures of
the Day.

Minneapolis Chamber Of Commerce
March 31.-Strength in wheat and
higher price range. very firm cash sltu-
alton and much to encourage the belief
that the May option Is again headed Tor
prices above the dollar mark. The crop
! situation in the southwest still indefinite
and reports conflicting. Foreign markets
firmer. Considerable bear news mixed up
with the bull items but the general color
tbullish. Locally firm undertone and
/ market rather congested. The price
stands against selling pressure with mod
crate decline, but jumps quickly on any
good buying The bears are less active
\ now and are apparently waiting for a
more favorable run Of reports from the
southwest and further northwestern seed
Ming reports before renewing their short
selling. The bulls. meanwhile. are going
ahead largely on the cash situation, which
n strong everywhere. -.
This morning Liverpool opened f1rmer.
not so much because American markets
were strong yesterday, as because there
was bad weather in Argentine. a better
! demand for wheat cargoes, and strength
in other European markets Berlin was
up sc. and Budapest equal to &c higher.
/. This was said to be due to reports Of a
stronger feeling in Russian markets, re-
sulting from lighter marketing Of grain
and the taking of men from the country
districts into the army reserves Argen-
tine shipped 3,O4O, 900 bu wheat this week
of which 2.O24,0 blu went to the United
Kingdom and 1,Ol6.OOO blu to continental
Europe. There was nothing bear1sh In
the comparison, for a year ago at this
time Argentine shipped 1896, 900 bu. The
bears had the benefit Of an official report
from Australia making the wheat yield
in New South Wales 100000 bu larger
than the best previous record, and esti-
mating the eXportable surplus at II, 600
blu. With this was New Zealand report,
interesting II not important. The New
Zealand wheat crop is officially estima ted
ut $4,000 blu. the exportable surplus
being estimated at about 100000 bu. The
fprop last year was 4174,0O0 bu and two
Hyears ago 6,733,0OO The fve-year aver
3ltlge is 7.S1S000 bu
In the domestic comparisons there was
litepetition of the bull showings Of yester
/ LAY. Kansas City received only 10000 blu
lllgainst Ga, 900 and shipped 41000, while St
EIouis receipts were 1902 bu against 5S,
1914 year ago, and shipments $4,000.
Minneapolis fell behind, with 49, cars,
against 222, and Of yesterdays receipts
THE inspection sheet shows rs cars of win
ter wheat Duluth had 80 cars against Is
land Chicago 10 against "a.
The southwest is being watched very
closely. The one thing that disturbs the
trade IS the fact that over a good sized
area embracing part of Oklahoma, low
barometers are frequently shown on the
weather maps, but no good rainfalls. Re-
cent reports OF ram IN the southwest nave
been correct and the rains have been
heavy, but the distribution has not been
wide enough and despite the precipitation
here are important districts still very dry
and in need of relief soon. Probably there
Is no district that a good soaking rain
would not put into condition, but without
rain in the first week Of April these dis
tricts will raise a cry. The condition gen.
orally is low, the president Of the Kansas
Grain Dealers association putting that Of
Kansas at rs at the present time.
Primary receipts 100000 bu, against
$4,000. shipments 900 against 1922 900.
Wheat and flour clearances $4,000 blu.
sharp break came later and carried
prices off full cent but there was mitch
resistance shown and report Of 18 loads
sold for export at New York checked the
decline.
Z, May closed e7zao. July e7Ac and
September S3mS3hc