The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-25
Doubt as to Whether or Not the
Cold Weather Has Hurt
Winter Wheat.
Meanwhile Minneapolis May Sells
Above 97s4c and Closes Off
at 96Bc.
Snow Says Winter Wheat Is Bad
and the Modern Miller Says
Good.

Minneapolis Chamber of Commerce,
March 24.-Wheat advanced cent early
to-day and was strong and active, May
up around 7h@975sc by IL o'clock me
wire service was very poor, ana II was
impossible to get anything from the out
side. Even the routine news failed to
come. No one knew whether or not there
had been weather in the southwest cold
enough to hurt the winter wheat over
the northwest there was colder turn
and high winds. Outside markets We're all
up on new buying, good portion OF which
was probably short covering. The Market
appeared to be tending higher, and Went
up notch on any new buying Traders
found it hard to get their bearings as
there were so many wires out OF com
mission. When the gossip Of the day
finally began to sift thru it came in frag-
ments, and it was hard to put it together
with much effect either way. BY noon
May was up to 97%c and down to 97Ac.
and was uncertain. Heavy rains We're
shown In the ,southwest-Fort Worth,
Wichita, Kansas City, Topeka st. Louis
and other points reporting soaking rains
Later Kansas City advices We're of sea-
sonable temperatures, nothing low enough
to cause alarm. San Francisco sent
something almost sensational about the
heavy rains, the overflow of the San
Joachein river and damage resulting to
adjoining wheat fields. The lack of dam
age news was a little disquieting to the
bulls, who had looked for it to come.
Whether there was no damage or whether
the wires had failed to carry the reports
to the larger markets was uncertain to
noon.
The flour mills had a little better bust
ness to report on the whole and shorts
who had taken that side in eXpecta ton OF
a big decline when the mills closed were
forced to cover on the rise. Foreign mar
kets were weaker. Paris was off equal
to 1Ac bushel for spot wheat and kc
off on futures. Liverpools first cables
were a poor response to our strength of
yesterday, coming sd up. Argentine was
reported to have shipped 1882, 900 bushels
of wheat for the week. which was rela
lively light total but a little later the
corrected report came along, showing the
total to be 100000 bushels which was Of
import just the reverse. Berlin was
&c off.
At noon the third Argentine report
came along and this time the quantity
shipped was raised to 4,072,0O bushels
Minneapolis received 800 cars against
203, Duluth SO against TO- and Chicago
81 against 10. Local stocks have in
creased $4,000 bushels for the week.
Kansas City had 33 cars against IS last
year.
Kansas City received 10000 bu against
$1,000. and shipped $4,000 bu against 3d.
900. st. Louis received $4,000 bu against
$4,000 and shipped $4,000 bu against 49,
900. l.: -
The closing cable showed Liverpool "a @
Ad higher and the market having sold to
97Ac for May, turned UP again to 97Ac,
but was back again to 87Ac shortly.
Primary receipts were 10000 bu against
.0O0 and shipments 295, 900 against 174,-
600. Clearances, with four important
points not reporting, were SO, 900 blu.
Before the market closed the trade had
the benefit Of "a bull report from Snow,
and a bear report from the Modern Miller
Nothing came4from Snow beyond the bare
announcement that his report was bullish
but the bearish Modern Miller summary
came in full, follows: Weather con-
ditions for the week have been the most
favorable of the winter since the crop
was seeded. General rains have fallen
thruout the territory devoted to raising
that cereal, including the Pacific coast and
in the country nj the southwestern part of
winter wheat belt where moisture was
most needed. Improved prospects are
reported for nearly all sections
altho in some localities, notably
the Ohio valley. the plant growth is not
up to the average for this season of the
year, In the southwest and southeast
where the crop has been the most back
ward. improvement in condition is most
marked. There are some complaints of
Hessian fly in early sown wheat in south
ern Illinois," 49,. '..
At the end prices dropped off on free
realizing. ST. Louis pit traders turned in
and sold heavily Bradstreet's figures
showed weekly clearances Of 1902, 900 bu
against 100000 a year ago. The pres
sure continued to the close which was
only a fraction above opening prices. Min
reapolis May closed at 96Bc; July, 96A c.;
September So &c. v Pa