The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-28
NAV Goes Down to $1.09ss and
July Goes Even Faster,
Selling to $1.03ss.
Good Weather, and q Flood Of
Bearish Crop Reports,
Coming In.
The Bears Pressing Every Ad-
vantage and Forcing the
Market.


Minneapolis Chamber of Commerce March IS.
Conditions were against the bulls again today.
and wheat fell to new low prices. May going to
81 OS7s and July to $1.o4 by noon. decrease
of 100 900 bu In Minneapolis stocks was favor
able item and the reported sale of $4,000 brls
of -four to Japan helped sustain the market ut
first. Also there was the fact that Professor
Bruner of the Nebraska university has gone into
the wheat fields of his state and discovered
Hessian fly in process of development. which
may be serious thing later on few other
items favored early price maintenance. but the
preponderance of news was the other way. Liver.
pool I'D lower to close. and 1t was cabed
over that new crop Argentine wheat was tot
eale in Liverpool at a price equal to 931ac. The
weather map not bad one. and While
unsettled wca Their is to come. the overnight re-
port showed the rains in winter wheat territory
where the new crop can stand them very Well
while the northwest. where seeding would De ue-
layed by heavy raus. had them in places only.
the general showing being good. At Wichita
@ % s Gnn fs INV aa na and so s at n Min
neSOta North and South Dakota. The big pear
argument from the southwest. where IT
is said the millerS are already doing business III
-four the basis of the Kansas City July option.
which is &C or 2hr under Minneapolis July. All
advices. from southwestern houses of the specu-
lative leaning. to buy the Kansas City
July and sell the Minneapolis July. Some specu-
1ators acted on this. and IT put considerable
pressure that option In the local pit. Nothlns
encouraging could be found in the matter OF
receipts. for there were 1856 cars in Minneapolis
and 90 in Chicago against 10. while st. Louis
ran ahead with $4,000 bu against $4,000. and
Kansas City $4,000 against d. 900. At Winnipeg
there were 1877 cars against only 90 year ago.
The time will be here when guesses on
the forthcoming government report Will be III
order. In December last it will be remembered.
the condition of the crop was put at 81 or
8 points under the ten-yaar average The acreage
was estimated at 31.155.O0o. or 1.6 per cent
less than seeded in the previous year. This
was bulish At the same time the then
nj how 4
that actually harvested last year, for thru the
season big was abandoned. II the April
government report shows the acreage fairly we'll
ma ntained and the condition anywhere up 70
that of December 1t will probably be construed
by the trade hearisli. in view OF the early
spring and the excellent start all around for the
new crops
OF the supply situation. Poehler says the
crop may have been underestmated. but that
Is yet TO be proven. One thing is certain ana ana
that is farmers arc afraid of lower prices and
have been hauling freely as possible before
seeding time. Another thing is that country
elevators have been shipping as fast as pos
siblc owing to the fact that cash wheat cannot
be safely hedged with prospects OF profit by
holding such wheat until July.
The Duluth Commercial says 1t is NEXT to to I'M
northerr wheat there is there. for the reason that
a.22s. 600 bu Of the, total stock is stored in
get pretty close line on total stocks by dis
secting the stocks of one of the systems running
both private and public house. OF all the
per cent is No. northern, and it is fair to
assume that the other systems have as much
or more. No. l making total of over $780,
600 bu The balance of the wheat here, 1859
GOO bu, is mostly No. 8, or rather the unsold
wheat is No. 3.
One big line of July wheat was sold out here,
which made July weaker than May.
More sales of -four to Japan we're reported
later by Minneapolis mills.
: Primary receipts were 1868, 900 bu against
376O00 Clearances were 40 600 bu.
Bradstreet's makes 100000 bu decrease
In the visible supply.
May closed at si.os1a al .osM, and July at
$l.O31k a OBJ.