The Saint Paul globe., 1901-06-14
MINNEAPOLIS,

MINNEAPOLIS, Mimi, June 13.--Wheat
broke again this morning, and with the
extreme weakness in July and relatively
Trmer tone in September the two options
hnaily got on the same level, both selling
at 6612QGS55c the first hour
Inc opening was quiet, July barely
stc ady at yesterdays closing figu1e es, 6714c
Ihere was noticeable hesitation at first
and not much business. Scalpers seem to
be Going the bulk of the trading Just at
present. Sentiment shows some change
After the severe decline and utter de-
moralization of the market for the past
ten days it would seem that reaction
Should be in order even if only tempor-
airy III character. Every day near the
close some long wheat is taken on in the
nope that bottom has been struck on this
decline and that the morning will bring
Fedctlonary flrmnesS at least enough for
q scalping turn The market. however
Is without even enough good support to
absorb these moderate offerings. and
every day sees a little temporary Strenetf
az TIE start and new low price made On
the subsequent decline. At today's low
sac SAFE Juiy was nearly Sc under the late
nigh point Admitting that this high point
was IN part the result of the dry weather
talk then going on, ana fear of drought
ana that conditions since then have
SHOWN wonderful Improvement that the
outlook is such as to indicate an enormous
general yield, and admitting the force of
all the bear arguments that have been
put forth OF late, it follows, nevertheless
persistent bearishnesS continues uninter-
rupted, and during the decline there has
been no reaction worth noting. July may
sell to 65c or under, but there is growing
leeung that improved conditions have
been wei enough discounted for the pres
ent, and while the market mas proba blv
gone permanently to lower level there
is a hard spot due to deyeiop somawhere
pretty soon. The market is oversold. and
the question is whether the bears are NOT
OVERRIDING 1t. On the whole there seemed
more confidence this morning than has
been shown for some time nOtWit hstard-
ing the market made another decline.
The rains continue over the entire
western country and last night brought
aEother general downpour. The heaviest
| rams were at Springfield, Mo, 21O inches
and 1.26 inches fell at Wichita. All the
country from Manitoba southeast ex-
tending over the Dakotas and parts of
minnesota, is more or less rainy or cloudy
Lhe forecast is for more rains Over the
Northwest
Primary receipts We're $4,000 bu and
shipments ia Pm $4,000 bu against COZ, eco and
Hour 729000 bu: corn, $4,000 bu Mime
apclis received 2S7 ears and Duluth a.
against 251 and 1872 last year.
me market took q sudden turn for the
better Just before noon Damage renorts
from Southern Illinois started st. Louis
shorts covering and a squirt followed in
all markets. Minneapolis july sold IN
lc to 67Ac; September sold to 675I6673i q
There was good cash trade reported from
ell markets and milIers had, more active
foreign inquiry for flour than for some
time. At the close the market was firm.
Jnly closing st 6724c, September at 6715c.
Chicago July closed at 71@71Mc.
Cash wheat was again in good sale, al
though the market did not show the snap
of yesterday at the start Prime milling
wheat is In demand and holds well up in
price. NO. northern sold at 1c over
July for ordinary and at 1Ac over for
CHOICE. No. northern was salable at
6oc to &c. No. . aged from 62e to 65J5c
rejected neld around e0c to &c for good