The Minneapolis journal., 1902-08-21
SCRAMBLE OF SHORTS in SEPTEMBER WHEAT
Weakness and a Lower Opening
A. Followed by an Active ~
~,
Bull Market.
SEPT. JUMPS 1 1-2c TO 81 3-4c
An Urgent Demand for Cash Wheat
and Scarcely Anything
Coming In.

Minneapolis Chamber Of Commerce.
Aug. 21.-Sosnething OF scare was
worked up in wheat this morning and 1t
had the effect to turn weak and drag
ging market into one OF activity, and
strength September was 66Ac In the
opening trades, but sold up shortly to
67&c The weather map was not so bad
as had been eXpectd and this brought the
opening dip, but the beartsh feeling gave
way at sight Of light receipts and a de-
mand for cash wheat moro urgent than
ever The local market stood against
the influence Of Chicago where the
strength was conferred, and September
here changed only fractionally on fuc-
1uations-covering Zee in Chicago Septem-
ber. Not until Chicago spurted a full
cent to TIC, did the local pit follow, and
then Minneapolis September went from
661b@86sAc to S71c on Jump. In the
face Of the great scarcity OF contract
grade and all that has been said here OF
the possibility Of a scramble for wheat,
the showing this morning Of only 1874 cars
IN the northwest against 504 last year
and only nine days remaining TO sept. L.
was enough to make the shorts extremely
pervous. How much OF short interest
there is in September is purely guess.
If there is heavy short line out, as many
suppose, than even with continued good
weather from now on 1t Is hard to SEQ
how there is to be much lower price
range for September. The situation ID
the northwest has been pretty evident to
every trader for ten days past, notwith-
standing 1t is only to-day that 1t is be-
ing fully emphasized. With the wide d1f-
terence between the September option and
the price Of cash wheat, 1t has been the
argument that these will have to get
closer together by Sept. 1, and as cash
wheat continues holding very strong,
September has got to go up. Those who
see 1t this way say that 70c will look
cheap for September wheat on Sept. l.
This view, however, has appealed to
anany: a good many light weights have
turned bulls just recently, and 1t may be
questioned whether at this writing there
ads not enough long September wheat in
the hands of small lot traders to make
pretty good stand off for the heavy short
dimes. To-day the weather Is most ia
! Worable and may mark permanent turn
; for the better, which is long overdue.
tF+The danger to September buyers lies in
"a sudden turn of realizing that may bring
on sharp break, but aside from this the
situation is very strong.
At primary points S4S,O00 bushels were
ITeceived against 900 last year, and
:shipments were COZ 900 bushels, against
$4,000 bushels. Minneapolis had 1877 cars,
against 412; Duluth 7 cars, against 81. The
s.Prce Current says the tine corn prospect
2is not much changed, although it has been
Ftoo wet in Illinois and Iowa and too dry
! IN parts of Missouri and Kansas. Liver
pool closed Bd higher.
Clearances totaled $4,000 bu, which
was a further help to the market. Sep
! ternber sold UP, and with a sensational
squirt in corn the markets held all around
against realizing. September touched
67a4c. but at the close was off Ac. Clos
ing prices: September, 671ac; December,
Csc; May, 67@671sc.
Trading in wheat at the start was on
unchanged basis, and most Of it went ear
1y and did not share the full benefit OF
the rise in the option. No. 1 northern
sold at TIC for No. l, either spot or to
arrive, while new No. brought 740741ac
rOld No. 2 went at 75H075c and new No. z
4at 7214@73c. No. wheat sold from 71c
80 73ac. A little new No. l hard sold al
Fa53c.