The Minneapolis journal., 1902-07-08
Tired Holders Sold Near the Close
and Support Was Entirely
Lacking. .. II.
WEATHER CONDITIONS IWPRovED
Government Crop and Weather Bu-
reau Report More Favorable
Than Expected. .

Minneapolis Chamber of Commerce, July 8.
The rain which was falling in the south
west at the close of the market yesterday,
and which was responsible for yesterdays s
advance, ceased during the night and clear
weather was reported in the southwest this
morning. The forecast is for clear skies
there tomorrow. Rain is still falling In
Nebraska and continuance of it IS PROM
ised for to- morrow. A number of sensational
damage reports came from Omaha THIS morn
ing, but they were ignored owing TO the
free selling by southwestern markets, and at
the opening here prices sold off in sympathy.
July opened Nc lower at 7S12c; SEPTEMBER
sac lower, at 71kc ad December sc lower,
at 7lAc. By 1920, September had sold OH
to 7l%c and December to 7l12@1asc. Proht-
taking by shorts caused a reaction from tnese
prices, September selling up to a7sc anu
December to 717s@72c at IL O'Clock. Inc
market was quiet and the volume OF trade
very small. ..,,,
Liverpool responded to the advances I'D thls
country yesterday by opening 1a@7sd higher
and closing hd higher. Spot wheat at Ll'-
erpool closed k@ld higher. Paris was quiet
and unchanged for the day The DAILY lraoe
Bulletin estimates that wheat STOCKS anoaI
and abroad decreased 12962,00o bu during
June and are now 81 ,976, GOO bu, compared Will
S0,SS4, 900 a year ago.
Local wheat receipts showed a marked 1aii-
ing off this morning, only 1Sl cars being IN
as compared with IS cars year ago. Du-
luth had SO cars for two days, against loS
g year ago. Elevator companies report that
farmers in the northwest are not marketing
wheat as freely as of late. Primary Wheat
receipts to-day were 5lS,925 bu. compared
with 800, ,351 bu a year ago, and shipments
were 269 $685. compared with S67,b4O Clear
ances we're light, at AZ, 400 bu Of wheat ana
$3.50 brls OF flour.
The market lapsed into dullness near mid
day, traders apparently awaiting the appear
anoe Of Bradstreet's world visible ngures-
When it was learned that the statement
would be delayed, tired holders began TO
offer wheat freely and prices declined from
sheer lack of support. The desire to sell De-
came more urgent upon the appearance OF
the weekly government crop and weather re-
port, which shows conditions much more ia
vorable than had been generally expected.
It makes little reference to winter wheat
beyond the statement that harvesting
is practically finished and that the outlook
for spring wheat is generally very promls-
ing, refers mostly to corn and It's sum-
mary of that crops situation and OUTLOOK
could hardly be better under the circum-
stances July wheat broke to 777sc, and
closed nc lower than yesterday at 7Sc: Sep
tember slumped to 71A@71$c, and closed Bc
off from yesterday at 1850; December de-
olined to 71s@1Ac, and closed ait that price,
%@Kc lower for the day. The selling un-
covered stop-loss orders and the market
closed weak.
OFFERINGS of cash wheat were light to-day
and demand was active, especially for. good
milling wheat. No. l northern sold at 1c
over July; No. 2 northern at SC over Sep
tember, and No. at 111@1Ac over Septem-
Der. Rejected and grade sold at 71@13c
and 641a@73Ac respectively, and were rather
slow OF sale.