The Minneapolis journal., 1902-08-06
September Strikes Another Low
Point at 65 sac and Closes
Just Under 66c.
SOME EXPORT BUSINESS DOING
Cash Wheat at Premium of 12c-
Local Stocks VIII Decrease
100000 Bushels.

Minneapolis Chamber OF Commerce, Aug. 6.
,--One more drive in wheat to-day, with Sep
tenlber down to 65Bc in the opening trades.
Then a draggy turn, with everybody ready
to sell on the first show of frmness. ~ F.
Then another dip to 65Ac. Good weather
again and d bearish report from Missouri.
That state according to the secretary OF the
state board of agriculture had 3,1S9,0Oo acres
in wheat, and has averaged around ~ bush
els to the acre, or 37S0,0O0 bu. Kansas City
and St. Louis received 3o1, 900 bu, against
$4,000 bu last year. Liverpool was dull and
1sd lower. Everything was bearish There
is lack of speculative interest in wheat.
The big traders are lying low waiting for a
more definite summary of the northwestern
promise than any yet put out. Ihe nrst re-
liable estimate of the yield in bushels in the
northwest cannot fail to have. some erect
upon prices. "-
Price reactions are always expected after
q series of declines, yet the fact that Sep
tember wheat has lost cents from the high
point touched during the bull turn Of last
month Is no assurance that an upturn Will
be the next move From the present leFel
September wheat is likely to move one
way as the other. Wheat sold to boesc last
summer. With no heavy trading and no out
side speculative interest the market is an al
fair of continued purchases of small lots,
by small traders, on hope Of reaction every
time a new low price is made, and OF SELL
ing out again on every drive to still low
er point. While this continues there Is not
much hope for recovery, until there comes
q revival of speculative interest, something
OF less favorable import from abroad. or OF
unfavorable development for the spring
wheat harvest There are short lines OF Sep
tember wheat all the way down from NC "A
wet harvest in the northwest would De
strong bull factor. There is practically no
cash wheat worth considering, and while the
option is going to pieces, cash wheat Goes
not follow, and mllers paid 12c over Sep
ternber this morning for the choice NO. L
northern on spot and 41sc over for NO.
to arrive in week. Meanwhile local STOCKS
have decreased $4,000 bu so far this week.
and the decrease for the week will be over
! 900, 900 bu The short sellers of September
expect that there will be an abundance VI
contract grade wheat before time for sep
sten,ber delivery, and this there will be from
every present indication. But let anything
happen to lower the quality of the north
western crop and there will be quick
change in general sentiment.
! Primary receipts were l,174,O 900 bu, against
1,2O6, 900 last year, and shipments, o5S ooo ou'
AGAINST 791 600. Minneapolis had "a cars
against 167 last year, and Duluth 10, against
as Wheat and flour clearances, 676,OOo ou.
Dr1uth developed some export business and
there was inquiry at the seaboard. Mime
apolis SerteLlber closed at 65B466c; Decem-
ber 65Ac: May, 6Sc.
The cash market showed a Lively hemaho
for wheat and good inquiry for new top
grade stuff. Sales Of No. to arrive, specl-
flying delivery in 10 to 10 days, were 'maue
at 7O5sc to 70c, and later No to arrive SOLO
at soc. SPOT No l was again higher, the
uranium advancing to 12c with trades at
771A67sc Some spot No l sold at 760I61ac
No. 2 northern brought 74c to 15c, and new
No. to arrive sold at 691sc =