The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-06-04
FIRM AND STEADY TONE RULING IN WHEAT
Bearish Sentiment Has Apparently
Spent Its Greatest Force
for the Present. z
JULY CLOSED JUST UNDER 7sc
Domestic Crop Reports Tribe LesN
Favorable and Shorts Are
Nervous. 49,.

MINNEAPOLIS Chamber Of Commerce, June 4.
Crop news this morning was less favorable
on the whole than Of late, and this had eHect
to hold wheat steady at the start. Newton
Kan, was the first point in with an unfavor-
able report Too much rain has fallen and
corn is reported quite covered with water: in
places around Newton. Corn receipts showed
something Of a falling off and shorts In coarse
grain were nervous when the market opened.
In consequence a little sympathetic strength
was felt in wheat, and July solo at tZs4c.
September sold to 6sssG6S&c. At noon tho
market was quiet around these hsures. Al
fected by weakness in American markets yes
terday Liverpool opened 1ad lower. BroonhaI
cabled that in wheat there was signify
better feeling caused by covering or shorts
and some new buying aside from this, but IN
corn the Liverpool market was weak and ne
elected and without new feature CAIRO, lil.'
reported the wheat very we'll watered IN the
country tributary and that harvesting will be-
gin next week. For Nebraska 1t is expected
cutting will be well under way throughout
the state by the last week IN June. ASIDE
from the Kansas reports there was little Tor
strength. Corn Is still being sold on the gem
orally good outlook. There are two things
that might make for cautiousness on the
short side at this time, one the good cash de-
mand for all grains, which should have some
strengthening effect, the other the increasing
short interest ready to run on any decided
turn in the market. There Is nothing in the
situation to bring about any great scare OF
shorts, yet many traders who are still bearish
for long pull are very cautious now, believ-
ing that reactionary hrmness on anything at
all bullish. The outlook is for a decrease OF
about 300 900 bushels in local stocks this week,
as increased receipts have enabled millers to
get larger proportion of their daily re-
quirements off the cash tables.
Minneapolis has only 1873 cars to-day, COM
pared with 374 asst year. At primary points
receipts totaled 271, 900 bushels against 675 900
last year, and shipments $4,000 bushels
against $50, 00O Wheat and flour clearances
equaled 754 900 bushels and this with the good
showing Of yesterday was help. ~.
The Ohio state report makes the wheat con-
diton rs against "a last month and 50 last
year. Fifteen loads were reported taken at
the seaboard, yet Lohrke said export business
was very dull, and other export houses said
about the same thing Near the close the
market was strong, touching 72B@73c on a
closing sale of July and 6sa@ 6SBc on Sep
TENDER, both options closing at the high
points Of the day. 49,.
The cash market was just shade hrmer
this morning. Millers bought rather sparing-
1y. but the elevators were ready to take any
thing passed at fair prices; No. Northern
sold at 741s@74Ac, and No. 2 Northern at
721e@73c. No. wheat sold from 71A@72c. No
grade wheat sold at Tic to 6ehc.