The Minneapolis journal., 1902-08-13
BULL TURN in WHEAT; SEPT. TOUCHING 663Sc|
An Early Break Followed by Steady
Recovery Continuing to
the Close.
THE TRADE WATCHING SEPT.
Small Stocks and Light Receipts
Worlds Visible Decrease
100000 Bu.

Minneapolis Chamber Of Commerce, Aug.
13.-Wheat made squirt this morning to start
with and then broke quickly for full cent.
September opened at 66@661ac, and sold down
to Csc. The opening advance higher
cables and wet and cool weather over
limited extent OF territory. The reaction came
suddenly when the many small traders who
had turned bulls for a day tried to take
profits. There was not enough new buying
for the market to Withstand the realizing.
Later when the Bradstreet figures for the
worlds visible. delayed from yesterday, were
received, showing a decrease Of 1900, 900 bu,
the market recovered to 655sc.
Liverpool followed cur upturn by an open
ing gain OF hd and was as4l2d up at the
close. But while the European situation
showed frmer outlook on the whole, there
some bearsh gossip forthcoming.
Russia Is said to have good crops, especially
southern Russia, where crops are above the
average in yield and the quality OF the wheat
all right This from the representative Of an
American grain house now travelling in Rus
sia. The Russians. he says, need money. and
he looks for free offering OF Russian wheat
in Liverpool later Oh.
Locally the speculative interest is begin
ming to turn to the outlook for September de-
liveries, as the possibility Of shortage on
delivery day is suggested by the light re-
Ceipts here. OF course receipts will increase
later, but whether not to the extent gen.
orally expected is the question. Many farm
stacking wheat and this may have
effect in diminishing the volume af the
early movement To-day there We're lO2 cars
in Minneapolis, against 202 last year, and 1t
has been running about this way for some
time. And Of the 102 cars in IS were winter
wheat To be sure, receipts at southwestern
markets are heavy, and even II scarcity
should develop here, it would not necessarily
carry up the whole market. In Chicago, how
4hnrA tc 1nPt nnt1 a hNI1
No northern wheat. decrease last week Of
4O0 900 bu. There was an increase Of $4,000
bu in No. red, but even with this the total
stocks Of contract grades in Chicago are down
to 1,679,0 900 bu. These figures are worth not
ing because they represent decrease OF con-
tract grade there when stocks in general are
increasing; they represent a decrease In con-
tract grade at the height Of the crop move
ment; they demonstrate that winter wheat Is
not grading as high as could be desired. 1t
would be too much to venture to predict q
repetition Of the July deal in September wheat
yet even a bare possibility this will be
worth watching. Bad weather from now on
would be bull card. The forecast is for
showers tonight and Thursday for Mime
sofa and Iowa, and for the Dakotas cloudy to-
night and Thursday.
Primary points received 1905, 600 bu, against
1,176,OO0 bu, and shipped 10000 bu, against
632, 600 bu. Wheat and -four clearances equaled
225, 600 Du.
Near the close Chicago bought wheat on
the possibility Of frosts in the Dakotas to-
night. New York had 25 loads taken for ex-
port The market closed very firm and near
high points; September 66A@66asc; Decem-
Der, 65A @65asc; May, 6S1sc.
New No. l northern to arrive sold fairly
WELL while the spot No. 1 was picked up at
76@77c. No. 2 northern sold at 74A97oc for
old and at Tic for new. New No. northern
tn arrive sold at 6SAc. No 3 was also EalaDlo
to arrive around 71Ac. Rejected brought Tic
and no grade 62064c. -'' '.-' q -