The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-07-31
ECLINES IN ALL THE WHEAT PlTS|f
July Wheat Breaks to 75c but Re-
bounds September Breaks
to O. 3-8@I-2c.
DECENTRALIZATION ALL AROUND
Good Weather Started 1t and the
Break In July Helped
1t Along.

Minneapolis Chamber Of Commerce, July
31.-For the third successive day September
wheat struck CSC early weakness and this
morning 1t went through the even figures and
sold to 67Ac. But the market turned nrmer
after this break and on reaction sold back
to 6SAc. All the grain markets were weak
and decline. and 1t was sort of gen
eral shakeSout OF weak holders all around.
December wheat opened at 6715c and on the
drop sold at $3.50; July wheat broke from
791ac to TIC, while May sold from TOO down
to $3.50. AS September frmed up from low,
point, July turned very weak and by noon
had sold off to 761sc, a drop Of So up to that
time. All the news was bearish at the START
and aside from July the action or the mar
kets was not much more than might nave
been expected. After awhile little crop
gossip of a nature not quite so favorable
began coming Storms in North Dakota ala
slight damage and some reports OF rust pesan
to struggle in. The export inquiry at the sea-.
board was said to be good and Duluth re-
ported about 100 900 bu sold for export Local
stocks will decrease about 100000 Du thAs
week, and stocks In both minneapolis anu
Duluth will decrease about 100000 bu. Inc
hattering out Of July brought depression
in all markets. The bears viewed TINS drop
in July with satisfaction. seeing IN II sVlaeuce
Of general weakness. The bulls VleWeo ~
with satisfaction, as we'll claiming that with
july OUT VI LILO way
better, as many have hesitated TO ouy INTO
any option fearing that the effect upon all
prices would be bad in the event OF a pos
sbe collapse IN the July deal.
-. Wheat and -four clearances were 2oo.OOO
bu. Minneapolis had 1877 cars, against %
last year, and Duluth Is, against 81. Al
primary points receipts were l,l48,OVO d.
against 1913 900 blu, and shipments $1,000 ou'
against So, 900 bu. The Price Current says
the week has developed no material change IN
general crop conditions. The trade was sur
prised a little at some gossip from Kansas
City to the effect that receipts there Will
probably be lighter for a time The argu-
ment Is that the farmers have been senolns
in their poor wheat, but are now getting 70
the better quality stuff which they are not
so anxious to market, not needing money
especially, and prices not being particularly
attractive. -----.-" ~.
At the end the market became, demoraiized
July option, which became panicky at the
end. July broke to Toe, but closed at 77hc
September closed at 67kc; December at 669s
Q661sc, and May at esBc.
The cash market was unsettled and showed
a variety OF prices. this as result or the
dip in September. and the heavy slump In
July. No. northern followed September
pretty we'll at 7c over for common, but TOR
the really choice No. 2 as high as &c and
SAC over was paid on a few cars. The range
was 751ac to 7s1ac, but for No. 2 to arrive the
figure was about 74c. No. l northern SOLO
about Sc over No. 2 for the bulk with trades
ar 7oc =.