The Minneapolis journal., 1902-06-26
Everything in Wheat Looked Like
Break but the Market
Ran Up Instead.
EVIDENCE OF STRONG SUPPORT
Foreign Markets Closed-Reeespts
Holding Up-Clearalsces Equal
2y5,OoO Blu. =

Minneapolis Chamber Of Commerce Juns
2S.--July wheat puzzled the pit traders this
morning Many Of the smaller fry were
wrong n their calculations throughout, and
the scalpers were pretty generally WhtpsaWed.
The market opened 3sU4ec lower at Ioc and
nearly all the long wheat taken OF last night,
in the hope OF an opening rally this morning,
went overheard. Some who had been bulls
turned about in the belief that heavy lines
OF long July wheat were likely to be Jared
out, and that a severe break was impending.
At Toc there was q quantity sold short yet
there was buyer tor every lot, ard the
market only dipped 1-1ec under 7oc, this or
an offer by a hammering short With a.!
the offering the market would not yield below
75c. The pit was surprised ct this show OF
support, sentiment turned and on purchases
OF a very moderate quantity the market jumped
TO 751Ac. It looked like something OF an at
tempt at a bear raid come to naught, and
the only effect was to strengthen fear OF
the short side OF July and revive the talk OF
corner. The pit Is still divided between
those who believe that the July deal will be
carried through successfully, and others VINO
fear smash eventually when the heavy
speculative lines OF long July come to be
liquidated: But from the action of the mar
ket this morning it is thought the bear e!e-
mert will be more cautious than ever about
trying to force matters n the face Of evi-
dence OF concentrated support. September
opened at 7Oc, sold off to 69N @6e3sc and
rallied to T017c.
Corn ard oats were strong, lending strength
TO Chicago wheat. Practically nothing came
from abroad as the principal European mar
kets are n TOR a three-day holiday. The
local receipts showed 320 cars against 24s last
year. Duluth receiving 25 against 50; at
primary points receipts were $4,000 ou
against 800, 900 last year, and shipments $685.,
900 bu against $4,000. Wheat and -four
clearances eoualed $4,000 bu.
Winter wheat prospects about main
tained according to the Price Current Bad
weather Is attending much of the harvesting,
Where wheat Is yet ripening it is filling out
we'll. Spring |hsat is excellent Oats main
tain high promise, and corn, It IS said
has seldom been better.
July touched I57s676c, but closed easier at
75$@75%c; September sold to 7o5sc, but was
weaker ard bacs: to ioAG70asc, closing at
7ossc. December closed at 7oAc. While Min
reapo!is July at the close was nc over yes
terday, Chicago was NC under.
Nearly all the spot wheat sold at the low
point Of the July option following the open
ing, and in the No. l northern grade 76c
the figure There was no variation ex-
cept for a car or two of very choice wheat
at fraction higher No. northern to ar
rive showed variation Of 1c, some going
early at 7sc and the later sales to arrive
ranging above this and Up to tic. No
northern brought I5c for practically every
thing, although few choice held awhile
sold later at 1910 to. 1870. No. 8 wheat
brought 72c Rejected sold at CSC, while no
grade. of which there fair sprinkling,
ranged from 72c down to CSC.