The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-12
Cash Wheat CSC and September Bic
at the Same Time, a 15c
Difference.
September Must Come Up or the
i Cash Must Go Down Be-
fore Long.
The Weather and the Movement of
New Wheat Will Tell the
Story.

Minneapolis Chamber of Commerce,
Aug. 12.-Wheat held against further
pressure this morning, and with rep1tl-
ton of the selling of yesterday, Septem-
Der would not give much and was stub
born. The local stocks have now decreased
525, 900 bu, with two more days to figure
In. Statistics were bullish ever. Min
neapolis receiving 80 cars against lO2, Du-
luth II against 26, Chicago 1T against
400, st. Louis $4,000 bu against $4,000,
and Kansas City LAT cars against PA
Total primary receipts showed only 551, 900
bu against 1905. 900 last year, and ship
ments were 100000 against $4,000. For
eign markets held up surprisingly we'll
against our decline Of yesterday, and lIiv-
erpoo was only I'D lower. Rather low
tempera lures are shown In parts OF the
west; not sensationaly low, but not the
forcing summer temperatures corn stands
in need Of. This is the only unfavorable
feature Of the map this morning. Light
showers in South Dakota and scattered
showers In Nebraska and Missouri. In
this particular the map Is favorable for
corn; and yet there Is not enough rain
to interfere seriously with the wheat har-
vest or movement
On an early break in September Chi
cago wired: Wheat has suddenly turned
weak, with a great lot of selling by Mil
waukee concerns-Booth, Jackson, Pringle
and Browning. It Is figured there has
been million September wheat sold by
the three concerns. There has been SELL
Ing of September on a large scale by Far
mum. The market Is lower than last
night and the northwest markets are turn
ing weak.
San Francisco wired: According to the
report of the state board of trade, just
filed, the California grain crop. now al
most completely harvested, will aggre-
gate materially less than average, and
while, on the whole, the hay crop is short,
tho h1r
reason Of better prices will be greater
than an average.
c. M. Daggett of Duluth wired John
son: There Is quite an increase In in
qurieS for new spring wheat from the
east. Buffalo miilers are feeling the mar
ket. Country not making any sales yet"
Midway In the session the market
turned strong and September having sold
down to S09sc was up to 81Ac just after
noon. Many shorts cornered and the new
buying was important. Clearances of
462, 900 bu and reports of 80 loads at the
seaboard were evidences of something do
ing in the actual stuff and the option
traders who were bearish al the start were
decidedly less the session drew to a
close. Cash wheat at 96c and September
at 81 represents difference Of 15c a BUSH
ell This is a premium Of 15c for cash
wheat, discount of 15c for September
wheat, according to how one looks at it.
The trade is beginning to see that
less the primary movement increases
greatly there will not be much wheat for
September delivery in other markets. A
rain of a few days would make a great
difference in the September situation in
Minneapolis. When the new prices no
longer look so new and the impression that
because wheat is in the eighties it must
necessarily be too high, has been dissi-
pated, then the market will be more re-
sponsive to such news as will come from
the northwest. 1t IS hard to see how
anything very bearish can come.
Bartlett says: Do not see much in
wheat at the moment except scalping
market, a purchase on any further break
and sale on the bulges We have about
exha listed force of our bull news and any
further advance must come on decided
falling off in receipts, unsa tisfactorory
threshing returns from the northwest OF
better export demand All these factors
should be closely watched. If we should
have an early frost that would give us
very short corn crop, this would also
prove a bullish factor as regards wheat
The market closed at 81B @S2c after
selling at Sc
there was little wheat in sight For the
97c were heard later as bids for spot No
off the tables, but as there was none ir
sight at the time, no sales were reported
at the higher figures. No 2 northern
sold at 93c and at 911sc to arrive.
The strength in the market helped whes
and prices late in the day firm after
period Of depression caused by LIQUIDATION b
tember rallied to sossc and dee closed at sol
S0&c, gain of a sc.