The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-20
July Sells From s01/ac Up to 1890
in About Three Jumps, Clos
ing Strong.
II. v. Jones Estimates a Total Wheat
Promise Now Of About 740,
100000 Bushels.
The Bears Run In at the Close Fear
ing Dry Weather Over
Sunday.

Minneapolis Chamber of Commerce, June 90
The bulls got fresh grip on wheat to-day,
just at the close of a session marked by cratic
fuctuation, and July wheat was sent up to
new high point at rate that threw the beart
Into confusion and wound up the trading with
furry. July wheat opened at SOS oslo, and
under pressure of end of the week liquidation
fell on to SORc, and selling around S0esc
almost to the close Then some short started
To bid for July and in twinkling the market
touched S1&c, where 1t closed. Immediately
after the close the curb price was SIC. Septem-
Der spurted to 1873 @73Ac closing firm, and
vas 74c on the curb, while the sellers OF prlvi-
leges, afraid of dry weather over Sunday. wanted
1Ac leeway and calls September were 75Ac.
1t complete rout for the bears, some of
whom short around yesterdays high point,
and were waiting for the end Of the week break
to cover on When 1t became evident that there
was to be Saturday break. these shorts started
IN. and so sudden was the advance that some who
had had profits finally covered at loss. The
argument that July wheat Is much congested
was we'll borne out, for 1t needed only the ing
of n few moderate sized lots to put the price
up 1Ac.
Some Of the conservatives feel that the trad
ers are getting little too ardent on the bull
side. especially when 1t Is considered that the
basis for strength here Is the dry weather
talk, and in this connection nothing very alarm
ing has yet developed. A good rain may come
along at any time and take away what has now
beo0ne the principal bull prop here, for it is
certain there has been no damage anywhere that
good rain will not repair. Still the trade fig
ured to-day that 1t is now getting we'll along:
that Monday VIII be the 22d of June; that the
near approach of July without good rains and
the probability Of hot weather then makes the
situation dangerous for the speculative short,
and If no rain falls over Sunday 1t Is likely
there will be a damage yell from the Dakotas.
sure to have effect even If it be premature or
exaggerated. Hence the desire to get safely
under cover.
Lewis had the following from Grand Forks at
ii o'clock: The wind has shifted to northeast
and 1t Is clearing up here. Mr.. Upsom Is in
this morning and says they need rain very badly
down his way; says the early sown stun Is
commencing to joint, and it is about eight inches
high. N. G. Larimore is. in town this morning
and says crops west of here must have good
soakers next week to insure good results.
Broomhan cabled Wheat opened easy and I'D
lower on a semioffcial crop report from st.
Petersburg, stating that the prospect of the
wheat yield surpasses that of last year. towards
the close September steadied Is on weekend Gov
erng. The weakness in American markets yes
terday induced general profit taking in corn.
the opening being Ed down from last night
During the morning the pressure OF In Plata
offerings caused continued realizing, resulting IN
further decline of I'd and the close was weak
and s.d lower than last night. Paris weather Is
again cool and in France it has been raining
heavily The Berlin weather is cloudy.
Hroomhall estimates the worlds shipments on
Monday next will be about 10 100000 bu, OF
which quantity Europe will take some $4,000
blu. He predicts that there will be some de-
crease in the quantity Of breadstuffs on passage
H. V. Jones sent exhaustive report or crop
conditions from the southwest. His figures fully
confirm the corn condition previously report
ed. Of the total wheat production Mr.. Jones puts
the present promise OF both spring ana winter
at about 1000, 900 bu.
Minneapolis had 1872 cars against 273, and
Duluth 60 against SO. Primary points received
$4,000 bu and shipped $4,000. Wheat and
Hour clearances equaled 245.OOo bu.
Local stocks decreased by All ,4S1 bu, bringing
the total down to 1929 1872 bu.
The cash market was strong and very active,
No
northern sold from SOC to 11ac. There was de-
nland for good wheat to arrive.