The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-25
Opening Strong and Touching $3.50
It Falls Off 1850 Before
the Close.
Foreign News Bullish, Weather Very
Uncertain and Other
Strong Items.
But Corn Weak and the Trade in
Fear of Heavier Receipts
of Wheat.

Observation-Disclosures of Commerce, Aug 20
More bun news came upon the wheat market inns
effect upon prices September sold to Sl1sc
early then eAsed off to 81 h2c and after an hout
was steady ut that figure The trade sun looks
at two things that are against bull market at
this time, the present prices, which are
about 1oc above last year; the other the new
wheat, which, 1t Is feared, is soon TO come III
with Il rush Against the fear OF decline TO
f9le.y the first heayy run of ae sads
Is tilIed with the idea that the new wheat VIII
pile in and prices VIII go lower. and to such
an extent has this taken root that any other ar
gunlent finds little consideration Already the
trade Is beginning to talk of the great rush OF
new wheat that will be In here on Monday next.
n ada ON ee gay Were sia Of in
Minneapolis. Should there be as many this
year it woald not be bearish from local view
point there is much less wheat here now
than last year, and the supply situation IN
general is stronger. Just az soon as they can,
the farmers. it Is maintained, will rush III tnelt
wheat to get the higher prices now ruling. Yet
1t may be questioned whether this Will follow
or not Meanwhile the weather is not the
would be very bad for the wheat and great
handicap to the movement. This weather posi-,
biIity and the bad from France have proved
effective to the extent that the declining ten
checked but that has r been all SO far
from the French minister OF agriculture TO the
effect that the weather in the north OF France
has been very bad that parts of an important
were injured and SOME portion of the wheat ren-
dered worthless. Paris up 1@2Ac, which
Looked like ndrnaa1ion of it.
Minneapolis received 1852 cars against $50 last
year, Duluth IL against 40, Chicago 16s against
1871 and ST. Louis only $1,000 bu against 22O, 900.
Kansas City made the big showing with 500 cars.
against 265 last year. Primary receipts totaled
Sl3 900 blu against l, 192 900 blu. Wheat and
Hour clearances equaled 1892, 900 bn
Since June 20 when the movement of new
winter wheat may be said to have begun to date
the visible supply of wheat has decreased 8, 600
900 bu. In the same period last year 1t gained
300 600 bu so much OF difference has there
been in the movement. Inability of the roads TO
handle the wheat is responsible for part of this
loss but not for all of it. There Is great diff
ference to be made up, Higher prices the bears
think. will make 1t up by drawing more winter
wheat from on, also more spring wheat. But
the bulls argue that the bears will be disappoint
ed in the spring wheat movement just as they
were in the early movement Of winter wheat.
Il Broomhalls weekly foreign crop summary
and unsea sonable harvesting made little prog
ress during past week,
France-Weather unfavorable In north portion
where harvesting Is In full swing.
Rumania-Many complaints regarding the corn
crop, but nothing serious, about average re-
suits expected.
Germany Belgium, Sweden-Wet weather
age have been received. Quality of wheat
rather poor.
Corn weakened late In the session and selling
began at in wheat. September was forced
down to so u @SO&c closing weak at low point.
December closed at 7SMc and May at Sc.
The cash market active but not very
strong No. northern to arrive was In demand
by millers at SIX @S3!sc. No 2 to arrive also
sold well and the spot wheat was cleaned up
we'll