The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-02
Wheat Prices Break Again, Mime
apolis September Selling
Down to 1910.
Liquidation Prompted by the Long
Holiday From To-day Until
Monday.
Rains Cover the Red River Valley
Signs of New Buying
Interest.

Minneapolis Chamber Of Commerce, July p
The bears had another day of 1t in wheat, and
with conditions generally favoring weakness, they
succeeded In driving September thru I4c, ana
during the early part of the session held 1t
there without much trouble. Trading was on
range of 1919 @T4c to 1877 @73Mc and back to
1a&c. Trade was light. The northwest hao
another good wettjng down, more important than
any heretofore, for the reason that the storm
center shifted north and west. Last night rains
began and were continuous to this morning the
storm passing over the Red river valley and
covering the points that to this time have been
dryest and have been sending the most serious re-
ports More long wheat holdings were loosened
and sold out at losses and the bears, some or
whom took the short side around 7sc for Sep
TENDER, were naturally hoping to drive the
market OFF still further. Sufficient new buying
came in. however to hold the price against Sc
decline. Some ira ders have figured that
even with the rains the market Is low enough Tor
the present. This is purely speculative view,
based upon the actions of the important specu-
lative markets the big reactionary decline. st.
Louis had been the leading bull market pre-
vious to the rise Of the dry weather scare In the
northwest. With st. Louis off &c to lie all
around. 1t is the opinion that the bear move
there is about over. st. Louis July at 76c looks
different from the same opticn at S7c All mar
kets are down materially and there is much shor.
wheat out.
Now that the dry weather has passed as a
bull factor, traders are again turning their at
tention to statistics bearing upon the northwest
tern old wheat supply, and some bullish items
are seen. For one th1ng there Is the continued
ehrinkage in Minneapolis terminal stocks, which
show another decrease this week of 400 900 bu,
while In the corresponding week last year there
was decrease, but on the contrary nominal
gain-about 10000 bu. Country elevator stocks
June / last ,299. 900 bu, while to-
days report shows 962, 900 bu. or decrease of
S37, 900 bu during June In June last year coun-
try stocks increased 1SS. 900 bu.
st. Louis advised Whanon that Investigation
shows the winter wheat harvest to be now
under way a line averaging far north as
the southern boundary of Iowa and the Nebraska
state line. The Price Current says the weather
is favorable for the harvest, for growth and cul-
tivation. Continued disappointing wheat harvest
returns coming in from the Ohio valley and
Missouri, the heads being filled poorly. Else
where the returns are favorable Corn and oats
are improving. The crop position admits
of 1000 200, 600 or more under absence of adverse
conditions hereafter the wheat crop OF 725, 0oo.-
600 The worlds wheat production is
probably equal to last years high record.
Minneapolis received 1SS against 246
and Duluth AZ against 4S. Primary points had
S03.O00 bu against 36S,00 and shipped 63 OOC
against 342, 900. Clesrsnces of wheat and fou,
100000 bu.
Before the market closed the September sold
to 73Ac Holders. alarmed by the declining
tendency, were little nervous about going long
over the three-day holiday until Monday, and st
let go. September closed at 73iac.
The cash market was active at S4A @S4Ac fol
No. ! northern.