The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-16
Good Weather the Cause of Early
Selling -Bullish Illinois
Report Later.
Winter Wheat Harvest Starting
Under Very Favorable
Conditions.
Worlds Visible Decreased 4,152, 900
:shels-News and Gossip
of the Day.

Minnea polls Chamber of Commerce. June 16.-
Everything looked a little shaky for the bulls
III wheat this morning and there were Fremont
tory symptoms of weakness distinct enough to
cause selling of long September wheat. Having
opened easy the market rallied a fraction and
theh fell on again. turning dull. Outside trade
was light and the pit traders had the early
market pretty much to themselves. The weather
was almost perfect That the winter wheat
harvest should get well under way it is desirable
= that there should be no heavy rains for time
and in this respect the outlook is very
favorable. Two low barometer areas We're shown
OH the map, the one In the extreme northwest
end OF the country, covering Washington and ex-
tending into British Columbia, the other along
the central Atlantic coast both as far from the
winter wheat could be wished. Over the
northwest spring wheat area there Is high
shown and the prediction for this territory is for
fair weather tonight and Wednesday, The st.
louis bulls are apparently still inclined to the
hellef that there Is fair chance for wet
harvest, but present conditions do not show the
most remote indication that way. Texas. Okla
bona. Kansas. part Of Missouri and few
scattered localities in southern Illinois report
wheat harvesting getting under way. This will
mean the beginning of movement of new wheat
INTO st. Louis. Kansas City and Chicago shortly.
of course there is nothing especially weaken
Ing in this as every one looks for it. But this is
probably the most important speculative in1u-
ence now. The bulls insist that such move
ment can possibly develop can bring on any
weakness, as the stocks so light this year
and conditions all around SO different from ordi-
nary that however heavy the receipts may run
every thing will be cared for. And the further
bull assertion is that every one has been figuring
upon heavy receipts and early movement,
and unless it is materialized to the full the
kct is likely to be affected contrariwise The
bears are calculat ting upon this movement to
bring setback in st. Louis and the many who
are, bulls on the general situation looking to
this to bring the break which they ready
to, buy wheat. which they will not buy now
because a break would not be unnatural at this
time. The market continues showing underlying
t'rlnness and whatever the direction may be for
tile Immediate future-which is matter of
weather conditions entirely-there is under
tone OF strength and good support is likely to
develop on any material break
The worlds visible supply according to Brad
streets figures, decreased last week by 4.152.-
$50 bu. East of the Rocky mountains the de-
cease Is 4,452,0 bu. offset a little by an
increase Of 300, 900 bu in the quantity in Europe
and anoat. Minneapolis received 10 cars against
so last year, and Duluth had SO against s. Pri-
mary points received 246,O00 bu against 270, 900,
and shipped 100000 against 10000. Wheat and
flour clearances equaled $4,000 bu.
The French report on wheat makes none of the
winter wheat very good and IS per cent good.
Forty -four per cent is fairly good and per cent
mtddling. One per cent is poor and nothing very
poor In spring wheat the very good is placed
at per cent, good at % per cent and fairly good
30 per cent. Foreign crop advices on the whole
were little more favorable to-day, while the
foreign markets were dull and easy.
The following the cable replies received
about growing crops i'll Europe by Harris-Gates:
Paris-Weather in France cold and wet. Wheat
ably exaggerated somewhat
Marseiles-Whsat crop i'll North Africa expect
ed to be average one and of good qaulity.
Odessa-Prospects of wheat crop favorable in
southern Russia. H.
:: Naples-Wheat crop accounts in Italy general
ly favorable.
sBerlin-Germanys prospects becoming
favorable. Prospects for Europe in general will
be for smaller wheat crop than last year. but
of good quality.
The Illinois state crop report estimates the
submerged at 500. 900 acres, principally Of
corn wheat lands, end in most instances loss
irretrievabe. In the central and northern dis
tricts wheat shows decided improvement, but
considerable complaint is made of rust. Condi-
lions disappointing in the southern dis
tricts, with yields reported light and far below
the average. The Their is too cool for corn
and the plant has made little growth and many
fields turning yellow. Some report foul con-
dtions but Cultvating has ben in active opera
turnout the week under most favorable condi-
lions. Oats in the central and northern districts
continue to improve. A few fields short and
uneven, hut the general condition at this time
is promising.
The market turned strong the lose, re-
covering the loss Of earlier in the day, and
closing firm, July at 79@791sc, and September
at 72M @72Ac.
Most Of the cash wheat went for delivery on
sales, and there good demand for everything