The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-19
Minneapolis September Sells Above
741Ac, July Wheat Advancing
to 1890.
a Setback Near the Close on Profit
Taking-The Bulls All Very
Confident.
Dry Weather in the Northwest Now
the Leading Local In
huence.

Minneapolis Chamber of Commerce. June 19-
The bulls had full control In wheat to-day and
ran the market mp all around IN session marked
by activity and heavy volume of trade The
pit had few early buying orders that were
thought to come from the country, and this
was an important stimulus. July wheat squirt
ed to another high point at Sic but did not stop
and sold at 81 &c shortly and was then very
strong and apparently heading higher. Septem-
Der wheat sold over 14C and was even stronger
and more active than July. Reports continue
coming in of dry weather and the need of rain
over North and South Dakota and the advices
from St. Louis to winter wheat threshing
returns also running bullish. The market is
heading upward and at this writing looks like
still higher reach, which suggests the possibility
of sharp reaction as there has been no setback
for day or 80. and the market Is &c to 21ac
higher. Nothing Of the sort will scare the
bulls, however, who are operating on damage
reports and reports of general deterioration that
appear to be pretty well authenticated, and
who show every confidence. The market Is likely
to turn on the weather reports from the north
west and should a good rain fall over the dry
spring wheat districts break would not be I'M
natural. Showers are predicted for considerable
area of western territory, but the low barometer
Is portion of the winter wheat area.
where harvesting is in progress and where rain
would be hindrance to work, while the spring
wheat area, where a rain would be welcomed,
shows no indication of any heavy precipitation
to come.
The Chicago Record Herald says: The mere
suggestion yesterday that there might be an i'm
pairment of the spring wheat crop from dry
weather altogether upset the short seller and
made the biggest trading wheat market there has
been in Chicago in weeks. There has been dls
appointment for the optimist over the winter
wheat yield and the market has been responding
for some time to realization that the great
winter wheat crop indicated at the outset was
not to be gathered. 1t took only the suggestion
yesterday Of some mshap to the northwest TO
create new speculative start. Relative strength
I at Minneapolis and Duluth and little better
advances there for time than were made here,
seemed to confirm the dry weather talk ana In
creased the apprehension. -r
Minneapolis received 1872 against 15I. and
Duluth 66 against II. Wheat and flour clear
ances equaled 2s7; 200 bu. Primary points re.
ceipts 352. 900 bu against $4,000 last year and
shipped SO, 900 against 4T5,000.
The Modern Miller says: The winter wheat
harvest outside Of the flooded district Is pro-
crossing steadily northward, under favorable
weather conditions. Reports of disappointing
yields are coming from some sections, but these
so far are principally confined to southeastern
Missouri and southern Illinois and Indiana, Where
crop conditions have been poorest. The 1mproV
Ing conditions that have recently been notet
in the southwest have brought forth much bet
ter yield or prospects than were indicated SOM
time ago. s-s
Kansas City wired: About twenty reports her
(, this morning from the worst fly infested countle
of Kansas shows ali estimated average yield o
little over 15K bu per acre. The state shoul'
average over II bu. r &. 's.sI--. .e.'. T..
July wheat touched Use several times on tn
bulge and then broke sharply to sO1ac. Septem
Der sold to 74A@743sc and broke to 1885
1879. July closed at SOasc, September at 1877
@7314c. @ s,>L.z,ss -,
No northern sold early on the rise brough
as high as S2Ac in the cash market. Excel
lent demand was noted for wheat to arrive an
No sold at SIC to s3c. No. to arrive goin