The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-31
Yet the Market Sold Off and Sep
TENDER Closed at Low Point
771Ia Cents.
July Oats Broke 1Oc and This With
Lower Corn Disturbed All
the Bulls.
Jones Says Recent Hot Weather
Ripened the Spring Wheat
Too Fast.

MINNEAPOLIS Chamber of Commerce.
July 31-To-day wound up the July OPP
ton in wheat. July was a scarce article
and sold early at S71sc, then on trades OF
a few thousand touched SOC; then sold at
SSkc on the next trade. Pit traders We're
a little uncertain as to just what the fin
ish would be in July, and in the active
options, September and December, there
was some hesitation, thru fear that on
any sensational turn in July the others
might be affected in sympathy. This was
one reason why the market during the
first hour failed to touch yesterdays high
point. altho the news that came In was
bullish as could possibly be asked. The
same bulish figures were in all reports
as to the movement. Temperatures were
low, and Jones was out with report to
the effect that the hot weather Of Friday
and Saturday ripened the wheat too fast
In parts of central Minnesota and devel-
Oped blight over half Of Minnesota and
generally over South Dakota. This Jones
report Of the northwest, was followed by
one equally bullish from Snow, covering
the southwest The condition. Snow
says, shows further decline, during July
and has been as low as now reported at
this date but three times in the history
of crop reporting. 1t is relatively as
backward as it was a month ago. Thresh-
ing returns from practically every winter
wheat county of Importance show yields
fully 10 per cent below what was indicated
by condition reports on July 1. Texas,
Oklahoma and Michigan are the only
states coming up to expectations. Re-
turns to date average AT bu in Ohio;
11.3 bu in Indiana; 90 in Illinois,; 8 in
Missouri; 1916 in Kansas; and 16 in Ne
braska. The spring wheat condition,
says Snow, shows further material de-
cline during July. Chinch bugs and rust
are prevalent In southern Minnesota and
To;, ,,1o,, hos
failed to show any recovery from June
drought damage. How the market could
stay down against such reports as this
was what the numerous smaller traders
who bought wheat in hurry when they
read them, could not understand. Sep
TENDER very firm above 78c, and the
bulls felt that they had only to bide their
time. The market, meanwhile, took on
larger following Of small lot men, and at
II o'clock it was an even opinion as to
whether the price would advance respon-
sive to the bull news. whether the light
weights would first have to be shaken out
to clear the atmosphere. ="
Duluth wired that IS loads were worked
there for export and that by Monday Du-
1uth contract stocks will be down to about
25, 900 blu. Of the Minneapolis receipts
40 cars were winter wheat, the total
showing 1T against III. Duluth had 6,
against Is; Chicago, 81, against 349; Kan
sas City received only 1873, against 224
and ST. Louis 1877. 900 bu, against 172, 900
This figured out the same bullsh showing
for the primary movement, the total
showing only $4,000 bu, against 1,076,0OO
last year. Wheat and flour clearances
were up little, totaling 100000 bu.
One thing that held down the whea
market was the collapse Of the July oats
deal, which sent that option down from
45c to 35c. This made for hesitancy in
other grains.
The Modern Miller says that, while some
of the threshing returns on hard winter
wheat are disappointing, the average Is
up to expectations. and a much larger
and better crop Of hard winter wheat
than was harvested last year Is indicated.
The movement of grain from first hands
is good and large amount is going to
northwestern spring wheat mills. The
tendency of soft winter wheat movement
IS to decrease, as farmers are inclined to
hold Mills south Of the Ohio river and
in southern Illinois continue to draw upon
distant sections and accumulative centers
of wheat.
Near the close September wheat broke
to 771ec and closed at the low point
An active trade was done in the cash
market, No. / northern selling at s6k q
Sic, and No. northern from S41ac to &c.