The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-05
They Believe the Wheat Market Is
Likely to Hold the Present
Advance.
Advices Are Still Favorable to Price
Maintenance on All
Grains.
The Weather Remains the Leading
Influence and Other Factors
Ignored.

Minneapolis Chamber Of Commerce. June g.
To the quick action bulls who prayed for
runaway market, wheat was little dtsappoint-
ing this morning. To the conservative
bulls the action of the market was highly graft
flying. Strength was everywhere. in all the
speculative markets and in all the other grains.
The traders who are out for quick profits were
fdiSap appointed because the market with all the
strength, advanced only by fractions and nothing
like active bull market was seen at the
start. The longtime bulls who committed
to the bull side because they believe wheat is
worth about present prices with the chances from
now in favor of an increase rather than
decrease In its intrinsic value pleased that
the market has acted so. Such advances as have
been made to this time have been held. A mild
squirt would have its quick reactionary break and
would serve to unsettle the market. Better the
market should work up slowly by small fractions
than that it should respond too readily to the bull
news week ago to-day Minneapolis September
wheat around 699sc. Last night 1T was
72kc at the close and at this writing is 72ssc
This Is not big advance, considering the charac-
ter of the news that has been coming In regard
to the crops Wheat has often spurted &c here
news more serious than that of the past
week. And some of the impatient bulls are
disappointed ard half inclined to take the view
that the bull feeling has spent Itself The more
conservative, long time trader does not 1t this
way. He believes the market has taken higher
level and will hold it. A setback Of a cent or
two will not scare him. Enough of deterioration
he believes has actually occurred, enough lower
ing of the general promise to make the leg1t1-
mate price level higher. and such breaks as may
come he will view only as the healthy reac-
lions, eliminating the small-lot man and making
the market for still higher reach ultimately.
The weather to-day was not so favorable as
predicted There were no rains worth noting IN
Kansas Nebraska but general rains fell In
Missouri, Iowa. Illinois and Ohio. Much damage
will be done if the Mississippi overhows as pres
ent reports from st. Louis would indicate Is
likely to occur. Cables on wheat were, up but
little, Liverpool only I'D to I'D The drought
: s+in In Now tpe1raphic d.
vices from Boston up to II O'Clock this NOR
ming very bad. Argentine shipments were
larger than expected, receipts at American mar
kets, moderate demand for cash wheat GOOD.
and Minneapolis stocks will decrease by about
$50 900 bu in to-morrow's report, which Will
bring the total down to the neighborhood of
6.43J 900 blu. Minneapolis had 249 cars against
2l5 last year, and Duluth 35 against T. 's'
Primary points received 321 900 bu against
694 900 bu, and shipped 100000 against '3SIOoo
Wheat and -four clearances equaled ob4,ooo pu.
Every thing of a statistical nature was passed
over. The weather is the one great influence
now. 49,. o.
The Modern Miller says that except for toe
much RAIN which flooded bottom lands and when
may lead to a considerable loss of crops and re-
ports of rust in wheat in sections, the
condition in the principal wheat producing states
of the central region has been reasonably favor
able. Improved conditions are reported from the
southwest as we'll as the states in the MISSISSIPPI
and Ohio valleys. On the Atlantic and Pac1ht
coasts prospects are below the average
Bradstreets figures of weekly exports were
very favorable. The total good at 4,10S,OO
bu and compared well with the good showing o.
the corresponding week of last year when 1900,
900 bu went out. -,.z
The market closed on recovery from dil
caused by liquidation. July closed at 19QI91s'
and September at 7t1sc.
In the cash market the milers were lttl'
SHY and somewhat averse to paying the hrrl
premiums that have been ruling. Nevertheless
there was good trade, while in wheat to ar
rive there was splendid demand. Good lots o
No. / and No. were taken to arrive and ther
was trading all thru, the No. selling iron
soc to nc, and Nc. 2 from 1910 to SoAc.