The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-17
WHEAT APPEARS CONTESTED TO The BULLSA
The Bears Renew Their Pounding
and September Is Forced
Down to 1890.
Belief That Big Men Are Now Long
and Many Little Tailers
Are Short.
Commercial West Review Modern
Miller Bullish on Winter
Wheat Returns.

Miller Bullish on Winter
Wheat Returns.
Minneapolis Chamber Of Commerce,
July 17-Wheat hit 75c to-day and stopped
at that level. good support coming out
and the break bringing bids from brokers
with standing orders to buy September
at the even figure. To IL o'clock the
bears were still playing for a break under
75c with a fair chance apparently for get
ting 1t, altho the market under the In
fluence of the buying had rallied to 1870
and was holding. The change in sent
iment noted yesterday which put the bal
ance about even between the bulls and
bears was still In evidence and naturally
1t was another time for a quick scalping
market with great activity on the part
of the pit shorts. Only this difference was
noted that the aggressive trading came
entirely from the bear side. The bulls
did nothing but wait, and lend occasional
support, but the bears were out to break
the market and the early decline to 75c
was credited to one local pit trader who
sold heavily, offering the wheat always
q shade lower and handing 1t out in lots
of b0s and zoos. There were. of course,
many things to warrant decline, and in
fact the news on the whole favored price
recession. Yet the local crowd who
watched the early hammering could not
avoid the impression that 1t was manipu-
lation that was forcing the break and that
1T was rather dangerous market to be
heavily short on. especially after the con-
tinuance of this sort Of aggressive selling
for several days. When September broke
before from 7sc the decline was, not
checked until 1t sold to 1870. and If 1t
went there once it can go there again,
and this Is the theory on which the bears
appear to be operating. The bulls show
little sign of worriment A short interest
they agree will develop. Some of the big
traders, men who would buy million
without much of a show, are known to be
committed to the bull side. There are
not SO many little long holders left after
the steady decline Some Of the small
fry are on the short side. One lot held by
big buyer who could likely hold it
against all decline If he felt his position
secure for an ultimate profit, may repre-
sent the numerous lots of small short
sellers who could not stand much pun
ishment 1t is foolish to try to gage the
limit OF downward movement once the
impetus has been given, and the Septen-
Der may go to 7s1sc or lower but the long
SIDE would now seem to be the side for
conservatives who can wait a while if
necessary, while the short side. even tho
1t Offer enttcing possibilities, loolzssa little
dangerous.
Climatic and crop reports were gener
ally favorable. The/offcial weather man
shows wide area of rainfall. The heavi-
est precipitation was at Valentine with
l.6S inches. and Evansville, Ind, had 1872
me wet area covers southern Minnesota,
South Dakota. central and western Iowa,
all Of Nebraska and Missouri. southern
Illinois, Indiana Kentucky and Tennes
see. 1t is cloudy. with a trace Of rain
here and there in Manitoba clear in
northern Illinois, Indiana and the east and
showery in Kansas. 1t is clear and hot
In Texas and Oklahoma. The tempera-
lures in the extreme north show 48 to so
degrees, Minnesota and the Dakotas Sc to
68, Iowa and Nebraska SO to ", Illinois
Indiana, the southwest and the Ohio val
ley, SO to 49, There is nothing here to
suggest hot Winds and the present
weather is not at all bad for the wheat
where the heads are filing.
OF 81 cars in Chicago, % were No. 2
red winter wheat. Chicago had trade
yesterday of $4,000 bu new No 2 hard at
cents over September which is not bad
considering that, should the present diff
ference be maintained. delivery on con-
tract would mean scent discount Min
neapolis had $50 cars, against IA, and
Duluth against IS. Primary points re-
ceived 1885, 900 bu, against $4,000 and
shipped $4,000, against SIS, 0O0 Wheat
and flour clearances, 227,O 900 bu
II Inc Commercial West says the cordi-
ton OF wheat northwest is fully main
tanned from week ago for the whole
area A limited area is showing decline
from ten days ago, due to lack of rain,
Duf much larger area Is progressing
favorably under weather conditions that
for seven days have been practically per-
feet Corn is doing well in the northwest
zon most Of the area. A large rye crop
is being harvested in Minnesota and South
Dakota. the yield being insured at good
average. Oats are not promising heavy
yields, taking the area as a whole. The
Commercial West will announce its an
nual report on the northwest crop on
Aug. 10.
The Modern Miller is bullish and saws
returns from the threshing continue to
show how small and how much below the
average is this years yield Of soft winter
wheat. Disappointing reports come from
nsarly every section where soft wheat is
raised, the only noteworthy exception be-
ing Texas and Oklahoma, altho in Okla
hona the yield Is not altogether up tc
expectations. Some millers in Missouri
Illinois. Indiana, Kentucky and Tennes-
see are already drawing wheat supplies
from the accumulative centers and thew
cannot obtain sufficient stocks for their
requirements at home.
Near the close the early analysis of a
congested market was made clear by a
quick advance of a cent on covering by
shorts. September sold to 1910 and
closed at 75Ac.
The cash market was unsettled. July
figure was the nominal price for No /
northern but "a wide variation was shown
In all prices.