The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-21
Yet All Sell It on Fine Weather
Clearances To-day Total
10000 Bushels.
Much Short Selling Yet Receipts
Only 471,0oo Blu. Against
100000 Blu.
Foreigners Must Buy-Modern Mill
er Says Farmers Are Hold
ing Their Wheat.

MinneapO ChamDer OF commerce,
Aug. 2l.-Continued fine weather remains
the all-poweful bear influence in wheat.
This morning the bulls gave up hope OF
effecting a rally under the conditions ex-
listing and September wheat was on TO
Size with little effort made to sustain
lit. One great eXpanse of fair weather
was shown over the west. The rain mere
last night was not heavy, and the rains
that were reported near the close Of the
market yesterday were light. Moorhead,
Winnipeg and other points had rains but
in no case were they heavy enough to In
terfere with harvesting. Over the south
west the weather was favorable for corn
and for the winter wheat movement. The
bears fear a big thrush of new wheat
over Sunday aud a heavy showing in re-
ceipts on Monday next. Consequently no
one shows any great haste to buy, and
even those who believe that the statis-
tical situation will ultimately force a
higher range for September are inclined
to hold off for the present This leaves
the market without good support, and in
position to be weakened by moderate SELL
ing. Cash wheat in Minneapolis was off
to $50 for No. 1 northern, which is 12c
under the top on the late boom in cash
wheat. The September option at 811sc
was off 4Ac from the recent top point of
s6Ac. Just as Minneapolis led on the
advance, so she has led on the decline, and
Chicago wired this morning that the trade
there is still looking to Minneapolis for
inspirations; that an advance here would
likely be followed by strength all around,
and that Chicago Is weak in line with
Minneapolis and under the influence of the
numerous reports Of good threshing re-
turns sent from northwestern points to
Chicago.
The local figures were much less bear
ish than had been expected, Minneapolis
receiving only 1853 cars against 29S last
year, while local stocks have lost close
to 100000 blu. Chicago had 101 cars
against 306, Kansas City only Sc against
'141 and St. Louis 81, 900 bu against 1884,
600 bu. Duluth had cars against 9.
The trade would like to see some steady
export business in wheat Yesterday there
was nothing In wheat proper, but fair
showing in flour. Prices are now down
to the level where business should be
done, judging from the fact that bids
from foreigners week ago were almost
&c higher than the present level. And
while the exporters have scaled down
their bids in line with our decline still it
would seem that some good lots Of wheat
ought to be worked now and there is an
impression locally that considerable has
been done and that local .millers have also
sold little more flour than they care to
admit, and that these reports will come
out later with good effect. s-
Clearances were well up, totalling 729,
600 bu
Liverpool closed I'D lower but Paris
was 10 centimes higher. =
A letter to Fowler Brothers from Paris
dated Aug. s, states that the French
wheat crops have been more or less sci
back by rains in north France during
harvest; that Europe will require Ameri.
ca to supply about 240, 600, 900 bushels OF
wheat this year; that while Austria Hun.
gary and Russian wheat is being reofferet
freely at present, eventually Europe will
have to meet prices here for wheat.
The Modern Miller says the holding at
titude of winter wheat farmers is extend
ing and becoming more general. It /!
especially notable In soft winter whea
territory, where the yield was smallest
Heavy rains in Kansas and Nebrask;
have damaged wheat in the shock, lower
ing the grade Of some of the grain
Flowing for fall seeding Is progressin,
well, save where rains interfered in tn
west.
Primary receipts were 471,ooo bu agains
100000, and shipments $4,000 agains
1925. 900. E
The market rallied over a cent late
In the session, December leading, an
September sold above 821Ac, but at tn
close it was back to s2@S2hc.
A good trade was or in the cash mar
ket In new wheat to arrive, but price
were off, while in the spot wheat offer
ings sellers had to let go at S8c for oil
No. 1, altho some sold at sec. New N,
1 brought S3k@S4Ac. No. 2 norther
sold all the way from SEC for choice oil
on spot, to as low as S2@81hc for SON
OF the new to arrive. ---.