The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-01
The Red River Valley Still Reports
ay Weather and Traders Are
Little Hesitant.
Chicago Bearish, but St. Louis Now
Inclined to Show Some
4 Recovery.
Trade Light and Liquidation Con-
tinues--News Of the Grain
Trade.

Minneapo Chamber of Commerce, July L.
eerrhe month began in the wheat pit with all
the life and excitement of June gone trade light
and the market extremely quiet. Attic 1t rained
here last night and rained at various points over
the northwest, there little bear pressure
shown. Tho market sank lower early as Hqul-
dalton of old lots Of long wheat continued, but
no serious break occurred. Some of the traders
were expressing surprise that the market held
above 74c for September for they had expected
further weakness; even the September was of
over 41ac from late high point. The reason
for the strength not hard to find. 1t came
from the fact that the pit traders are begin
Ming to believe that the effect of the recent
rains has been overestfmated In the enthusiasm
natural to the reaction from the tension due to
dry weather nervousness great many articles
have been printed here and in the Chicago pa
pers that show general lack OF information as
to the exact conditions in the northwest. Be
cause heavy rains have fallen at many points
and the country UNNECESSARILY benefited thereby
1T does not follow that the particular FACTOR
that made the recent speculative bull interest has
been removed. The northwest, on the whole,
never suffering from drought. The dry
weather was beginning to do damage IN places
hut nowhere was there occasion for alarm, e4-
iccpt in a portion of the Red river valley. Now
the rains have fallen affording relief at many
points, and giving precipitation even at points
where not especially needed but the parucui Ia,
localities that were complaining of danger did
mot receive the good rains they stood In need
OF, and have not had them up to this time. 10
illustrate briefly: The Grand FORKS government
had 40 inches. Within a few days there nave
been showers, but nothing to bring the rainfall
I'D to anywhere the normal for June AIN
thru the valley from Larimore to Fargo, II 10
still too dry. There is continued promise OF
rain and soaking rains may come De1ore To-
night. Yet the traders could not see this mor-
points that took alarm before. 1t Is as much
viewpoint had become entirely one-sided. Ihere
IS the probability Of continued bear pressure
now that the general impression has been spread
abroad that the northwest has been soaked from
lend to end, but there Is the possibility OF
clear and hot period the fourth and OF
repetition of the cry later on from the same
1.-THE bulls unless more rain falls In ahe Valey
guess as ever, with the chances still favoring
the bulls unless more rain falsl In the valley
F1han anything far shown
! Two bear views Of the situation came along
by wire from Frazier, the other from Wrenn'
The first says Chicago reports Indicate Sooo rams
an the northwest and splendid harvest weather IN
fhe southwest Europe seems to be very 1nd1ner-
Ient about buying wheat and unless tney con i.
in with good buying orders for cash wheat IL
looks as tho wheat would have to go lower.
The second said that the Chlcago PIT tiaoels
In wheat are playing for reaction from the re-
cent break 1t would appear that one or TWO
things must happen, either we must go oo"h "
an export basis or Europe must go up ZOE Ao
doubt there will be lot of new wheat marketed
this month from Texas Oklahoma ana hansa a.;
and 1t will have to be taken care OF for It VIII
he on the market for sale. New YORK wires
that EXPORTS are not doing anything In wheat
offers at reasonable prices to the other SIDE
side last night met with no sales
St Louis however, was not especially Deaflsn'
hut the priyate adyices were that enormous sell
ing Of wheat has been under way In that marker
Tor several days, and indications row would seem
to point to price recovery
September wheat struck '4c anu closeu a.
741hc.. July closed at S2kc and December 6,
Good demand was reported for the cash wheat