The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-08
Good Weather West Nd Northwest
the Cause Of Free
Selling.
The New England Drought Area Re-
ceives Some Slight Rain
Relief.
The Visible Decreases by 1917 900
Bushels-News Of the Grain
Trade.

Minneapolis Chamber of Commerce, June g..
A sharp little setback opened the curb IN the
speculative wheat market ana nI Whea selling
around 7sAA7sssc The dip vas due due. TO g., a
en- ess and
east and by this morning was covering me east
ern end of Ontario and apparently tending to
drought districts. There was, in fact. some
rain over New York and the drought situation
improved, but to noon to-day there was n no
vorable situation was due rather TO the so0o
promise of rain relief than to any relief actually
experienced. The west and southwest had prac-
the northwest had little sprinkle. The fore
Worlds shipments We're 1929, 600 bushels:
against 9,460,000 last year. America shipped
bushels RpSzia oSo sHd Gd tne
The quantity on passage at 600 bushels
shows decrease Of $4,000 bushels: p n anS
and shipped $4,000 against $4,000 Mime
apolis received 4O1 cars, against $40, ana Duiutn
The visible decreased by ISL, 900 bushels,
bringing the total down to %. I'll 900 bushels, or
3,Ss0.ooO less than at this time last year At
of wheat $4,000, 900 bushels and now 1t is
in the neighborhood of 12O. 100000.
The Harris-Gates weekly summary of the
situation says: The Chicago market has been
slow to respond to the changed conditions pre-
now the lowest market in the west. 1t Is now
2Ac below st. Louis for July as compared with
DS4c ABOVE 1t a rev weeks ago. Inc large us
counts there at that time attracted heavy pur-
chases of futures by exporters who thus hedged
, against their sales of cash wheat abroad. The
drop of II points in the Missouri crop condition
last month and the disastrous flooding of low
lands have changed the opinions of the south
western people who were so free to sell few
weeks ago. 1t develops there is now very little
contract wheat in sight anywhere and probably
not much more available before July. In fact
if the soft winter wheat is damaged 40 to 81
per cent, as the southwest now claims. the July
arrivals will also be scanty. Hessian fly Is doing
damage in Ohio, Indiana and Illinois. but
the Ohio condition is still fairly good. Mean
while the outlook for the hard winter crop il
excellent, except in the flooded districts, ant
the northwestern prospect is splendid There IL
prospect that the Manitoba crop will be ever
larger than last year. The export trade JUS
now is poor. Duluth reports foreign owners O.
cash grain there offering to resell. There Il
now less than 5000 900 bushels of contract whea
in Chicago. The public is taking a hand in thu
market a constantly increasing scale, ant
the trade Is now very large.
The market closed easy and near the low
points, July at 7SAc and Sept at 7Lhc.
The cash market the most active seel
for a long time, its receipts running larger thai
has been usual Of late, and demand being yer.
active. Prices Wee we'll maintained relative t.
option and No. northern sold at 79ez to soc
the bulk at the top figure No. northern wa
an excellent sale also, and brought 1875 to 79A c
the top price being paid for the larger part Of it
There good demand all thru, the low grade
being cleaned I'D promptly.