The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-11
The Result Being a Dip in Wheat
Followed by Recovery in
Part.
Market Firm in Tone, but Weakened
by the Liquidation Of Small
Lots. .
a Waiting Tendency Now Shown
The Clearances Are Pick
ing Up.

Minneapolis Chamber of Commerce. June H.
AS was to have been expected wheat tel oacA
this morning, and July sold 7SAc, while Septem-
Der, opening at 1ac. fell of to tic. This was
due to selling from holders who had bougnt Oh
the expectation of bullish government report
and who disappointed. There We're as
many different ways of constituting the report as
there always Is at such times Some took 1t 10
be bullsh. others thought it about stand-on,
q few even put a bearsh construction upon IL;
The selling following the opening that caused
the break not exactly the result of pre-
ponderance of bearish sentiment but rather
result of the feverish haste of the more specu-
lative element to get out as soon as they 1elt
that no further advance was likely for the
time being The old saying that government
report always breaks wheat was borne out again.
Yet the market showed a good undertone thru
it all.
The government report is bullish or bearish
according to how looks at it. II the con-
cllsions be based upon comparisons with FORMER
year--it Is bearish. If one takes the average
total yield of American wheat for period OF
years and compares the figures with the hgureS
representing the yield promised by the govern,
ment report--then it is bearish report beyond
doubt. for it is clear that there is the posi-
,bility yet of crop larger than any the
country has ever produced. SILL this Is hardly
q sufficiently broad basis to build upon. Elimln
sating for the moment the consideration that the
best has been seen and deterioration in some
degree must be expected from now on. there
other things to look at. The spring wheat
report cuts little figure either way. for the rea-
son that while the condition is a. few points
higher than at this time last year. the acreage
is enough smaller to make 1t a stand-off. Mean
while. we know that there has been decline of
1914 points In the condition Of winter wheat from
May 1 to June L. and there Is every reason to
believe that since June /. beyond which time
the government data embraced in the report does
not extend. there has been further deteriora-
ton. The corn crop Is known to be very back
ward, which is an important consideration. There
Is one thing that must not be overlooked, and
that Is the disposition this year to pass over
the bad reports more quickly than ordinarily; this
for two reasons: First. it has become fixed idea
that the country is to produce this year the
greatest wheat crop on record, and; second,
that element In the stock market that is hoping
for let-up in the great decline that has carried
stocks down 40 to so points. is looking to good
crops as the final argument for recovery. This
does not mean that conditions in this respect
are any different now than usual except that
anyone who has watched the grain markets over
the past few years must have noticed that there
is less disposition this year to exaggerate damage
reports. and more disposition to put the good
news forward. For instance J. J. Hill said
yesterday that he considers the spring wheat
outlook better than for twenty years, and every
grain office the country over got this item quick.
No one tell much about spring wheat until
along towards the end Of June. It is a case
Of waiting. with the best probably known,
good demand meanwhile stocks light. the
visible supply lighter than for years. and the
assurance from Broomhall that Europe will need
all our wheat even if the crop is large.
Little export business is reported these times
vet clearances to-day were equal to 1856 Oo(
bushels. The market Is in way changed by
the government report. Dropping liquidation
may send it lower but general sentiment il
firm
The Record Herald takes the report and figures
out spring wheat yield of 272, $3.50, 900 bushels
and winter wheat yield Of $50. 255, 900 bushels
a total of 1922 900 bushels The Daily Trade
Bulletin figures it Psi, 900, 900 bushels spring
and 100000. 900 bushels of winter. total O.
741, 90 bushels.
Primary receipts 255.Oo0 bushels against 23o.
600 shipments 100000 against 1870 Min
neapolis receipts 1853 cars, against 1885, Duluth
receipts 80 cars. against 2
Local stocks have decreased about 200 90,
bushels so far this week. -"''
The market closed frmer and on recovery from
low points July at 1871 @7s5sc, September Il y
@I1&c, and December 7O1hc. p :
.Good demand was noted in cash wheat No
northern bringinb soc to so%c, and No,
Northern 7sAc to 791hc.