The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-24
Whether Predicted Showers Will
Bring Relief Tonight or
Drought Will Rule.
Spring Wheat Now Stands on the
Very Edge of Great Crop
Scare
Which Can Be Averted if Good
Rains Fall by Satur-
day Night.

Minneapolis Cha mber of Commerce June "a
New high prices made in the wheat to-
day. By IL 30 the September option had sold
to I53sc and was holding steady around 751ac,
while July having sprinted to S4Ac was hold
Ing around Sic. At the high points both options
were up &c from the close of yesterday, and
there was naturally little waiting around after
the advance to see what would follow. The
showers promised for last night came along all
right. but they We're showers only--the merest
sprinkle-e2cept in few places. No actual
RELIEF could come the result Of rain which
showed only 81 Inches at the point of heaviest
precipitation. but these little showers which
keep the ground wet down on top and keep the
air cool are nevertheless the salvation of the
crop. From the reports that came Change
this morning it may be judged that were it not
for the remarkably cool weather that the north
west has been having. there would have been
drought scare before this. The trade was in the
mood to buy wheat this morning, and the advance
of cent was the result. The only reason it
did not advance more was the fact that Their,
another prediction of showers for tonight
and tomorrow. Traders realize that these
showers may run into rain heavy enough to
bring relief, or some measure of relief, and
that this would mean a break in the market
Is the generally accepted argument. AS the stu
alton now stands the market Is In no different
position from last night The rain will do
the business Given good. d-fashioned soaker
over the northwest and one In the pit be.
ltevcs that the market can stand against the
effect of 1t. On the other hand, If the north.
west runs to Sa tIrday without rain and the
new week should open with the outlook un1m-
proved, the bulls will have an opportunity great
er than any presented for three years and that
they will take full advantage of it is not to
be doubted.
Minneapolis had only 1Os cars, against PAP,
and Duluth had IS against 20.
The Iowa state clop report, ending June %,
says on the whole general crop conditions have
been improved Field work has been vigorously
pushed in all sections with relatively little
hindrance from wet weather. The area of the
corn croy has been considerably enlarged by
continued planting, while in the early planted
fields good progress has been made in sub
DUNG weeds. The plant shows healthy color.
altho smaller than usual at this season of the
year.
Primary points received 207 900 bushels against
100000, and shipped 100000 against 245 600
Wheat and -four clearances, 100000. '--8
After noon the market became very cratic
and September having sold up to 75Mc, broke
quickly to 75A%75Ssc, but was back up again
to 75& @757sc after short time. The close
was very hrm and just before the end septem-
Der struck 76c, closing at 75A@75%c. July
closed at S4%c, and December at 74M a74Ac.
In the cash market SIC was the figure on d
car Of No. hard that turned up. No 1 north
ern sold from sage to SIS 1ac and No. northern
from s3Ac to S4Ac. There was demand for
good wheat to arrive. .~. --E