The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-18
The Bulls Put September Up to S5o
Then the Bears Break
It to 827sc.
Statistics Bullish as Ever, and the
Foreign News Of Bullish
Nature.
But the Weather Good and Holders
Fear an thrush of New
Wheat.

Minneapolis Chamber of Commerce,
Aug. 1S.-Wheat jumped up full cent
this morning so quickly that the shorts
who had good profits In sight on sales
yesterday. covered hurriedly, content to
get out even rather than stand short
From $3.50. the close yesterday. the
opening trade was full &c up at S4hc.
and SAN @S5c was struck before the early
buying subsidized and any reaction fol-
lowed. The principal reason for the ad-
vance was the strong feeling abroad.
Traders looked for a good break in Liver
pool, following our decline Of yesterday,
but instead the cables came very firm.
This was due to rains over the United
Kingdom, and rainy weather over por-
/ lions of France and Germany where clear,
dry weather Is desirable to facilitate the
work of harvesting. Liverpool strength
| is thought to be due also in some degree
to the unsettled political conditions In
eastern Europe. 1t Is far look ahead,
and a rather complicated argument that
would make the Bulgarian Mac edonian
troubles a bull factor In wheat. Still the
foreigners watch such things very closely
and while no one would be likely to oper-
ate on the bull side on possibilities SO
remote, 1t Is doubtless true that the Eng
lsh grain traders are less likely to favor
commitment to long time contracts with
the possibility Of interference with the
southeastern European grain movement
In the event Of hostilities resulting. Far
fetched tho such an argument may seem,
the Liverpool trade nevertheless is watch
Ding the situation.
Here in Minneapolis the decrease in
stocks so far this week figures up about
$50, 900 bushels. More wheat came in to-
day than last year, 152 cars against 81,
Duluth getting 8 against 8. Chicago had
221 cars against 335. Primary receipts
itotaled $4,000 bushels against LOOT, 900,
and shipped 243,0Oo against 900. Wheat
and flour clearances equaled 423, 900 bush
els.
The fine weather will probably continue
for a. while, altho the prediction Is for
showers tonight In Minnesota. The
movement of new wheat should be on
soon. How heavy this will be no one
can say. The farmers have heard much
of higher prices for wheat to come and
will unquestlonably be Influenced by this
In some degree to hold wheat. This dis
position to hold back will be offset in
part by the fact that prices for cash wheat
are now high enough to be very attractive
to the many farmers who sold their wheat
last year almost zoe lower. An important
consideration In any attempt to forecast
the volume Of the early movement, is the
country milling demand. Country flour
mills have no wheat. Last year their
policy Of coming into the big terminal
markets for their late supplies proved
rather q bad one for them, and the ex-
perience of such country millers as were
obliged to come to Minneapolis and bid
for wheat against local millers, has not
been pleasant. 1t would not be surprising
If the country millers, with the experience
OF last year in mind, should plan to lay
hold Of more ample supplies this year at
the beginning, and this would tend to
materially lessen the receipts here on the
early movement. '..
The Illinois report for August estimates
the state wheat yield at $4,000, 900 bushels
against $4,000, 900 last year
Liverpool closed Nd higher.
The worlds visible supply increased
2,400.O 600 bushels. The bears sold on this
and September broke to S4h @s4Ac. Here
1t was checked for a time but stop loss
orders were uncovered around SAC an6
September sold to S3Mc on the break
rallying then to SAC and holding fairl,
we'll.
The decline continued and 1t soon be-
came evident that the long wheat car.
ried up by the persistent 9Oc bulls was
being Jared loose. Near the close 1t was
case of sell at any price and 82Mc wa:
touched, the close Of the session beins
the only reason 1t did not go lower What
ever one may think Of the market, there
Is not the slightest doubt that it is thu
better for having freed itself from thu
weight Of accumulated long lines ant
pyramids. September closed S2Hc: De
cember, 79hc; May S2Ac. ..
The feature In the cash market was tn.
demand for new wheat to arrive, special!
No. 2, which sold on this basis from 85t
to S5Bc; old No. brought csc to &c
and old No. 2, 94%c to 92c.