The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-14
September Wheat Sells Up to SS11ac
and December Touches 8214c
for High.
Continued Rains Chicago Will Not
Bull Unless Frost Strikes
the Corn.
Heavy Russian Shipments-A Very
Uncertain Weather Outlook
All Around.

Minneapolis Chamber of Commerce, Sept. Ia
Wheat advanced this morning to SSc for Sep
TENDER, S23sc for December and S41sc for May,
these being the top POINTS to II o'clock Bad
weather ruled, and the bulls got swing at 1t
and started the week with BOOM The north
west was soaked again, heavy rains coming on
top of heavy rains, and the trade now no longer
doubts that the damage, both in quality and
quantity, has been very heavy. Here In Min
neapolis there was high bull feeling and Chi
cago no longer held back stubbornly, altho
the enthusiasm shown there was not great.
Later in tile session Chicago corn was strong,
which help all around. Frosts are pre-
aated for tonight over rss+. the west
would do great damage and there was much an
ticipatory nervousness Snow was reported at
several North Dakota points. and temperatures
were down to 2S at some places and below freez-
ing generally. The cloudy skies and rains were
the salvation of corn, for temperatures thru Ne
braska and Iowa We're low enough for killing
frosts Local grain and millers declared
they had not the situation SO bullish In the
northwest for many years. Chicago and the
southwest are holding back waiting for the out
come of corn.
Minneapolis had 651 cars against $40, Duluth
252 against 49,, Chicago 1856 against 1872, Kan
sas City $50 against 532. and st. Louis It's 200
bu against 10000. There was much or Dulllsh
import in these figures. especially In view of the
fact that considerable part of the Minneapolis
run winter wheat.
The outside markets We're bearish on the
worlds statistics. Worlds shipments were
70 $4,000 bu against s,964,oo last week and
1042S, 600 a year ago, and while the American
shipments We're light, Russia came in with
4,5T6,ooo bu. and the ports Of the Danube sent
100000 bu. The quantity on passage at
299s4,0o0 bu increased S,sos,o0O bu.
The Harris Gates weekly review, which Is very
bearish. says: Evidences are numerous that
long wheat is coming on the market steadily,
and that leading bulls are beginning to change
front. This char # opinion Is presumably
due very largely t. set that there is pub
Tic interest in the of sufficient volume or
Importance to carr! bull movement after
1T is once fairly 5, .l.c. Another almost
equally influential motive is found in the fact
that very large movement of wheat from pro-
ducers' hands has at last appeared. 1t is cal
culated that If the foreign demands were not of
sufficient moment to affect values while the
movement of wheat to market so small and
stocks were so greatly reduced everywhere 1T
would be difficult matter to sustain values IN
the face Of large quantity of wheat coming to
market in both the winter and spring wheat sec
tions. While it is to be deplored that popular
sentiment should be against values Of farm pro-
ducts. it Is necessary for the trade to deal with
actual rather than desired conditions, and at
present writing it would appear to us that the
popular position Is Just now the correct one.
Nevertheless, 1t must not be forgotten that 1t Is
dangerous in speculation to go with the major.
ity. but it Is our opinion that such dangers at
the present time will be of BRIEF sort to DC
safely ridden out by anybody strong enough tc
withstand an ordinary temporary spec
uative reaction In viewing h enis si
that current values are much above the aver
age of recent years, and that the season for the
seeding of another crop or winter grain ID wei
advanced with every prospect that the ares
will again be large. Our export clearances FOL
the last week were about as much lighter thar
those of year ago as might be reasonably eS
ipected from the fact that our prices are also
much higher. Further proof that our present
price level is unnatural is found m the fact
that we are the only large producing country
that is not shipping freely. 1t is true that the
demand for -four has continued light so long In
anticipation of large movement of wheat from
first hands that stocks in all positions are light
The visible increased by S16, 900 bu, making
the present total 14166000 bu.
Liverpool closed I'd higher.
Clearances wheat and flour. 1913, 900 bu.
Primary receipts. 1,333, 600 bu against LIS.
600 last year. and shipments 52600O against
1901 900.
Broornhall cabled Liverpool opened steady,
nd higher this morning on the bad weather in
the northwestern states of America. Later prices
declined I'D on very large Russian offerings
and heavy worlds shipments and fine weather
in the United Kingdom.
T Farnum wired Lewis the messages coming
into Chicago from the best wheat people In the
northwest are as bad T remember reading al
this time of year. I have. been inclined to think
good weather would check, and in measure re
pair. the damage done up to a week or ten days
ago but 1t hasn't and I believe the situation
in the northwest to be very bad and that we
should modify somewhat our views on this wheat
market In years past 1t would have had more
effect than 1t has had this.
The market eased off little near the close
December wheat closed at 81 7sc and May al
$31ac. September wheat closed at SSAc.
The cash wheat market was higher and active
In line with the options, but the trade relative
to the options not much changed There
was not much demand for No. l to arrive NO
on spot sold from SSc to SS2c for the aver
age, and No. on spot sold from SAC to s415c