The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-12
Yet the Wheat Market Holds Well
Against the Resultant
Selling.
Modern Miller Says 100000 Acres
of Winter Wheat Have Been
Destroyed.
Spring Wheat Reports Good-Cables
Easy-News of Quiet
Session.

Minneapolis Chamber of Commerce, June H.
Everything bearsh In wheat this NOR
ming that the traders who would not buy 1t
against all advices stood around and waited for
the market to break that they might get in.
while brokers with orders to fill We're inclined to
hold Oft also, for 1T seemed as If the market
must give way and let them in lower down. The
one favorable feature was the ST. Louis strength
and the good support coming from that market.
Here in Minneapolis the bulls were Indifferent
and many had gone to the bear side was
natural floor filed with grain men in
from the country and country visitors as well.
all talking of the fine outlook for the spring
wheat The weather was all that could be de-
sired, and there the prediction of good
weather tonight and Saturday. The country
that has been getting soaked for weeks now
has clear and bright weather. and the territory
where the ravages of drought have been severe
now has good rain. From Buffalo to Boston there
has been general relief. This fine weather was
enough in itself to take the edge off a bull
market. Then the cables We're weak, receipts in
the northwest pretty we'll up and Argentine
shipments heavy. Almost every large speculative
house in Chicago sent out bearish reports and
predictions of a break. But the market held
stubbornly against 1t all. -.,' r.-.t. -. -.
Considerable of bear argument is being built
up locally the increasing receipts and the
moderate decrease in local stocks. To-day Min
neapolis received 25S against 210 and
Duluth % against s. Primary points had 300, 900
bu against 1927 900 last year and shipped 225 600
bu against $4,000. Wheat and flour clearances
equaled 225. 900 bu. 1t is hard to anything
very DedrlSn IN tneSe uSureS ABOUT IldI Cd1i
he said of them Is that they no longer SO
bullish, yet one expected receipts to run so
light as during the period Of active farm work,
and no one expected local stocks to continue de-
creasing at the rate of million week,
for at that rate six seven weeks would leave
Minneapolis without any. No matter which way
the local statistics may r1n for a time. they
will be relatively untmportant. Crop conditions
are the paramount consideration.
The Modern Miller report bullish and was
strengthening to the market. The Miller says
further deterioration in the condition Of winter
wheat is reported from many sections in Mis-
souri,, Illinois and Indiana. where late rains
caused rust to develop. Some complaints of
rust are heard from southern Kansas and the ter
ritories and from south of the Ohio Damage by
foods in the bottom lands have been serious, es-
.pecially heavy along the Mississippi river. from
the Iowa line to the Ohio river. The extent of
actual loss cannot be determined yet, but
the submerged area in Kansas and the Missouri
and the Mississippi river bottom lands is at
least 1900. 900 acres. most of which is wheat.
Shows Weekly crop report says that the win
ter wheat position is fully maintained. The
cold weather which followed the excessive rain
fall has tended to check further rust develop
ment. The crop is heading in the northern dis
tricts and harvest is at hand in the Ohio river
district. Oats show improvement, but the
promise is yield below the normal The corn
situation remains bad. 1t is now clear that
considerable acreage of bottom land cannot be
planted. Cool weather has checked growth and
plant vitality is impaired Weeds are growing
faster than Taken as a whole the situa-
ton warrants serious apprehension.
The market closed at 1850 for July and Il X
71Ac for September.
The cash market was firm and active