The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-09
Reports That Millers Now in the
Valley Find Conditions Dis
appointing.
Winter Wheat Receipts Light and
Considerable New Bull
Gossip.
Shorts Fight Shy Pending Receipt
of the Government
Report.

Minneapolis Chamber of Commerce,
July 9.-Wheat was strong again this
morning and up full cent from yester-
days close. There We're orders here to
buy wheat on the curb, and in conse-
Quence all the wheat offered early in the
morning was snapped up, and by the time
the market opened and trading began in
the pit September, having closed at 1850
yesterday, was up to 1878 OTTO on the
first trade, and up to 77asc shortly There
were the same conditions here that have
ruled for several days, and that carried
the September back up from the recent
low point at 7S1ac to above TIC. There
was the same preponderance Of bull senti-
ment. Additional to this there was an
other local influence this morning. that
OF report from the Red River valley.
Two prominent Minneapolis millers went
up thru the valley yesterday, and this
morning the report was around the floor
that they had found conditions on the
whole disappointing and really bad in
places. While nothing authoritative
along this line could be found, the trade.
having followed the recent reports Of in
vestigations in the valley, were quite
ready to believe that the millers might
have found the outlook disappointing. and
SO an important influence was added to
the bull side.
In all other markets. and in Minneapo-
lis as we'll, the market Is hanging on the
government report, which will be along
Tomorrow afternoon. Few care to sell
short in the face Of a report that, unless
all signs fail. will be extremely bullish.
The only selling of Importance comes
apparently from longs with profits, who
sell out and wait to replace their lines
on breaks.
The southwestern markets are az
fected by the movement of new wheat,
ha int x1yhoo
ment is already considerably behind the
normal date. There has been one car of
new No red wheat in Chicago so far,
and there has been a car or two in St.
Louis and Kansas City. A year ago yes
terday there were 40 cars Of new win
ter wheat at Chicago. Advices from
Kansas City to the Record Herald yes
terday were that the wheat people there
were getting no acceptances on their
bids. and st. Louis was telling the same
story. The weather map this morning
showed generally favorable conditions.
The winter wheat belt has good harvest
conditions and practically no rainfall to
Interfere with the harvest. There were
quite general light showers in the north
west, and the temperatures are some
what cooler. In the corn belt the tenn
peratures are forcing, as the corn now
requires.
The foreign market followed our decline
OF yesterday. both Liverpool and Paris
coming lower An official crop report of
Italy, compiled from returns of June 30,
states that harvesting was in general
progress, and promising good results, but
that the earliest fields cut gave rather a
short yield. The average crop for the
past five years is 139, 900, 900 bushels, and
While the average imports for the CORE
spending period are about SO, 00O 900, yet
since 1898 importations of foreign wheat
hoy 81 ;.,o, q
55,o00,00O approximate for the cereal
year.
Bartlett wired Fraser that Minneapolis
is buying No. hard In Kansas City to
go to Minneapolis. That the mills in the
south and southwest are grabbing all the
NO. 2red wheat they can get. No.
northern wheat in Chicago is no preni-
UNI over July, and No. red is selling at
a small premium over July, and we be-
l1eve that the red winter wheat crop Is
very short. and undoubtedly No. red
winter wheat will sell at a premium all
the year
Minneapolis received 125 cars against
17S, and Duluth Is against 81. At primary
points receipts were 287, 900 bu against
$4,000, and shipments 1876, 900 against 22S,
700. Wheat and flour clearances equaled
ISL, 900 bu.
Fourteen loads wheat were reported sold
at, the seaboard.
:. Inc market met considerable pressure
just before the close from liquidation sell
ing and from pit shorts who tried to put
September back under TIC, but there was
enough support to hold it. September
closed at TIC, December 751ac and July
85%c.
The cash market was quiet and trade
ran very light. for a time altho the offer.
ings we're cleaned up finally. Prices were
higher on all grades, corresponding to the
higher option. and No. 1 northern sole
from SIC to Ssc, the latter figure TO,
choice.