The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-20
Good Weather Everywhere and
Plenty of Other Bearish
News Coming In.
The Present Crop Will Garry an
Abundance of Good Mill
ing Wheat.
Supply Statistics More Bullish Than
Ever and Stocks Shrink
ing Heavily.

July 3O.--Wheat fell Off a shade from the
Saturday close when the market opened
this morning and September touched
74Mo Immediately after the opening. Here
the market halted and waited. Scalpers
did little but trade was light every
where. In the local market the millers
were Indifferent buyers of cash wheat and
their attitude was the cause or an easier
tone not only here but in other markets
as we'll, as soon as the report went out.
What the trade cared about principally
was the movement Of new wheat. The
first report came from Kansas City and
was to the effect that 27S cars OF new
wheat were lined up on track. This
looked big at first sight. Still, total Kan
sas City receipts Of wheat or all xmas
was only 279 cars, and on the correspond
ing Monday last year 1t showed 480 cars,
lend MANY traders were unable to see
ANYTHING to this but bullish significance.
St. Louis receipts totaled 211 cars against
421 Chicago had 50 against "A, Mime
apolis 200 against 250, and Duluth ~
against 81. But, say the bears, the new
wheat movement when it begins in ear
nest will run up to big totals. which may
be the case and seems not unlikely, yet
there is little in the showing so far to
scare the bulls. but rather the contrary.
Until the trade can come to some more
decided opinion, however, as to how the
new movement is to rum much hes1ta-
same continued drain goes on and old
stocks are melting away rapidly. For
two days the local stocks decreased 120,-
900 bushels The visible supply, with
decrease of 1.244,000, which brings the
total to 10. O67, 900 bushels, a showing re-
Imarkably low. as glance at the COM
fparative table will show.
H. S. Kennedy, secretary OF the Ma
tional Mllers' association, has been tour
ling the wheat country and has reached
1.-THE conclusion that there will be pro-
THE conclusion that there Will be pro-
larger than the average, from the present
crop. Mr.. Kennedy ventures some fig
lures in a report, Of which the following
is a condensation. Texas wheat, good.
WELD about $4,000, 900 bushels. Oklahoma.
fair, about 3O,OOO,000 bushels. Kansas,
excellent, 80, 900, 900 bushels. Indian Ter
ritory, new land. 100000 bushels.
Southern Illinois, Indiana, Kentucky and
Tennessee have about half an average
crop. Ohio has a fair crop.
Splendid weather for wheat Is the gen.
eral report. Both in the daily dispatches
and on the weather map 1t Is possible to
find some sections not favored so we'll
but nthe whole, and taking the country
from the more southern winter wheat
harvest fields, and thru the spring wheat
territory clear to the Canadian line. con.
ditions are very fine. The bears GER
.tainly have legitimate argument In this
that crop conditions at the moment could
scarcely be better
Towards noon the market began to de-
cline Foreign reports from Berlin ant
Antwerp with reference to prospective
demand for American wheat, were no
encouraging. The market sagged to 747sc
where 1t stuck again. Sellers were
little more cautious at this figure and
was not hard to check the decline, We
the market remained weak in tone. PR
mary points received $4,000 bu, agains
1.4O3,O0 last year, and shipped 276,OOO
against $4,000. Wheat and flour clear
ances equaled 226O00 bu. ..
There was a feeble and unsuccessful
attempt at a rally near the close. but
would not hold and September close
weak at TAN. L..
The cash wheat showed SAN @S4Ac a
the ruling figure for No. l northern
Early in the session there was niue
complaint Of lack of interest on the par
of buyers, and Indifference Of millers
Later on the mil1ers came in and bough
fairly well, but at no time was the mar
ket entirely satisfactory to sellers. M
northern sold from $50 to SIC.