The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-04
Advances All Along the Line and
the Advances Are Well
Sustained.
Bull News Continues Piling In From
All Over the West and
Southwest.
A Setback Not Unlikely, but
Traders Believe It Can Be
Only Temporary.

Minneapolis Chamber of Commerce. June A.
Further strength developed in wheat this NOR
ming on further news of bullish nature re-
specting the western crop. July was up to 7SMc
and September up around 719sc. There was little
need to sift out particular items on the bull
side. as nearly everything bearish. One
thing that deferred the longs who had profits in
sight from letting 60 and so weakening the
market, the fact that there prediction of
aood in and about ST. Louis. The traders figured
that on top Of all the flood news that has been
received a flood at st. Louis, If 1t did
no further direct damage would aggravate the
situation generally and make speculative senti-
ment frmer. Hence the desire to hold wheat on
the possibility of still further rise.
After an hour the market turned firmer re-
neHed damage reports. By noon the tendency
was very strong and September passed the re
mark. There Is some fear Of setback now
that prices are up little compared with ten
days ago. as the country has not come In to an
important extent as yet, and the speculative
markets are filed with little lots of long wheat
carried up on the rise. The starting of liquida-
lion may bring a drop, which, in the opinion of
3 conservative traders would be shake-out but
nothing more With the supply situation as it is
to day, many inclined to believe present
prices are none too high.
The Price Current takes notice of deteriora-
ton and says the winter wheat condition has
been lowered somewhat, but is still moderately
above an average. Spring wheat is favorable.
Corn planting Is seriously retarded and there will
be much replanting. The extent of acreage I'M
settled as yet Early planted corn is generally
in good stand but weedy Oats is improving
but are still below average.
vi Chicago wired noon that they were getting
some very bullish advices on wheat Well in
formed Indiana people say the crop in that state
u about as poor as could be, and the reports from
Missouri Illinois and Ohio are anything but
satisfactory. The best and most successful
wheat traders in the southwest are ,bulling wheat
ON this condition, but Chicago traders are ill.,
cnhed to light any advance. If half the reports
We get are true, the Chicago crowd will wake up
higher.
While the weather map this morning was liz
Tie more favorable, still conditions are unsettled
YET and showers are predicted for Illinois, In
olana, Missouri, Iowa, Kansas and Nebraska.
fore1gn markets are very firm corn and we
7, nave sold fair quantity cable acceptances
and have bids for mere at full prices. Broom
hall cabled that Liverpool wheat opened steady
IN tone with prices unchanged Later the steadi-
ness OF American cables and sympathy with corn
caused prices to advance sd. In sympathy with
hrmness In America yesterday corn opened I'd
higher. During the morning the strength of
spot and the excitement of shorts in covering
caused further advance of a and I'D. An
eighth OF the advance was lost later on realizing.
MINNEAPOLIS had ITO against $50 last
Tyear, and Duluth against Is. At primary
points receipts were 2e9 900 bu against 3ss, 600.
and shipments 20s,OOO against sos, 900. Wheat
and flour clearances 1876 900 bu.
Near the close July very strong and on
bidding for it the price passed 79c and at the
72Ac and December at re-
Much of the spot wheat in the cash market was
sold early and did not bring the high prices Of
the day. For the bulk of the No. 1 northern the
figure was 79!sc, but on later sales to arrive the
No brought so14c. with sales up to sos4c.
There was active demand for both No. and No.
to arrive. and lively trade before the session
closed. ... ....
Close: Wheat, July. 7ec;, old, 7e@76hc; Sep.
75lse: Ne; 2 hard winter. 7i@i5c: No. s hard lard
winter. l2@14c; No l northern spring, soc;