The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-29
But Recovery Follows to 1880 and
the Market Closes Firm
at 761so.
The Bears Are Now More in Evi-
dence and Working for
Decline.
The Bulls Still Believe the High
Point Is Yet to
Come.

Minneapolis Chan OF Commerce, June 90
The week opened in the speculative wheat mar
ket with the bear element more in evidence than
for some time, and the bulls who had controlled
the pit for a fortnight, doing little but wait
1t was no time to be bullish this morning, for
the principal local incentive to bulltshness was
west, and the dry weather talk missing.
September wheat, having closed Saturday 17sc or
from Friday at 767sc, was off another cent at the
opening to T55sc, nor was this the end of the
weakness, for selling out of long wheat con
tinued until September. scratch sale, struck
75c. This was SIZE OF from Friday, or enough
of a decline, the bulls thought No possible doubt
existed as to the rains, and the wide extent OF
territory covered. The question was as to
how heavy they had been, whether relief had
been general or whether there was not the pros
pect OF a clearing hot and dry and renewal
OF the dry weather scare later on. Weak as the
market was there was not the slightest early
Z evidence Of Decentralization and 1t was evident
that many Of the larger holders did not take
the reported rain relief too seriously, and We're
disposed to hold in the belief that there will
be further dry weather talk later In the week.
and renewed buying interest.
Meanwhile the bears pointed to the fact that
at the close Saturday Minneapolis prices
were up &c to Sc compared with June 1, Chi
cago prices up about 71ac, ST. Louis up 1Oc to 12c
and New York about &c higher. Hence the
argument that after long period or advances
there should come long period of slow
decline. This appeared to be the view enter
tanned by many smaller holders who sold out
That decline Is to come may be the correct
inference to draw and 1t may be n that p prices f
assumption that because prices are on level
materially higher than that of June l. they must
necessarily decline, might be a little dangerous,
at least until tile crop situation Is more clearly
the question of dry weather in the northwest
work quickly to the front bull factor, have
watched the northwest so closely as to have al
most ignored other factors of Importance In
1cft,, ,tci1 lot
up on dry northwest wea Their alone by any
means important this has been very recently
There are other considerations to be passed upon
too numerous to be gone over mere, ARISING from
the southwest harvesting returns the possibilities
suggested by the stand Of coarse grains, espe-
cially corn, the light stocks everywhere and the
fact that speculative interest in wheat has been
stirred up than for several years. Even
If the northwest has had the rain relief to In
sure good crop. there Is no warrant yet for ex-
IRENE pessimism as to prices, While II 1t should
develop that the rain relief has been inadequate,
a clearing off followed by hot weather, would
almost certainly a repetition of the activ-
ity and higher prices of last week.
Minneapolis received 27S cars against 457,
and Duluth had 6S against 49,
Primary points received 495.OOO bu against
$4,000, and shipped 10000 against $4,000 last
year.
port practically the same as that given here on
Saturday as follows: 'The wheat crop IN the
Canadian northwest Is in fine shape on heavily
increased acreage and promises 2OOOO,O OO to TO-
100000 BIZ more than last year. The moisture
situation is satisfactory at this time In the
Red river valley, In both Minnesota and North
Dakota good rains badly needed The s1tua-
ton is critical, and the plant is practically at
standstilll and on the thinner land deterioration
mas already set in. Good rains at once would
bring full relief, but local showers will not be
enough. West of the valley there has been
more moisture outlook is better. Flax
seems to be holding It's own better than wheat. y
The market rallied more than cent towards
the close, and September closed at 761sc.
Good demand noted in the cash wheat mar
ket, ~.