The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-15
Wheat Strengthened by the Austria
Hungary Crop Report Out
To-day.
July Sells to 1890 and September
III Above 721sc Both Options
Closing Strong.
European Outlook Bullish and the
Bears Afraid to Stay Short
Very Long.

Minnca polls Chamber of Commerce, June 10
The week opened in wheat with complete
change IN factors of influence and the trade
inclined 10 look at many things that were
passed over last week. Attention has been
directed almost entirely towards domestic crop
conditions, but with the opening of the specula-
tive market this morning foreign advices
OF M ture decidedly strengthening and impor-
fant enough to ovCrShadow other considerations
FOR the time. July wheat sold early to roc and
September to re on the foreign news in which
the Austria. Hungary crop report was the most
important item. The official estimate is for
crop of IA, 900, 900 bu against yield last year
OF 169, COO. 900. Not only does this represent
shurtage of rs, 900 600 blu, compared with last
year hut 1t will mean the smallest yield in
Austria Hungary for six years. That this re-
port Is taken meaning something is clearly
proved by the action of the foreign markets,
which hrmed up at once. Paris was 1ac to lc
up all around, and Liverpool closed SD higher
! wheat and SD up corn. London sent over
cable to the effect that it is the opinion in
tho grain trade there that English crops will be
light and that there is no doubt that Russia will
have something of shortage. The French yield
will be below the average and Germany's crop is
10 to Is per cent under last year. This means
big hole in Europe to be filled and bears out
what Broomhan has been reporting all along,
that If yield is as heavy as expected
Europe will need all surplus.
There Is an active bear element In wheat and
traders on the bear side are continually putting
out short lines and taking them in again. No
bear, at least in the local market, cares to
stand short very long on any sign Of hrmness.
The development OF anything adverse in winter
wheat spring wheat would mean big bull
market. 1t may seem unnecessary to dwell!
upon this fact, since 1t is always so, and ordi.
nary common sense tells any one that any crop
Injury In any year means strength. But this
year there is no doubt that the situation is
more ticklish for the bears than usual. Ordi-
narly September wheat should be higher. From
what Is known of European requirements wheat
would have advanced beyond Its present level
In an ordinary year. 1t has not advanced be-
cause this promised to be an extraordinary year
for America In the first indications. Allowing
for the decline in condition during a month
past, there still remains the possibility of an
American wheat crop above anything formerly
produced. This is what keeps many from buy
lug wheat, and makes the bears aggressive at
times when reports from the growing crops run
especially favorable. But let wet harvest
come over winter wheat anything bad devel-
op in the northwest and there will be good buy
ing from many who know the European sltua-
tion and only hesitant as to whether 1t is
time to buy now or whether one should wait yet
awhile.
Locally the receipts were lighter than had been
expected, and the $40 cars In compared with
ABS loads last year made 1t look as II re-
ceipts are not to heavy as was predicted.
Duluth had 60 cars against II. At primary
points receipts were 461, 600 bu against 600
last year, and shipments 10000 against 4S6,0OO.
Wheat and -four clearances equaled 577 900 bu. "
Worlds shipments were II, 059, 900 bu against
12.22e,o 600 last week and 7,4oo. 900 year ago.
The quantity on passage at35, 752, 900 bu shows
decrease Of 100000 bu. The visible decreased by
2,707, 900 bu. ..- 49,.
The market was strong and active near. the
close, July selling to 79hc and September tc
+ T2B@72Ac, both options closing strong at high
points of the day.
Excellent demand was noted In the cash mar
ket, and while there is more wheat coming mill
ers still have to draw to some extent upon ter
minals to meet requirements. No 1 sold from
Soc Sole.