The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-23
Wheat Makes an Advance on High
Temperatures and Suggested
Possibilities.
The Market Proves Heavy and Hard
to Hold Up to the Higher
Level.
But the Bulls Close It Firm Never
theless, September Wheat
74s4 Cents.

Minneapolis Chamber of Commerce
July pa high barometer over the
northwest, fair weather predicted for to-
morrow, temperatures apparently tending
upward and the suggestion of hot winds to
come-opened the wheat market firmer
this morning. September struck 74c on
an early sale but turned up to TAX @743sc
before long. The reports from Kansas
were not very ,reassuring to the corn
shorts, as the tempera lures at Dodge City
yesterday ran up to los, and yesterday
afternoon there We're hot winds over a
portion of Kansas. These were the real
hot winds the kind that do the mischief,
but they were not extensive and passed
quickly and from the report in this morn
ing 1t was doubtful whether there had
really been much harm done. Still, the
fact that the hot wind nervousness was
spreading around was enough to start the
more timid shorts to covering, as it was
conceded that such a cry, once started,
would send the market up even if there
was no legitimate basis for it. On the
whole the weather is good for the grow
Ing crops, and barring rise in the ther--
mometer to a high figure there is little to
fear. Wheat looks now~to be a hesitat-
ing market, the mediate future of prices
depending on the movement Of the hard
winter wheat in the southwest. Any
marked increase In that movement would
be likely to give us a somewhat lower
range VI prizes. 'fNpOEleTS CldlIn TlndI we
are at present from ! 1sc to &c a busheI
away from an export basis on this wheat
But on the other hand there Is no in
crease In the receipts but on the contrary
the movement is light. And despite the
fact that American markets are out of line
for export business, they are not utterly
out Of line and must be somewhere near
for OCCASIONALLY there is little export bust
ness done even under the adverse condi-
tions. Cash business in Chicago yester-
day was 400, 900 bu, corn, principally No.
3. including little No. 3 white. About
hal fof 1t was for export via Montreal. AT
the seaboard there were 144, 900 bu wheat
and $4,000 bu corn taken for export
Charters were for $50, 900 bu corn, Chi
cago to Buffalo.
The Price Current says: Wheat thresh-
Ing returns continue under the earlier
estimates. Corn Is improving slowly
Oats are less favorable in the west show
ing much rust, but improved prospects
in the eastern sections. A big hay crop
of good quality is assured.
Lewis says: 'Another decrease in the
wheat visible seems assured, altho hardly
so large as the 1900, 900 bu decrease Of
last week, but the total may show only
about 12,500000 bushels in sight. This
would compare with 21,600, 900 bu year
ago, when there was an increase of 1,200,-
600 bu for the week corresponding with
the present. The present total is the
smallest since 1898, when 1t was down to
near 100000 bu at the close Of July. At
that time the visible did not include Port
Arthur, FIT. William, New Orleans and
Galveston, which between them held
900 bu last Saturday"
Primary receipts were only col 900 bu.
against 1037,0OO last year; shipments,
10000, against SIS, 600 Wheat and flour
clearances equa1ed $4,000 sbu., Minne-
apolis received $50, cars. against 1856. last
year Duluth, Ia, against r.. ..-<- =
Corn will probably be a leading specu-
lative influence in all markets from this
time on.
Wrenn fChicago says that until the
: corn crop is harvested we are likely tc
have an cratic and active speculative
market, because it will be subject to cror
scares all the time Receipts will rur
light until the crop is assured Should il
turn out 100000, 900 bu, farmers who arc
now holding their big farm stocks sc
tenaciously, will likely ship it very freely
On the other hand, any serious accident tt
crop would make them hold it back anC
put prices away up, so there are big pos
sibilites for the Spectator who watche:
market closely. This will be an infiu
ence in wheat as well.
The market closed firm and We ovel
yesterday; September. 74Ac.