The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-16
Wheat Bobs Up and Down With
Great Rapidity, but Holds in
Narrow Range.
Near the Close the Bears Get Active
and Knock September
to 1914 Cents.
Sentiment Is Rather Mixed Now, but
the Bulls Still Pre-
dominate.

July 16.-Wheat showed less decision "
day than for some time The market was
nervous and nightly For some weeks
past the tendency has been bulltsh, with
the course of the bull market spotted by
temporary bearish reactions. rms morn
ing for the first time the speculative trade
was without anything to indicate tend
ency either way. Indecision ruled. and
from the broad and active markets OF the
past fortnight the session fell into
narrow scalping affair with the pit trad
ers doing the bulk of the business.
September wheat opened at 75Ac, sold
to 1850, advanced to T6BQ76Ac, 1ell
again to 1850, recovered to 1878 @76c,
dropped to 75ss@751ac and recovered to
75&c Scalpers bought one minute and
sold the next and outside interests APP
peared less prominently
For the first time in some weeks the
local market may be said to be about
evenly balanced. There are now a num-
Der of bears who are bearish principally
because of the good crop weather. 1t is
true, the bears say, that we are to have
short crops this year on the whole, but
this they argue has been discounted by
high prices and they point to the fact that
Minneapolis September, even after the de-
cline of yesterday, was &c above the price
of a year ago, while Minneapolis July is
lie over a year ago, and is 12c above the
present price of July wheat In Chicago.
Conditions, say the bears, have been all
in favor of higher prices for some time,
and the bulls have made the most of
them, but crop reports will In all likeli-
hood run better from now on. The ex-
port trade is nothing and there are too
many longs in wheat everywhere. The
market is held up largely by big specula-
tive interests and unless the outside buy
ers remain in to the limited extent that
they have entered. declines will follow.
This is sample bear argument and some
of the short selling and pounding is on
such views.
The bulls say wheat has got to go up
and In the face Of the declines of the past
few days there are many conservative
traders talking soc for September wheat.
Bull points are found in the light primary
movement Of wheat, small receipts of
new wheat, the continued decrease in the
American visible and the worlds visible
and in Minneapolis stocks, which latter
have fallen off again by 900 bushels
so far this week.
The soft red winter wheat is short and
the stock Of old red winter wheat, with
the exception Of 900 bushels at Chi
cago Is practically exhausted.
The outlook for spring wheat. accord
ing to all reports, and the evidence that
Is offered by the position Of the Mime
npolis and Duluth markets compared
with Chicago is for a much smaller crop
than last year. This applies also in a
oOiAiCWildI less uSSISS ~ Tie VudllllODd
crop. - 4, H. Is ,a-gF - 49, .I. :
/: The southwest has unquestionably raised
q large crop of wheat but Europe Will be
able to buy a large percentage of this
grown south of a certain line in which
territory the rates to the gulf are low
at relatively very cheap prices.
The remainder of this crop, on account
of its exceedingly fine quality will be
eagerly sought for to supply the shorta ge
in the soft red winter wheat states and
In the spring wheat territory.
The domestic consumption Of flour has
increased enormously during recent years
and on many lines of railroads both In
the northwest and middle west it is prac-
tically impossible to buy any wheat in
competition with the mills located on the
line of the roads.
The bulls are content to wait, believing
that ultimately they will come out all
right especially as they are figuring upon
. less than last year. which view the grain
trade at large has not yet accepted
Minneapolis received IA cars against
1872 last year and Duluth Is against Sc
Primary receipts were 427,00O bushels
against $4,000 and shipments 349, OOC
against, 441,000. Wheat and -four clear
.ances equaled $4,000 bushels
Broomhall cabled that his Argentine
agent estimates the shipments of wheat
to Europe this week will be about 500 OO(
bushels compared with $4,000 year ago
Corn shipments will be about 2,4Oo OO(
bushels, compared with 2,O99, 900 a week
ago and 115S,00O bushels a year ago.
Near the close of the session the bears
succeeded In forcing September to 75Ac
but the reaction to 75Ac was quick Re
ports came Of 10 loads of corn and 81
loads Of wheat for export. The marke
closed unsettled and apparently tendins
lower, but there was evidence Of con
certed support at the close both here AM
in Chicago
The cash market was active but un
steady, and while some good prices wer
seen on a few lots, the average sold low
No. z northern ranged from S91ac to STAG