The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-03
Then Turns Downward Again The
Bulls Find Much in Their
Favor To-day.
More Conservative Traders Think It
High Enough for the
Present.
Everything Is Bullish, However,
and All Are Afraid to
Sell It Short.

Minneapolis Chamber of Commerce,
Aug. 3-Wheat started the week with the
bulls triumphant and carrying all before
them. September wheat, to 1O:45, sold
at S0Ac. Trade was large at the open
ing, but fell off after an hour The mar
ket hung around S0kc, strong as could
be, yet hesitant. 1t was an even guess
which way the next turn would carry 1t.
Sentiment, however, was unchanged and
bullish news and bullish talk heard every
where. The pit traders feared a shake
out and this was the cause of the hesita-
tion Aside from this fear of sudden
quick break, should any considerable
liquidation appear, the feeling in the pit
was bulish. Minneapolis led the strength,
the weather in the northwest being an
important influence. Reports were as UNI
favorable as ever from both the spring
and winter wheat fields. Corn failed to
show any sensa tional strength, as some
traders had expected which was one
thing to prevent a runaway market in
wheat
Receipts III the northwest ran about
the same as last year, Minneapolis and
Duluth getting 217 cars against 221. Kan
sas City had 1874 against LAG, but st. Louis
got only 261000 bu against $4,000, while
Chicago had only 115 cars against 357,
so that the movement was about as mucn
OF a bull influence as ever. Worlds ship
ments showed .7,S47, 900 bu against 1885,
last week and 6,197 900 last year. Amer
lea shipped $4,000, Russia 1,224,OOO,
the Danube $4,000, Argentine, laos, 00O
and India $4,000 blu. The quantity atloat
at 20, 644, 900 bu, showed decrease Of 2,440
600 bu. Total primary receipts, 743, 000
bu, against 1,396,00O; shipments 412,O00
against $4,000. Wheat and flour clear
ances equaled '379, 900 bu. Local stocks
decreased 225,oOo bu for two days
The appearance Of the visible supply
report, showing an increase of 454, 900 blu,
ta6 ha
ing sold to S0Sc, broke sharply INC, to
79tsc.
Liverpool and London had a holiday, but
Paris was rs centimes up on wheat. A
private Antwerp cable says harvesting
weather is worse This may account for
all the strength in Paris wheat and flour.
The big Chicago houses are still bull
dsh, but more conserVatlVely so, now that
the soc level has been passed. The Harris
Gates summary says present speculative
conditions are largely due to continued
light marketings of winter wheat. some
little revival In the export demand fol
the new hard winter grain: and more par
ticularly to the disappointing yields OF
both the hard and soft winter as reported
by threshers southwest and west Lat
terly also the spring wheat section ha:
been sending in reports indicating tina
the yields will not be up to the first esti
mates. At the moment the situation seems
to be pivoted on the extent of the move
ment to primary marketings. Bears lrt
pinning their hopes on the belief that there
will be speedy and very important in
crease in these marketngs, and the bulls
are basing their operations on the fac
that such Increase has not vet appe AIRED
Thus far the most powerful interests have
been ranged on tho buying side, and /
must be admitted that the market ha
been very responsive. This was, Of course
to have been expected as long as stocks
both at the seaboard and at northwestern
centers, were practically wiped out an
everywhere in the visible supply point
were down to very low basis and de
creasing. The movement Of wheat t
market in August of last year was YER
large and it will, therefore, be necessar
for receipts to increase phenomenally thi
year to compare to advantage with tn
movement Of a year ago. The importanc
of the export sales thus far made is
matter of dispute. 1t is claimed that tn
sales were based on an ocean freight tina
meant loss to the carriers and that thi
means only temporary business. Alth
most of the sales have been by way
gulf ports, they have reached a fairl
large aggregate. The export demand
next to the interior marketings, will b
the feature Of most influence during tn
week.