The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-23
If Good Rains Come This Week,
Then Many Think Prices
S Will Go Lower.
But If Dry Weather Is to Rule Sep
TENDER Wheat Is Cheap
Right Now.
Winter Wheat Reports Running
Less Favorably Especially
From Illinois.

Minneapolis Chamber Of Commerce, une 20
This was day of marked uncertainty In wheat.
The early market was free the effect of pressure
tither way and held quiet and fairly steady,
selling OF occasional offerings by longs, who
were inclined to take profits, but showing no
special weakness aside from this. September
sold down around 741a before noon. The senti-
ment seemed to be one of hesitation. AS the
situation stands, the trade is inclined to
look upon the market very unstable. That
1t will not hold steady at the present level Is
the opinion Of nearly every one. While wheat
has advanced rains the southwest and
disappointing threshing returns from some win
ter wheat districts. and while the strength In
coarse grains has been important influence
also, there is no doubt that for day or two
at least the advance here has been almost en-
tirely on dry weather talk from the northwest.
Now the question is almost entirely one of the
weather in the northwest. and, with showers
predicted for tomorrow, the market was hest
tant 2 If there Is to be rain for time, then
September wheat in Minneapolis at the present
price range is very cheap. The fact that it is
up &c from recent low prices proves nothing In
1900. when drought in the northwest was the
great speculative factor, wheat sold in the Miu-
neapolis 1pit up to 921ac. If damage is done in
the northwest, 1t may sell there again. 1t is
pretty certain, however that there has been no
important damage yet, and the question now IS
whether, If good rains and the dry country
is soaked, then is not the price high? When
the drought of 1900 covered the northwest 1t was
much more general than the present dry weather,
yet wheat did not sell much above present prices
until there were at least few well authenticated
stands at this writing, September wheat is not
a permanent or stable level but is on
level where it is too low, or 1t is too high, ac-
cording to what we may get in the form of rainy
weather for the remainder of this week.
The weather map this morning showed the situ-
alton more favorable in the winter wheat and
corn belt. The northwest was still without the
rain desired-only one shower, at Duluth There
was but light shower or two in Kansas, Iowa
and Illinois st. Louis has the only rainfall in
Missouri. There scattered showers in the
Ohio valley. There is no rain at all in Ne
braska The temperatures somewhat higher
1t. is a good map for harvesting and for farm
work. The only drawback is the delay in the
needed northwest rains.
!. Minneapolis received 21O cars. against 221 last
year, and Duluth III, against % Primary
shipped 208.OO0 bu. against 294 900 bu. Wheat
and -four clearances equaled 2s3, 900 bu.
The worlds visible decreased 3,66s, 900 bu, Of
which the quantity east of the Rocky noun
tains shows 2,36S, 900 bu decrease, and the
quantity in Europe and ahoat for Europe l, 3OO-
600 bu. Missouri report, said to be be official
This received little credence here. The recent
report Of Jones. in the Commercial West, makes
the Missouri crop about $4,000 900 bu.
The Illinois state report says there will be
one-fourth to one-half crop in the southern
sections, with the general conditions improved
but returns are rather disappointing in the cen
fair and showing above ground to fifteen inches
high: Prospects are not satisfactory. ..
Broomhall cabled: The advances in Ameri-
opening in wheat, with prices I'D higher A
further gain Of I'D was made shortly after the
opening. but the advance later checked by
favorable crop reports from Europe. AS the
result Of these the nearby position eased off
to the opening prices Corn: after opening un-
changed. advanced I'D and I'd on covering by
shorts, induced by the unfavorahle weather over
the American corn belt for the proper growth of
the plant. s 10y - go.
Following is a condensation Of foreign crop
conditions as published to-day by Broomhall:
United Kingdom-Crops look fair, but are
backward Continued fine weather Is absolutely
necessary. to obtain satisfactory harvest. Potato
crop has been damaged by frost.
France-The past week has been very unfavor-
able for wheat and it is feared cool weather will
cause a reduced yield. Farmers deliveries are
small. .,,- 80 =
SGermany-Wheat is progressing slowly owing
to the unseasonably cool weather. ,---~
Russia and Rumania-Heavy rains fell last
week, but stopped in time to prevent serious
damage. Prospects still good, but further
rains most undesirable. ~. -
Italy and Spain-The outlook continues gener.
ally favorable.
Neutrality-suspicious. Of newly planted wheat
are good. Acreage is smaller than last year.
The market closed easy at 74%c for September
and s3kc for July.
Excellent demand ruled for cash wheat.