The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-17
Chicago Knocks the Price and Lead
ing Traders Give Out Bear
ish Opinions.
While the statistioians Figure Out
More Favorable Outlook
for Corn.
September Reaches $50, a Drop of
614c From Yesterdays
High Point.

Minneapolis Chamber of Commerce. Sept. IT,
Once more the bears got active in wheat at the
terday with another break to-day. September
wheat was down to s6Ac, full SC under the
ash 0ns Of ssss .,
the opening this morning. and s0l5c on the
break. May wheat opened a@hc OF at s21sc,
and sold to s21sc In short order. The news was
mixed but bearish gossip predominated and all
markets and all grains, except oats showed
early weakness: The situation In the northwest
there Is fair weather prediction altho the
thermometer Is likely to range low and frosts
are expected. For Friday warmer weather is the
Indication With this improvement in the
northwest there were promises of the early re-
sumption Of threshing, and of better move
ment later on Local stocks, the bears pointed
out, have at last made the turn and with an
increase of $4,000 bu 50 far this week, there
is reason, they contend, to look for steady
are doing pood business on The tu
Miller says that the bad weather caused good
deal OF anxiety as to spring wheat, for that
much Of 1t will be unfit for milling purposes is
certain. and that the grade of greater part of
the rest of the crop will be lowered is believed
to be undenable. Dry wheat is becoming scarce.
In the face Of this fact, northwestern mllers are
selling flour In excess of their output. Scarcity
of wheat is felt by mills generally, but with
improved weather conditions, better country
roads and seeding in the winter wheat belt well
under way, receipts will undoubtedly increase.
Minneapolis received 395 cars against $40, and
against 200, Kansas CITY EOS against 49, and St.
Louis $4,000 bu against 121, 900. Primary re-
ceipts E9A 600 bu against ,211 900, and ship
ments $4,000 against $4,000. Wheat and
-four clearances, 129, 900 bu.
Two important reports were out on corn. The
Price Current says: The area affected by frost
represents, approximately, $50, 000,0 900 bu corn,
half Of which is secure against injury. The
favorable effect in the other half Is now indef-
mite Elsewhere the corn condition Is maintained
or slightly improved. Two billion BIZ harvest
able corn is practically assured. The wheat
movement is increasing modera tely, except In
the west. The quality of portion of the spring
wheat Is impaired.
Shows crop report says: Roughly speaking
about 40 per cent Of the corn crop Is grown in
There about 55,0OO00O acres of corn be-
tween Ohio the east and Kansas and South
Dakota on the west. percentage of which vary
ing in each state, Is 80 late as to be in danger.
The amount which be injured and the extent
to which injury be suffered varies from is
per cent In Kansas. to possibly 80 or more In
conditions Sept. 1 and with proper allow
ance for bad weather conditions since that date,
would indicate that about &c, 200 900 acres
a trihe over 20 per cent Of the whole, are late
enough to show heavy shrinkage in yield well
as serious impairment in quality should the
plant experience killing frosts at this date.
A sudden shifting of sentiment was noticed to-
day Chicago knocked the price at every oppor-
tunity. and the big Chicago houses and independ-
ent Chicago traders were almost unanimously
bearish in their opinions. Chicago would not
bull on the bad news and apparently Is in no
mood to bull even yet. Liverpool Is Indifferent
and Broou1hall says the Russian offerings of
cheaper wheat continue. s..s
September wheat fell to s5c before the close
and would not rally. December sold to sou q
S0ssc but frmed up at the close to SON@SOMc.
May wheat sold to s17s @s2c, but closed on
rally to S21ac
Cash wheat followed the option at about the
northern ranged from SSAc to STAG, and No. 2
from So nc to Sic. G a-a.. zat