The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-14
Hammered Down to 751sc, septem-
Der Receivers Later and
Touches 1890.
The Cash Wheat Market Extremely
Weak and Lower on All
= Grades.
Bull News Coming From Canada
Worlds Visible Decrease
a.. 4,125,0OO Bushels.

Minneapolis Chamber of Commerce,
July 14.-Wheat was very cratic all
morning and to noon had ranged from
T6Bc to 751sc and back to 76c and was
holding fairly steady around 1850. That
the bulls had not lost heart because of the
sneaVy decline that opened the week was
evident by the good buying that came out
on the dip to 75Bc and the number of
standing orders to buy September at 75c
that remained untitled. An important
influence for decline was found in the cash
market where the big milers were all out,
little demand was noted from any quarter,
and premiums were lower all around. For
o time 1t looked very much like a break
under 75c, especially as the outside
markets We're all weak and sagging. The
turn came on a report from the Canadian
northwest Of a crop promise much less
favorable than indicated earlier in the
season. Winnipeg put the promise for
Manitoba 10000, 900 bu less than last year.
while all previous reports have told of
the outlook for an enormous yield and
Snow, who was thru the province said
there was such an outlook as to suggest
100000 bu for Manitoba alone. 1t is
rather uncertain proposition as vet and
no one can tell much about Canada so
early. But the local trade, in view of
later reports, is inclined to view the Ca
madam prospect as having suffered de-
cline within. the past week or sten DAYS:
and the fear that an enormous production
across the line will depress the market is
gradually passing. A few scattered re-
ports Of locust and hopper DEVELOPMENT
comes in from North Dakota, but moth
Ing important enough to warrant much at
tention.
Winter wheat is now moving at a rate
10 make the daily run important as a
price influence. Toledo had 35 cars OF
new wheat this morning. Chicago had
90 cars in ALL Of which Sc were new
wheat, some Of it very good. There Is
the natural fear on the part Of some
holders that the movement will be heavy
and be help to the bears, yet there is
nothing to Indicate this 50 far. The move
ment Is not heavy for this date, while the
total primary movement Is a great argu-
ment for the bulls. Primary receipts have
been running light for long time and to-
day showed only 365, 900 bu, against 7S9, OOC
last year, shipments showing 1874, 900 bu
against $4,000. Wheat and flour clear
ances. $4,000 bu. Minneapolis received
Ill cars against 200, and Duluth 19
against 81 last year. Local stocks have
decreased about $4,000 bu so far this
week.
The Bradstreet figures for the change
IN the worlds visible show q decrease Of
A,125,O00 blu. '. p =
S.:P. Clark Of Winnipeg wired thai
Manitoba will likely run IL to IL bushel,
to the acre as against "a last year. The
territories are better than last year, but
the crop Is late. Lack Of rain early ir
the season affected the Manitoba crop sc
seriously that the yield will probably be
around 50,000,000 bushels against IS, 900,
600 last year, go - -. .~ - .'.,
The market was active and stronger
neart.s1the' ,c1ose,, September Selling up tc
1880 and closing at 761sc The big de-
crease In the worlds visible had, some
effect on sentiment. $50 -
,,l.~
without support. Not only did the prices
for cash wheat follow the option on de-
cline, but in the absence of milling de-
mand the premiums were lower all around
and lots :, that sold yesterday at A@1t
over July went, to-day at &@1c under
The result was a drop of almost 4c OF
some of the wheat. No. northern solo
at SEC and No. Q northern at S5@S51ho fo
the bulk. Other grades We're correspond
tngly weak. .--. 49,.