The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-07-11
September Very Strong and Many
Inclined to Look for a
Great Rise.
More Rains in the Southwest and,
Damage Reports on the
Increase.
Statistics Also Favor Strength
Worlds Shipments Fall
ing Off.

Minneapolis Chamber of Commerce,
July 1.-THE bulls took hold right Where
they left off on Saturday and put wheat
up this morning, opening the week with
an early squirt in September to S5Ac. 1t
was not very hard to do this. A few
buying orders started it going, and the
strength remained after the upturn
When September recently sold above So12c
1t brought liquidation from numerous
small traders who had profits and thought
it well to take them. This sent the price
back to 84Ac, fair reaction. The bulls
say that no big lots were sold on this
decline. that large holdings Of September
are still intact and that the men VINO
have the big lots are not likely to be SELL
ers for a long time yet. This does not
seem unreasonable. Just why any one
holding wheat should sell 1t out or why
any one should commit himself to the short
side is hard to understand. Inc Scalpers
may buy or sell at any time, but Tor
long look ahead it is difficult to hnd any
thing warrantng belief of material de-
cline. That exaggeration Of crop damage
will come-that, indeed, some exaggera-
ton has already been heard Is likely
Yet, despite this tendency, there can De
no doubt that actual severe damage mas
occurred and that the wheat yield can
not come up to the totals formerly indi-
Gated Now that the floods are subsiding
In the southwest, 1t is possible to see
the situation more clearly and to say that
1t is an unfavorable one Is to put II rnliu-
". Winter wheat did not promise any
thing big when it looked best, and long
ago the trade was told by best authority
that 1t was useless to look for a total
equal to last year and that 81, 100000 to
Co. 600. 900 bushels less would be shown
Since then the harvest fields have been
soaked EstimatOrs in the southwest
claim all the way from 30,0O0,0O0 to So
900 900 bushels lost, and in some parts or
Kansas the effect Of the bad weather
makes conditions almost calamltous. Even
if the loss in bushels should finally prove
to be less than estimated, there is a
general lowering of quality that in itself
is very serious.
When it was first estimated that win
ter wheat would fall off by approximately
60 0OO.O coo bushels. the bears refused to
become frightened, maintaining that with
the stand in the northwest this could be
nlado No in spring wheat. Bumper spring
wheat yields We're the talk. Today 1T
is clear that nothing but exceptionally
fine weather from now on will produce
even a good yield in the three northwest
ern states, and with much of the wheat
backward and the general area spotted
there Is no positive indication OF even
normal yield. AS the country lines up
now it looks as if prices somewhere
around present levels are justified in any
case. while If anything serious should
come over the spring wheat crop, prices
might easily result that would make the
high figures of the last great advance
look low.
Rains fell last night oyer Nebraska and
Iowa, with a trace at Dodge City and
Wichta,s Kan For tonight there is a
forecast for local. showers, -inn9 SVisconsins
Kansas Missouri. Iowa Illinois and In,
diana. For the DakOtas, fair weather is
predicted. but Minnesota may have show
ers In the eastern parts
Statistics were strengthening, worlds
shipments falling to 696S.0 900 bushels.
The quantity of breadstuffs on ocean pas"
sage at 43536 900 bushels showed a de-
crease of 1.656.Oo0. Minneapolis elevator
stocks decreased $1,000 bushels. Local
receipts We're 272 cars against 213, Duluth
getting 20 against 8 and Chicago against
81 Kansas City had $1,000 bushels
against 10000, and ST. Louis $4,000 against
123. 0O0 The visible decreased $1,000
bushels, leaving ,19,478,O0o bushels in the
total. ~-, -,
Primary receipts. >327,oo blu. against
BIC. 900; Shipments 1O6 900. against 100000.
ClearanCcs of wheat and flour, IS, 900 bu.
Duluth reported $4,000 bu of No 1
northern sold to eastern millers
July wheat closed at 973sc; September,
1854 0S5%c; and December S2& @82Bc.