The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-06-02
July Sells to 951sc, Falls Back to
9414c, Closing Firm at
& 947sc.
Flour Mills Nearly All Going
Crop Reports Not Quite So
Favorable.
Minneapolis Stocks Off 100000
Blu. So Far-Receipts Not
Running Very Heavy.

Minneapolis Chamber of Commerce,
June 2.-Wheat jumped over the csc mark
soon after the opening this morning and
was strong and apparently tending still
higher. Too many frightened shorts were
still left to permit of any decline and on
top Of yesterdays advance the market was
1ac up at the opening and another 1Ac
up little later. Many items were found
In the news favorable to strength, but
the most important of all was the report
of the cash sales Of No. / northern in
Chicago yesterday at about &c over July.
For considerable period it has been the
argument that wheat Is too high for ex-
port or for good flour business, and there
is a great deal to this. without doubt. At
the same time. there Is not much wheat
lying around and the new crop is late
This latter phase Of the situation Is
something worth thinking about. Whether
there Is to be big crop or short crop.
the wheat from present Indications. is
likely to be late in coming upon the mar
ket. The local mills are now grinding at
about 80 per cent of full capacity and I'M
less receipts here increase considerably.
a big drain on terminal stocks will follow.
minneapolis receipts to-day were 10S cars,
against ITO a year ago, and Duluth had
Is, against 8, Chicago getting II, against
40. Kansas City had 3d. 900 bu. against
900, and st. Louis $4,000 against $4,000
Primary receipts, 273, 900 bu. against 1884,
900; shipments, 2S3000, against $4,000.
Minneapolis stocks have decreased 30O,-
900 bu for five days.
The Price Current says: winter wheat
advancing favorably, but less decidedly
than In previous several weeks. Late corn
planting delayed, affecting moderately the
acreage intended. More replanting than
usual. Warmer weather desirable. Oats
progressing favorably."
Foreign markets followed yesterdays
advance in part, Liverpool closing ADssd
higher. Berlin was up 1c.
The Missouri crop report showed no
change in condition since last month.
Then the wheat condition was 81, against
$50 In the previous year.
i The weather map shows rains general
over the west, northwest and southwest,
particularly heavy In Iowa and along the
Missouri river. lighter in the northwest
and southwest Cloudy everywhere Tenn
iperatures, northwest, 10 to So; west, so
to so; southwest 81 to 70; Ohio valley, so
TO &c.
The Record-Herald says:
"A private London cable reported an
improved continental demand for No. 2
hard winter wheat for August September
shipment, but leading exporters Of hard
winter wheat in the west have discovered
no such Improvement There have, how
ever, been frequent inquiries by cable
from abroad the last day or two for offers
or hard winter wheat for July shipment
land when these were reported impos-
s1ble' inquiries were made for July-Au-
gust shipment. These probably will be
Just as impossible for with no hard
winter wheat at the gulf now and none
TO come until the new crop moves, ex-
porters would have to take the chance Of
favorable harvest to guarantee ship
Ements either in July or August, and the
present wet weather in the southwest Is
enough at least to raise fears that harvest
might be delayed. Bids for August Sep
fember shipments are no higher. The in
curry is dull and at least 2@3c out of line,
but the new interest which has sprung
up In earlier shipments may result in a
demand for September shipment soon.
The Inquiries which have been made
seem to indicate that foreigners expect to
need some Of the new crop American
wheat and need 1t promptly. There is less
encouragement In the prices than they
seem willing to pay There were bids for
August shipments from the continent
EQUAL to TING f. 0. b. steamer Galveston.
With the new September here closing at
E8lAc, or 49sc over this price, business
Tvs considered out Of the question, even
III 1t were safe to count on the new oron
Eof hard winter wheat arriving at the gulf
an time for August shipments"
Following is the forecast: Kansas part
fay cloudy tonight, with showers in east
Eport1on Friday. All other points showers
Moonlight and Friday
July wheat closed at 94Mc; September
EB2B@82Ac.