The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-07-01
Chamber Takes a Three-Day Lay
Off Wheat Prices Firm at
the Close.
Bears Say Accumulation of New
Wheat Over the Holiday
Will Be Large.
Bulls See Probable Rains for
Sunday and Monday and
Scare.

Minneapolis Chamber Of Commerce,
July 1.-Wheat was firmer in tone this
Smorning and while showing only small
fractional advances and no new buying of
Importance, was little less of a bear
proposition. For one thing, the deliveries
of wheat on July contract both here and
Sin Chicago, We're very light, so light, in
sfact, that there was nothing to report in
the early part Of the session. Then there
was an uncertain weather outlook for tho
southwest, and, with a long holiday ahead,
Ethere was some fear Of going over short.
ION the one hand, the bears felt that since
new wheat has begun to move it will not
be surprising If there Is q pretty good ac-
scumulation of new stuff in on Tuesday.
st. Louis looks for about Is cars Of new
wheat, while the Kansas City bears pre-
dict 200 cars new wheat In that market.
Demand for cash wheat is not very urgent.
the local flour mills will be closed, the
reduced rates on wheat to the seabOarG
make it not improbable that some Of the
mills may not resume grinding on Tues
day and there might easily be heavy pres
sure upon the market. Against this, the
bulls see bad weather In the southwest
and no assurance of a permanent change.
Let rain fall over Sunday and Monday and
the nervousness now existing might as
easily develop into a scare and prices on
Tuesday next might open up in a manner
to startle the short sellers.
& Receipts today were 1913 cars locally.
against 1913. Duluth had 80 and Chicago
ID. Kansas City received $4,000 bu and
St Louis Is, 900. Primary points had 1884,
600 bu and shipped $4,000. Many points
had holiday on this date year ago and
comparisons are imperfect. Clearances,
wheat and flour, $4,000 blu.
The Modern Miller says delay thru
rains in the cutting and threshing Of the
winter wheat crop continues in nauy sec
tions, notably In the southwest, where
rains were most frequent and heaviest.
IN 6nr Nf t. {,SIya ,+>r1
however, except some injury in sections
by rust Threshing returns are gener-
ally satisfactory and up to eXpecta tons
The movement Of wheat from farms will
abe later than last year. but all in1ica.
ations are that it will be free when IT
does begin. ....... .....-.. 80
Local stocks show decreases OF 44o o0t
bu so far.
Cash, business yesterday was 5000 br
4No'1 wheat at 95c in store, Chicago. Car.
lots of No. red brought 97c; No. 8 hard
S6hc o b. Sales Of corn were 100, OO(
Buffalo Oats sales were $4,000 bu o
white clipped At Kansas City new No. !
hard sold at SSc and old at soc. At st
Louis, Oklahoma No. . red sold at 81
AT the seaboard exporters bought 80, 90
sbu Of wheat $4,000 bu of corn and SO, 90
8bu of oats. Charters at Chicago were 70
100000 blu Of corn at &c to Buffalo.
=. A King of Toledo says Missouri vii
raise one Of the largest crops in it's his
tory, probably 40, 900 blu. 1t has raise
as high as 56,oOO,oOO bu, but raised onl
20, 100000 bu last year.
The forecast is as follows: Kansas, Mis-
Ssouri, Iowa, Dakota-Partly cloudy, wit
possibly local showers. Indiana-General
ely fair Enthusiastically fair, possibl
alocal showers Saturday. Minnesota, Wis
Sconsin, ENTHUSIASTICALLY fair, warmer
sNebraska-Partly cloudy today and Sat
urday, warmer. s'-.....- .-. .-.....' r....
July wheat closed at $3.50; Septembe
SlM @S1&c; December, 1850.