The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-07-18
Liverpool Gets Bad Crop Reports
From Russia and Jumps
11s@114d.
Minneapolis September Wheat
Makes a New High Point
at 8sssc.
Statistics Also Favor Strength
Worlds Shipments Very
Light.

Minneapolis Chamber Of Commerce,
July 18.-The feature in wheat at the
opening of the week was the decided
change for strength in the foreign situa-
ton The bull market now in progress
took its inception from change for the
worse in the American crop promise about
a month ago. Then came the south
! Western floods and the enormous damage
/ In Kansas the excessive rain in the north
west and general backwardness, and the
evidence that come what might, no big
American wheat crop was possible Then
came the estimates that the total will
fall well under last year. The cash mar
kets have been strong, the winter wheat
movement is late, the spring wheat move
ment will be late and, as to quantity and
quality, the spring wheat has yet to pass
a long, trying period before anything Is
sure. All this the bulls have had in their
favor. The bears have hoped for turn
for the better, have cried down crop dan1-
age talk, and, even to Saturday last, were
inclined to look for a break. Saturdays
market closed up strong, and that, they
said, would probably mark the culmina-
ton. But this morning they came down
TO find Liverpool 11sTllAd higher. Ex
PLANTATION Of this was wanting, but it
came along little later. The London
Times of this morning printed very
(, bulltSh summary Of Russian crop condi-
| lions. This was an item the Importance
I of which could not be denied, for the
/ year ARGUMENT mas Deel tndC WITH the dQ-
! Vances In American markets wheat was
| getting more and more out of line for ex
! port. Today, however, Liverpool is found
| not only coming up to our previous
strength, but pressing 1t on bull news
! entirely Independent of anything on
! our side. Moreover, Chicago wired Wat
son that buying orders ir, that market
for 100000 TO 400,Q00 bu We're tracable to
| English sources, which would indicate
that some at least on tine other side think
| wheat worth the money.
j Statistics also favor cil the ills. A year
ago today worlds shipments for the week
preceding were 1o560.000 BIZ but for last
| week were only $685. 900 blu. The quantity
Of breadstuffs afloat FOR Europe at 1885,
! 600 blu, shows decrease Of 3,2S0,000 bu.
! Kansas City received only $4,000 bu,
1 against SO, 900, and St. Louis 1875, 900 bu,
against 211,000. Minneapolis ran ahead,
! with 329 cars, against 200 year ago, and
! Duluth had 30 cars. against 20, but Chi
cago had only 1 car, against 49, Local
stocks have decreased 100000 bu so far.
| The early report showed 1.60 inches
| rain at Moorhead last night and the Ca
madam northwest had rain, Winnipeg re-
! porting inch.
Primary receipts $4,000 bu, against
] $4,000; shipments $4,000 against 276, 900.
! Clearances, wheat and flour, SO, 900 bu.
The Southwest Grain and Flour Jour-
nal says: After personal investigation
ana reliable m1OrmatlOn from the entire
southwestern winter wheat belt and TAX
T! ing into consideration loss by floods,
/ storms and rust, we do not believe 1t pos
sible that the winter wheat crop Of
Kansas exceed 60, 900, 900 bu, Nebras-
q la 81, 600, 900 and Oklahoma $4,000, 00O
K, With continued storms this may be cut
+ down considerably in quantity as we'll as
suffer much impairment in quality, but
at this writing we would judge the to-
tai yield Of the three states over 40, OOO,-
600 bu less than last year. From present
indications the crop will be very low
grade in some Of the bottom fields
We believe the wheat harvest in the
southwest this year will nearly all go on
consignment on account of impaired and
uncertain conditions. We do not agree
with the government estimate on corn in
Kansas Oklahoma and Nebraska and
4 place conditions at least s per cent below
government figures. Storms and rust
have wrought much damage to oats and
we think the government oats estimate
also to 10 points too high in Kansas
and Nebraska
July wheat closed at ssAc; September
at $3.50 and December $685..