The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-07-05
That Option Sells Up to $3.50,
While July Advances to
941ao.
Backward Weather Continues and
Crop Reports Run Less
Favorable.
Meanwhile Foreign Markets Turn
Upward and Close Very
Strong.

eg Minneapolis Chamber of Commerce,
July 5.-Wheat was stout proposition
when trading began today and was up
"a cent instead of being off a cent, as
many had expected. There was plenty
(, of wheat in, both old and new, and, with
receipts of S12 cars in Minneapolis, the
bears had the big showing they had fig
cured upon, that, according to their Calcu-
&lations, was to break the market. In
rstead Of a break however, the market
was so stubborn that shorts were soon
paying $50 for September against $3.50
S1%c, the closing figure Of Friday. Those
who carried wheat over the long holiday
did well, and those who went short ex-
pecting that heavy offerings Of cash wheat
would break the market found their call
culations overthrown by the unfavOrablc
Is weather still prevalent. The situation Is
admittedly serious. The good weather
K needed does not come That it will come
finally seems certain, and the bears have
felt that the longer the rains continued
and the season remained backward the
greater were the chances in favor Of q
turn about In this mind they have gone
along from day to day for almost three
weeks. but still the good weather does
not come The country needs it from end
to end Winter wheat harvest fields need
ut that the work of gathering the crop
Emay go on, and the spring wheat fields
need it that the wheat may pull ahead
sand catch up in the many places where
lit is still backward for the date. The
Fbulls have made much Of conditions. The
bears have admitted 1t all, but have con-
tended that the next change would be in
their favor, They still waiting, and
meanwhile the reports from the harvest
fields Of France are less favorable and
European markets are up in response.
Liverpool closed B@1kd higher, Paris
82506O centimes up, or equal ito IL 6D3c
higher; Berlin nc up. Antwerp 1Ac up
I'm, To ic Lot nr
greflecting Rumanian damage as well
.8Broomhall cabled that lighter offerings of
Russian wheat was an important influence
for strength in Liverpool. Worlds ship
Ements at $4,000 bu were light, the fall
ing off Of almost 1000, 900 bu from the
movement Of the previous week being due
In part to Russian shipments Of only
2,36O, 600 bu against 3.376,000. 49,, s---.
The quantity Of breadstuffs afoat for
Europe, at 900 bu, shows a decrease
of S,97G0 900 bu
Minneapolis elevator stocks decreased
last week by $3.50 blu, leaving 1886, 1913
bu in store.
The visible decreased 597. 900 bu. Last
week the decrease was 1,691,0O0 bu, and a
year ago 1889, 900 bu ....s ee ~,
Minneapolis received S12 cars for four
days. against Sc for one day last year.
Duluth had So cars for two days, against
10, and Chicago 25 for three days against
35. All comparisons were somewhat ir-
regular, because Of the holiday Kansas
City received $4,000 bu. against $4,000 bu.
and st. Louis $4,000 blu, against 81, 900 bu.
Primary receipts were 1885, 900 bu against
2T9,0OO; shipments 423 900, against 469-
900, some points reporting for three days
some for two days and some for one day
Elevators helped out In the cash wheat
division and took a fair proportion of the
stuff, mIllers buying the choice lots No
northern brought IL @11ac over July.
Clearances 900 bu.
Sixteen loads of Manitoba wheat was all
the export business reported since Fri
day
The Ohio state report makes the condi-
ton OF winter wheat SO. A year ago al
this time it was 3d.
Following is the forecast; Kansas, Mis-
souri,. Iowa and Internationally fair
except local thunderstorms. Minnesota anC
South Dakota-Showers and thunder.
storms. North Dakota and Lower Mich
san-Generally fair. Illinois and Ne
bEasKa Generally fair, except local thun
derstorms.
July closed at 941ac; September, S3ss q
83kc; December, S1asc.