The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-07-12
This Jars the Trade and Sends
September Wheat Up to
871ac.
Decrease of 100000 Bushels
Shown in the Worlds Visi-
BILE Supply.
"A Bull Market on and Higher
Prices Looked For-Govern-
ment Summary.

Minneapolis Chamber of Commerce,
July 12.--Jones estimate as to maximum
yield. indicated from the present stand
was the feature of the wheat market this
morning. Winter and spring territory
combined promise $780, 600, 900 blu. This is
$4,000, 900 blu less than the government re-
port issued late yesterday would indicate,
and compares with 637 ,000 900 bu, the total
estimated in the final government report
last year. AS soon as the government re-
port was issued statisticians in various
markets began to figure it out, and the
results arrived at varied greatly. One
Wall street calculator makes the promise
100000, 600 bu, and other estimates run
down by 100000 900 to 30,000,O0O bu The
Wall street estimate, followed by the
statement that the big yield indicated
should be a help to the stock market.
shows the origin of the optimism eX-
pressed. The Chicago Record-Herald says
the report indicates 1863 1000, 900 blu OF Win
ter wheat and 266 900, 900 bu Of spring
wheat, total of $50, 900. 900, while Howard
OF the Chicago Trade Bulletin comes close
to this at Gal, 100000 blu. The Jones estl-
mate of 100000 900 bu was so far out Of
line with these that it strengthened wheat
and held the market against the liquida-
ton that usually follows a government
report, and put a damper upon bull en-
thLsiasn in stocks. Explanation Of the
wide difference in the figures lies in the
fact that the Jones estimate Is under
stood to be based upon conditions In sight
up to this morning. A government re-
port does not, and obviously cannot. take
note of changes after July /. Everyone
knows that since July began the rains and
floods have done great damage in Kan
sas and other important winter wheat
states, and everyone knows that the
weather in the northwest has not been
OF the best. Southwestern estimators are
stlll disputing over the damage done by
the recent floods and continued precipita-
ton and probably never will agree as to
whether the loss in bushels was 100000
bu Or $4,000, 900 bu, but that it was heavy
is certain. Moreover, the prospect of a
big northwestern wheat crop has been ma
terally leSsened. There are counties In
the northwest in which the outlook has
never been so good and where heaVy
yields are promised, but so much more of
the area is backward that the summary
Of conditions is not good. Many localities
where wheat Is ordinarily heading by July
] report the plant very backward, and the
northwestern crop on the whole Is very
late. If this was June 20, the present
stand would be fair, but it is July II, and
the weather is not yet what is should be,
and instead Of figuring out how much
more spring wheat Is to be raised than
last year the trade is now considering
whether Or not it Is even safe to assume
that the northwest will come up to last
year in production.
Heavy rains fell last night in the Ohio
valley, northern Illinois and eastern Mis-
souri,, with d trace at Dodge City and
clear elsewhere The forecast is for fair
weather tonight ana Wednesday for ILL
nois, Indiana Missouri, Michigan, Indiana
and Wisconsin, but for showers In Mime
sofa and the Dakotas and fair tonight
but showers Wednesday in Iowa, Ne
braska and Kansas.
Primary receipts, 24S,OOO bu, against
S65 900 blu: shipments, $4,000 bu, against
against $4,000 bu, and Kansas City, 1000
blu, against $4,000 bu.8 Duluth had As cars,
against 10; Chicago II, against ", and
Minneapolis 172. against Ill. Local stocks
have decreased 1000 600 blu so far this week.
Clearances of wheat and flour, l'3,ooo
bushels tIgs
The international market is very poor
ly supplied with offers for shipment of
wheat Of any description. Broomhall ca
bles that he can hardly recollect such
scarcity since the Letter period.
Bradstreets show a decrease In the
worlds visible of SAL 900 bushels.
The government weekly crop report is
bullish on winter wheat, and notes some
little rust in spring wheat. It reads as
follows: Spring wheat has suffered
slightly from rust over southern portions
of the spring wheat region and Is thin
and weedy on lowlands in northern Min
nesota. The crop as a whole has ad-
vanced satisfactorily. Winter wheat has
sustained great damage from continuous
heavy rains in Nebraska, Kansas and Ok
lahoma. where the unharvested grain was
seriously damaged by rust and lodging,
and that in shock by moldng and sprout
ing. Harvesting was also greatly him
dered by unfavorable weather in the dis
tricts east Of the Mississippi river, where
however, the conditions were much less
serious than In the states Of the lower
Mississippi valley"
Indianapolis wired ga cash grain man
at Flatrock Ind, says millers paid him
$1.10 for cash wheat yesterday, and that
he could sell more if he had it,
July closed at $3.50. September at S71ac
and December at S4%c.