The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-06-17
Notwithstanding All the News for
a Fortnight Has Been
Bearish.
And July Sold OFF To-day to
Around 921ac, Closing the
Day Easy.
Lack of Export Business Great
Bear Argument Fine
Weather.

Minneapolis Chamber of Commerce,
June 17.--Early rumors this morning were
of shade of Improvement In the wheat
export situation at the seaboard. 1t was
said there was better inquiry. No business
was reported, however. and few dribbles
was the best that could be learned of to
1880. To that time the prospect Of any
thing better in the export line was an in
centiye to resistance against pressure.
and, altho general weakness was the rule
in outside markets, Minneapolis July
wheat still held above 93c. The bears have
one really frst-class argument on their
side-the fact that American prices are
out of line for export A year ago Liver
pool July wheat was about 6s sid and
Chicago July was i6c To-day Liverpool
Is about IS 1Md and Chicago July S5c. No
big export business need be counted upon
so long as this wide difference maintains
and competing countries continue sending
out wheat freely. Liverpool is the worlds
regulator. Never does it fail to work out,
aitho it often takes a long while for the
adjustment to come about. America is
an exporting country She has wheat to
sell and it does her no good to put a fancy
price on it and keep it in the showcases.
Hence the situation, on the legitimate ba-
sis OF price comparisons, is bearish, and
hence, say the bears, prices must go down
sooner or later.
OF course, this argument utterly ignores
the change in export conditions from the
American viewpoint. II there is any big
quantity of wheat anywhere waiting for
sale for export, it certainly is not in
sight. The stocks In store do not show
it. The visible Is not very large. The
movement from the country to American
markets is light The American people
are consuming some every day and the
mills are grinding up considerable. 1t is
true we are doing nothing in export bust
ness but, before one becomes hopelessly
beariSh this proposition, he should go
over the statistics Of the day and figure
out in what degree this lack Of export
business IS due to our high prices and In
what degree to the fact that we have not
got the wheat to export, anyway. That
We are going to have it is doubtless true
If the winter wheat comes out as indi-
Gated by the government report and spring
wheat turns out an average yield, the
country will have somewhere between
5000. 900 and $40, 000, 900 bu of wheat
From this total the surplus available for
export, allowing for increased domestic
consumption, Is likely to run between 1885,
100000 and 49, 900, 900 bu at best, total
not necessarily burdensome. This would
appear to be the promise now, and it prob
ably represents the best that may be
pected with the chances ordinarily IA
voring reduction of promise from this
time on. Winter wheat is not yet in and
spring wheat, while doing splendidly at
this time, is a long way from harvest, is
Of the summer and is admittedly late,
which latter point suggests possibility Of
hot wind or early frost damage and a
later movement to market in any case.
1t would seem that there are still two
sides to the market, Notwithstanding al
most every scrap of news for a fortnight
past has been bearish.
The weather map shows heavy rain at
Huron, S. D., and trace at Moorhead,
Mimi light local rain in western Kansas
and scattered rains in Missouri; general
rains in Ohio, local in Indiana. Tempera-
lures average higher except in Illinois and
Missouri A decided rise is shown in some
parts of the northwest. Generally clear in
the west and partly cloudy northwest and
southwest. In the extreme north and
northwest it is fair to clear and warmer,
81 to GO. The northwest is partly cloudy,
81 to IS, precipitation a trace to 1.3S; the
west and southwest partly cloudy
The following came from Oklahoma City,
Okla: Harvesting in progress in all parts
of Oklahoma. Generally expected yield
Of 10000, 900 bu, against 1000, 900 a year
ago; and month ago liberal estimate was
12,0O0,000 to Is, 900, 900 bu. Secretary Top
pins of the Oklahoma Millers' association
said yesterday that reports of harvesting
so far would indicate the quality to be
very fine and the yield much larger than
previous reports had estimated
Only So cars were received here, against
1872 a year ago. Of yesterdays receipts
81 cars were winter wheat. Duluth re-
ceived cars, against Sc, and Chicago 90
against 81. Kansas City had $1,000 an6
shipped $4,000 ST. Louis received "a OO(
against $4,000 and shipped SO, 900 against
1000 blu. Primary receipts, 223, 900 bu
against $500 shipments, $4,000 against
$4,000 blu. Clearances, $4,000 bu. Yes
terday 17S cars were loaded out of loca
elevators and Minneapolis stocks will de-
crease for the week by about 100000 Blu
The Modern Miller says: 1.-THE inter
wheat harvest Is steadily advancing
northward, with conditions favorable ex
cept for temporary Interruptions by rair
in the southwest. Cutting has begun ir
southern Kansas, Missouri and Illinois
Returns received thus far indicate a sat
isfactory yield of grain, Of which the
quality is generally good Mills in the
south, including Texas, are running oY
new-crop wheat. The prospects are tina
the movement from the farms will be free
as soon as the crop is ready for market
ing"
Minneapolis July wheat closed at 92& a
92Ac, September at 1880 and Decembe
at 1914 @7sasc.
Clearances for the week were bette
than of late, showing wheat and f1ou
total equal to 2,044000 bushels.
THE FLOUR MARKET