The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-11
Puts Wheat on the Slide Early,
Minneapolis September Going
to s1.oo5s.
Snow Sends Bad Reports Later
and the Market Jumps to
$1.o51a.
The Speculative Situation a Tick
lish One From Any
Viewpoint.

Mtnneapolis Chamber of Commerce,
Aug. 11.-Influenced largely by the report
of the Northwestern Miller, wheat fell OF
to $1OO5s early today The Miller taxes
q conservative view of the SITUATION III
the northwest and while admitting IN
full the damage following upon oiach lusl.
and the presence Of the rust IN many
fields. contends that the damage has been
exaggerated and that conditions are by no
means so bad as the more sensational re-
ports have made them. To some eN-
tent this view Is now shared by NUMBER
in the local trade, who feel that the nortn-
west will have some wheat after all, al
lowing. Of course, for the fact that an
early frost may come which would change
any conservative view, as much wheat
is late and a killing frost would eaten IL.
However, the bull spirit dies hard, and,
while the September price broke early, IL
was back up to $1.03 later on new buying.
Many still believe much higher prices are
to come. In fact, the trade might be
roughly divided into those who believe the
boom is over and those who view the de-
cline from S1.05B to $1.008 as only an
other setback on the upward trend. How
ever this may be, the market cannot be
pronounced as strong in undertone as
formerly. New buying is seen, and should
the weather again turn unfavorable this
might easily run heavy enough to put
the market higher than ever Against
this occasional weak spots develop, spots
on which few heavy drives would as
easily send prices, down quickly, but the
bears lack the courage to attack the
market. With bad weather the bulls
could start in again with fair prospect of
success, but with three four days of
continued good weather the bears would
get their courage back and the market
might have to stand some heavy pressure
The government report was not much
different from expectations, altho the
condition of spring wheat at S7.5 was a
little lower than had been figured upon
Approximately speaking. the report indi-
Gates 5S6,000,000 bu as the wheat promise
of Aug. 1. Most of the spring wheat dam
age has occurred since that date. Mr..
Hill sticks to his original estimate Of
$40 900 900 bu for the total
Snow had out a report that put the
later strength into the market He drove
distance of fifty miles, and found red
rust in almost every field and black rust
In a few. The crop is two weeks late
on the average. The showing early in
the week promised eighteen bushels to
the acre. The Melville district has bad
: smut in the fields that the farmers have
not yet discovered
Broomhall cabled that the government
has prohibited exports Of corn, barley and
all feedstuffs. Barley has been the prin-
cipal grain exported.
Minneapolis received 1913 cars against
85, Duluth % against II, and Chicago
102 against SO. ST. Louis had 1877 900 bu
against $4,000.
Minneapolis elevator stocks decreased
100000 bu so far on the week. tltEE5s5
The Price Current says dry weather is
occasioning a less confident view Of the
corn crop. Most sections are still in fairl,
good positions The situation favors E
large crop of winter wheat indications
are not improved; spring wheat evidently
considerably injured. Total crop possibil
tiles, about 600, 000,O 900 bu.
Predictions for probable showers tonigh
and Friday started the shorts GOVERN.
and with this heavy buying began il
Chicago and the local pit turned bullish
September selling to s1.O5h.
van Dusen- Harrington make the fol
lowing estimates for northwestern crop
with comparisons: Minnesota Yields be
acre 15.7 bu; last year lib. South Dakota
Be. last year 1875 North Dakota 1874
12.7
The editor of the Kansas City Star afte
careful investigation of the winter whea
crop says that the total will, in his jude
ment, have to be reduced finally to 800
600 900 bushels by the disappointing yield
IN Michigan. Ohio, Indiana, and Nilsson;
and by the damage done by rains in Kar
sas. Oklahoma and other states
September closed at S1:O5A: Decembe
At $l.0lR and Nav at 81 .03aA