The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-06-16
Which Is Surprising in View Of
the Bearish News Now
Coming.
IA Big Short Interest Thought to
Exist in Ccicago Sep
TENDER.
Weather and Crop Reports Run
Very Favorable on the
Whole.

Minneapolis Chamber Of Commerce,
June 16.--July wheat made another dis
play of strength to-day, holding above 93c,
against continued pressure OF srnall-lot
selling. Pit scalpers have been going short
in July for g. long time with some prof1t,
for they managed to get little dips af-
fordtng profit But they do not stand
short very long. June is half way thru
and July will be around soon. There IS
O. stock of only q little over 5000, 600 bu
of contract wheat here and, by July it
will be under that total, in all probability
Nevertheless. there la said to be some
thing of a short interest here. In Chicago
there Is one big firm said to be heavily
short in September. These shorts have
had many things in their favor and most
of the short stuff shows profit at present
prices. With the winter wheat harvest
close at hand and new wheat likely to De-
gin dribbling In almost any day, these
shorts look for general shaking of bull
sentiment and a material decline. This
may come It is quite possible that they
NAV be able to force prices down enough
to loosen up some long stuff and start
liquidation. Then an occasional sledSe-
hammer blow with big lot VIII keep
II sliding. These men are predicting
general sweeping decline to come before
very long.
At the same time there is quiet a short
interest now outstanding and as FAR as
manipulation Is concerned it Is about
~
in so far as Minneapolis Is concerned Is
that here it appears to be the big people
that are long. Many think July wheat is
worth csc, mo matter how much OF a
new crop is raised or how soon 1T comes
True the winter wheat may come rush.
ing in some time earlier than expected,
but it Is doubtful if the spring wheat Will
begin to move as early as usual. Ih1s
bears upon September, for July here Is
absolutely an old crop option. On the
III hot h
bears continue selling as freely as they
have of late and people continue putting
out short stuff condition may arise soon
where little bit Of damage will turn the
market up, for nobody runs any quicker
than frightened short.
The market was without animation dur
ing the late afternoon and there was no
perceptible movement. The fatten1ng out
of the heavy speculation later in Union
Pacific and Southern Pacific prevented
scalping operations by the trading ele-
fnent.
Minneapolis received 100 cars against
1877 Duluth 20 against 81, and Chicago 81
against &C. St. Louis received 1000 bu
against 5000. Kansas City had 25,OOO bu
and shipped $4,000. Clearances Of wheat
and -four, 1876, 900 bu. Primary receipts
900 bu against $4,000. shipments
5000 against 124,O
The Sc break in wheat at Antwerp gave
the bears fresh courage and was the rea.
son for considerable later selling. Corr
eased off some with the wheat, but had G
very firm undertone. The trade In Whea
was small. Foreigners were resellers o
wheat at Duluth to-day. The wheat wa
said to be bought for September ship
rnent. Argentine advices estimate whea
shipments this week at about l,4O0,O O
bu and corn shipments at about 10000
The Argentine weather conditions are ia
voraple.
Following is the forecast: Kansas, Ne
braska, South Dakota and North Dakot
Generally fair. illinois, Indiana, Mis-
souri,, Michigan, Minnesota, Iowa, W1scon
sn-Generally fair; warmer Friday.
The Price Current says wheat Is pro
crossing favoraby. Improving tendenc
In east and southeast. Kansas low land
damaged some and too wet for harvest
southwest. Elsewhere conditions ar
maintained Corn slow growth, but we
worked, and stand fairly good. Oats pro
crossing favorably, and good average.
The Russian minister of agriculture ha
Issued report dated June 49, which note
damage to crops, especially to winte
wheat, from cold weather and drought.
Chicago said it looked as if there ha
been some selling Of wheat for Laidle!
who assigned. In corn there was som
July buying for his account The smalle
corn receipts do not help market, as migf
have been expected.
July wheat closed here at 931s @92A'
september at sO3s @sokc, and Decembe
ESAc