The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-07-08
September Wheat Opened Strong,
Sold to $3.50 and Fell Back
to 85c.
Flood and Damage News Still
Coming, but the Worst May
Be Over.
The Steady Advance of Be to &c
Warrants Some Moderate
Price Recession.

Minneap polls Chamber of Commerce,
July S-Further bad reports came from
the southwest this morning, and with
them were unfavorable items from the
northwest respecting the damage to
wheat by the general rain OF last night.
Minnesota makes Il poor showing for the
season, the wheat being backward on the
average and in North and South Dakota
the general stand does not average up to
a normal condition for the date. That
serious damage has been done has not yet
been claimed but the seriousness OF the
situation is more apparent now that the
weather is again bad The grain trade
realizes that unless GOOD weather. comes
along soon the wheat cannot forge ahead,
and as this is July 8 it is time it began to
grow If it is ever to catch up. The south
west, however, has serious damage to
show, beyond any doubt. Some claims
are made that the state Of Kansas will not
raise over so, 900, 900 bu against an earlier
indication Of 10000 900 to 0,O0O, 900, and
while this latter estimate is probably
overdone, the fact remains that the yield
has been cut down very, ma terially and
that the quality of much Of the wheat will
be lowered. The Minneapolis market
opened strong and July passed CSC. Sep
TENDER going to S61ac Then followed
waiting period, September settling around
sec. The trade is bullsh almost to man
and there is everything to make one
bull, but the advance has been very rapid,
September Is up about sc without a
break and many felt some reaction would
come before the rise could continue.
THE following message came from
grain company at Omaha: Wheat In
South Platte county In this state, has I'M
doubtedly been damaged by rain. Have
talked with our own agents and also have
reports from agents of other line houses.
They all report damage from 10 to SO
per cent Think % per cent conserva-
tive. Serious damage to oats might re-
suit if we have hot sun after these excess
sive rains g..
Snow says the winter wheat condition
Is 1872 and spring wheat condition 9l.7
and that winter wheat will run to 375,000.-
600 blu and spring wheat to $1,000, 900.
Broomhall says a good French authority
estimates the crop at Is per cent under
last year. o.. -..r
Minneapolis received 112 cars against
12S, Duluth 20 against and Chicago 8
against II. Kansas City had 1000 blu
against $4,000 and st. Louis $4,000 against
1000. Local elevator stocks decreased
$4,000 bu for the week. ...s
The Commercial Vests crop bulletin
SAYS: The week has been unfavorable
for wheat northwest and southwest. The
plant northwest lacks in growth and D
considerable area is weedy. Sunshine is
needed for normal development. The
southwest has had heavy rains that have
at least injured quality generally and re-
duced yield moderately. The promise for
corn is generally below normal In some
states there is backwardness to an eX-
tent that justfies conservative opinion as
to results
Primary receipts $4,000 bu, against
500, 900; shipments, 10000. against $4,000.
Clearances today, $4,000 blu, and for the
week, $4,000, against 2,3S0,000 a year ago.
The market broke near the end on clear
ing weather At 1 o'clock Wichita report
ed clear and hot; Junction City, clear and
warm; Atchson and Kansas City, clear
ing up; Omaha and Lincoln, clear and
warm. Against this the weather bureau
predicts rains and thunderstorms for Kan
sas tonight and tomorrow.
The modern Miller was bulish on the
southwest situation.
July closed at 965sc; September at $50
SoBc; December at S25sc.