The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-08-31
Rains Scare the Shorts, Who Gov
A er, but the Market Shows
Little Feature.
IA Forecast Good Enough to Allay
Fear and Tone Down the
Market.
Larger Receipts Today at Both
Minneapolis and Kansas
City.

Minneapolis Chamber of Commerce Aug 81.
Lnhalh over the northwest and covering by
/ shorts put wheat up notch early today. Sep
TENDER. against yesterdays low point of s0iA
cents and Yesterdays close at S1h cents. was
: traded In from s21a to s21s cents In the
opening business. The rains, while not heavy
enough TO cause any fear Of bad effects, were by
no means favorable and continued rain would
De decidedly bad. For Minnesota the outlook is
!or local thunderstorms tonight and Friday, and
local rains due for the Dakotas tonight, but
tne Friday prediction for the Dakotas was for
fa1r weather, which was the saving feature Of
the situation. All the trade realizes that con-
unued rain for several days North Da-
kota might take the edge off the crop and make
besides pulling down the bushels someWhat
Also the trade feels that longer period of rain
need be expected. While the possibility of dam
age Is present, chance would appear to favor
the other side for considering how much bad
weather the northwest had early in the season,
there ought now to be an evening up in the
Continue to n With some e0 FEW ek
ceptions The feeling that there is q big crop
has not been changed. The market is likely to
respond to minor bullish Influences to the ex-
rent OF few cents at any time, but apparently
no permanent change in grain trade sentiment
has been made. The Northwestern Miller. goes
on record this week predicting 100000, 900
bushels spring wheat for the three states and
The Miller also goes on record In opposition to
the Jones estimate Of 16600O000 bushels spring
and 100000 macaroni, and says the figures
too low.
Considerable comment has been heard about
the probability that farmers in the northwest
may hold back their prices go lower
commission man Of experience and Judgment
makes the argument that no holding back is
likely to be seen while present differences be-
tween cash wheat and the distant options
remain. For instance with No. 1 northern
about S61s to 81 cents and Minneapolis May
wheat about s3$ to 1914 cents. which difference
maintained at time this morning, north
west farmer in touch with the markets, having
wheat to sell, and being dissatisfied with the
cash price, would be more likely to sell his
wheat and buy the May option, than to carry
along the stuff with expense Of holding and risk
of loss.
Minneapolis elevator stocks show decrease for
five days Of 100000 bushels. Minneapolis ana
Kansas City got the larger receipts, the local
BOG cars, comparing with $50 last year and the
$1,000 bushels at Kansas City running we'll
over the 100000 corresponding. st. Louis got
100000 bushels against 152, 900, Chicago as cars
against 80, Duluth A. compared with ~, and
Winnipeg II against Q.
Loves wire to Stephens said the Manitoba
wheat worked yesterday figured about 81 q
cents for No. l northern and ss1a cents for No.
northern C Liverpool, against American
northwestern wheat No. 1 northern at 94h
cents and No. 2 at 911a cents. On this basis
Canada Will crop first
Primary receipts. $4,000 bushels against 767,-
600. Clearances equal to $4,000 bushels wheat.