The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-11
July Wheat Sells to CSC, Closing
Strong Shorts Are Again
Forced to Cover.
Manipulation Doing the Business
in July Which Scares
b, Traders.
Thew See the Source of the Sup
? port and Are Very
+: Wary. L.

MINNEAPOLIS Chamber of Commerce, May IL
After the government report there was oisplay
OF strength in wheat and July sold up from oo'sc
to 97@97Bc. May from 81 10 $A.oo .inen
the market halted and turned dull. TradersN o1s-
cussed the report and the weather and could not
make up their minds as to just what 10 Ga. Inc
bulls made much Of the fact that while ue-
crease of about 900 acres had been expected
the decrease was really much heavier or 1,4a2'-
900 acres. This was about the only Dulllsn thlhs
In the report and. by comparison, this was not
bullish. On the whole. the report was bear1sn.
The conditions, so far from declining, actually
turned better by a point since April 10. DIS
missing all detailed discussion of the report ana
coming down to bare facts. 1t is found that the
winter wheat acreage Is 2e,12Sooo or 2'soe,oov
larger than the total harvested last rail- ana that
on this larger acreage the stand Is IL points
higher, than year ago and S.S points hlgher
than the ten-year average. II this Is not pear
ish it Is hard to know what would be considered
bearish. However, this is not tho only thing
to be considered The exceptionally heavy rain
all the wheat belt. especially In the south
west is not favorable to the crop. 1t Will spread
rust reports of which have come from many
directions The weather, which has been ideal
so long, is unfavorable and will probably
induce outside buying. The cash situation Is
growing stronger, premiums increasing all the
time. This may give the May bulls little bet
ter chance to squeeze the shorts If so inclined,
) but it is doubtful If July will follow far
On the other hand, something Is doing in Min
: out Just what it is. Manipula ton might run
it up. especially If wet weather continues, but
( with this out Of the way, wheat ought to sell
lower.
Reports came In here of weedy fields in North
Dakota. Rains have favored thier growth and
the ground is so wet that little has faf
been able to check 1t. The Price Current says
the general wheat crop situation Is mostly main
tanned. Some drawbacks in Kansas. Cor plant
{ Ing somewhat retarded in various sections by
rains but the situation not notably disturbed.
/ Other crop conditions generally promising. The
government winter wheat report means that tndi
cations are about 100000 bu less than month
ago.
Wall street, always too optimistic, sees AGO.,
E 100000 bu winter wheat promised by the govern
ment report Conservatives in the grain trade
S figure 425. 100000 bu to 440, 900, 600.
: Receipts here were 100 against SO, Duluth
had I against % and Chicago none against IA
. Kansas City got only 1900 bu against 20, Oo(
l. and st. Louis 5000 against 1900. Winnipeg
had 127 against 81.
Weather map shows snow IN Canada. rains IL
the Dakotas Minnesota, Iowa, Nebraska, I'LL
nois, Indiana and Ohio. Temperatures are lowe
northwest. There was freak temperatures Ii
Kansas. As to To- with suggestion of a decide,
drop tonight. The general forecast reads: Hi
nois, Iowa, Missouri, Observation-Disclosures an
thunderstorms tonight; fair, cooler Friday. In
I DIANA Michigan-Showers and thunderstorms to
5 night and Friday; cooler. Kansas-Fair, cooler
: Nebraska-Part cloudy: frosts west tonight. Da
: kotas-Fair; frost tonight. Minnesota-Fai
west, showers east tongiht.
Broomhall cabled: After opening uncha nge6
July and September eased off I'D on the govern
ment report, but later in session a better cont
mental demand and lack Of sellers caused rea,
tion of sd in the May and September and u
In July. Corn opened unchanged but shortl
afterwards strength in La Plata parcels cause
slight gain Of 7sd which was later lost
realizing. ~..-- go. $780,. 49, 80.
Primary receipts 125,ooo bu against 1874, oot
.clearances 81 900.
Near the close the market turned very stror
ana July went to 9Sc closing firm. This was {
Short covering and largely on buying BY Il
same interest that raided the market at IL
close yeterdsy.