The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-15
Wheat Runs Up Another Five
Cents, Selling from $1.091a to
$1.14 Very Quickly.
July Up to $1.031s on the Local
Situation and the South
west Reports.
Rains in Texas the Feature Most
Likely to Affect the Chi
cago July.

Minneapolis Chamber of Commerce, May 10
The week opened strong in wheat. prices about ;
a cent up in Minneapolis The bears made a
successful drive and wiped off the opening gam
In its entirety. but they could not hold their
ground and prices were back up again shortly.
Soon new high points were made Manneapons
July selling to $1.031s, September to S24c ana
May to S1.14. These were high points TO II
O'Clock All options tight. A few shorts
in May were badly squeezed, the rise pelng
from $1.O91a to $1.14 on five or six trades.
Excessive rains in Texas did it. That state
has already had more than enough ram, ana
with more Sunday the reports came IN
bad. No doubt longer remains that the crop
has been put back. even If 1t has not peen
damaged. and while there are many other strong
things in the general sizeup. the Texas sltua-
ton is the feature. Since. Iexas IS hot
an important wheat state, 1t would appear
that no damage there could be serious enough
to scare the trade all over the country ano
since it has not even been claimed that the crop
is gone conservatives in the trace tooh Tue
advance as too much. having not enough SUD-
stantiality to so upon. 1t Is true texas Pr
duces wheat crop that by comparison Win
the total production for the country amounts 10
little Last wear she turned out only 12,4S3,OoO
bu according to departmental figures, ana ner
best year was 1900 when the total was I''s9o,.
900. More often she has fallen unaer tne loo9
WELD as in 1897 when only 1923, 900 bu showed
m and in 1898 g. 1855. 900; 1899, 9,O44OOo l9ol'
only O62 900: 1902, 1858, 900, and 1913, lo,seo
900. Hence it may be seen tnat: consiuei 'a
purely from the standpoint Of production rela.
tive to total yield Of the country In time or
normal supplies and average crops. Iexas might
lose all her wheat without affecting the mar
kats materially. 1t will not do to look at 1t
this way however This is not normal year.
Supplies of old stuff light. Moreover the
speculative situation would be much changea
by continued rains in Texas. for the wheat o,
fiat state Is usually the first to be- cut anu
the first to come to market. Chicago bears VINO
sell the new crop futures short. often with gooo
success have found the early moving IeXas
crop great help to their side In many a
speculation. and reports suggesting that It
might be damaged at least greatly delayed
to harvest are Of first Importance at the present
time.
Canada and the Dakotas. Minnesota, Iowa. MIS-
souri,, Illinois, Indiana and the Ohio valley gos
some The general forecast is for fair ana
cooler weather tonight and Iuesda!. ~ ~
Foreign markets were all up: Liverpool A9
11kd higher and closing 34d higher. Paris up
equal to NE and Antwerp &c higher:
Minneapolis got 1873 cars against liz: Duluth 1;a
z against f. Chicago against H. st. Louis
received 10000 bu compared with 34.ooo' ana
Kansas City 1000 against $4,000. The visible
decreased by 2.1650 900 bu, leaving A,11oooo oh
for present total Wheat on passage at 4e,se 49,
Minneapolis stocks have decreased 10000 bu
since the Saturday report.
Cash wheat did not follow the market, and
No i northern, that has been at gooo pre-
miam all along was quotable at May price,
and No northern about &c under.
Primary receipts $4,000 bu against 21s,ooo;
c1earances. 10000 bu. j.,
: Rroomhall cabled: 1.-THE unfavorable weather
IN America covering by influential shorts anc
light Argentine offerings caused strong open
ing and initial advances of %@hd, WIN l ,1ur
ther gains in July of 1ad and Pad IN septem
her General selling later caused reactions o.
I'D in both months. May corn opened 1ae
higher and July I'D higher, while the latte
month later advanced I'D further, the iacto
being the strength in wheat" -
May wheat closed at S1.1s, July Sl.oZ9st ant
September S2k @S2Ac.