The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-06-24
But : alls Back Quickly on Week
End Selling Out Of Long
Stuff.
Rains Again and More Uncer-
tainty as to the Spring
Wheat Crop.
The Trade Too Much Disturbed
to Turn Bearish Again
Very Soon. &

Minneapolis Chamber Of Commerce, June Pa
Contrary to general expectation wheat fell back
this morning. majority of local traders looked
for advance to follow the rains of last night
This came all right, and September sold to
907sc, but the market would not hold, The fact
that it was Saturday and that there was con-
siderable weekend profit taking in long wheat
partly the reason for the decline, but aside
from this there was a feeling that the bad
weather ought to spend itself over Sunday and
that next week should come In with better
conditions. This is the feeling that has
marked the close Of the market nearly every
day for the past week or two. 1t would seem
that the end of the wet period ought to be
reached soon, but this is exactly what the
bears have played for every night without sue.
cess so far. Should Monday come with bright
skies, better reports from the spring wheat
fields and less fear of a wet harvest in the
southwest, further decline in prices will prob
ably follow. but the trade has been too much
disturbed the unfavorable crop conditions
for any continued bearishness. With good
weather doubtless there would be renewal OF
the former southwest reports of big yields but
the trade-the Minnapolis trade at least-has
about decided that the winter wheat crop is not
going to pan out good was indicated ear
ly. AS to spring wheat, that is a matter OF
the weather, very largely. The red rust Is gen
eral in important producing counties. Black rust
is another thing and week or so ought to
bring the. wheat along far enough in places to
make it possible to tell whether or not injury
Is being done. Today the eWstern Elevator
company of Winona wired J. R. Marheld saying
that reports Of black rust had been deceived
from Frost and Brycelyn Mimi. and asking If
they had been received in Minneapolis. One of
the Marfeld travelling sent in telegraphic
report from Fargo saying that very heavy rains
had fallen, that conditions are growing serious
and that 1t is highly necessary that warmer
weather come at once and that the rains cease.
Kansas City wired Lewis: Clear weather
here, but newspapers have specials this morn
ing from different points relating to damage
and delayed harvest owing to too much rain.
j. A. Rankin says: 81 believe there is going
to be a stronger situation in wheat the coming
, crop year than the one just closing, and be-
lieve will higher prices this year than
last. I am not looking for short crop, beltev,
ing we may raise 10000 900 blu more than laest
year, but old reserves have been more COM
pletely exhausted than ever before, and the
foreign situation is much more bullish. Russia
shipped more wheat the last year than she ever
did before, and possibly more than she ever
will again. Her stocks must be exhausted. The
Indian crop will be 10000, 900 bu smaller than
last year, and there is hardly country In
Europe which will have good a crop as last
year. ->s. ~ -
Minneapolis elevator stocks decreased for the
week by ,024 bushels leaving 6,448, 051 bu
in store. Minneapolis received 131 cars, against
222 Duluth against none and Chicago B
against g.. Kansas City had 900 bu against
$4,000 and st. Lounis q, 900 against 1000.
The weather map showed more rain In the
Dakotas, Minnesota, Nebraska, northern Kan
sas and along the Ohio river. Temperature
keep low in the northwest but are rising elsel-
where. The forecast says: Illinois, Indiana,
Missouri, Kansas, Michigan, fair and warmer;
Iowa. Wisconsin, Minnesota, Dakotas, Nebraska,
probable showers -" r. e.. .- & ~ %5s
Primary receipts 100, 900 bu against 3o4, 900.
Clearances wheat and our, 101,0 900 bu
September wheat clsed at s9A@kc and July
at $1.OSB. Ill.,. .. -.,.-.5=~- -.....~