The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-06-28
Rain and Hail Reported in the
Valley and the Trade Gets
a Bad Scare.
September Shoots Up from 90ssc
to $500, Closing the Day
at $3.50.
Nothing but Immediate Good
Weather Can Stop a Bull
Market.

Minneapolis Chamber Of Commerce, July 2s.-
Threatening weather in the Red River valley
I'D to IL o'clock today held wheat up. Early
In the session there was some little pressure
on, due to rather favorable weather southwest
and the arrival at southwest markets or pretty
fair run Of new wheat. This was OF as soon
as the northwest forecast posted, for again
there was uncertainty and probable showers We're
In the prediction For the period preceding
there much rain shown, but 1t was very
heavy In spots and not uniformly heavy For
instance the Huron measurement was EOS
inches, Sioux City los, Des Moines .9s and
Cairo 1.S4. while other points had only mod
crate fall. At Hillsboro 1t was warming up
at 10 O'Clock and partly cloudy. while
Grand Forks and Fargo We're free from ram,
but the skies were not entirely clear and the
outlook was uncertain. AS late as s:45 AM
it was reported raining at Winnipeg, where
the temperature about So above. The south
west looked better towards noon, ST. Louis
having cloudy sky. but Omaha and Kansas
City reporting pleasant weather with nothing to
Indicate rain
More bad reports came in. One from the
proprietor of 1.OOO-acre farm in Foster county.
North Dakota, said that locality had received
little sunshine for thirty days, and that wheat
Is backward and yelowish, with much red
rust
Heavy selling presumably for outside ac-
count sent the market down to 90asc here,
but it recovered quickly to Gle when the selling
eeased.
aud local stocks have decreased by 100000 Blu
30 far this week. Duluth had 1 car against "a,
Chicago 1 against 8 and Winnipeg only IL
against ~ st. Louis received rs. 900 bu against
5000 and Kansas City 1000 against 24OOO.
Foreign markets were stronger, Budapest equal
10 1Ac up and Paris shade higher. Liverpool
Aosed A@%d higher, due to better demand for
wheat cargoes and to reports of the unfavorable
conditions in the American spring wheat fields.
Advices to Marfeld from Oklahoma reported
.hreshing returns disappointing in number OF
localities.
The market became very strong towards noon
IN advices from the Red River valley of I'M
favorable weather the principal item being
report Of rain and hail at Grand Forks. Other
points also sent in bad reports. September
wheat up quickly from 90asc to 9314c, and
while it fell back a little at the close, the
lone was very firm. The trade is extremely
nervous and quick to take alarm.
AS the market closed there was much talk
II higher prices All that can stop big bull
market apparently is good weather at once.
There are undoubtedly many little holders who
you'd let 60 any turn for the better that
ooked permanent and prices might fall a cent
Ir 80 in case Of favorable weather prediction
tomorrow morning. Without this. wheat will
probably go higher unless all pit signs fail.
the bulls are lined up again and at the close
here much talk of dollar wheat for Sep
!ember. The conservatives say the extreme
nervousness is unwarranted, but the bulls be-
deve that the fact that the crop is SO late Is
itself an argument for full price main
enance, even If there rust reports.
September closed at 92A C and July at 81 .0S5s