The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-13
Chicago Breaks Under Soc and
Minneapolis September Quick
ly Sells to 1890.
Good Weather and Tremendous
Selling The Bears Carry It
Down Easily.
a Sharp Rally Near the Close on
Prediction of Unsettled
Weather.

Minneapolis Chamber Of Commerce, July Is
Wheat was OF to ssN assoc by 1880 this
morning, with big bear market in full swing
and selling continuous from the opening. Atno
Sc down from recent top prices. Minneapolis
September did not look low enough to the bears,
who still pounded it. The technical situation
the buying side, for short interest Of great
proportion has without doubt accumulated, ana
since the shorts will want to buy in at some
time Or other, a rally would appear to be in
order at the same time the pressure In Chicago
was SO pronounced and there was 30 little evil
dence OF intent to cover short wheat there
that even those traders who believed 1T a
buy hold of. 1t was the Chicago pit prediction
that September would be checked in that mar
ket at &c., but as 1t went to 4esc by lO:5O
there seemed little hope of turning 1t back up
very soon. The Price Current said that leading
crops are not radically changed In indica tons.
Wet weather Is interfering with harvesting and
threshing and the securing of hay. but without
widespread seriousness. Winter wheat Is likely
to total about 400, 900, 600 bu, and spring wheat
on the present basis about 285, 600, 600 bu. The
corn position is encouraging, and oats indicate
over 900, 600, 900 Blu. multitude OF more favor
able reports came In from northwest and south
west and 1t Is generally admitted that the good
weather of the past few days has sent the crop
along IN good shape. These had their effect:
OF even greater influence the summary OF
the Northwestern Miller, which, covering the
northwest and taking full note Of backwardness
OR other unfavorable condition wherever found,
presented general sizeup very promising for
Soou crop 1he Dull 1le1nS were u Tue ulAoi
sort and paid attention to them any
way. Minneapolis got only IS against
141, and local elevator stocks decreased DOC
hu so far in the week. Duluth got only 6
cars against 20 and Winnipeg so against 9S. The
southwest again showed up a big movement,
with Kansas City reporting 1872, 900 bu against
$4,000 and las, 900 at St. Louis against $4,000
The weather forecast was good one, generally
fair. There Is possibility Of showers tonight
for Minnesota and the Dakotas, bm no indi
cation Of any precipitation Of Importance The
cash wheat situation southwest is due fol-
close watching. Today Geneva, Neb., wiret
Logan Chicago that e2-pound wheat is coming
Z In, and asking for bids Meanwhile verhoef
had Kansas City advices of sales of No
sure upon Kansas City and st. Louis Is likel
to be heavy before long unless bad weathe
tnterferes with the movement
L. T. Sowle came in from a trip thru tn
country and reported the outlook encouraging
Much wheat, Mr.. Sowle says, is backward an
not vet headed out where it should be at thi
date, but the plant looks very sound and health
and apparently Is In shape to make up los
time with good weather. <.. F.
Primary receipts, 42s, 900 bu against 237 ,oOc
Clearances $4,000 bu. -
Broomhall says: Wheat declined in Liverpoc
on the American crop and the decline i
American prices Operators in Liverpool ar
bearish and the expectation Is of full crop
everywhere. Prices rallied on covering of short
and at 1:3o showed a steady undertone. Cor
declined on American crop report and the az
ton of American prices but steadied on highe
G offerings of La Plata corn.
Near the close a sharp rally occurred an
September closed at 905sc December at S67kt
Ieh1S was on covering by shorts who wer
scared IN partly by special weather predi<
lion Tor unsettled weather generally.