The Minneapolis journal., 1905-07-06
Second Day Of Heavy Selling,
Long Wheat Coming Out
Again Very Freely.
Good Weather Predicted for To
night and Tomorrow for the
Northwest.
Jones Issues His Final for Winter
Wheat, Making it 365,oo0,0oo
Bushels.

Minneapolis Chamber of Commerce, July O.
Another favorable weather prediction, forecast
that made 1t look like clear skies for forty-eight
hours to come in any case, put Wheat lower
again this morning. For the western portions Of
North and South Dakota probable showers are
Indicated, but aside from this clear weather is In
sight. In yesterdays 4c decline there was so
much small-lot long wheat thrown over that
little was left to come out today, and the early
decline more of the choppy sort--a little
buying and then selling out on weakness, occa-
sional fractional advances followed by still lower
figures. Chicago held stubbornly at SIC for
September, but went thru finally. Minneapolis
September stuck just above 92c, but also went
under, being checked again at lac and 9l1sc
on buying against puts, which were traded in
yesterday around these figures. The prospect
looked very blue for holders yet the bulls had by
no means turned over, and of those who We're
bullsh on the former rise majority still talked
Of higher prices eventually. The bull argument
is that following many days of bad weather and
q continued rise in the market, conditions We're
ripe for a quick decline upon any turn for the
better, and the persistent selling, especially that
Of yesterday looked to pit observers like con-
certed effort the part of some big interests
to put the price as low as possible. Continued
weather of the most desirable kind. the bulls
admit may send it still lower, but, after the big
break the chances would appear to be the other
way. - ...-.
Some interest is now being taken in the govern
ment July report to come out on Monday next
Z such things as statistics and official reports
having been generally pushed into the PACK
ground of late by the all ll-absorbing interest IN
the northwest weather. The Kentucky state
report for July makes the wheat condition 50
against 81 in June
Summarizing the -four trade the Northwestern
Miller says: ''Flour buyers taking only
enough to fill present requirements, and sales
with the mills usually not In excess OF tne
reduced output. The only feature which coulo
be construed at 'all favorable was slightly I'M
proved demand reported by mill here and there,
seemingly on account of the advance In wneat:
However, usually buyers seemed to give no heeo
to the strength of raw material.
Receipts here were 152 cars against 143 Duluth
getting ~ against 10 and Chicago ~ against ~.
Kansas City had $4,000 against 2o,ooo ana 81.
Louis 105, 900 against 12,OOO. 80 =
The Jones final winter wheat estlmate ap
neared lust before noon and checked the declhe
as the total of 1885, 900, rbu was less than mac
been expected. Some took 1t as rather peai 10. as1
in the sense that the winter wheat crop las
wear was only 325, ,OOO, 900 and 4O,ooo'Ooo DC
increase ia therefore indicated, but a majority
looked Mt it in comparison with Garner eApeclai
tions of a 425 900 900 bu crop this year anu o
viewed it as favorable to strength. ,,,o
Two cars new winter wheat arrived IN Mlhe
apolis today the first OF the season. poen
from Oklahoma, and one went to an eiesa.o e,
company the other to the Washburn-Croso'
company. The wheat tested 50 lbs IN weight. ~,
There is good demand for new Whent III a. u. u.
in Kansas City today against csc yesterday.
Mi,mine- -Rodman wired Verhoen that lnuica
+,ons are that that new wheat Will De wen ."Ne'
care Of and that in their judgment IL Will ho
do to get too bearish after the Dig oecllle. 600
primary receipts were 900 bu against ~
ooo Clearances II 900 bu. Bradstreets repor
of th eworld's visible supply showed a decreas @
cost of the Rockies Of 1,0O5, 900 bu, almost otse
bW an increase of 100000 bu in Europe an
afoat leaving net decrease ol 1o.'oo ~ e, -,
The local market closed on reaction ITO" ,o>
noints5 September at 921A @929sc and Decembe
8 utISSss c.zsEs =s%sSsEs.a-s -