The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-06-03
But a General Belief that Some.
thing Is Doing in the July
Option.
A Repetition of the Sensational
May Events Thought to Be
Very Probable.
Wheat Still Coming Into Mime
apolis in Quantity-News of
the Trade. as

Minneapolis Chamber of Commerce, June s.
The week came to an end without the develop
ment of any new influence of Importance. In
terest has gone into September wheat very
largely. The feeling is that there WHY DO
something doing in July wheat not unlike the
sensational events in May. Meanwhile there
is evidence that the cash market has made a
turn towards stability. A good many In the
country who had No. northern wheat that was
destined for use in milling sent it in here and
sold it out when May was selling around
$120. The idea was that they could afford to
let it go on the chance of a smash at the
end. and some decentralization to follow the
close of the May option, and buy it back again
cheaper. Best prices have not declined ma
terially, and while No. at about &c over July
is now lower than formerly, there has been no
such break as expected, nor does it look as
II cash wheat is to go down very much. The
consequence is that some who were free sellers
while ago and were predicting big decline
are now feeling around in the cash market with
view to buying back. This is a help to gen.
eral price maintenance.
The weather map showed rain at Winnipeg
and all down the valley last night and this
morning, but the fall light and gentle and
rather more beneficial than otherwise. The
movement turned heavy again, and 256 cars
came in here against Iii. Duluth got 2 against
26 and Chicago l against r. Kansas City had
$4,000 bu against 1S,0 900 bu and st. Louis II 900
against $4,000. The Minneapolis report showed
that instead of decreasing, stocks here increased
by ~ 1924 bu for the week making 1905 791 bu
now in store here.
The Duluth Commercial Record says:
The Record has previously disclaimed any de-
sire to be sensational in talking about Minnesota
"heat, especially Duluth wheat, but there is
no use in trying to suppress the real situation.
Stocks of wheat here Monday last were
less than 1000, 900 bu. compared with 1000. 900
bu at same date in 1904. From the opening of
navigation this year to Monday last Duluth has
shipped nearly 5000, 900 bu, compared with
100000 to same date in 1904 with this differ
ence: In 1904 navigation did not open until late
in May and all of the 1000, 600 bu was aioa t
lower yvh Sc Tho hi,
was mostly distributed a month ago, and eastern
mlllerS are already coming for more, a sale
of 100000 bu of wheat having been made this
morning to the east at the highest price on the
crop. With only 100000 bu in store it is very
certain that large amount Of wheat will be re-
quired from the country. During June, July
and August of 1904 the Duluth receipts were
5000, 600 Blu. They will be less than half that
this year, possibly less than one-third.''
The Commercial eWst says: There is general
interest, of course, in the July option in Mime
apolis and In Chicago. These months have been
oversold and the contract wheat is well central
lied in it's ownership. The northwest will furnish
considerable contract wheat yet, but the opinion
Ms that it will not disturb the firm condition of
the market The suggestion has been made that
some wheat may be brought in from Canada,
but the chance for this is not open yet The
fact is good milling wheat is scarce for the
general trade, and without further crop damage
July has a chance to follow in the footsteps OF
the May option, cash No. 1 already selling
&c or above July in Minneapolis. Should
anything, develop unfavorable to the northwest
crop last years oecrrd of price will be restored
promptly. The season opens therefore, unaus
piciously for the bear; he must feel his way care
fully. There viii be good declines from time t.
time Of course, due to congestion thta Will devel
op on the buying side, but there is nothing IL
sight now to warrant the expectation that Sep
TENDER wheat will seek much lower level thar
it now occupies, and the advance may be con
siderable from this point. Last year Septembe
wheat sold in Minneapolis at $1.27, which would
leave 81 at quite within the probability On thi
years condition.
. Primary receipts, $4,000 bu against 2O2, 600
Clearances, lit 900 bu
G. A. King & Co., Toledo, Ohio, wired: "Ohit
report says wheat has steadily improved sine
opening of spring, and large average yield pc
acre is almost certain. Hessian fly worked II
few counties and a little damage on low lands
Rye o. clover "a against 81 last year. Corr
situation bad, much yet implanted. Grub worn
doing damage ..- .~.t ..
The Wichita southwest's crop bulletin make
the Texas condition 49, Oklahoma rs, kansa
ST. Missouri 49, Nebraska "a. This paper here
tofore contended for very high conditions.
The forecast: Illinois, Indiana, Missouri
Michigan, Wisconsin, Minnesota, Iowa, the DIS
kotas Kansas and Nebraska-Showers, geneI
ally
Australian wheat shipments this week, 528, 90
bu; last week, 552, 900; last year, 64SO00
The Ohio crop report shows wheat 93 agains
81 last month ....-.... II
July closed at s1.115s and September at s51
0S55a.