The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-08-30
Reaching Price Levels Not Seen
Before in a Year and Two
Months.
December Wheat Breaks Thru to
1880 and September Goes
Down to 8O1ac.
Comparisons Show a Five-year
Price Range from 635sc
to %.27.

Minneapolis Chamber Of Commerce, Aug. 3d.
Wheat selling in Minneapolis In the seventies,
something not seen in year and two months,
was witnessed this morning when the Decem-
Der option fell thru the SOC line and was traded
meanwhile sold from size down to SOMc.
Comparisons are highly interesting, now that
the former low levels being approached.
July /, 1904, marked the breaking away from
old conditions into new. On that date December
wheat in Minneapolis closed at 79ssc, but that
tered quotations when trading first began the
apolis December was 9Oc; on Sept. ], SLIP and
Sept. IS s1.19&: On July !, 1904, Mime
apolis September wheat was 1M@SAc;5 Aug.
1. s3c; Sept. l, s1.12M, and Sept. 10 $1'2a1a,
while In the present year, May wheat made
some big shifts over high range, and 81. 27
was top quotation for wheat here. Neither
Chicago nor Duluth went under SOC in all this
time. Prior to this Minneapolis wheat was con
sidered to be about on normal basis when selling
around TIC, and eo%c for futures was seen
here five years ago. Chicago contract
wheat sold in March; 1908; at 7oAc; in October,
1000 at 6l5sc. These were the days Of low
prices-prices that look very low now by COM
parison with what followed. How near we are
season is the paramount question. Wheat is
away down from former high prices, but still
well above former low prices. Last year it was
predicted by competent judges that wheat in
United States. Somewhere about the present
price level would seem to be q reasonable halt
ing place. for there has been long and continu-
Gus decline. Nevertheless 1t was the predic-
tion on the floor today that all Minneapolis
options will 60 into the seventies, and cash
wheat we'll, before any permanent turn tor
the better will come. Men who look for this
go largely on precedent, and their knowledge
Of what the markets have done in the past.
Some Of them are willing to admit, when
pressed, that wheat is probably low enough right
now leg1timately. yet they appear to feel that
and that without some important change In the
situation the bears will continue to dominate.
One factor not to be overlooked in this con-
nection is the attitude of the farmer. It is
quite possible that wheat sinks in price the
hold it may refuse to sell their wheat. and
should any number do this 1t might become
important.
undsF fof 81 Ts sna So s7sv,
bids, and 27s@sc over for No. delivered here
by Sept 15 No. on track was quoted al
SIC and eOc, No. 2, s4@sec. and No. g. s0@S3c
There was pretty good demand. "r'3 a1a
threshing at Dominion City 20 bu per- acre. No
hard, this is in southern Manitoba where
big yield was not expected. No frost. Har
vesting will be practically completed this week
everything being favorable"
Receipts here were 22S against PIG, a
Duluth % against %. and at Chicago 81 agans
&c. st. Louis got 1O7, 900 bu against 139. 900
and Kansas City 263,OO0 against 231 900. Win
nipNT had against IL.
The forecast is favorable for the harvest
fair weather being predicted for tonight AM
Thursday for Minnesota and the Dakotas.
The primary receipts were 100000 bn agans
1850, 900 last year. Clearances equal 60, 900 bu
! The market firmed up near the close, re
covering cent from the low prices, and clos
ing at S11Ac for September and 79Bc for De
cember.