The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-08-03
Hold Wheat Quiet and Steady
Against Other Things Of q
Bullish Nature.
An Export Price Basis Not So
Very Far Away, Which
Helps Maintenance.
The Winter Wheat Movement Not
So Pressing Opinions Of
the Trade.

Minneapolis Chamber Of Commerce, Aug. a.
Affected by light trade, wheat was very dull by
turns today, nvening up only occasionally. The
weather was good that few buyers were to pc
found, the crop reports running favorable in the
main. Many In the specuativ trade are still
holding of or playing the short side for break
to former low point of s515c September wheat,
1t Will be remembered, sold up to 97c and then
declined quickly, regular bear market coming
on, after the big longs had let 60, and S515c
was reached Then it turned again and sold
up to 99Ac and from that point the down.
ward swing has now taken it to ss1kc, with
exc the figure at this writing. Pit men who
watch the changes and try to set right on
the trend now feel that &c above former low
is the point around which the market will
harden. There were some Of the surface signs
Of accumulation today. As to rise, or q later
letting go Of wheat now accumulated, much will
depend upon the weather. During week OF
comparative dizziness in trade thru which Pc
riod the market has dragged lower, number
Of bulish things have appeared, notably the
Broomhan summary pointing out damage In Rus
sia, and the Jones report of the prevalence OF
black rust in portions of Minnesota Additional
to this, there is the export price basis now IN
sight little lower down. which, If reached
either by further moderate decline on our side or
by any little frming up abroad. would probably
prevent heavy selling and make for stability.
Today some more Strengthening news came along
in the form Of report from Kansas City of the
sale of $500 brls Of -four for export and another
from ST. Louis that the United Kingdom bought
5000 sacks there. Against this there is the
Is in sight after all, and the feeling in Chicago
that something in the way of an e1portable sur
plus is already assured and wheat must there.
fore go to a free export basis. The effect OF
this must first spend ITSELF If there Is good
spring wheat outturn an exportable surplus will
be secured. A few days more Of good weather
will make this more certain. Hence 1t Is a
market inclined to go still lower by slow drag.
while present crop conditions remain, but specu-
latively in position to advance very rapidly on
any bad news.
The Price Current says it has been a favorable
week for agricultural interests. Winter wheat
yield indications are fully maintained and there
!. is important setback in spring wheat Corn
is shaping for record crop. Oats resulting IT.
regularly, but indications equal to last year.
II doubt If the rust has done any damage Ill
Minnesota up to date says Henry req super
visor of country elevators, in the employ OF the
state warehouse commission. "Rust Is scattered
all over the state, but 1t does not appear to have
done any damage. Wheat Is being cut IN nearly
all southern Minnesota counties. Grain north and
west Of Ltchfeld Is about week later than
grain In southern Minnesota
In the Chicago Record-Herald George H. Dag
gett of Minneapolis says. lit Is an anxious lou,
{ waiting situation with us in the northwest. Inc
= situation is critical and it will be race De-
tween rust and the maturity of the crop Ihere
has, been actual damage, but there IS no
limit to the prospective damage II condltlons
should turn unfavorable. There will be u deter
mined crusade against poor seed IN the nortn-
west this year. Unusual precautions Will De
taken against rust next year There VIII De u
I general burning Of stubblehelds. We hear great
stories about the Manitoba crop Some OF tne"
estimate it as high as 1OO,O0o,ooO bu:
3 Minneapolis received 1S5 cars today against
lo1, and 80 far on the week local elevator stocks
have decreased by 1000 bu. Chicago gov
ITO cars against 76, and Duluth IL against 80;
Ninninep had 10 against p. The southwest fell
of sharply with only $4,000 bu against 2ss,,
900 at Kansas City and $4,000 against 192,Ooo
w r. Ketchum Of Kidder county, North .Da-
kota. was in Minneapolis today with J. M:sRalt,
the land man. He reports. crops in his nelghnor,
hood as banner Nothing has been cut yet, and
barring hail it is expected that the crops VII
soon be ready for the sickle. The oats crop is
so high that Mr.. Ketchum says man coulo
easily get lost in the fields. ,o
Primary receipts, SOC, 900 bu against oil ,ooo.
y A lowered condition in Ohio and some rumors
of damage to the crop in Hungary were 1inhu
ences for firmness at the: close.