The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-08-19
Bad Reports Come In from Some
Localities, but They Have
Little Effect.
Apparently the Trade Believes
There Is a Good Crop Now
Secured.
The Market Ought to Turn Up
Some Day, but It Is Sick
Now.

Minneapolis Chamber of Commerce,
Aug. 19.-Wheat struck it's former low
point of $3.50 this morning, just be-
fore the market closed an al .rHallyi4ng
September. When the decline was on
before this figure was reached, but the
rains came, and it went back up to
$3.50 before the reaction stopped. Many
looked upon this as the permanent turn.
1t was figured that wheat was ioW
spent itself. This proved to be the
wrong sizeup Of the situation, for as
soon as the weather cleared, the bulls
found the pressure all against them
again and they could do nothing. AS
the market closed today it was uncer-
mess of September against news that
ordinarily would tend to turn prices
stronger. Several points sent in word
of wet fields and inability to resume
threshing operations for some time, a
few estimating the delay at a week to
ten days. Considering that cash wheat
here holds pretty strong, and that it is
would seem reason for some nervousness
on the part of shorts lest they be I'M
able to make good in September as they
undoubtedly would in the event of a
general wet harvest. This fear does
not seem to have possessed them, how
Minnesota, from localities reported very
bad earlier in the season. that now show
up very good. One local grain firm Of
prominence estimates the average yield
per acre for southern Minnesota at IS
bushels, which would be very satisfac-
tory, The same firm makes the average
for North and South Dakota II bush
els, which must be more of guess, as
threshing returns are yet lacking. For
southern Minnesota, however, it is pos
sible to speak with some defniteness,
for yields have already been shown that
are high. The general trade impression
is that there is a good crop in the north
west. 1t is true the very best has
probably been heard and that from now
on the reports may run less FAVORABLE.
Still, the bulls can not do anything
while the threshers continue to show
good yields, and the weather holds fair
~ good. The market is heavy as lead.
tinuous decline, prices ought now to
make turn for the better, but they
do not seem to do 1t. The recent ad.
vance to $3.50, which it took several
days Of bad weather and bad reports
to effect, was lost in hurry when the
per Of the trade, which is to go slow on
the long side and sell out on the bulgeS
when any profit appears on long stuff
Wheat ought to be good for an upward
pull some day, but as the market CLOSED
today many were still talking lowel
prices, and, while a majority feels thai
way, it will be hard to bull it, barring
of course, continued rain where thresh
ing is In progress.
Minneapolis receipts fell off to g.
cars against 1876, and Duluth got Only
Is against 43, Chicago also running I'm
der with rs against ll2. Kansas Citi,
fell into line measuring up 5000 bush
els against 100000 and St. Louis abou
held it's own with 80 cars compared
with 90. Winnipeg got 81 cars agains
As.
Local stocks decreased 657,7O4 bush
els for the week, leaving l,S52,733 il
store here.
There was a good cash demand from
local and outside mills: Old No.
selling at $1.07: No. 2, $l.02@1.05
No. 8, 99c@$1.o1. No. 4, 95@97c: Ne7
No. l, $l02@1.04. New No. 2, 97@99t
New No. | to arrive, 4@5c over SeI
TENDER. New No. to arrive nomina,
ly Sc over September, but not much OF
fered.
Australian wheat shipments this wee
544 900 bushels.
Broomhall estimates worlds shir
men'ts for Monday at 7,510,0 900 bushels
Weather map shows generally clea
in the northwest, with exception G
some rain at Williston. Heavy rain
in Missouri and Illinois. Fair r.ins
parts of Kansas, Indiana and Ohio va
ley. The forecast says Illinois, II
diana, Missouri, Michigan, showers tt
night and Sunday Wisconsin, Mime
sofa, Dakotas, Nebraska and Kansa
fair.