The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-08
With Strength on the Curb Yes
terday They Looked for a
Rise This Morning.
But the Market Turned Lower on
Better Weather and Profit
Taking.
Commercial West Summarizes the
Northwest-Snow Report
Is Bearish.

Minneapolis Chamber of Commerce. July g.
Pit traders in wheat who witnessed the rise to
95c for September the curb yesterday, after
the market had closed at 94Ac, and the bidding
Up of calls from from eec to orc, expected there
would be something doing on the bull side this
morning. They We're disappointment, for tDe
market not only failed to hold the opening figure
OF Soc but went below yesterdays close and
was 93S4c for September after short time.
The weather turned again For the better, the
Red river valley. tho cloudy, had no further
rains, and the forecast, while indicating show
ers for Illinois Indiana, Michigan, Nebraska and
Kansas, showed fair and cooler weather in pros
pect tonight and Sunday for Missouri Wisconsin
Minnesota Iowa and the Dakotas. The same
preholiday fear that prompted holders to let
go Saturday last was again noted. and the
lightweight bulls especially were afraid to carry
wheat over, and take the chances OF good Sunday
weather and break Monday morning In
/. Chicago Wrenn put the market down 1ac on TWO
sales of 100. 900 each, and on every hard spot
there was more or less selling. Locally the trade
was not heavy. and few big lots changed hands
in the early business. The weekly report showed
Minneapolis stocks 272,o20 bu less than week
ago, or 5, 752 11S in I'LL. The local run was only
9s cars against 124, but Duluth got 81 against
IS and Chicago % against G. while in the south
west where new wheat is moving in increasing
quantity st. Louis had 143, 900 bu against 26,Oou
and Kansas City II 600 against 1000. ..' -
Some of the more distant and ordinarily less
influential markets took activity and strength,
San Francisco wheat gaining &c on less favorapie
reports of the California crop. and winnipeg
July going up 21ac on wet weather talk and
local manipulau ton ---
H. V. Jones. in the Commercial West summa-
rizes the northwest situation follows: The
spring wheat crop has it's fight to make during
July and early August. We have suggested hg-
ures during the week for the crop In the three
northwestern states of 175 600, 900 representing
fine early July condition This Is by no means
a crop failure; such a result Will be considered
good yield the acreage. The crop IS III oau
condition over much OF the area On tne olnst
hand there is some very fine wheat in prospect
barring rust alone On the question OF rust we
differ from many observers. We have not re-
ferred to rust in any of our reports as factor
and we do not agree. at all with some eApeItn
that the crop is worse than year ago TINS
late' or that it is already almost ruined by
rust We incline to the belief that what IS
being referred to as rust IN the majority VI t S
IA not rust at ALL but that it is simply a beni-
ish In the leaf due to the heavy sap that IS
being thrown into the plant by the moist cohui-
ton of the soil. In any case there Is no piaeA
rust at present and there cannot De uhth w.
toIt is in condition to receive the disease In
u its course of development. The conditions exist.
however. for the development Of black rust ou'
The northwest may escape 1t entirely.
' 's.rhe northwest crop will be late, barring hot
weather, which will cause premature ripenhs
and blight But very little wheat WI oe , Gu.
in the northwest in July. the wheat Is iat
coming into the head and it will be ten DAYS
before Judgment can be passed upon the fros
pective yield Of the early wheat. Inc soons
nofnts Of the crop today are in the James River
galley in South Dakota, in the timber country
in Minnesota and in the western counties o!
= North Dakota and on some OF the SLOPES iuhhAne
into the Red River valley"
Primary receipts were $4,000 bu agains
ISL 900, and wheat and -four clearances were
10000 bu. w 49,,
Kansas City wired: "In addition to heav!
rains at Kansas city, Topeka and Lawrence, tn
weather man says have had heavy rains a
Usage Baker, Springfield, Brunswick. kidde
and Harrisonville. These continued rains az
very discouragng.'
Shows crop report for July makes the con
dition of winter wheat when harvested So
against SS.S on June 1. On basis of results i
previous years this figure indicates GRO
total Of about 400 0OO, 900 to 100000 900 bu o
basis of 80, 600, 900 acres. The spring wheat con
dition on date gathered before recent rain
and appearance of rust was 90.S against 90 o
June I.
Broomhan, cabled: ''In response to the firm
ness In American markets yesterday, whea
opened I'D higher. There was an easiness de
yeloped towards the close brilliant weathe
in the United Kingdom and the. expectations c
the surrender Of tn ebattleshp Potemkin. Cor
was higher in sympathy with the strength
America good cash demand here and fair II
curry for cargoes off coast" ...
rs The market closed weak and on slow decline
September wheat at 93Ac and December at $685.