The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-08-11

But the Speculative Situation
Shows Congestion on the
Selling Side.

Minneapolis Chamber Of Commerce, Aug. H.
Sized up with reference to- general price ten:
dency 1t appears to be a combined question OF
the movement of spring wheat and the
establishing Of export basis. Minneapolis is
Z. looking at the glowing reports from the fields
and the accompanying indication of a free and
Chicago is looking at the export price level.
That there will be exportable surplus Is
now clear beyond point Of dispute. barring only
calamity Unforeseen. There could come such
weather later as would alter conditions material
~, but 1t would have to be bad weather in
deed. wet harvest could easily affect prices,
rain coming after the long decline, persistent
pounding and short-selling, would turn the mar
ket up quickly. The speculative situation pre-
sents great possibilities. The pit has so long
played the short side that congestion is evident
and the appearance of one frst-class bull in
fuence in the domestic field would mean some
thing doing On the buying side by. the shorts.
The word domestic is used advisedly. Already
there are some things in the foreign outlook
that ordinarily would cause advance Russia
and Rumania are not in the best form, and
told Of unfavorable reports from northern France
and said that this partly an Offset to
bearish conditions in America. Hence to be a
persistent bear at this stage Of the game is to
take chance on several strictly legitimate for
eign factors that favor the other side. The
reason these foreign factors are not being given
not be egittmately effective for some time yet
In any case. Meanwhile our country is to have
a surplus to sell, and no matter how the sup
ply situation may shape itself finally, or how
Iorclbly these things may work out for strength
later on. our markets, If former grain trade
history is safe guide. will go to free ex
port basis first. In the technical sense we are
on an export basis. Any time that lot OF
American wheat can be sold abroad it is tech:
nically correct to say that an export basis has
been reached, but these occasional doings are
not really representative. We not yet down
to free export basis. Three four cents
more would put us there. We would not neces
sarily have to decline all the way, for Liverpool
might come up and meet US.
New cash wheat was a little easier at the
opening. No. 1 northern to arrive selling at &c
Minneapolis got 139 against 80, the bulb
of 1t winter wheat. Duluth got 81 against %
and Chicago 1856 against 80. The southwest
showed only la. 900 bu at Kansas City against
5000, and at St. Louis $4,000 against 149 900
Minneapolis stocks decreased about $4,000 bu
for the week. Primary receipts totaled 1856 DOC
bu against 100000. and wheat and -four clear.
ances were 32 900 bu.
at noon Verhoetf got cable from Nrlmine
responsive to inquiry about the Russian crop
1t said the reports are much better and Russia
promises an average yield.
Belle PLANE, Minn advises T he Journa
that not much threshfng is done yet, but since
last report wheat F. ]. Whitlock's farm neal
that place went Is bu to the acre and on Free
Schultz's farm ID bu. Glencoe Mimi, says new
wheat received at elevator there grades No.
northern.
Hicks the weather prophet gives out the
following: 1--WE believe that the first half II
not more of August, will be very warm with {
general severe shortage Of RAINFALL
The weather map shows cloudy and warm II
the northwest, with light rains at Bismarck
showers In Nebraska, Iowa and Ohio valley.
The forecast says: Illinois, Indiana Nilsson
ri. Nebraska, Kansas. North and South Dakota
fair; Michigan and Wisconsin, local rains; Min
nesota and Iowa, showers tonight, fair Satur