The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-06-26
Feeling that It Is Not Yet Too
Late for the Crop to
Catch Up.
But It Is Two Weeks Late and
Good Weather Must Come
Soon.
Wheat Traders Generally Bullish,
Yet Inclined to Go Rather
Slow.

Minneapolis Chamber Of Commerce. June Co.
Only four days from July. the weather still
cloudy. the forecast not favorable, the wheat
showing deficiency IN growth during June and
ten days to two weeks backward and reports
from the fields increasingly graEe-this was
about the lineup on change this morning. The
market was up cent very quickly after the
opening. The feeling Is of great uncer-
tainty. Nearly everyone admits that there Is
NO reason to turn too pessimistic. July may
come in and bring the right weather. and the
crop may yet come along in good shape. Conse-
Quently there is considerable hesitation noted
even on the part Of some of the pronounced
bulls The speculative feeling is. in short.
that 1t Is not vet too late. Wheat at 9oc for
September may be cheap. Still there many
In the trade who feel that If good weather
ohould come and remain for any length OF tlme
September for big scare and big rise would
want to sell out, and Sc &c might come OF
the price general unloading. Many bulls
feel that dollar wheat is impending. and that
September IS likely to go up there some day
with rush. They cannot feel sure enough
however, to take a heavy chance. Some are dis
posed to wait and see how July comes In. So
long as there still appears to be show for &
good crop there will be this influence against
an advance. but this week ought to make the
situation clearer. This week ought to bring
such reports from the fields to make it
possible for observers to reach more definite
conclusions as to possibilities. Since Saturday
there were rains In the Canadian northwest and
some light showers thru Minnesota. South Da-
Illinois Missouri and the Ohio valley. Tempera-
lures are tending higher. The hopes Of the
trade were dashed by the forecast which for
probable showers tonight and Tuesday for the
Dakctas and Minnesota, Kansas and Nebraska,
with variable winds and temperatures
Minneapolis elevator stocks decreased $50, 600
bu for two days. Receipts here FOG cars
against 27S; ut Duluth 16 cars against IS, and at
Chicago against g. Kansas City had $4,000 bu
against $4,000. and st. Louis 900 against
10000. Winnipeg received II cars against 80.
Primary receipts 344 600 bu against $50, 900.
Clearances wheat and flour AZ. 600.
st. Louis mnssegs says there several re-
Oklahoma and southeastern Missouri. The Plym-
outh Cordage company's reports indicate later
threshing returns will be disappointing and they
think Jones' estimate will be confirmed.
The Nebraska correspondent of the Grain Deal
ers' Journal writes: prospect is good if
not better than last year for small grain, fur
thermnre thee is about 80 per cent more acre
age than last year. Corn is very backward and
the chances against It,.
Broomhall cabled from Liverpool: "In re-
Spouse to weakness in America Saturday and
large Russian exports, wheat opened Ad lower.
Later the market steadied slightly on the con-
tinued good demand for cargoes offcoast."
Fifteen of wheat received In Kansas
City today.
Russian semi-offcial crop report makes the con-
dition Of winter wheat an average; spring wheat,
barely, and oats average and rye under
average.
Minneapolis September wheat closed at $3.50
and July at $1.091a.