The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-06-17
Big Buying by Chicago and Local
Firms Said to Be On South
west Crop News.
Meanwhile the Rust Talk Contin-
ues and Is an Influence for
Strength.
The Northwest Situation May
Have Been Taken a Little
Too Seriously.

Minneapolis Chamber of Commerce, June IL
Big buying orders coming into the pit about
an hour after the opening put wheat up sharply
today, September selling to S9Ac before the
market closed. Early in the session the dis
position was to sell out long stuff, and some
of the more daring traders even went short
little, this sending September down to s79s@
S1Ac. AS soon as it ceased reaction began and
. the pit had all the signs Of regular old
fashioned bull market. The country sent In
few orders to buy, but principally the trading
consisted Of the buying and selling OF big lots
by larger houses. In the Chicago market Wrenn
was a big buyer of wheat, and In Minneapolis
Watson bought heavily. AS Jones is now travel
ing in the southwest. the traders jumped at the
conclusion that the buying was on reports from
him of an unfavorable nature but nothing OF
the sort was seen here lnglis continues send.
ing in reports from the central Ohio valley
that are unfavorable With reference to the
situation in the northwest, the trade is
little uncertain, the market closes, and in
clined to go slower. There has been much buy
traders have the rust scare Of last year fresh
in mind, and all day there was buying in lots
of 10000 and $4,000 bu in September wheat.
July did scarcely anything Even some of the
most consistent bulls afraid Of break If
good dry weather comes next week. 1t is ad-
mittedly early for scare.
The Red River valley weather report was
favorable showing Hillsboro, clear, warm,
west wind, 60 above; Grand Forks, clear and
COOL no rain; Fargo, cloudy, 55 above, north
west wind; Winnipeg, partly cloudy, % above,
light rain in night; Gomstock, cloudy, COOL
brisk northwest winds, rain; St. Cloud,
cloudy, calm, 65 above, heavy rain during
night; Fergus Falls, cloudy, cool, rain most
all last night; Hunter. partly cloudy, light
northwest wind, about gu.
Primary receipts were 224,0oo blu against
$4,000. Clearances $1,000. Minneapolis re-,
ceved 1876 cars, against 20S, Duluth 10
against II, Chicago against &c. st. Louis a.,
900 blu against 10000 and Kansas City 61,0OO
against $4,000; Winnipeg had only $4,000 bu
against 112,OOO
Minneapolis elevator stocks decreased 49,
s13 bu for the week, lelaving in store 6,s6s,O75
Kansas or Oklahoma the past twenty-four
hours. Considerable damage done by storms
of the day before. Without further rains
delay to harvesting will not amount to
much.'
Poehler says 'There has been good ad-
vance, smaller shorts have answered more or
less freely and small reaction should not
surprise, even tho conditions continue bull1sh.
Be that as it may, we consider it extremely
dangerous to be short Of wheat under present
conditions, that daily becoming bull
ish. It is not only the fact that the winter
wheat crop is not maturing up to expectations.
that weather conditions in the northwest are
serious, that the supplies of old wheat are ex-
tremely light, but the fact well that the
price Of September wheat in all markets was
started too low Today there is a heavy short
speculative interest in September and July
winter wheat and mills have sold -four on a
basis Of September wheat and grain dealers In
the southwest have sold cash wheat at low
figures to be delivered in July. All this short
interest will dance to the tune Of the bull
later matter whether not harvest ii
the southwest is delayed by wet weather.
The Commercial West says: 1.-The crop out
look in the northwest enerally is becoming less
favorable, owing to weather conditions. A
yet there is no injury, in fact, the crop ap
pears promising, but it is its very appearance
together with the weather conditions that have
SO far prevailed all spring and are still pre-
vailng, that leads well posted men to be pes
SimiStiC to the future Of the Weather
conditions have been, and still are, the kim
that couse, not only red rust. but black rust
the kind that was so destructive in the north
west last year. Red rust has already appeared
in number of sections in the northwest ant
If the weather conditions of the past few day
continue week linger. red rust thruout tn
northwest, especially in Minnesota will sprea
rapidly. Should this prove true, the crop, ath
it would not likely be ruined, would be injure,
to the extent at least that there would be bu
little fit that would grade so high as No.
northern. There has been more less red rus
in past years and in some moi those there wa
but little, If any, damage done by it for tn
reason, principally, that it always appeare
late. The fact that it is appearing so early thi
year is wha is causing alarm. Red rust slowl
destroys the vitality of the wheat plant and i
it has sufficient time before the plant mature
1t can do much injury; especially If weathe
conditions right. But what is maxim
towards uncertainty and cause of worry is til
fact that weather conditions far this sprin
have been the kind that help to develop tn
black rust spores. The further fact that blac
rust last year late and affected only
portion Of the northwest, and that with chance
Of it's coming earlier this year, adds to III
certainty and worry as to the final outcome c
the CROP
The market fell off little as it closed, bu
apparently this largely due to profit takin
by those who did not to stand long owe
Sunday, and there still very ia
buying.
September closed at seAc and July
1O9h.