The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-18
Woodwork Gets Reports Today
That Are Not So Favorable as
Recent Advices.
The Shorts Buy in and September
Rises Quickly and Holds
Strong.
The Big Winter Wheat Movement
Still the Strong Bear
Card.

Minneapolis Chamber of Commerce, July 49,
Quick action was witnessed in wheat this NOR
Mng with an upturn from early depression that
put the pit into activity in u twinking. Sep
tember sold down to So1ac early and December to
s2&c, both new low points the long continued
decline. Then on quick turn September sold
up TO SISMc and December to S41s To 10: 80
these were high points. but everything in the
pit indicated that they were likely to be passed.
tor the shorts were nervous. The principal cause
of the turn in the market was report to Wood
worth from along the 500 line that was less
favorable than any for time. The signil-
canceof this was largely in its contrast, for
there is some fine wheat on the 500 line and
tnru all the bad reports of the unfayOrable
June weather the advices from territory tributary
to the Soc remained favorable. Neither
there nythns very bad in todays news, only the
less favorable view of it made traders stop and
consider that the decline may have gone too far
for spring wheat, despite all the good things
heard about 1t in the last few days, is still q
long way fro mharvest.
Cooler weather was general. Rains fell last
night In northwest Canada and points in Manito-
ba at Williston. Moorhead and Huron Tempera-
lures lower this morning in the Dakotas
and stationary in Minnesota. The forecast is
for fair weather for Minnesota except for prob
able showers in the west portion, and for the Da-
kotas fair weather and west winds. Illinois, In
diana. Missouri, Nebraska and Kansas have fair
and cooler weather in prospect. Aside from the
less favorable 500 line reports the general north
west situation appears to be holding up we'll,
and many samples of wheat that looks very fine
still being received here daily.
Early estimates were for 591 cars In Kansas
City, but actual results failed to show it, he
total measuring out $4,000 bu. This, with
900 at St. Louis, made total of 604, 900
bu against 900 year ago and Chicago was
extremely bearlsh 1t, predicting that the move
pent will continue and that the week will show
2,40O in. all for Kansas City. From the
southwest direct, however, the advices were not
so bearish, for cash wheat has declined rapidly
under pressure of the offerings, and some
well Informed southwestern grain houses be-
lieye they the beginning of a tendency on
the part of farmers to hold back for better fig
ures. The northwest movement was light only
II cars at Minneapolis against ISL. and 10 at
Duluth against lis. Chicago gotf Is cars COM
pred with u and Winnipeg 165 against 1871 Min
neapolis elevator stocks decreased $4,000 bu for
three days and the worlds visible, according to
Bradstreet's, decreased by 100000 bu for the
week.
Poehler says: ''Altho the southwestern move
ment of wheat is large and cash winter wheat is
rapidly declining and crop prospects in the north
west good the market in the near future
will be Influenced mainly by weather conditions
in the northwest So long northwestern crop
prospects continue good they now are, the
trade will continue to figure that prices must go
to an export basis, and In consequence the mar
ket may further sharp decline In the future
how much and how soon no one knows. How
ever, should any accident occur to the spring
wheat and the crop prove larger than a
year ago, prices would advance very sharply
Bradstreet's. report shows: Wheat east OF
Rockies decreased 1,O21, 900 blu; Europe and
ahoat decreased 100000 bu; total decrease,
2,721, 900 bu Corn decreased S39,OCO Du Oats
decreased 1,O13, 600 bu.
Broomhalls foreign crop summary Is generally
favorable, except for France, where local storms
caused further injury to crops, and Spain,
where the crop promises very short in certain
districts.
Primary receipts, 100000 bu, against 1884 ZOO
bu Clearances, q 900 bu.