The Minneapolis journal., 1906-06-08
A Bull Market On and Interest in
Speculation on the
Increase.
Rollin E. Smith Writes from
Odessa After Seeing the
Russian Crops.
Too Much Rain Northwest
Missouri Report Very
Bullish. . ,,.

Minneapolis Chamber of Commerce, June s.
The Missouri crop report. the anticipation OF
which was a strengthening influence yesterday,
was fully bullish expected, and the mar
ket jumped to S34sc for July and S2Ac for
September, as business began Then
some of the big holders evidently, thought the
wheat high enough for the present, for cOns1d-
cradle selling developed, and prices fell back
about cent. On the decline Woodwork was
a buyer of July. The fact that Jones is In the
country taking preliminary look at the spring
wheat in the Dakotas, and that Watson
seller of wheat made 1t look as tho there could
not be anything very bad out there. The Red
river valley got some more rain also " lhn1pes
aud portions Of Manitoba, already wet But
the rain influence appeared about played out.
The bears argue that chance ought to favor
them. and 90 it would seem as far as the wealth
or Is concerned, for it cannot always be bad.
and good growing weather has been lacking for
some time and ought to come along finally. The
Missouri report made the wheat condition II
against 81 last month and 81 on June / last
wear. This was bullish. OF Missouri corn 1t
says that 30 per cent is planted and that the
condition Is 7e against IS last year. The sensa-
tton In OATS the condition being given as
Is against IA last week and SO last year. Later
the As was corrected to 90. but there seemed
uncertainty about it at that. 1t was insinuated
on the floor that Chicago house having long
oats ready to sell out, sent the report out as 4s
and then handed out the oats when the market
booned. Whether 4S or 60 was correct no one
knew positively up to noon. There Is an In
creasing interest in wheat and should specula-
ton come In from the outside broad bull mar
ket might easily develop. There Is much beartsh
talk but knows how much wheat the
country Is really going to have. and as the news
keeps coming from the growing crops increasing
interest may be expected In speculative way.
June Is supposed to be the great month for the
, bears but there have been bull markets IN
June also, and some good people are inclined to
think June this year will be more bullish than
bearish.
The decrease In local elevator stocks win
, probably not exceed 325 900 bu for the week
Minneapolis received 131 cars today against 1922
and the other comparisons were: Duluth "a and
IT, Chicago and l, Winnipeg 81 and 46, Kansas
City $4,000 bu and $1,000. st. Louis 25,ooo and
Is, COO.
+ J. H. McEnery received letter this morning
. from Rollfn e. Smith, " ho wrote IL from Odessa
"If nothing happens to the CROP" says Mr..
Smith, Russia will. raiss .world-beater.s In
/. the country that have been thru the spring
wheat, winter wheat and rye were absolutely
perfect. It is pretty hard to satisfy me with
q field Of grain, but 1 could find no fault. OF
/ COURSE it is early. The winter wheat is headed
out and the rye fully developed. The spring
wheat has yet many weeks until harvest. 1t
is inclined to be rather rank. but here in the
south. where the summers are likely to be dry,
that Is good fault. The harvest machine agents
tell me the whole southern part of Russia is
Just as good as what I have In the far
northeast. however, the big spring wheat coun-
try reports are not quite so favorable. In Bes-
sarabia, in the extreme south OF Russia, west of
the Black sea, which 1 have been thru, the
It Is later than farther north. owing to too
much rain. Bessarabia raises about half spring
and half winter wheat. FHty per cent Of the
quantity exported from that province goes down
the Danube, Bessarabia properly belongs to
the Danube country, often mentioned in ex-
port news"
Charles Michaels says in the Inter Ocean: "It
looks as tito every man In the country who has
any grain long is killing the crop. J.. The un-
favorable reports all of private a
ture. The harvesting Is on in Texas, and If
there is any black rust there it will be race
between 1t and the harvester to which viii
get the crop. There have been claims Of red
rust there for MONTH but it Is not considered
dangerous"
Primary receipts PAT, 900 bu against 1es, ,ooo
Cearances 100000.
The Modern Miller says: "Outside of Ken
lucky, where general deterioration Of the crop is
reported, the majority OF correspondents advise
improvement since the late rains. or main.
tanned conditions during May. Quite a nunbeE
note that heads short straw fill out well and
promise a yield Of good quality. Complaints
that the crop has been lowered in condition are
numerous, coming principally from the Kansas
and Missouri districts. Harvest Is delayed II
Texas by rains, but has begun in Tennessee, the
territories and southwestern Missouri and I'LL
nois.' .t ....
At 1890 pm. rains were reported in the Rec
river valley. The market closed strong tn
reports with new buying coming in.