The Minneapolis journal., 1906-07-11
Can We or Can We Not Sell
Either the Wheat or Flour
b to Europe? ..z5
Indications Point to Large Re-
guirements and Good Ex-
port Business Later.
The Government Report the Last
Strong Bear Card-Trade
Gossip.

Minneapolis Chamber of Commerce July IL
The government report Is out Of the way and |
the last great bear card has been played After !
long period Of good weather and depressing /
reports, the bearish government figures would
appear to have marked the limit of bear news
There can be no doubt at all that bumper |
wheat crop for the United States Is the pros |
psct Individual calculations differ. Some see
730, 900, 900 to T4O,O0o,0o0 bu indicated. One
promise for a basis to figure upon-not for
getting, however that we have not got the
wheat In all human probability the country
will raise great crop, yet possibilities on tho
adverse side are no less this year from July to
September than In many year when late
deterioration took the edge off, We are con-
ss5ned with the que M of supplies 1 r,d IN the the
have to ht 1t. To the July promise Of 725,0oo.-
900 must be added A6 ooO, 600, the government
estimate Of the old wheat remaining in farmers
hands 1t makes . July showing of I'll, 600 900
bu and since the markets usually shape to
any situation once 1t Is made clear, prices have
got to SO to level to fit the present situation
even tho the chance remains that We may
not get the wheat. In other words, 1t is all
over 80 far as bear opinion or bull opinion goes
and is now question Of whether Or not. ut
present prices, SELL either wheat or
flour, the exportable surplus SO clearly Indicated
in the total. Europe has already shown that
she will take soft winter wheat If prices are
right, and Duluth exporters say they can sell
the spring wheat If prices work little lower
relatively. There was good business last year
in durum wheat, OF which the northwest from
III
offer this year, but whether 1t will again run
heavy will depend upon what competing coun-
( tries may have to offer. The mtlers have done
/, little the recent declines in wheat but ought
to get some foreign Encouragement soon, and
as to the domestic trade, that has got to come.
{ II buyers refuse to take the flour now much
+, better will the general buying be when they
! do come in. This will be the thing to watch
| from now II we do fair
] port business, then wheat Is low enough,
| sidering that crop damage is still to be reck
/ wit ipHn wa
/ cell little wheat or -four from day to day,
| enough to show that in line, wheat
p: WIN hold. If no export business can be done,
lit will drag lower. If it gets down to 75c,
tthen it will be not alone question Of the
; responsive tone Of the foreign markets, but the
/ sentimental effect Of that price would have to
wheat at 75c would look cheap, and who would
buy it at that figure to hold, regardless of
whether export business was being done at the
Yesterdays total export business in wheat of
all kinds at all points reached 100000 bu. This
is nothing big. but If the country could do that
much every day 1t would help some.
AS have got to do export business.
interest in the foreign situation will be greater
from now on. hence the following summary
from Sidney Love to r. S. Stephens is inter
esting: SIN Liverpool we found the tone gen
orally bullish. The majority Of men with whom
we talked were Of the opinion that higher
prices were bound to rule in the future.
Crops in Europe show mixed prospects. While
several unimportant countries will have good
crops, reaptng considerably more wheat than
last year, such large puryeyors as Russia and
Rumanta will produce less. India will not ship
more than 40. 600 bu which is about half
of what she exported on the last crop. and as
her wheat forms very large proportion Of the
grist of the British m1llers. this shortage will
be seriously felt in Britain, and liberal sur
pluses will have to he provided for elsewhere
to make good this deficiency. With respect tc
Russia, Is natural with large q country
the reports very much mixed, but we saw
direct information from the most reliable peo
pie Of the Volga districts showing that the
failure of the seed to germinate foreshadows
much suffering and that famine will be ram
pant in those districts Is beyond doubt
In any case, crops from southeast east ant
those Of recent years. Rumania, which is alst
large producer. is estimated as likely to pro
duce quite 40 per cent under last year. This
means deficiency of 4O,00O,000 bu in tha
country alone. 1t is therefore evident tina
America will be the dictator OF price
Germany Is likely to garner excellent crops
From Investigations, foreign requirement
this year will be over 2oo, ,0oo, 900 bu NOR
than last year, owing to shortages in tmportan
countries and largely increased consumption a
present values"
/" Local cash demand was good at 2h@2Ac owe
duly for No. l northern. Elevator stocks de
creased 200. 600 bu for four days.
Minneapolis received 118 cars against 100, an
other comparisons were: Duluth, % and s; Chi
eago, es and %; winnipeg, 81 and 90; Kansa
City, 16s,ooo bu and 123, 600; st. Louis, 500
and $4,000.
Primary receipts 5s5, 900 bu against s,OOt
tClearances wheat and -four, 81 900 bu.
Reports of rust sent in the close
and they had some effect altho q majortt
doubted whether they were serious. They cam
from Portage la Prairie Man., and Penn, N