The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-06-16
Wheat Advance on Foot-but Coarse
Gyadn the Foot.

. Minneapolis Chamber OF Commerce, June TO-
mo Esan In Nebraska or Kansas and forecast
fog tate weather over Sunday made the wheat
market way strong again and closed the week
wafn me tone nuuisn ana sdvaaoes Wen main
northwest and at Wtllston. N. D. The map
was clear in Nebraska, Kansas and the south
west generally. temperatures were rising The
whole made IL Ioo& more like the real thing to
esuae unless II rains coon. tor> while drought Is
IL usa has ssa ,asd n al p cases. %ns It Is
clear that Il VIII ~ drought sure enough If the
conditions that are working against Nebraska,
!, and are causing uneasaness IN Kansas, are very
favorable for the northwest, which explains In
para the Less bullish market II tho weather
IL aoans harm In Nebraska. it 10 doing much
good Id Minnesota and the Dakotas. Many do
not believe In the damage in Nebraska as IRE
dry is not Important es wheat producing terri
tory, considering the United States as a whole,
I and It "a true that Nebraska might be dropped
out altogether and the country still raise a
good crop. The danger Is that the thing will
spread. Let good rain come soon and It will
put an shd 70 the cry, but II no rain comes
localities farther and farther removed from the
present center Of damage will be sending In
their reports Of suffering, and regular old
, drought scare will be on. Kansas City Arms
were sending out kilograms Just before the
north half Of Kansas and Nebraska was sensa-
Honally bad on wheat. The Burlington road
was said to have some very bad spots. Ne
braska City, Holdredge, Hastings, Grand Island,
Red Cloud and McCook, Neb., also Phillipsburg,
Long Island and Oberlin. Kan, sent messages
reporting hot weather and very dry land The
coarse grains ran up again quickly and held the
advances well. Corn and oats have been great
winners for the bulls. Many would buy wheat,
Believing In its merits, but they figure that
corn and oats have got to come back down the
ladder some day, and that rain would break
them hard Then, it is believed, wheat would
also fall, and that would be the time to buy it
This has been the feeling Of some of the most
conservative traders for several days, and at the
close today they were saying that next week
would the collapse of the great advance In
coarse grains, and that then on the smash II
will be time to buy the wheat. To date, how.
syer' this has failed to work out, and those
VINO have waited to buy wheat on some big
Freak have been left out the advances.
5Washburn- Crosby and Woodwork have beer
buying the Minneapolis July, and the trade Is
commenting it. Either it indicates bette,
-four business Or else someone wants the ole
wheat.
Commission houses had considerable septem
Der for sale today. Watson was buying at one
time and Whallon selling. tho at the opening
Hallett and the Minnesota bought September
and Watson, Lake-Brown, Hankinson and Corst
sold. 1t is difficult to make anything out Of tn,
pit trade. Only one thing seems certain, some
one is willing to take on July at certain fig
ure. and gets It whenever 1t goes low enough.
<. For the one dag since making up the week
report there is decrease in local elevator
stocks Of about $4,000 bu. Receipts here toda,
were ITS against 1873, at Duluth IS agains
49, at Chicago 10 against and at winnipe,
es against g. Kansas City's comparison wa
10000 blu and 81. 900 and st. Louis had 50, 90.
against 1900. Primary receipts, 10000 b,
against 224.ooo. Clearanoes, 22s.O0o bu.
Duluth reported the sale + Of wheat for ex
port. Thompson and Barnes said some wa
worked, but only little. Barnes said ther
was better feeling abroad on wheat.
Chicago said there was more or less 1nquir
for No. northern in round lots. The cas-
trade looks upon this grade as likely to be tn
\, high premium wheat for time to come, n
matter what the crop outcome is.
sBroomhan estimates worlds wheat shipment
for Monday at 100000 Blu. He predicts tina
there will be a fair decrease in the quantit
of breadstuffs on passage -r: h.
Weather map: Canadian northwest tempers
lures 20 to 90, partly cloudy, QuAppelle 81
Swift Current Id Medicine Hat o4; northwest
temperatures So to 60, fair, Williston .12; wes
temperatures So to 20, fair, Dubuque OIL Oh
cago. .Oe; southwest, temperatures Cd to I:
clear Fort Worth .04; Ohio valley temperature
81 to 20, fair, Cincinnati "a, Louisville III
Cairo .oS, Evansville trace.
The forecast: Illinois, Indiana. lower an
upper Michigan Wisconsin and Minnesota, gel
orally fair tonight and Sunday, not much chana
Y temperatures; Missouri, Iowa, South Dakot
Nebraska and Kansas, generally fair tonigl
and Sunday, not much change in temperature.
North Dakota and Montana, showers tonight an
Sunday. not much change in temperatures,