The Minneapolis journal., 1906-06-06
Chicago Sends Out Depressing Re
ports but Millers' Buying
Offsets Them.
Market Still Uncertain Stocks
Now Decreasing Only
Moderately.
Weather Northwest Not Really
Bad, Yet Not Entirely
Satisfactory.

Minneapolis Chamber of Commerce. June e.
Wheat still held In narrow range thru today's
early market, altho the tendency was hrmer
and prices advanced little. A feature OF In
terest locally was the early buying of July by
Washburn- Crosby, and later buying OF septem-
ber, also buying by Pillsbury. This looked IKE
pretty good trading, and indeed these TWO Dig
firms. Washburn- Crosby especially, have been
in on the buying side semi-occasionaily Tor a
month past Flour business is pronounced dull
and sales light and daily shipments show very
moderate totals, yet the steady interest on tie
buying side is taken to indicate that the MIL
lers are doing better business for future ship
ments than would appear on the surface, or else
they expect to do 1t little later. Corse was
a buyer Of July and Woodworth q seller. Hank
inson bought, also Watson. Loomis and Dag
gett were sellers. 1t looked like some pretty
good business passing. IN a quiet way. Ihe
weather remains uncertain, and showers and
severe thunderstorms are predicted tor Thurs
day warmer weather tonight. The bulls have
the better Of 1t in the northwest weather. for
the country is really too wet, but the bears
argue that rain In June never killed crop, but
that drought in June is what does the bad
work. Also they found satisfaction IN the dis
tribution of the last rainfall, for While the
measurements in the valley and elsewhere over
wet territory were light, Bismarck got 1855
inches and the big end Of 1t was in the west
in country that can stand heap OF rain.
Stocks are decreasing, but at a slower rate,
the total taken out of local elevators for four
days being estimated at 275oo0 bu: The cash
market holds its own at 11sc over July for No:
i,
quite so good as OF late. Receipts for the day,
with comparisons for year ago. were as fol-
lows: Minneapolis, 12S cars and 145; Chicago,
10 and none; Duluth, "a and 8; Winnipeg, 80
and 4S; St. Louis, $4,000 bu and IA, 200; Kansas
City, 63, 900 bu and IS, 00O
There some good bulls on wheat. not many
locally, but some good people who believe in 1t.
For the most part they look for dull market
until the June government report makes Its
appearance next Monday. The fact that Ohio
lowered. its condition since May and that Ken
L. 49, h,,113c rnrf
winter wheat, but these states are after all rela-
lively unimportant and a government report Is
hard thing to forecast. Besides. there will be
greater interest in the spring wheat acreage and
conditions than in the winter wheat part of 1t.
The Kentucky state report makes the condi'
ton 70 against 81 in May and 81 a year ago.
The decline is attributed to drought.
Chicago continues sending out hear news and
apparently Is bearish, except for the few strong
leaders who bulls. Noyes of Chicago sent
the following message to Denman Johnson:
Yesterday l had "a daylight run In an au-
tomobile from Chicago to Indianapolis, about
200 miles. The wheat promise could not be
finer. In fact I did not see a poor field
Heads long ard we'll filed Acreage large
start, 80 per cent of it having been cultivated
at least once. Acreage appears large. Oats
evidently suffered from the recent dry weather
and generally speaking are rather thin, but re-
cent heavy rains have greatly improved the
outlook. What I saw was enough to make
the most ardent bull feel rather shaky about
milling demand very slow. Big holders may
congest July, but there is prospect of an early
movement Of new wheat which will tend tc
restrain aggressive tactics if such should be
contemplated. Corn Is acting heavy from
cash standpoint and this increase in the burder
the wheat bulls
This is the sort Of comment and opinion that
depresses market. but 1t is two-edged af
{ fair. If it makes wheat sag also it creates
q short interest and big outstanding short in
:. terest is powerful thing for the bulls, for i
: they once get anything to bull wheat on
S the shorts there the higher the bull
( send it.
] Bradstreet's report shows wheat east of tht
Rockies decreased ,543, 900 bu; Europe decreased
! 1000, 600; total decrease, 5,543. 900 bu.
Z The forecast: Kansas and Nebraska, gener
ally fair and cooler; South Dakota, showers ant
s cooler; North Dakota, showers tonight ant
z Thursday, thunderstorms east, cooler; Minnesota
& showers and thunderstorms, with cooler west
& warmer east; Missouri fair except local thunder
q storms cooler northwest; Iowa. fair except sc
s. we're local thunderstorms tonight or tomorrow
cooler west; Illinois and Indiana. generally fai
< except severe local thunderstorms tonight o
q Thursday, continued warm; lower Michigan
s4 showers and thunderstorms; Wisconsin, shower
zz and severe thunderstorms.