The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-07-06

Minneapolis Chamber Of Commerce, July g.
New wheat coming the market was too
much for the price today. In itself an In
creased movement would probably not have been
skies everywhere and a prediction for continued
good weather for the next thirty-six hours.
This makes most favorable situation for the
haryesters In the winter wheat fields, and I'M
proves the spring wheat prospects every hour
that 1t lasts. Every cash grain house IN CHI
cago reported larger acceptances of wheat on
the basis Of SOC in Chicago, and new winter
wheat was bought in larger quantity either for
immediate shipment or for later delivery In
nearly every state where grown. At okiah0ma
upon learning the price they became dissati
ned and hauled the wheat back to their farms.
The bulls made little capital Of this, using
farmer is independent in purse and IN spirit
and that II prices not right wheat will be
held back. 1t may be doubted, however wheth,
or there will be much holding back. nor would
1t necessarily be q bull influence unless 1t be.
came very general Wheat is raised to sell.
The farmer usually wants his money As to the
tity raised. Today there is general belief that
the country is going to- raise total crop of
spring and winter wheat large enough 70 leave
u considerable exportable surplus. This may
not follow, but 1t is the outlook now. and the
markets are shaping accordingly. 1t Is vast
ing space to say that the situation will become
or crop damage, for everyone knows that. What
the trade is concerned with is the present
promise, which If realized will make an e1-
port price basis imperative. There is no get
ting away from it. If the wheat Is raised
that is now in sight. the country has not only
got to go to export basis, but 1t has got to
worked at any time. At 1880 today,
with Minneapolis September down to 1888 q
7s&c and other markets lower In proportion
Sidney Loves New York man, who looks after
the foreign markets. wired r. S. Stephens that
export business pending and might be
heard from during the day. Any such report
hool- rilN-
as shorts will cover, but free export basis
will not necessarily have been established. Just
Wilt sc such permanent level Will be found
one say. for it is 4 double motion propo-
stiioH. q question not only Of how low Ameri
can prices will go. but in what degree Euro
rsa, markets will meet them Some of the
si.twieSt observers here calculate that this will
nos be reached above 75c here and In Chicago.
There is an old guard bull crowd on change
SIN arguing for higher prices Their hope
/. In a bad Turn in the crops. They may event
uuiiy make good, but just now are laboring
against great disadvantage. In some quarters
there Is sentimental bullshness. The feeling
comes in part from memory Of bull markets in
recent years at the present season. So recent
and successful were these bull markets
that many traders have forgotten that bear
markets sometimes come-with results often
quite rs surprising in the bull periods.
Local receipts very heavy, no less than
2a3 cars against ID year ago Local elevator
stocks will decrease by about 10000 bu for the
week Other comparisons were: Dalnth, %
cars and 3; Chicago IA and 49,; Winnipeg. 50
and 40; st. Louis, 81 600 bu and 100000, and
Kansas City, 10000 and 900. =. .
Local cash demand good on high grades
and about standofr low grades, with 2A@
21ac the premium July for No. northern
The Missouri report gave the yield as aver
aging II bu to the acre, and the crop as
81 900 900 bu, which bears out John Inglis'
estimate made earlier in the season. The quail
ity is equal to "a. The Ohio state report
makes wheat 95 against 81 last year, IS
against so and oats 76 against 81.
The sale Of twelve loads at Kansas City for
export via the gulf turned the market firm and
put September back 7s7sc, but at the
close it was off again to 1880.
Primary receipts 476O00 bu against 272, 900.
Clearances 354.O 900 bu.
The Modern Miller says: ''The crop outlook
reports from mllers located in the principal
wheat-raisns sections show the following condi-
tions: Except in Texas most millers report the
wheat yield up to above expectations; the
quality is good generally. better than last year.
and many say the best In years. large move
ment 10 looked for with favorable weather. Farm
ers will regulate sales by the price at the mar
kets and much Of decline in the price will
shut off farmers deliveries. In Texas the yield
is below expectations and the quality of the
grain is only fair and the farmers are selling
from the thresher. In Nebraska and Michigan
the crop is smaller than last year, tho larger
than was expected some time ago."