The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-07-09
Wheat poor beggar, without friends.

Minneapolis Chamber Of Commerce. July e.
rhe bulls checked the decline in September
wheat temporarily this morning after weak
Faction and made last weeks low closing OF
sITc give way to the still lower figure Of
HRo, Buying came in at this point and
hort wheat covered and some buying for long
account also. Just above TIC wheat, looked to
pany to be on dsbatable ground again. Then
shere were buyers who took hold without thought
10 conditions, either for against the price,
sn the reasonable expectation that after 90
tong decline the market was due for re-
pent about it also. When September wheat
arst began to be traded in the ITO level was
pw. and purchases made at that time showed
handsome profits some weeks later while those
Sho In that time Of extreme weakness waited
Tor September to 90 under Toe, as many then
Bought 1t would. either bought 1t higher up or
we're left out entirely in the advance Today
With the market headed for tie again, a
sprinkling, Of these sentimental buying orders
appeared, and. lest they be left again,
pave Instructions to buy above 77c at 773ac and
bven higher. Whether these new longs would
ltand for much punishment is a question. 1t
hay indeed be that the tic level is to be
pw for September wheat Some good people
blink wheat legittmately worth the money. On
she other hand, II the bears succeed in forcing
I lower these recent buyers will become
nement OF weakness In proportion as they are
sorced out. About every other man in the trade
y now a believer In 75c wheat. The very fact
hat 80 many bears and can see no good
q It,, and are short in part, would make the
strongest kind Of foundation for a bull mar
let should anything come along which to
buu 1t. for whenever the trade Is overwhelming
y bearish then is the time to look out for the
little different Just now. Nothing Of i'm
toPtance appears the bull side at this writ
hg, the bears are victorious and they have got
he market in motion down the Slide The
good weather remains, more is predicted for
tomorrow, crop reports favorable and the
Dew winter wheat is coming in freely. Conse-
kt,oy, ft1y fhn To
ung-on place some time ago, may be the getting
~ place this time. Regardless of what the
wheat may finally prove to be worth, the pres
mt price level is not necessarily the lowest.
IN BRIEF the wheat market may be said to be
% the downward trend One of two things will
ltop tt-crop damage or export business I'm
Jess these come, 1t will keep falling until
gets low enough to attract big buyers for
Investment.
Liverpool closed A@Ad higher This was a
lurprise. 1t was on less favorable Argentine
Jews, but more especially bad Russian news.
With reference to this, Stephens had a copy
sf Genoa letter to Slaughter, which said hard
winter wheat is good crop. The writer says
italy will import more durum wheat than last
tear The buying Of durum wheat by Italy was
he largest of any country last year.
Cummings had bunch Of telegraphic croI
reports, reading follows: Springfield, Mimi
wheat looking hneI Vtborg, N. D.. weather fine
Tor small grains conditions i'm proved rs pei
sent; Luverne Mimi. crops looking fine, bes
% years. winnipeg, conditions IN Manitoba an(
northwest continue good; Valley City, N. D..
prospect good, grain heading, weather conditions
Fery favorable; Comstock, Mimi, wheat on the
high lands looks good, considerable water OF
low lands; Breckenridge, Mimi, grains looking
ans weather past week has been perfect; Fargo
IDEAL weather the past week has made marked
ehange for the better. crops doing fne Grafton
n. D., grain looking fine, outlook is for bumpe
erop; Gretna, Man, gained last week, weathe
hne; Hoople, N. D., weather the past week ha
been Ideal for growing crops Crystal, N. d.
past week has been favorable for wheat. ~
There was a fair cash demand at 2Acs owe
Fully for No. northern. Local elevator stock
decreased 10000 blu for two days.
Receipts at primary points, with last year
bomparisons, were: Minneapolis, 222 cars an
III; Chicago. 8e and 20; Duluth, IT and "a
Winnipeg, 30 and 80; Kansas City, 216,OOO b
and 1873, 900; st. Louis. 100000 and 10000
rotal primary receipts, $4,000 bu agains
BOZ, 900. Clearances, III 900 bu. Worlds shir
. inents were 1920, 900 bu against 1904. 900 las
week and 1o,4eo,ooo year ago. The visibl
decreased 200 bu, leaving the total A,S56
poo bu.
After noon the market turned weak and caugt
The new bulls and the scalpers long. Som
ptood their ground out, others threw their vince
pver. The Tic line was broken thru Septembs
going to 76hc. July had hard fall. From
premium Of about b@Ac over September Jul
went to Nc discount, closing at 76%c agains
87c for September. ~.