The Minneapolis journal., 1906-07-07
Wheat shrinks again in price.

Minneapolis Chamber Of Commerce, July T.
Wheat went down like lead when trading began
today, September striking 1880. This was an
other full cent of additional to the decline Of
yesterday and the day before. When the figure
was struck the market halted. Export business
was reported. New No. / hard was sold f o b
Galveston for the last half of August shipment
at T0Ac on yesterdays offers Today there was
business for the first half of August Mt 79Ac,
and later sales at roc for the last half. Knight
McDougall of New York said there was no for.
eign demand at all for soft winter wheat, and
that the sales Of hard were moderate. A Chi
cago-Kansas City firm estimated the total at
about 10000 bu. Kansas City sent direct report
encouragement and export business was found
there also. About 10 loads or $4,000 bu was
worked, said 90 be Manitoba wheat entirely: A
Duluth man on change here today said that his
market is now noninally on an export basis.
Comparative prices permit of showing sus"
gestive Of business but the foreigners. as they
always do are backing away. They are filled
with the idea of lower prices. He thought
however, that they will be coming in from
time to time the dips, and that export sales
may be looked for at any time from now on.
When the market went under 7sc 1t was
buy from every speculative standpoint Those
who trade the chart theory, keep daily
record carry around compass and a map and
10 it all according to algebra, bought confident
". Theoretically it was clearly buy for an
upturn Of at least cent or SO, for it was the
third day of terial decline and the seventh
day Of continued weakness That short inter
est important enough to cause an upturn has
accumulated is entirely probable. Wheat is
aot going all to pieces, even If it is to go
lower ultimately, and a rally is overdue. Also
the selling of little actual stuff to Europe
ought to check it,. But fundamentally the week
closes with no change in the situation. The
weather is fine and is to be fine over Sunday,
according to the weather man. New wheat
weighing 63 pounds is moving into Omaha Chi
eago, st. Louis and Kansas City, and next week
wheat crop Is doing we'll. One may hesitate
about pressing the market too hard, but at this
writing nothing appears to make one a
quill, ,n
Cash demand good at IN @21ac over July
for No. l northern and A01c over for No. 2.
Local elevator stocks decreased for the week
only 1914, 9S6 bu, leaving 11793 6S1 bu still in
store here Minneapolis received 1S6 cars against
%. Chicago "a against Is, Duluth 81 against 81,
Winnipeg 1T against 81 For day local
stocks decreased 25, 600 bu.
with reference nee. to export possibility posi- G. H.
Donafde export basis. Heretofae the report Of
two three loads worked for export would
send American markets into a CULVER that in
yariably resulted in again carrying us out 0!
line. But at Duluth 1s loads Of wheat were
sold for export, some durum. soma Manitoba
and some Duluth No. 1 hard. And. Judging
from the action Of the market after the business
done was known, we may continue to do bust
With W. ' ~ ~ Nv
Winnipeg wired Cummings: "AN conditions
favorable and an early and bountiful harvest
promised. Briefly summarized. the crop bulle
Tin issued by the Canadian Northern Railway
company this week says the wheat is heading
out in all parts of the country, and couple
sf localities 1t is expected that harvesting oper
atoms will begin this month If nothing occur
TO set back the crops. There has been an abun
dance of rain, but not too much excepting per
maps In very low land The present weather i
what the crops now require after the heav.
.ains.'
Kansas City received $4,000 bu against q, 900
st. Louis 10000 against 148000 Primary re
ceipts, Alt 900 bu against $4,000. Clearances
l28,O00.- E.
The market rallied from 771sc to TsAc 20
short covering. but before before the close was bac