The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-08-16
Wheat Takes a Header.

Minneapolis Chamber Of Commerce, Aug. TO-
Opening after the holiday to find that other
markets had weakened in the meantime, Mime
apolis quickly got in line today and September
wheat fell to 69As. 1t Is three years since
low a figure has been seen IN September OPP
ton. There was a Jack Of buying orders at zoe
The bulls had checked the market before at Tic,
at 701a arose., and again at 1012c, but this time
there was no good support. In Chicago there
was something Of surprise because Of the COM
paratise steadiness. 1t was the expectation of
the bears that another decline much long
wheat would be loosened up, but while there
was selling out Of considerable quantity no
such general throwing overheard followed as
had been calculated upon No doubt good
many who have wheat bought around present
prices are willing to hold 1t against moderate
recessions, on belief In Its future value. The
wea ther was good and the fore cast favorable.
Corn soft and liquidation continued in
oats. More d1scouraging than ever was the LiN-
erpool market cables. coming 1a@Bd lower. Tie
export business at the seaboard confined to
durum wheat and No. 2 red and most of the ex-
porting houses sent wires west telling of inabil-
fly TO sell spring wheat. Nevertheless their own
staSHxents, making prices 1A@Ac out of line
We're not so bad, and the situation cannot fairly
be pronounced unfayorable for Il slight shifting
Of prices might easily wipe out small a diff
ference and bring to light some good business
Locally there was premium for cash wheat Of
Arc over September. very choicie No. l northern
going at sc over, while No. 2 brought Sc pre-
MUM. The elevator stocks decreased 800 900
bu for five days.
The Price Current says rains are unfnvorable
for oats threshing, and damaging the grain
In shock. but beneficial to and pastures
Corn crop expected to fully equal last years.
The Northwestern Miller says: The Minneap-
oils -four output last week increased SO, 900 brls
It amounted to 800, O55 brls the largest quantity
turned out since Feb p, 1906. For the same
week in 1905 it was $50. 625 hrls, and In 1904
S.S35. Over half the mills We're shut down
Wednesday account of the G. A. r. encamp-
ment. That will cut off we'll toward 80, 900 brls.
With this deducted the weeks OUTPUT promises
TO approximate 100000 brls. For the CORE
spending week in 1905 1t was H5165 brIs
minneapolis mills sold more -four last week.
= However, they could no Indication of q real
revival OF business. The buying seemed to
still be to meet actual necessities Nevertheless
one miller made big sales on Wednesday after
two days Of strong wheat. Buyers then wanted
hour at old prices The remainder Of the week
was very dull. This Is taken as avidence that
with W heat showing steady strength for any
length OF time there would be free buying II
was impossible to sell any patent for export.
bids being much below the ideas of millers Soma
clear was sold to Holland and to Baltic markets
high freight rates are working against foreign
; business
Receipts here were $50 cars agaist milo q,
chicago 3O4 against 100. Duluth had IA against
a, Winnipeg AZ against IT, COMPARISONS for
st. Louis were $4,000 bu and 121, 900 and for
= Kansas City 167, 900 and 42,OOO
Primary receipts. 934, 900 bu, against 672 oon
C1earances 100000
The forecast Is for generally fair uoo+ha. Ana,
the entire district with slightly cooler weathe1
northwest tonight ~