The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-06-29
Wheat gets a body blow today.

Minneapolis Chamber of Commerce. June TO-
The weather favored the bears today and made
it hard for the bulls to do much. Red rust
reported in the Minnesota wheat fields
yesterday, this following previous reports, and
while everyone knows that red rust at this
date is not serious thing that it is always
present to some extent, and that there is not
as much of it as year ago at this time the
situation nevertheless such that a scare
night haze worked up had not t the
makes the rust. The first report today
from Fargo where there was a light breeze,
and at Devils Lake 1t was clear and warm and
windy. Minot had it cloudy and calm, with a
little rain falling at 10 am. Willston had
a trace Of rain, Huron "A inches and Moor
fsps as4 sst e ReGR ord He@ Of
Ulm, Dawson, Winnebago City, Mimi, and
WATERFOWL, S. D.. and Sioux City, Iowa, with
less at points intermediate. Since red
rust is present In some important counties In
SOUTH central and southeastern Minnesota, more
rain enough to cause nervousness, but when
the temperatures came in about II am, few
points above So and some were as low
as II. Winds blowing at Valley City,
N. D., and at Madison Sioux Falls, Aberdeen
and Aiellette, S. D. The whole favorable,
for nothing could be better just now while the
country Is wet than moderately low tempera-
lures and breezes. Very hot weather following
rain would steam the ground and create condi-
lions favorable for rust. Rains fell last night
III clear IN ae
west forecast is for probable showers tonight
and Saturday. -
Liverpool closed B@3sd lower.
The decrease in local elevator stocks will be
about 200, oco bu for the week. Receipts today,
with last years comparisons, were 10 cars
ard 1G4 at Minneapolis. As and % at Duluth,
and at Chicago, SO and II at Winnipeg,
10000 bu and a, 900 at st. Louis and $4,000
and &C, 600 for Kansas City.
Local cash demand satisfactory at LIZ
0l2c over July for No northern.
Argentine shipments for the week were
134e,0O0 bu against 1,640,OOO in the previous
week and 2,s9e.ooo year ago.
The Duluth Commercial Record has man
looking at the crops who says that, with the
exception of liberal distribution Of red rust,
there is nothing essentially wrong with the
northwestern wheat crop, at least nothing that
the eye can But there is no Disgusting the
fact that farmers, grain men and business mer
generally worried about the recent weather
where. ~
Broomhall cabled that rather firm Llverpoo
tone in the early market gave way to easines
on the Jones estimate Of 420 100000 bu white
wheat in America. =.
The Modern Miller says: Returns from tn
threshing Of winter wheat generally show
good Yield Of grain Of excellent milling quality
Few reports Of deficient yield are received
Crop conditions in Nebraska have improved sine
the recent rains and the good crop promise else
where Is maintained Rains have impeded tn
harvest and delayed the movement to market
but the prospects that the movement will b
free If the weather continues favorable
clearances $4,000. .-.r g. g .+,EEas
The market very weak near the close an
there evidence of the selling out of lon
wheat. -- ~ s-- '1s.e .@-. s-t = ..
AS the speculative situation looks to an obser1
er at the close today the bulls still have stron
card back that they will play when it looks Hk
the psychological moment. This is rust. tn
northwest is in splendid promise. But there ha
been much rain Red rust is in some field:
From western North Dakota everything heard
good The finest wheat at lk
date Is along the 500 line thru North Dakots
Should anything happen to this wheat it woul
indeed be serious, for this Is the country wit
its good crops and increased acreages-that mus
be relied upon to bring up the northwest tott
now that portion of the Red river valley
out OF It. From present indications this Sc
county win have the wheat all right but sint
it shows shining mark 1t will be strane
II the speculative bulls do not direct attentic
that way by rust scare. Whether this woul
really bull the market much Is an open question
for 1t is rule that anticipation kills a bull
bear point, and everyone is expecting ru
scare.