The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-08-18
Wheat needs support

Minneapolis Chamber Of Commerce, Aug 49,
The bears were at it again today in wheat and
TENDER back into the sixties and closed 1t there
despite a rally toward the end. Fine weather
and the beginning Of the movement Of spring
wheat was an argument: The bulls contend that
sthe wheat is low enough and some good talk Is
tthe cereal is too low to give the farmer much
kprodt. Sixty-cent wheat In North Dakota ID In
deed not very high wheat and does not net
sanuch Of o return upon land at present valua-
Ftions. Hence it is argued that good many
bold back their wheat and viii not sell until
}1atA IN the fall, and that the bears who are
'e1pecting a great. inflow VIII be disappointed;
This is o matter, however, that no one can tell
much about, altho 1t seems reasonable to sup
POSE that the farmers will hold back where they
can. On the other hand, the bulls say it Is
condition the country has got to fnce, and It
might as well DO faced; that the wheat has got
10 come in and no matter how true 1t may be
that the price is too low to reoompense the
farmer for his work and give him fair return
upon his investment, and no matter how true
that It is bad thing for the northwest to have
such low wheat the situation is here, ana It
has to be faced. Following up the receipt Of
the first car yesterday by Commons there were
reports of wheat taken into elevator at several
points today and by Monday there t should De
should follow along McCaul's office reported
800 bu new No. / northern taken IN by the
Hawkeye Elevator company at Aberde aa =, from m
the Van Horn farm near by. 1t ran rs Du to
the acre. Aberdeen's vicinity has the best crop
since 1895.
When the stuff becomes burdensome, when it
moves in freely and the hedging sales press
the market at the rate Of 100000 bu, then
200, 900, then perhaps at time Of heavy receipts
ss tns Fdf the os ts is the bs reply to
any argument for strength. On the other hand.
it Is trade history that heavy movement long
d9es mot @av be heG
market and the possibility Of a change in the
weather that would delay the movement. Ger
tainly any turn to unfavorable weather, espe-
ciany if long continued, would advance wheat
rapidly; but there is no such change IN pros
poet; on the contrary, the northwest has been
remarkably we'll favored all along and the good
weather for the harvest seems likely to con-
tinue.
The map today showed It partly cloudy in the
Canadian northwest and northwest; fair to good
rairs In Iowa, Illinois, Indiana and the Ohio
valley: generally clear in Nebraska and the
southwest. Temperatures lower In Canada, gen
orally, stationary west and southwest. The
forecast is for generally fair tonight and Sun
day over the entire district. except possibly local
showers in North and South Dakota. No impor-
ta1t temperate re changes are likely.
Local elevator stocks decreased 1,1S1 $3.50 bu
.4or the week, or $1,000 more than estimated
This brings the total down to e,7e2,1oe bu
For one day since making the report the de-
crease is 275.OoO.
rago 265 against rs, Duluth 20 against 49, Win
ndpeg had SO cars against q, Kansas City 1871,
600 bu against $4,000, st. Louis 81, 900 against
10000.
Broomhan cabled: Liverpool wheat quiet, w
lower at the opening. The nearby option los
an additional Nd while the distant month hell
steady. The better weather here caused SOM
realizing. The market was extremely dull
Corn quiet Va lower at the opening, followed
by further decline Of H@Ad, being Influenced
by the weakness in America yesterday and lacl
OF support. Estimated worlds wheat shipment
So0p, 900 bu. There viii be moderate change
IN the quantity on passage.
Fargo sent the following to Charles q. Lewis
s''with 50 per cent Of the acreage Of grain in tn
shock now and favorable weather prevailing, tn
farmers In the northwestern part Of the stat
Ehave to be the happiest people to b
found anywhere. Deputy Marshal Stout returne
yesterday morning from that section havin
visited Minot and other places. He reports q
least half Of the grain cut. There is every ind
cation that the yield will be far above the aver
age. At the present time the farmers are to
busy cutting the last half It viii not be unit
every sheaf has been cared for that they wi
stop for a short brea thing spell, and then stal
threshing out the grain A1tho the yield 4
many places In the valley will be satisfactor
the average will be less than in the waster
and northern parts Of the state"
Export business amounted to % loads of NJ
- red wheat, 10 loads No. hard and 80 loat
OF durum. s,....
No. northern sold at 10 over septemb,
and No. at PIC over.