The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-08-24
Wheat appears strong stands still.

i Rainy weather good cash demand, larger
-four shipments, receipts Of only 81 cars wheat
/ that now promises 1,40o, 900 bu for the week.
I were influences for strength today. Foreign
/ help was not lacking. and Liverpool was va
up Berlin &c higher and Budapest Nc higher.
For all this the market wavered at times and
4 for any change Of cent or so seemed as
much sale as purchase. Ihere was nos
LA very heavy speculative trade and the shorts
had the advantage Of some scattered hedging
which helped them a little. The rains scared
some shorts into covering, and brought IN
\ few buying orders from the country. The
lsfall last night heaviest at Mitchell, S. D..
where 1.2s inches came down. and elsewhere It
varied from so to trace. The hot weather
Followed by the rain undoubtedly lowered the
quality Of the grain in some localities, both
] wheat and barley suffering but the quality
indicated by the former stand is, probably not
materially less, considering the northwest as
whole.
In the cash market as high &c over Sep
TENDER paid for choice old No. 1 north
about &c over and new No. 2 about 21ac over
New No. TO arrive brought &c over and new
No. to arrive NC over Demand was excel
lent for both old and new.
Besides the light receipts here, Kansas City
had only 172,ooo bu, compared with 2e4, 900,
Z and St. Louis 1000 bu, against 1900 Other
comparisons 12S cars and 80 at chicago,
6 and 2 at Duluth. Al and II ut Winnipeg.
/: E.. c. Hind commercial editor of the Free
Press of Winnipeg, makes the western Canada
acreage in wheat 1850, 900. the yield 10 bu
per acre and the total 90,25O,OOO blu. This
ia n little higher than the recent report Is
sued by Secretary Fowler OF the Northwest,
ern Grain Dealers association, who estimated
the wheat crop of Manitoba, Saskatchewan and
Alberta at s7,2o3,ooo. Oats, Is, 725,ooo bu.
* Barley, 1880, 900 bu Flax, $4,000 bu.
A mighty interesting, tho decidedly pessimts-
tic, summary covering price prospects was Is
sued today by the Ames-Brooks people OF Du-
luth. 1t says: America Is just entering upon
Ia year which promises probably the largest
q, volume of export grain IN its history. The
winter wheat crop has proved larger than any
previous estimates. Its quality Is the finest
ever raised. The spring wheat section Is as yet
In doubt, but think without question the
three northwestern states have including mac
aroni wheat, total somewhat larger than last
year. The Canadian northwest promises crop
probably slightly larger than last year.
There are new price making factors to be
considered this year. Sentiment sustained our
prices last fall in the nineties during the crop
movement, and yet We accumulated wheat which
we begging the foreigners to take last
spring on the basis of Toe In the primary mar
Ikets Sentiment Is undoubtedly entering Into
the price making at present. Every commits
sion house In America has BEEN playing upon
the one theme namely that Toe In the primary
market is a reasonable price, even II we nave s
q generous crop. There Is great deal OF talA
about a large short interest in the market, and
a. very little has been. said as yet regarding
what must be enormous scattered long inter
est created by this sentiment in favor OF buy
ing Toe cash wheat The people who are doing
this buying however, overlook this one TACT
that while the cash price may be quoted Al
zoe they are not buying the cash wheat al
rnuch as the December ut SC higher, OF pos
sibly the May Mt 7c Sc higher. The gener
Gus carrying charge this year Is entirely II
s4he bears favor, and while we are talking
fsvheat being cheap today at Toe we are looking
Il hat May wheat in Chicago at 79c and forgettni
althat ninety days ago on the tail-end OF crol
100 COO 600 bu smaller, we were beseeching tn
1 foreigner to take Chicago May In the neighbor
2 hood of Toe.
Il +. ho1
the bull in wheat, but the cautious grain spec
4 ulator this year will not buy wheat for a lon
pull with 12c year carrying charge agains
him T. &c.,.
II IS .Foreign demand 30 far has been disappoint
i1nr Our exports on this crop have been insie
\ jnihcaut and the crop has been moving for abou
six weeks. There Is less new-crop spring whea
| sold abroad this year In advance OF the move
! rent than any year in the same time, an
there is enough old-crop spring still at variou
f. points at the Atlantic seaboard to ill even th
foreign demand for spring wheat at lowe
basis than the new crop can be put IN the
II markets, considering the increased ocean an
II finland freights to be exacted.> We thin
I'll also one detail which has been touched on yer
II little, but which may, prove a very seriol
handicap to the bull is the question OF gettn
Il adequate fire insurance. There Is no doubt th'
the insurance capacity Of America has bee
/ greatly reduced by the San Francisco disaste
L and 1t is more than probable that the owne
ia with the elevators full OF grain viii much pref
! to have the Spectator hunt for insurance thu
10 take the risks Of loss in case Of fire and
| carry it themselves, even II full storage charg
are In sight, .-.,-' .....
olearances, 10000 bu; primary receipt
!, At 600 blu. against 64S,O00 a year ago.
The Modern Miller says: 'There is no ev
dence Of an increase in the movement
y 4 winter wheat. The wheat in the shock
4 Kansas and Oklahoma which was damaged
| l rain, has about been threshed and markete
\ Il Most farmers holding their wheat in t
i stack or bins. and refuse to sell at prese
prices Farmers are busy blowing for Fl
L seeding
s Bradstreet's exports for the week: Whe
1 and -four, 100000 bu: last year, 1,170,O
1 bu. Corn $685. 900 bu and oS7, 600 bu. Sin
! July J. wheat, 1S,125,000 bu, against 7,87