The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-07-03
Wheat rises suddenly.

Minneapolis Chamber Of Commerce. July s.
September wheat sold down to 79Ao after the
opening today. The weather was good generally,
Liverpool cables A@4d lower, Berlin We,
Budapest 1Ssc and Antwerp &c lower, and there
was much bear news, both foreign and domestic.
Slaughter sent out by wire the gist OF a letter re-
ceived from his Antwerp correspondent dated
June %, which said that harvesting along the
Danube viii soon begin and that within a
month heavier Danubian shipments may be
looked for. AS to the Russian situation. the
Antwerp writer finds that averaging them all,
he believes Russia will have large wheat
crop last year. Other foreign comment cover
ing European requirements and the Argentine
outlook was of nature to depress prices. Some
wheat was reported sold for export, but Duluth
and New York inquiry proved 1t to be Mani
toba. whereupon the bears Immediately an
nounced that 1t meant nothing, and that 80
far as helping our market Is concerned 1t might
as well have been wheat from Argentine Or Rus
sia. Locally the trade did not see 1t that way.
The sale Of a parcel of Manitoba wheat for ex-
port, while nothing to grow enthusiastic over,
IS distinctly favorable sign. Armour threw a
weight upon the market by reporting heavy
ceptances of winter wheat from Missouri and
Illinois Of good weight and excellent quality.
This started the discussion of what will
happen to the market when the winter wheat
begins to move in quantity. The bears contend
that prices will have heavy fall but this does
not necessarily follow. Anticipation is usually
worse than realization in the case Of new
crop movement.
By IL am. Minneapolis September was back
up full cent to soAc. The market turned on
buying by BARTLETT in Chicago. Shows July re-
port then appeared He says winter wheat at
harvest date stands at 81 q for condition against
SOL q year ego. Corn he puts ut 95, 372, 900
acres against "a, 900 last year. with condi-
ton of S5.6 against S5.4. This makes winter
wheat and corn about as previously indicated,
and in so far the report Is a standoff possibly
slightly bearish. But in spring weest Snow says
that owing to too much rain and red rust in the
northwest there decline Of nearly points
in June, and he finds the condition now SO. 4
against eo.s at this time last year. Oats suf-
fered during June mainly in Nebraska and Iowa,
and stand at S2.7 for July condition against
$50 June l and 81. July last year.
He sees a crop indication of less than 900
900, 900 bu 100 900 900 bu less than last year.
The meat of it all is in the finding that the total
wheat promise Of the United States is greater
than last year. If Shows figures are right and
spring wheat natures on present basis the crop
In Minnesota, the Dakotas and all the other
less important spring wheat ties, would be
about 2S5, 100000 bu. Allowing 40, 900. 900 bu
FOR winter wheat would make a prospect Of 725,
900 bu, or greater total than Snow said
was promised year ago. This gave the bulls
something to build new hope upon, for If there
is to be more wheat all told than year
ago, prices do not look very high, and while
It is true that the old wheat being carried owe!
to market will add to the pressure. these things
are likely to be offset by improvement in floul
demand which 1t would seem, must come be
fore long. Meanwhile, should anything unfavor
able arise to indicate that the total crop Will
full under last year the market could scarcely
fail to show the effect.
Cash demand was fair at 2@2Ac over Jul!
for No. ! northern and hc over for No.
Minneapolis received IA cars, Duluth %, Chicago
II and st. Louis $4,000 bu. There were n
comparisons, last year there was a holiday
Some difference noted in Kansas City re
ports, but at noon it said that market ha,
i received $4,000 bu, most Of 1t new wheat Win
nipeg got 1888 cars against 1873, this year
: figures being for two days.
Minneapolis elevator stocks decreased 1o0, 90
tn for three days. Primary receipts 2S5 OO
against 174 900. Clearances &c., 600.
Bradstreet's reports that wheat stocks east o
q the Rockies decreased 1.814, 900 bu; Europeal
stocks decreased 100000 and worlds stock
decreased 2,914 900 bu.
Near the close the market strong on tn
rnconhrmed rumor of black rust in a field 0
rye In South Dakota.