The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-06-27
Wheat sprints a little near the close.

Minneapolis Chamber OF Commerce, June 81
With the weather still uncertain. wheat was
strong In today's early market and September
held In narrow range between s2Hc and s3c.
The pit crowd expected advance after the
rain Of last night for already there had been
more than enough rain in the northwest and the
crops will soon be behind time unless good
weather comes. There was strength on the rain,
but too much selling developed here and in
other markets to make an advance possible. The
pit then figured that If wheat could not go up
1t would go down. and traders were about ready
to play it for a setback when the Washburn-
Crosby company bought coo bu September.
This looked like the real thing In buying. 1t
was taken to -four orders received over
night. or something favorable to the price. 1t
had effect at any rate to help sustain the mar
ket. The situation northwest may be stated
briefly as showing too much rain and a back
ward crop In some localities. Warm weather
or cool weather would be good-in fact almost
any thing but rainy weather. But the crop is
all right to date, and no fear Is entertained.
There is plenty Of chance for it to catch up II
the rains would be bad, for rust would no doubt
appear and even If it did no harm at this time,
It would not be favorable sign for later on
Local stocks decreased 100. 900 bu for four
days. Minneapolis receipts were 17s cars
against IS. and other comparisons were: Duluth
6e and 1; Chicago, 7 and /; Winnipeg. 81 and
r.; Kansas City, $4,000 bu and $4,000; St.
Louis 5000 and 5000.
Liverpool closed va higher.
Cash demand good at &c over July for
No. 1 northern and A@Ac over for No.
northern.
poehler's circular says weather conditions in
the northwest are enough to cause great nervous
ness. Continuation Of present conditions week
longer might everybody, while sudden
change for the better would most likely cause
at least temporary reinsurance, especially on tho
part OF the shorts, and in consequence moder-
ate decline might follow.
Chicago threw out bear argument. Atten-
ton was called to the fact that year ago
No. hard in Chicago 21c September
and Is now &c under. and No. / hard was then
abc over and is now &c over. Hence 1t shows
that the holes filed up this year. The only
trouble with this argument is that the bulls
are using it, too, for they are pointing to the
fact that prices today in all particulars are
closer to legitimacy, and that tSere Is no great
unsettling adjustment to come and hanging over
the market and making uncertainty was the
case last year.
Primary receipts. PAT 900 bu against 101 600
Clearances, 237 600 bu.
There were dispa tches from Concordia. Kan.
that wheat had been laid fat by heavy rains
centrai missouri SAID that masketinss OF Whea'
have been set back about three weeks by the
heavy rains The market turned strong towards
the close, selling up about Nc from the low
point. Indications here Of an export demand fol
corn. Philadelphia. largely an export market
was after corn this morning.. 1t has been ou
OF the market since March.
Liverpool cabled: Wheat steady, Va higher
at opening. Influenced by better cables from
America and hrmness of both La Plata and Man
itoba offerings. Market continued inactive, will
nearby months unchanged while distant option
steadied further 3sd. There were very few
sellers Corn firm, Nd higher at opening fol
lowed later by slightly further advance. Sup
port resulted from hrmness Of American cables
and good inquiry for both La Plata cargoe
and parcels.
The weather map showed It generally clear il
the northwest southwest and Ohio valley. Fol
lowing rainfalls: Bismarck, .OS; Winnipeg
.l2: st. Paul, so; Charles City. Iowa. 20
Sioux City. .o6; Des Moines. "a; raining Daven
port and Dubuque; Omaha. 1885,; North Platte
.01; Concordia. trace; Dodge City, .34 temper
atures seasonable. ....- .
'A The forecast: Illinois and Indiana continue
warm and generally fair except probably loca
thunderstorms north; Missouri and Kansas, gen
orally fair and continued warm; Wisconsin, part
" cloudy with local thunderstorms warmer
Minnesota and Iowa. partly cloudy with loca
thunderstorms, warmer; North and South sDakot
and Nebraska. generally. fair, except probabl
= local thunderstorms.