The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-07-26
Wheat rather sleepy today.

Wheat ran into quiet, waiting market and
held in narrow price range thru the early SEES
sion. The winter wheat men OF Kansas C1ty, !
taxing advantage Of the change in freight rates,
were prompt to come In here with offerings.
little business actually done, but II was
unimportant. With ample stocks OF old wheat,
and the new crop not FAR OF. Minneapolis mil
Tiers are not looking towards the Wanter wheat
fields for raw material this year. The fact
THAT the stuff is piling into Chicago at the rate
of 500 cars a day-receipts today being b52
Gears against 267 year ago--may bring about
{ temporary conditions during which some OF the
run would come this way, but It Is unnkeiy.
. The trade is watching for bull influence, either
q change in the weather northwest or some big
export business, but nothing important enough
to lift the market very much has yet appeared.
The weather most persistent1y favors the bears,
and it is fine today and likely to remain so,
according to the forecast. Up In Manitoba there
were storms last night that DID some damage,
iSbut not enough to lower the big promise. Rust
reports from the Canadian west and from the
Dakotas still come but they have little effect
The market is without speculative interest. At
present considerable support comes from the gen.
eral feeling that wheat at 75c Is low enough,
=, but there not many large speculative trades
Commercially the situati looks little BETTER
las cash wheat is moving off satisfactorily at
about 2Ac September for No. 1 northern
@athe flour mills are turning out moderately
increased production and local elevators promise
q decrease of about coo, 900 bu for the week.
. There nothing to break the market on at
the moment, and nothing to bull 1t on, and un-
less the weather changes dullness may continue.
Receipts here were l01 cars against lol AT
Duluth 20 against and at Winnipeg ~ against
3D. The st. Louis comparison was 114,000 bu
against lao, 900, and that Of Kansas City $4,000
against 249,OO -,
The Price Current says: "scattered reports
of rain on wheat in shock but no material harm
yet apparent Fine yield and quality. Corn
making good advancement. Oats short, but bet
Eter than expected" s'.s.5Es
@@A An interesting summary, presenting view
. of the crop situation not quite SO favorable
for two important counties, was received by
the John Miller company from A. L. and T. A.
Miller, the land men Of st. Thomas, N; D.
The communication reads follows: 'Have
; just read H. V. Jones' very Intelligent report
crop conditions in The Minneapolis Journal
We do not pretend to know anything about the
conditions outside Of this country and the crop
in eastern Walsh and eastern Grand Forks
counties Our prospects were very good until
st about ten days ago, but we had heavy rain
Wednesday, July 49, followed by three of
the warmest days this season with no breeze,
Y except on Saturday, July "a, and all fife and
aged by red rust. In nearly all fields Of these
two kinds of wheat the red rust extends and
covers the top leaf but up to the present time
no damage has been done to the stalk. We
have had similar experiences before with red
rust, and, altho 1t does not destroy the wheat
crop, 1T certainly does reduce the yield. The
writer's opinion is that it will take very favor
able weather from now to produce good
a wheat crop we had in the localities above
mentioned last season. We understand that a
similar condition extends over the Red River
valley, but have not seen this personally.
1.-THE macaront wheat does not seem to have
been damaged by the rust and the fax croI
looks we'll Oats and barley are just fair.
ION account Of the very favorable report Of
Mr. Jones, which will doubt be widely read
we thought you might be interested in having
the information contained in this letter. The
writer has driven considerably in this imme
date locality, and knows the above statements
to be correct, and every farmer talked to II
this locality and every travelling man VIII
claims to know anything about the crops admit
had respect for the ability and comprehensive
ness Of Mr.. Jones in his reports, and do no
question his general view Of the situation, bu
believe nevertheless the conditions we hav
outlined VIII about cover the situation today il
this locality"
OF the flour situation the Northwestern Mile
says: "In the business done one could Sc
any evidence of the trade anticipating needs i
the least. Mills understood to be ger
orally holding prices pretty stiff they loo
for the development Of early demand whic
will keep them busy during the fall Buyer
usually want at this time Of the year, to pu
in supply Of old wheat -four. They kno,
they not sure how the crop viii be.
IN Last week several mills worked small lot
Of patent for export Scotch markets being tn
chief buyers. Baltic markets also took som
first clear. There is fair inquiry this weel
but bids made on patent are too low ocea
rates are advancing and are against business.
against 100000. Clearances, pa 900 bu.
The foreign markets were weak, Liverpo
%@hd lower and Berlin Nc lower.
There was big export business reported i
wheat via the gulf estimated at pm. at abo,
100000 bu, but It hard to confirm
ALL Chicago said the talk of large expor
arose from the big engagement Of ocean freig'
room, the trade naturally specializing heavi
at current low rates in anticipation Of bus
ness later. Yesterdays reduction in freigh
from Kansas City to -four basis has increase
offerings in Chicago Southwestern lines ha,
followed with large reductions to the gulf al
it is on these reductions that the gulf por
have been doing export business today in add
ton to the low-priced red winter wheat tn
has been sold from the Atlantic.