The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-06-14
Wheat Dropping But Strength Appar-

Minneapolis Chamber of Commerce, June n.
A feature today was the early selling Of wheat
BY Armour and by kidston, broker supposed
to trade for Armour. The big Chicago house
has become openly bearish and is sending out
bear news, at the time selling the mar
ket. This had the effect to scare out some of
the little fellows, for they concluded that II
Armour is against the price they might better
90 slow on the bull side. 1t is by no means
certain, however, that the Armour house believes
in lower prices. No one can tell what the
Armour moves mean. 1t may be that the play
is for the big Chicago houses to throw their
weight On the market and smash 1T hard. Even
ii they did this it would not necessarily indi-
cate lack Of faith in the wheat. If they were
going to take line they would naturally
work for good smash to buy it on. The
great difference In the cash situation between
the present date and the corresponding time last
year is being used as a bear argument.
year ago Minneapolis cash wheat was at pre-
hard hard In Chicago, now now sAe unaeT septenSeF,
was then Ice over. It is true, as stated, that a
year ago the mllers were literally sitting on
the fencerails watching the farmers cut their
wheat and ready to grab 1t and pay big premiums
for 1t, while this year the new wheat Is offer
ing and they not anxious for 1T. Yet this
is not so bearish the speculative bears would
make it out wheat a lis IS on enp
than last. The milling business is poor, but
there has been dulness for some time and I'M
provement ought to show before long. The
country has got to have -four, and there will be
good demand reported some OIL THESE udS
The new wheat Is not going to be given away;
Just now the argument Is being made that a
new crop Is almost ready to move to market,
and the market is in poor shape to receive
It,, which Is undoubtedly true. But these things
usually right themselves.
i Southwest news keeps coming which Is In
ss saving that Kansas viii not have half crop
Then along comes Ware-Leland report from
Wellington, Kan, showing 20 to rs bu to the
acre, and predicting the largest Kansas crop
since 1901. while Omaha SENDS summary sno" s.
ing Nebraska wheat gone beyond recovery IN
many places, and Rosenbaum says half the
wheat In Oklahoma is cut and free movement
will be by June 25. So one may find dozens
of messages from the southwest, one conflicting
with another As for the weather there levers Were
and the Ohio valley also in southern Michigan
Kentucky and Tennessee, all good for the winter
wheat 2 but they appeared to have missed Ne
braska and Kansas where 1t Is admittedly dry
The northwest has a good weather map and s
favorable prospect with possible showers in thu
forecast and reasonable temperatures presen
and to- come. -
Cash demand was fair. with No. i northern
going at 1h@1Ac over July and No. at Jul!
price to 1ac over. Receipts here were 14o cars
against 113, at Duluth 1s against Is and a
Chicago against 2 WinnipeE got 60 eon1par are
with TO- Kansas City %, 600 bu against 27,oo0
and st. Louis 1900 bu against rs ,ooo Loca
. elevator stocks decreased 100000 bu for NV
days. ,
OF the -four situation the Northwestern Mile
DeAA6
extremely dull one to the sale of flour III
advance In wheat stimulated buying to som
extent but where the miller did any consider
able business he vas usually compelled ee 10 &c
aient Of the full advance In wheat found tn
trade unwilling to do business. Inc sales 10
the week were comparatively light and cons1d
erably less than the output. The orders booke
were in small lots and the -four was wanted
a hurry Tho shipping directions came in no 10
an overwhelming way. the mills are gradual
wearing down the old business on their books
The advance in mill feed was IN their taVol
Export trade is further away than usual, e.
pecially on patent Importers are bearish l
their views, and they will pay no more for pa
ent than when wheat close to low pon
Hence bids are SOC per barrel or more out {
line. Holland in the last two or three day
has shown more interest In first clear, and som
business has been done, but it was only In case
where exporters had this grade bought and wei
willing to let it go at prices really under tn
primary receipts, 257,o0O bu; last yea
241, 900. Clearances. $4,000 bu.
The Price Current says: "Cool weather
checking the progress Of corn somewhat. D'
stand generally good and actual injury not
dicated Also delaying ripening Of winter whea
which otherwise is maintaining recent promls
Oats and hay Enthusiastically short ~ - --.,
The weather forecast: Illinois. partly eloue
tonight and Friday. with showers ~ north po
tion tonight. warmer Friday; Indiana. Shove
tonight, Friday partly cloudy and warmer; MI
souri,, generally fair tonight and Friday, warm
Friday; lower and upper Michigan, prooao
showers tonight and Friday; Wisconsin prooaD
showers tonsh1 or onipht or
Iowa, partly cloudy tonight, with showers
east portion Friday, generally fair and warme
Nebraska and Kansas, partly cloudy and warm
tonight and Friday; North Dakota and Montan
generally fair tonight and Friday; South y
5as kota generally fair tonight and Friday, warm
In east and central portion. ., - .s,. b..