The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-06-20
Wheat Stout and Chesty-Rk
Lie Down.

Minneapolis Chamber of Commerce, June 10
sudden change came over wheat TO-DAY ana
Minneapolis September shot up from 81 NC to
S3c thus resaining. in about twenty minutes.
the losses of two days. The immediate cause
was an Argentine cablegram regarding drouth.
Previous to this. however, there was consider
country millers appeared the floor and bought
little cash wheat. This put more life into
the market and while No. northern con.
tinued to sell at &c July for the Of
it, some choice lots went at &c over, and No.
2 brought NC over, the whole cash market
looked better and the fact that there were
232 cars in here against 105 had no effect, nor
had the decrease of $4,000 blu in elevator stocks
to date, which is light and considerably less
than expected. The shorts were pretty well
committed in September; there few in
July and or two in December the
latter not easy option to trade in as vet.
when quick action is necessary. Once the Chi
cago shorts took fright they were quick to cover
and Minneapolis shorts were not behind them.
OF the larger firms, that were trading before
the furry came along, Woodwork led in the
early business. buying September, and Whallon
good buyer. Marfeld was the heaviest
seller Of September, but it looked like selling
against purchases OF July.
The coarse grains were early drag on
wheat both corn and oats showing hesitancy,
but the effect was to make more shorts ali
around and help the later advance There was
repetition Of the gossip concerning the probable
baum said he was offered 90 900 blu new hard
winter wheat from Oklahoma at price that
would permit Of hedging proftably but that
he turned 1t down because indications are for
q still better margin when the stuff really
begins to move. On the other hand fear of the
pressure of Kansas wheat the market
which has been caused Of late by Chicago ad-
vices of lots offered, pretty we'll
allayed by message from q reliable and con-
sentative Kansas City house, saying that even
with the best Of conditions no heavy movement
of Kansas wheat need be expected before
July 80. The bears have probably made too
much of the new-crop movement. First thresh-
'1nss and first receipts at primary markets are
always some time in advance of the movement
proper Some conditions there are at present
that make the situation less favorable for the
reception Of the new crop but these might
change materially in the time remaining until
the heavy flow really begins. What the effect
this year will be no one tell but it is
history that where the trade has stood in fear
OF big crop to come on the market and
where the receivers have made much of it
and 1t has been bear argument, anticipation
has always proved worse than realiza tion and
those who have taken their speculative lunches
accordingly and played the markets to go to
higher prices have usually been surprised at
the good demand for it when the stuff actually
appeared.
Is cars and at Duluth, 5 and none at Chi.
cago, 102 and e6 at Winnipeg, 10, 900 blu and
$4,000 at Kansas City and 5000 and $1,000 at
st. Louis
Primary receipts 100000 blu against 1874 900
Clearances, 10000 bu.
The Argentine drought was Of the in
SlSteut SOrL ana refused TO down. Bahia Blanca
was its location. One big Chicago house had it.
but other houses had nothing. The bulls insist
ed there was Argentine damage. The bears
looked 1t up in the books and said there was
nothing to damage In Argentine at this season
Bartlett's New York office wired J. D. Fraser
as follows: "a friend who lived in the Ar
gentlne five years tells us that Bahia Blanca
Is port not province. The district con
tiguous is an important wheat raising one but
crop just about seeded. 50 Damage may be con
sidered premature His house has not said 6
word on the subject, so we are inclined to thinl
the news manufactured -
The weather map: Northwest, temperature
a. to u.s. cloudy Williston .06, Bismarck ~
Rapid City 10, Duluth 80, st. Paul .06; west
temperatures 4s to SO. part cloudy, Valen
tine .04, North Platte TO- Omaha and Siou.
City, trace, Des Mines 80, Davenport o. Du
buque 80, Keokuk 10, Springfield, H., 10
Chicago "a; southwest, temperatures 81 to IA
fair, Wichita s2, Coneordia 10. Kansas Cit
raining, go, Springfield, No. 30, st. Loui
trace; Ohio valley, temperatures 60 to es
cloudy, Indianapolis raining 20, Columbus lie
Cictnnati "a. Louisville raining .26, Evans
vile 36, Cairo trace. - 49, .
The forecast: Kansas, Nebraska, South Ds
kota Iowa and Missouri fair. cooler; Ilinoi
and Indiana. fair, preceded by showers thi
afternoon. cooler; Minnesota and Wisconsin, fail
cooler. light frosts in lowlands North Dakot
and Montana, fair, light frosts in lowlands
Michigan. showers and cooler, Thursday fair
Minnesota, generally fair tonight and Thurs
day. -