The Minneapolis journal., 1906-05-17
Other Contradic ictory Reports Max
ing the Crop Promise
Very Good.
The Southwest Believes in Dam
age and Buys Futures
Very Freely.
Minneapolis skeptical but Unable
to Stem tho Risi-ls, u, #
Tide.

Minneapolis Chamber Of Commerce. May IL
Strength remained in wheat in the mornings
trading the southwest causing 1t. However,
the crops may go in Kansas and Texas, IT Is
certain the unfavorable reports OF the last few
days have had effect upon speculative sentiment
in st. Louis and Kansas City. where some DuJ-
ers appear to have settled down into the belle1 !
that wheat is low enough. In the northwest
there is less bull talk than in these two winter
wheat markets. Chicago was leading all short |
! time ago, but it is In the southwest that |
the sign of the bull appears. Minneapolis takes
the less favorable winter wheat messages with
some hesitancy This Is because the first turn
! for the worse in the southwest crop came from
dry wea ther The trade was told that unless
rain came soon the crop would be injured very
seriously. 1t was not claimed at any time that
1rreparable damags had been done, but Win
sandstorms and duststorms and hot winds, 1t DID
look as If the country was on the edge OF a
drought scarce Then rain came and there have
been two more or less general rains since tnen,
and the prospect is for more tonight The re-
gion from the Rocky mountains to the Mis-
siss;ppi should have rain tonight, and the fall
should extend over to the lake region ny FL
Day, If the prediction comes out. Naturally the
northwest believes the winter wheat Is all
right 1t may be that the southwest speculative
eenters right about 1t, and that the winter
wheat has indeed shown sufficient change for
the worse to warrant bull activity, but the
northwest is hardly convinced OF this
Elevator stocks showed the same ratio OF de-
lcrease $50, 900 bu a day, and this mornings
posting for FIVE days was decrease Of 10000
Ebu Receipts here were again light, only II
cars against 100, but the ratio OF shipments to
receipts changed and instead OF more wheat 60
Ing out than came in there balance on
the other side. or 6S,160 bu in and 4261O bu
out. Other comparisons were; Duluth o. ~ cars
and none Chicago and /, Winnipeg 81 and
$50 Kansas City q, 900 bu and 81 1000. and st.
Louis "a, 900 and IL, ,OOO.,
1t is really difficult matter to reach a
sacohclusion as to winter wheat, for While many
hadyices are favorable, others are not, and some
ssood people are bearish and others are bull1sh
There Is as much conflicting news about oats
and corn. For illustration Of news. reliable yet
contradictory, representing no doubt actual con
dttions where seen, yet hard to estimate as to
Importance relative to the whole. there Is the
following: Crombie of the A. j. White firm
wires in that Missouri and Kansas are fine. but
Ewing Station, Mo-, reports to G. E. Lewis that
the crop is almost failure around there
tRosenbaum's Texas advices say the crop Is hne'
but rust reports continue coming thru other
sources The town Of Ponca, Okla, sends out
an estimate Of 80, 600, 600 bu but an elevator
firm at Oklahoma City wires that Oklahoma will
not have Is, 900 900 bu on account OF rust. Ihe
fact that n. v. Jones, who is now in the winter
- wheat has sent in no reports Of rust makes
: traders think that it is probably only touch
OF red rust, and that the southwest is needless
IL scared Twenty other instances of conflicting
reports might be given Sharp Stephens had q
message from st. Louis quoting Judge Neville
chairman of the Illinois state board OF railroad
commissioners, who lives at bloomington, ILL.,.
as saying that the oats crop is a failure, anc
that wheat is half a crop. A. 81. Stonebraker
St. Charles, Mo-, says the oats crop is tota
failure wheat not half q crop, very dry
Kansas weather at IL am: Wichita, clear ant
hot; Atchison, clear and hot; Fort Scott, cieal
and hot.
For an analysis cf the price situation tina
is interesting and looks impartial one may turf
to the Chicago Chronicle for the following
1.-The advancing tendency Of wheat values ha
given rise to the query: Is there not some pow
erful influence under the market all the time
giving it support? There is no doubt that tn
idea that some large men are under the marke
very strongly is helping the price materially
and is creating bullish sentiment as the pr1c
advances, and every day finds more or les
shorts running to While all sorts or GRO
advtces coming daily, not one IN hundre
traders believe other than that the genere
outlook is a full normal above, this apply
ing to both spring and winter prospects. 1t
history that this country always produces MOI
or less of a surplus, and advances built on Gro
iscares usually prove costly to the men who 10
low them. The above factors. all speculative
being in control Of the market, commercial ia
tors for the time being are sidetracked. INT
tRere is plenty of wheat there is no questio,
that demands are not good equal to supp
there is also no question. Mi1lers at Minneapol
appear to be buying considerable wheat, but n
elsewhere, while shippers and exporters are d
y ing practically nothing. There may be gre
and legitimate merit under the market, but 1t
very doubtful o =
Primary receipts, 1872, 900 bu against 152'oo
,Clearances wheat and -four, 2s3 900 ou.
The forecast: Indications are for SHOVE
and thunderstorms and cooler weather oetwe
Rocky mountain slope and Mississippi vall
tonight, reaching western lake region Fr1da
- For Kansas, showers and thunderstorms tong
and Friday cooler.