The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-06-09
"A Condition Of 20, Foreshadowing
a Bullish Government Re-
port ON Monday. i
Outside Speculative Interest on
the Increase Better Weather
Coming.
Disappointed Traders Waiting tc
Get In-The Speculative
Situation. -:

minneapolis Chamber Of Commerce. June e.
Wheat has apparently gone beyond the point
where crop reports or other influences VIII neces-
sarily control for there Is an increasing OUTSIDE
interest In the market and speculative sentiment
must be taken into account. The buils
have been making the money of late and the
8 beas have found 1t hard to work out with pront.
Buyers of wheat the breaks have prohted
every time thru the week. This has given
them confidence. On Monday the government re-
port will come out, and it makes for uncertain
ty. A bullish report Is expected. If it comes
along as bullish the bulls desire there VIII
be new buying. Also those who have been ols-
counting a strong report VIII sell OUT orolharS
experience is that a bull report from Washington
breaks the market for the very reason that on
the inkling Of it so many are found loaded up
With wheat which they throw over when the
news is out. AS there has been a great deal
Of buying. and there are many traders loaded
up With little lots, amounting to considerable
on the whole, the publication Of the government
report would seem to be the time for the pears
to make a successful raid on the market. This
may indeed follow. But it Is little different
this year, for there are good many observers
of the market. big spectators who have done
nothing as yet, who believe In wheat arounG
Soc but who have not bought because they
waited too long. expecting always that 1t would
90 little lower. They are now inclined IN
think that they have missed the low point Tor
good and from the talk heard in brokers' offices
and elsewhere they all praying for smash
in the market to buy IN on. Hence, II the gov
eminent report comes less bullish than expected
If 1t bull1Sh ana proves 10 nave peeu
discounted there will be considerable support
on any break that may follow Many stu have
the figures Of last year fixed In mind, and "hen
they remember what wheat did In the early part
of the year, and the high figures and what 1t die
in the summer previous to that, about two
years ago, when dollar wheat came to look
cheap they are not 30 afraid to pay SOC or more,
for, by comparison, 1t does not look high But
these traders, who come in the market to stay
long, and whose buying power Is important, al
ways try to determine the low point IN the
spring or early summer. Wheat has been WORK
t1ng to higher levels, ranging between higher ng-
iures every year for seasons past. In 1900
Minneapolis futures cold as low as 6oasc. Many
got in under Coo aud made money. Next year
they would not buy because wheat mao gone "
t6oHc in the previous year, and 30 must go
there again, In their calculation. They got left
Wheat has never been down there since. The
icountry is growing and using up more. and other
Ithings including great national prosperity,
have something to do with 1t. and SO. every
year, those who waited too long for wheat to
hit former low points got left. Now these hesi
;tant have about convinced themselves
that when Minneapolis September was down
around TIC it pounding bottom, but since
it then seemed certain to go under 75c they
are not in the market having waited while II
crept back up. but they willing to get In.
Here is a speculative consideration that has moth
ing to do with legitimate values of wheat. but II
has to be considered along with the other infu'
Ionces that make the market.
The decrease in local elevator stocks was even
less than estimated. only 29S, 800 bu. This
leaves II, ~, 257 bu in tile weekly report since
the compiling of which there has been another
decrease for the one day Of about $4,000 bu.
Receipts here about stand-of with last
year, 1s3 and 1S4. Other comparisons were
Is and for Duluth, 10 and for Chicago,
IS and 80 for Winnipeg, 10000 bu and $4,000
for Kansas City and IL 900 and $4,000 for St
Louis
The Kansas report the signal for q
scFamhle to buy, and the market. having fallen
back, started up again with a rush. The con
diion is placed at 70 against SO in April and
II last June. It considered very bullish
not "air in itself. but foreshadowing a
billisl government report on Monday.
Primary receipts today. coo Blu against
2ta,C0& year ago. Clearances wheat and flour
1Sl. cos bu
The weather map shows light scattered rains
In the northwest. with 1t clearing up; rains in
Missouri. southern and central Illinois and south
ern Indiana; a trace at Oklahoma; temperature
Beasonable
Indications for fair weather thrueut the
9oreca 1t district. except showers probable In the
Lake Superior region. Temperatures will no
change materially.
Broomhall estimates worlds wheat shipment
for Nome y at 1D.40o.09) blu. He predicts tina
there will be moderate decrease In the guam
tity Of breadstuEs passage.