The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-06-12
The Government Report Breaks
It, but It Shows Tendency
to React.
Some Belief in Damage Since the
Government Figures Were
Collected.
The Southwest Dry So Far in
June, but Time Yet to
Catch Up. ==S

Minneapolis Chamber Of Commerce, June r.
Wheat opened easy and sold lower, the govern
ment crop report of yesterday being taken gen
orally as of rather bearish tenor. Yet there
was no break serious enough to scare any hold
er. The market went down to 82hc for July
! and, to size for September. Then it refused
to go further and sold back again when little
buying appeared. Woodwork buyer in
the local pit. taking most Of the offerings and
buying considerable July. Daggett, Watson and
others had July for SALE but 1t was taken read
of front, and the bulls OF last week were still
in evidence. Apparently they saw the govern
ment report as less bearish they were acting
on the later bad reports from Nebraska re-
ceived since the report was made up. There
Is room for argument both ways, to the
reliability Of the report relative to conditions
existent Every report is necessarily in some
degree reelection Of conditions past, can
anything comprehensive covering the crops ever
be brought right down to date. A government
report Of June 10 Is understood to represent
conditions on June 1. and it is to be supposed
that some data going into the whole Is taken
even earlier. Anything going back as far as
May 2S to 80, In this instance, must have been
based on the appearances OF FIELDS seen at the
time when the drought was st1ll unbroken In
many localities. Hence, in 50 far as informa.
ton received from such correspondents is con.
cerned the worst was probably told and the
government summary more bu1ltsh than would
be warranted today. On the other hand the
winter wheat has suffered in Nebraska and in
some parts OF Kansas since Pune J.. 1t Is a
question whether one does not Offset the other.
me bulls belteve the dsteztoration since June
mono than OFFSETS ANYTHING prior to that date,
and are inclined to think that while spring
wheat at 90 against ee7 year ago may be
all rtghs-the June condition OF spring wheat
not being considered as Important anyway, al
the July condition-that the winter wheat June
condition Of SO against s6b Is high, and that,
II based upon observation made today, the con-
ditton would not be 90.
Liverpool followed yesterdays decline and was
&@3sd lower at the close. Films identified
with the grain export trade send numerous mes.
sages showing that It Is impossible to sell any
the stock market saw in the government figures
big orops, big tonnage, fine railroad earnings
and bull stock market, and all fheh opinions
were unfavorable to wheat, but this awaited
not great, yet big enough to keep up activity
Many are standing around ready TO buy It O,
the breaks, and 80 1t is not easy TO force +
down; II anything serious enough to break !
come along the market might 60 down severa
cents. but these holders seem to have confidence
In the long pull, and 90 far have shown N
disposition to throw over their holdings whel
the market goes little against them.
Cash wheat sold at 11ac over July for No.
northern and July price for No. 2, with de
mand good.
Local elevator stocks decreased 100. 900 Blu 70
three days. Receipts, with comparisons for las
year, were: Minneapolis, 1s9 cars and III
Duluth Is and 10; Chicago, II and 9, winni
$4,000; Kansas city, SO, 600 and $4,000,
Bradstreets report of The worlds visible show
a decrease of 1,e47 900 bu east Of the Reckie
and decrease of $500. 900 bu in Europe ant
afoat. total of 5,24T, 900.
Primary receipts. 271, 900 blu against 2o7 600
Clearances, SS 900 blu. r.-. L. - ~
All the experts and statisticians Of the coun
try got busy. as they always do after the ap
pearunce Of government report, land figured
out the meaning Of it in bushels. Many varying
estimates were seen. Wall street bulls on stocks
sent the largest, and the Chicago wheat bulls
the smallest. Chicago and Minneapolis traders
generally, accepted 7o2, 900, 5000 as about thu
possibility represented by the report. The croy
last year was about 692, 500, COO bu. p tfg7-
Broomhall cabled wheat lower at opening, in
fuenced by late easiness in America yesterday
Prices reacted slightly on the bullish interpre
tation placed on the American government repor
owing to the low conditions in the large states
pressure cables from Russia which discredit
ed rumors of prohibition of exports. Corn quiet
unchanged at opening. Trading was duh witt
support feeble Toward midday there was
slight reaction due to the decline in wheat.
A Russian report, via Liverpool, says III
the Volga region the weather has changed an
rains have commenced 10 fall. Prospects de
pend entirely upon the weather There hav
been partial rains in the southeast, and the out
look Is more favorable. " '~. s."
The northwest weather at noon: Winnipeg
clear and fine. e5 above; Fargo. clear and fine
southeast wind; Hillsboro clear. light northeas
wind. 20 above Comstock. part cloudy and cool
southeast wind, IS above; Fergus Falls, clea
and hot; st. Cloud, clear, calm, flne 70 above
The weather forecast: Minnesota, North an
South Dakota, Nebraska and Kansas, fair, nc
much change in Temperatures; Missouri and lows
cool and fair tonight and Wednesday, excep
threatening in south; lower Michigan and VI
per Michigan. light frost tonight fair; Wiscor
sin, light frost in marshes, fair, continued COO
That the southwest is short Of the norms
rainfall is shown by the following table.
must be remembered however, that this year
figures are to June IL only, and there is ye
annie time to catch mn: