The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-09-07
On the down turn again.

Minneapolis Chamber Of Commerce, Sept. t.
Wheat opened at yesterdays price level and
I was again dull during the early session. Some
OF the pit shorts were little nervous, and
they bought in thin wheat for there were only
Ut cars received here, against 4sS cars
year ago, and elevator stocks are still decreas-
ing, the loss for the week being estimated at
S25, 900 Blu. 1t is remarkable that with con-
tinued fine weather and threshing general more
wheat does not come IN. The believers In the
theory that farmers will not sell at present
prices are taking encouragement from this. At
! the same time the continued good weather is
used as bear argument and 80 long as 1t
lasts most traders will not buy. The forecast
IS again favorable. The long continued good
tions now point to its continuance into next
week If no bad weather comes, then by Mon
day next considerable new wheat ought to be
4 in here Barring any adverse Developments
meanwhile, Monday will probably bring test
II no more wheat is received here relative to
last year than has been coming for the past
several days the bulls will have something to
work on. The bears assert that present re-
ceirts have DO special significance, that the
wheat Is there and that the lighter the move
ment Just now the heavier will 1t be later on
Mondays run should give some indication as
to whether Or not farmers are going to hold
back to any important extent.
Daggett early seller Of December
wheat, and MARRIED. also sold freely. This
offset the pit covering Of short wheat. To
extent wheat was affected by the corn
reports. Everything coming on corn points to
big crop. The Iowa State Grain Dealers
associot ton estimates Iowas crop at 400 900, 900.
This would be a record smasber, and SO, OO0, 900
bl more than last year Probably some al
ltwnnce should be made for the natural op-
tiE.iSn; of the dealers, but nevertheless the
weather has been Ideal for corn, and there
n.,lst indeed be fine promise in the impor-
tant states. Should corn remain weak
the effect upon wheat might be depressing, for
wheat IS usually sympathetic with corn, at
times when there is nothing important In the
whcht news proper.
: Erceipts elsewhere, with comparisons were:
Duluth, 112 cars and 80: Chicago 81 and 10;
Winnireg, 151 and 10; St. Louis, 5000 bu and
69.C0o Kansas City, 1884, 900 and 275, 900.
Foreign markets changed only slightly over
nish5. Liverpool closing today I'D higher to
1si lower.
New York reported 70 loads in yesterday s
business for export, but there seemed some
disposition here to doubt whether this was new
business and to think it something old Just
for export, either in spring wheat or durum.
Cash wheat showed the poorest market Of
any day since new stuff began to move in,
and sellers complained of inability to get full
prices. Three cents over was nominal figures
for No. 1 northern and 1@1hc over for No. Q.
More of the buyers were at all anxious, and
when full prices were asked they backed away.
Durum wheat was hard to sell.
Primary receipts, 5s5, 900 blu against 912 oO0
C1earances, A, 900 bu.
The market sold down sharply just before
O'Clock. The Modern Miller was bearish Sell
ing began and not enough new buying came in
to take care Of 1t. May broke thru 75c and
December struck togo before there was any
check.
Bradstreet's exports: Wheat and -four this
week 2,aee, 900 bu; previous week, 5,os1, 900 bu;
last year, 1,194, 900 bu. Corn this week 1925 600
bu; last week, 361, 900 bu; last year, 1,405,-
600 blu.
The forecast: Illinois, fair, warmer north
except near the lake. Saturday fair; Indiana fair
tonight warmer in central portion; Wisconsin,
fair, warmer southwest portion, Saturday fair;
Polr s~t& c,x,,
tonight warmer northeast portion, Saturday fair g;
Missouri, fair tonight, warmer south, Saturday
fairi Kansas fair tonight, southern por-
ton; Nebraska, fair tonight warmer in west
portion Saturday fair; North Dakota fair to-
night and Saturday, fair and cooler Montana,
fair in east, showers in west portion tonight,
Saturday showers and cooler
The Modern Miller says: Farmers are pre-
pairing to seed large acreage in winter wheat,
perhaps the largest ever put in The soil Is
IN fine condition for this work. Increased de-
liveries by farmers in the hard winter wheat
states are reported. Otherwise little wheat Is
moving"