THE BREADSTUFFS AND PRODUCE MAREETS.

Otago Witness, Issue 2722, 16 May 1906, Page 8

THE BREADSTUFFS AND PRODUCE MAREETS.

Friday. The London market maintains its steady tone, and the transactions recorded are at full rates. The latest sales cabled include cargoes of Australian at 31s 4£d and 31s 6d, and in the present state of the Commonwealth market there is not likely to be any retrocession in these rates, but rather the reverse.

Writing under date London, March 30, " Beerbohm " expresses the opinion that " there seems no adequate reason on the score of supply and demand to expect any superabundance of the fornjar for some time to come, if at all this season." Perhaps, however, the most interesting intelligence to hand by this mail comes from America. The Commercial West«of Minneapolis sums up the American wheat position as follows (the report is dated March 17) : —

There are about six weeks intervening before delivery of May wheat. This would seem to ba the keynote of the wheat market in -the next six weeks, barring an export demand from Europe. There, is unquestionably a large, long line of wheat,. much of which was bought at a price 10 cents higher, that has not been liquidated. If the export demand cannot be improved within two weeks the holders of lone wheat will begin to show nervousness with the prospect of having to take delivery a month later. This holding is therefore a, menace to. the price. An improvement in the flour demand would help to equalise the matter, as it would develop a demand for cash wheat> but even on this basis there is estimated a large total that must -be exported, and the item is still 'arger when Canadian wheat is included. If the bulls hope to advance the wheat market iv an important sense, a flour demand must be developed. With the surplus in the country, the price of wheat must decline until steady demand is reached.. The Commonwealth markets continue to develop strength. This week's quotations range as follow : — Sydney. 3s 4^d to 3s sid ; Melbourne, 3s 44d to 3s sd ; Adelaide, 3s 3£d to 3s 4d. Under the heading " A Rise in Wheat" the Sydney Mail of 2nd in»t. writes as, follows : —

Several city, as well as country, millers who were getting short of supplies and wanted more wheat to cover flour sales made, had to come on the markets at the end of last week. Finding that prime grain was practically unprocurable at 3s 4d, ihey were forced to pay up to 3s 4£d before they secured some good parcels, representing many thousands of hags. Yesterday and to-day further inquiries were being made on millers' account, and quotations janged from 3s 4Jd to 3s 5d per bushel. When millers' present requirements are satisfied, unless there if a good advance in Mark Lane values, it appears doubtful whether these rates will be firrciy maintained, inasmuch as they are fully l£d to 2d per bushel over London parity. The exporters have been, of course, quite out of the running recently, their prices being about 3s 3d to 3s 3£d. As a matter of fact, one of these firms has sold over 10,000 bags, which v/ere intended for export, to needy millers at a figure which will, probably, pay them better than if they had shipped to the United -Kingdom. The Sydney Town and Country Journey of the same date reports in similar strain :

Sydney wheat market is this season almost independent of the trend of values in London. The big factor in Sydney now is the scarcity of milling samples throughout New South Wales. The growers are masters of the situation, for several of the country and metropolitan millers are still short of best gram for gristing, and poultry raisers have to pay milling rates for choice chick wheat. The only inference is that there is a very small aggregate of wheat left ' unsold on farm and a/t country railway stations on either side of the Murray. The continued wet weather has caused another sharp rise in the local wheat market, prices being fully 2d per bushel better than last week's quotations. The impression gains ground- that prime milling samples will not see lower prices and a considerable quantity of grain is changing hands at full ratss. As high as 3s Z^d and even 3s 3d has been paid in the Oamaru district for prime lines of velvet, whilst sales of Tuscan aie reported at up to 2s 4d. Any mixed lines" offering at up to 3s 2d are" readily picked up by local millers. Ashburton quotations also show a, proportionate advance and mixed milling lines are selling on that market at up to 3s 2d. All these quotations are on trucks Northern stations.

Fowl feed is said to be unobtainable in the north, and this has again firmed the lecal market. There is a good quantity of seconds wheat in northern district?, but growers are storing in hope of the condition improving. Consequently orders have to be filled' from southern supplies and up to Is lOd on trucks Milton has been paid for fowl feed, which is decidedly on the eoft side. For little lots of good whole fowl feed (ex store) up to 3s Id is asked.

Despite the jump in wheat, there is no alteration in the price of flour, the restraining factor being the fear of Australian importation. In this connection the following recent advice from Sydney will be of interest : —

The better tone in wheat -was reflected in flour, which met with an improved demond, and during the last few days quite a number of metropolitan bakers have hastened to fully cover themselves to the end of the year with present price flour. Best city was firm at £7 10s per ton fo* parcels, with several mills asking another 53 for distributing lots. The pick of the country makes were offering at £7 ss, and business to the extent of a couple of thousand tons was completed for forward delivery. The market wps to-day stronger, with a tendency to advance. The only thing that prevented it was the want of unanimity on millers' part to act concertediy. The export trade_ to the east has not been so good, as Victorian and South Australian millers are seemingly able to undercut the- New South Wales prices. Wha-t is going forward mainly represents flour booked early in the year.

The New Zealand Flourmillers' Association's tariff stands as f ollow s : —Sacks, £9 per ton; 100's, £9 10s; 50's, £9 15s; 25's, £10,. The shipping price is £8 10s per ton f.o.b. There is no change in the offal market, but inquiries for bran continue to come in. from Australia. The tariff lor bran stands at £3 15s per ton for local orders and £3 10s per ton f.o.b. for shipment ; pollard at £5 per ton both for local orders and shipment. Sydney advices state that bran and pollard are short-stocked. The local consumption is good, and several millers are unable to keep paco with the orders for South Africa. Tlift .w<£k. ha^ keen ft s&x&tlQiXid QWk iv

' the oat market, good feed oats whicK S • week ago were offering at Is lOd on trucks country stations are now selling at up to 2s Id on trucks, and -only the' difficulty o£ obtaining the oats has hindered the lnagnii tude of the operations. The very bad j weather in Southland and the alarmist reports of the cTamage done to the crops, especially * in the districts west of Invercargill. are responsible for the rise. Opinions differ considerably, as to whether the oresent position will bo maintained, but in the face of the remarkable scarcity buyers who want oats simply have to pay the prices asked. There is a 6teady inquiry from the North Island, but so far not much business has resulted. North Island buyers having scarcely become educated up to the existing state of the market. The position appears to be this — that -the late and wet season will mean deferring the threshing of the greater part of the Southland crop until the spring 1 , and with the rumours of mildew and other evils it is impossible to say what proportion will ultimately be harvested at all. On the one hand, therefore, there is tho prospect of a scarcity, of good oats, and on the other the possibility of a quantity o£ badly conditioned grain, which will not keep, being hurried upon the market. Until more definite end authoritative reports aro available as to the actual position of affairs the market must remain an uncertain one. The local market is barer than it has ever been before at this time^of year, and up> to 2s 2d and even 2s 3d had been paid "for little lots of feed oats ex truck. Quotations on tnuoks. Southern, stations, vary from la llid to 2s o£d, according to quality and! distance, and sales are reported at up to 2s 4d f.0.b., s.i., Bluff. In sympathy with, the iump m oats there has been another rise in oatmeal. Sales' have been made during the week at £11 10s, and millers are now asking £12 and! declining forward orders even at this price. The market is only moderately supplied with potatoes, and prices are slightly, higher for all really prime samples. Best Derwents and Up-to-dates are selling at up to £11 5s per ton, medium and inferior ' from £9 to £9 10s. The dairy produce market maintains its firmness, and the extent of recent shipments appear to indicate that there will be no surplus left in the colony by the end of the season, but rather the reverse. The Essex, which left the colony on April 30, took 2194 boxes butter and 397 cases cheese, and tho Rimutaka, which sailed on the 10th inst., took '6018 boxes butter and 3412 cases cheese. The corresponding steamer last year took 1602 boxes butter and 2502 cases cheese. In the local market current quotations are as follows: — Farmers' pate. B£d per lb, and up to 9d for ohoice quality; farmers' separator, lOd ; bulk, milled, First-grade factory, 10|d in bulk," prints at llid for spot cash and lljd for booked. The cheese market is firm at 6£d for factory mediums. The egg market keeps firm owing to scarcity, and tho current quotation is Is 9d to Is lOd for fresh, guaranteed eggs realising up to 2s, Is 3d to Is 4d for chilled, and Is to Is Id for preserved. Current quotations for poultry are as follow: — iJens, Is 6d to 2s 6d; roosters — old 2s to 2s 6d, young 4s to 4s 6d; ducks, 2s 6d to 3s; ducklings, 2s 6d to 3s 6d; freese, 4s to ss ; turkeys, scaree — hens 5d to '6d per lb, gobblers 7cl to Bd. . , , Pigs are in good demand, baconers are firm at 3Jd; overweights, 3d to 3>jd; porkers, 3|d to 4d. Hams are quoted at 7d to 7id. and bacon at 6|d to 7d. The market is rather firmer for chaff; £3 15s is tho quotation for prime oaten chaff.

Palmerston North, it is said, will havd the unenviable distinction of being the only place within the colony to supply two murder cases at the same session of the Supreme Court.