THE DUNEDIN WHEAT MARKET.

Star (Christchurch), Issue 8942, 30 May 1907, Page 4

THE DUNEDIN WHEAT MARKET.

[Per Press Association.]DUNEDIN, May 29. Thei wheat market 'has been in a high state of excitement to-day, aaid millers are eager buyers at present high rates. The " Otago Daily Times" says: — "The sale of a large line of milling wheat (mixed sorts) is reported at 4s 6d f.o.b. Lyttelton, this / representing the top price paid up to the present. Other ealea include lines of wheat at 4s 3d Rakaia, 4s 5d Mosgiel. and 4s 7d ex store, Dunedin. The sale of a line 6f 600 Backs of fowl feed is also reported at 4s, ex store Lyttelton. All this affords an indication of tihe strength of the market, and shows that still higher prices are anticipated. Already the prospect of a 5s wheat market is being actively canvassed,' whilst doubt is expressed as to whether even then the top will have been reached. The New Zealand FlouTmillers 1 Association to-day decided upon a further advance of 10s per ton in the price of flour. The revised tariff accordingly stands : — Sacks, £10 ss; 100's, £10 10s; 50's, £10 15s; and 25's, £11. The shipping price is now £10 f.0.b., and the Invercargill price £10 10s. The price of bran has also been advanced 5s per j ton, and quotations now stand at £4 10s per ton for local orders and £4 5s f.o.b. for shipment. The rapid advance in the price of wheat has caught many of the millers napping. They aver that with wheat costing them 8s 6d at the mill door (which represents to-day's quotation) they cannot afford to grist, even at the rapid advance in flour, the margin to cover the cost of manufacture being only something like 6s per ton, consequently already one mill has closed down, and it is quite on the cards that three or four others may shortly follow, leaving the trade in the hands of those fortunate millers who hold stocks of wheat and aa*e consequently able to execute orders."