THE WHEAT MARKET.

Ashburton Guardian, Volume xxix, Issue 7241, 29 July 1907, Page 4

THE WHEAT MARKET.

In the local wheat market, says the Otago Daily Times of Saturday, a trial of strength is proceeding between millers and wheat-brokers, the outcome of' which is being closely watched. Tho bulk of the wheat now offering is -held by speculators, and millers naturally object to give a profit to men whose ii_ trusion into their market they resent. At the same time, some millers are right out of wheat, while others cannot continue working upon present stocks^ for more than a few weeks longer. They I are thus faced with two alternativestit her to come into tho market or close down. Either course would appear to entail a loss in working, for in default of gristing their ordinary output of flour the conditions under which they subscribe to the association demand ' their making provision for its delivery from another mill. And no miller will accept'an increased output except at a substantial premium. This explains the report of sales of several lines of wh^at in North Otago at 4s 7d and 4s 7_ 1 on trucks, whilst other holders are taking 4* Bd. A South Canterbury report thus views the situation: "The market is quiet, but exceedingly firm, holders becoming more and more confident of the shortage for this season, and prospects of a more serious shortage for next season owing to want of sufficient rain. ' By a very carefully worked-out estimate' of stock held by millers and merchants in South Canterbury, keeping well below the capacity of the mills of South' Canterbury, there is barely sufficient wheat left to keep these mills running until March next.' This being anywhere near the mark, where is the wheat to come from for mills north and south whose stocks will be run. out kng before that date?"