CANTERBURY MARKETS

Press, Volume LXIII, Issue 18918, 5 February 1927, Page 12

CANTERBURY MARKETS

HEAVY CBHEAL YIELDS. f»t scs wwisci. asrtoij Friday evening. Most of th«) trade talk during the week, apart from the wheat and potato business, has centred around tie exceptionally heavy yields of cereal crops. On present indications the average per aero promises to bo the best for over 20 years, more than confirming earlier forecasts. The-Wheat Average. During tho week practicallv every threshing mill north of the Selw.vn, and those in the earlier districts further south, have been working full time. The threshing so far shows exceptional returns—to 70 bushels in North Canterbury and to 50 in tho lighter districts in Dunsandel. In most cases the yields have exceeded forecasts, and improved on thoso of Inst year by four to ten bushels, and in somo cases fifteen bushels, per acre. It is far too early, of course, to accept tho early returns as a basis for the whole of tho wheat crop, but the probabilities are that tho average for North and Mid-Canterbury will be up to seven bushels per acre better than last year. An all-over increaso of up to five bushels above the average, or 35 bushels to the acre, is claimed by a number of observers as highly probable. To secure a parallel tho situation has to go back to ISXVS. when the Dominion average was 35.36 bushels Tho vcar preceding it was 34.20 bushels, and in 1903 38.37 bushels. These are the three record years, and the areas were practically identical with that of the present year, so that there is no reason why the incoming crop should not work out similnrly. On the officially estimated area of 222,000 acres, 86 bushels would mean a crop of 7$ million bushels, less than half a million bushels short of the annual requirements. Barley and Oats. High as have been the wheat yields so far, they havo been eclipsed by barley and oats. Threshings of both, so far, show some record returns, several cases of barley returning from 70 to 90 bushels to the acre. Tho avernge yield over a number of years Ims been 31 bushels to the acre. Probably this season it will be over 40. As a good deal has been grown on contract at 5s Gd a bushel, nnd as the increased yield is providing more barley than tho buyer bargained for, the prospects for free barley are not very bright. Tho position where oats have been threshed is similar, heavy yields being the order of the day. Wheat Prices. Fairly substantial parcels of wheat have been offered milters nnd merchants during the week. Occasional sales of Ashburton wheat for prompt delivery to southern gristors have been made at os, on trucks. For next week's delivery for local mills 5s 9d was being paid on trucks up till to-day, but there were indications that this price was slipping. As a' matter of tact, "prompt'* needs appear to be met for the time being, and 5s 6d on trucks is tho figure mentioned for delivery "when ready." Most of the wheat threshed so far has been sold at the better prices mentioned, but as the. weather is stimulating long-hour threshing, a heavy quantity of wheat will bo available within a fortnight. The position in regard to Australian ffour remains unaltered. The lowest Quotation received is £ll 2s 6d. This otjr could bo landed at £l6 2s 6d, a price which, it, is claimed, does not justify more than 5s Gd a bushel for local wheat. However, the bulk of the imported flour was bought at more than tho Oguro mentioned. Oats and Chaff. . Sales of A Gartons have' taken place, both for "prompt" and April-June, at 3s f.0.b., s.i., about 2s 5d on trucks. Duns are mentioned nt 2s 3d and, Algerians at 2s a bushel on trucks. There is no demand and the business done is practically nil speculation. Chaff is quoted nt £3 on trucks. All seed crops promiae well, with the exception of clovers. The bees have been holidaying, and in somo districts, where cutting is taking place the yields promise disappointingly. The demand for both perennial and Italian ryegrass is practically nil, and merchants do not feel inclined to offer more than 2s 9d nnd Is 9d respectively on trucks. Potatoes. As a result of tho Commonwealth embargo, potatoes havo gone from "woreo to fierce." Merchants aro offering £2 10s to £2 12s Gd a ton on trucks, and sales to Auckland havo been made at £3 15s f.0.b., s.i., the lowest opening price for many ycare. The Sydney market lias slumped during the past fortnight in an unprecedented manner, and to-day's quotations arc £lO a ton lower than a few weeks ago. As events have turned out, there seems to havo boon little need for the Federal authorities to have imposed the ombargo. Tasmanian potatoes at £lO and £ll a ton in Sydney provide no possibility of export- from "New Zealand, lite embargo, therefore, is a tactical mistake on tho part of tho Victorian protectionists.

Trade advices received from Australia during tlic week nro to tho effect that the weather of the past month has improved potato crops tremendously., This information is conveyed in one epistle as follows:—'.'The importation of New Zealand potatoes has been definitely prohibited after February 15th on nccouut of powdery scab being found on the shipment sent to Melbourne.lnst year, and also 'on account of the recommendations of the various Departments of Agriculture thnt the local ! crops arc heavy and sufficient for requirements.' " There is a refreshing frankness hero ns to the course of the' embargo. "The crops are sufficient." Thero is a fixed tariff between New Zealand and Australia, terminable on six months' notice. The embargo is n convenient way of geting over it—in a fortnight. In regard to the rejection of the 25 tons of potatoes that went to Melbourne last soason whilst the 22,000 tons that went to Sydney passed clean, information received since throws a surprising light on the Melbourne action, and it is hoped that the Actiiig-Primo Minister in his prompt protest to Australia will not 1)0 content with a cursory explanation. There is a strong feeling in local trade circles that New Zealand is being made the plaything of Australian politics, and a meeting of those interested has been suggested to discuss this aspect. So far there has been no report from tho Agricultural Department's -ofllccr who visited Australia some months ago to report on thu matter of exported Xcw Zealand potatoes. Quotation*'. The following arc quotations for produce to bo paid to farmers, sacks extra, except where otherwise stated:--Wheat—ss i»d (for prompt), 5;; Cd (delivery when ready), on truck?. Oats—Cartons, 23 fed per bushel; Algerians, 2s to 2s 2d; Duns, 2s 3d. Chaff—£3 per ton. Potatoes—£2 10s to £2 15s per ton. Onioiiß--Xew srasou's, £l. Red Clover—B:l per lb. White Clover—Bd per lb. Perennial Ryegrass—2s Cd to 2s 9d per bushel. Partridge Peas —Cs 10u. Barley—ss per bushel. Italian Ryegrass—ls M to 2s per bushel. Cocksfoot—To 7d per lb. Linseed—£l2 to £l3 per ton.

Bran—£7 per ton M ports; 10s extra fcr •na* Pollard—£lo per toft; ports; 10s extra for W Flour—Local wJ>wt*u tarn *«. annoi ••*** , •