WHEAT AND FLOUR

Press, Volume LXVII, Issue 20427, 23 December 1931, Page 8

WHEAT AND FLOUR

STOCKS AT NOVEMBER 30TH The census of stocks of wheat and flour as at November 30th, 1931, shows a slightly larger supply on hand than anticipated, and bears out the suggestion made recently that consumption of bread has declined. The stocks (other' than non-milling wheat) appear to be sufficient just about to meet the demands for the quarter ending February 28th, 1932, but the quantity of non-milling wheat held, and the fact that the harvest will be a fortnight earlier this year, influence the possibility of a surplus. A carry-over of 5s 6d old wheat to compete with 4s 5d new wheat is the last thing wanted. Absolutely bare boards are desirable in view of the lower prices to rule when the new crop comes in'. Beducing the flour stocks at each November 30th in the last three years to wheat bushels, the figures are as follows: Bushels. 1929 '.", .. 3,847,851 1930. .. ... 2,742,533 1931 .. .. 2,385,563 The total requirements for the twelve months have been estimated for some years at 9,000,000 bushels. On this assumption stocks at November 30th, of 2,385,563 bushels would leave an ap-. parent carry-over of 135,000 bushels, ordinarily a dangerously low surplus, but under the prices that will rule for the new crop next season, a surplus that is unwanted. It has to be noted that no less than 425,000 bushels of the November stocks represent. non-milling Wheat, bo that on paper there should be a shortage of milling stocks to carry on until February 28th, the end of the wheat year. However, there is evidence of a decline in consumption, and it has been suggested that 8} million bushels are ample for the year's needs, in which case a quarter's requirement of 2,125,000 bushels would leave a surplus of 260,500 bushels. The fact that most of this surplus will be fowl feed will not help the position much as far as a complete clearance is concerned, ana tie way the harvest is shaping points to new season's wheat coming on to the market two or three weeks earlier. Whatever the surplus at the end of next February, it is likely to be absorbed by the following February.