MARKET REPORTS.

Lyttelton Times, Volume CXIX, Issue 14682, 13 May 1908, Page 9

MARKET REPORTS.

GRAIN AND PRODUCE.

The continued firmness of the Homo market for wheat, and the almost startling advance in values in Sydney announced by cable on Monday have had a marked effect on the local market, and prices to-day aio higher than they have been for a considerable time, the all-round advance since last report being about threepence per bushel. v> nile merchants are prepared to pay prices considerably in advance of those ruling a week ago, holders are unwilling to accept current quotations, being almost without exception, firm in their belief that values win still further appreciate. As a result of merchants and growers holding such diverse views as to values, only a small volume of business has passed since last report, the bulk of the transactions being between merchants and brokers. It is staled that considerable quantities of Australian flour have been sold to iSew Zealand-merchants and bakers for delivery from May to December at prices ranging from £8 2s lid to £8 10s f.o.b. Melbourne, and it is expected that in many cases the contractors tor these forward deliveries will bo considerable losers in view of the advance in prices in tho Commonwealth. Sales mado since last report included :—I6OO sacks, equal quantities of Hunter's Pearl and Tuscan at 4s 10} f.0.b.; 1000 saci,s equal parts of Hunter's Pearl and Tuscan at 5s f.0.b.; and 190' sacks Pearl at 4s'7d at a country station. It is stated that a grower refused an offer of 4s 9jd at Norwood for a fairly large line of wheat. The market at present has a strong upward tendency, and closes vsry firm at quotations. Little business has passed in oats since last report, tho number of lines submitted.. by growers being small. There is little disposition at present to sell for forward delivery, the majority of holders feeling sufficient confluence in tho future of the market in induce them to keep their grain in store in tho expectation of further advances. Lxcept a few transactions between merciiants, practically no business has passed during the last few days, but the market closes firm at quotations. It is inly a few short yeans since bouth Africa ih'ew supplies of oats from Ae-.V Zealand, but since then, a great change has taken place in Groat uritain's African possessions, which now not only produce practically all the cereals required for local consumption, but are able to export considei able quantities. (Some time ago several shipments of South African oats arrived in Melbourne, and now it is reported that the barqUe Laii'a is on her way from Melbourne to Auckland with a consignment of 0500 sacks of Natal oats for tho capital of the northern province. Whether or not this is but the percursor of further shipments remains to bo seen, but it is significant that South Africa is already bidding for the local market for oats.

Chaff continues to come forward in limited quantities, the majority of tho sales recorded during the week being on a basis of at hand,y country stations.

Potatoes continue to bo offered very freely, the general quality being satisfactory, and values remain unchanged.

Clover seeds are being offered in reduced quantities, but prices remain unchanged. The " Miller," commenting on tho situation under date London, March 23, says:—"lt seems probable that Ave have seen,the last of the recent low prices for the rest of the present cereal year, and in this connection we may once more urge upon our friends in the country to lay up as much of tho local product as they can conveniently carry, for appearances all point to a scarcity later on in the season, and as they depend so much upon it for their particular class of trade Ave hope they Aviil take heed to our Avoids. On tho Avhole, the growing crops are reported to be making excellent progress, and the Home outlook is especially promising. The Argentino has noAV shipped more than the expected surplus over the crop of last year, and if we can swallow Avhat is on the way as it arrives, the season should soon. be running a normal course." Later on, AA'hen summarising the position, the same journal says:— '' We do not by any means despair, because we have lively recollections of the middle of April last year, Avhen there Avas more Avheat in the Avorld than today. Values bounded up quickly, and caused trade to literally boom, and the boom lasted for six months. We cannot promise a repetition of that period, and a duplicating of the profits made thereon, but there is no room for despair, and this ought to be kept in mind. Wo are nearing the critical time of the crop year, and a good many things may happen suddenly. Beyond advising a continued close Avatch", lioavever, we can go no further to-day." "Beerbohm" sums up the position in this Avay:—We are promised an average Aveekly shipment to Europe for the next four months of 500,000 quarters from Argentina and 125,000 quarters from America, according to the best authorities. The question Avhich the Avheat operator has to ask himself, seeing that something like 1,100,000 quarters per week Avill be required, is—From whence will the balance of about 475,000 quarters be obtainable, with Russia, Ronmania and India practically out of the field? In the three past seasons tho average weekly shipments to Europe, from noAV to the end of July, Avcre about 1,100,000 quarters. It seems, therefore, that unless Russia should unexpectedly como to the rescue, there may bo sufficient justification for the feeling that present prices are quite low enough under all the circumstances.

The following shows the total shipments of wheat and flour to Europe from August 1 to March 25 for the past two seasons, with sources of supply. Total Total same since period July 27, previous 1007. vear. Qra. Qrs. U.S. finer Canada. . 17.325.000 12,970,000 Argentina and Uruguay 7,681,400 5,561,000 Russian and other Black Sea port 3 . 5.825,000 8,320.000 Danubian . . 2,200.000 6.630,000 India . . . 2,271,000 1.996 000 Australasia v. . 1,166,000 1,880,000 Sundries . . 934.000 960,000 Total . . 37.405,000 38,310. Ml Tho following quotations are for purchaser from farmers, net cash, sacks extra, except where otherwise specified:— AVhcat—4a Gd'to 4s Scl, at country stations, sacks extra. Oats.—Duns 2s to 2s 4"d, Gartons 2s Id to 2n 3d, Sparrowbiils 2s 3d to 2s sd, Canadians 2s 4cl, at country stations. Barley.—Extra primo 5s to 5s 3d, second quality 4s to ss. ChafE.—Oatsheaf £4, at country stations. Potatoes. —New season's £i fur Up-to-date 3, £1 Es for Dcrwcnls. Onions.—.£s 10s, at country rtations. Oatmeal.—£l4. Flour.—The Now Zealand Flourmiilers' Cooperative Association, Limited, quotes :he following prices per ton, local or shipping: Sack? £ll 10s. IOOIb bags £l2, 501 b bags £l2 us. 251 b bags £l2 10s. Bran £5 15s, pollard £6 10s. Seeds. —Ryegrass, light 23 6rl to 2s fri, beavr 3s to 33 6d, s"jd to 5Jd per lb; cocksfoot GJd to Sd. J)airy Produce.—Choese, dairy, largo 6d, loaf 6Jd; factory, large 6i<3 to 6Jd. Buttrr, fresh ;ooa.l factory prints Is 3d, bulk Is 2sd, farm, separator Is Id, farm dairy lid. Hams 9Jd. Bacan, ' rolled sides lOd. sides 9jd. Lard (packots) 9d. Fresh eggs, Is lOd per dozen. FRUIT AND VEGETABLES. The following prices were obtained at auction sales of fruit and vegetables held yesterday: Apples, primo dessert, 6s to 7s 6'd; cooking, 3s to os' 6ri; pears, prime dessert, up to 9s ; cooking, 4s to 5.5; tomatoes, hothouse, 31 to 4u, outdoor, primo

2Jd to 22-d; medium, 1£- to 2d per lb; grapes, prime hothouse, Is (id per lb; bahanas, Tongan Oin cases from 9s to 13s, Fiji choice, 13s, medium, 9s to 12s; oranges, Auciaand repacks, (is Od to 8s; passions, 9s to 10s 3d; lemons, Italian, 300's, 32s Od; onion's, strings, Bs, loose, (is Od to 7s per cAvt; potatoes, prime Dements and Up-to-dates, 8s to 9s' per sacK; A'egetables, cabbages, 2s to 0s; cauliflowers 2s to ss; turnips, parsnips, carrots, 8d to lOd pod doxen. celery od to lOd per bundle TINWALD. There Was a good attendance at the stock sale held at tho Timvaid yards yesterday. The entry consisted of 35 cattle and 9000 sheep and lambs. In the fat pens 3000 siieep and lambs were yarded, principally lambs. For all classes of well-fiuished lines prices showed an increase on those of previous salca Prices \yero: —Prime eivts 14s 8d to 15s Bd, medium quality lis to 13s 9d, others 8s to 10s lOd, merino ewes us, best freezing wethers 10s to 17s lOd, others 14s Od to 14s 7d, merino wethers (prime) 10s, prime freezing lambs 10s to 17s Id, medium quality 13s 2d to 15s lOd. Sales were:—Ewes—7o crossbreuis at 10a Id, 34 half-breds at lit, 3d, 48 do at lis 6d, 29 do at 14s Bd. 32 four-tooth cro&s-breds at 15a Bd. Wethers—loo tAvo and four-tooth cross-breds at 14s 7d. Lambs—37 at 13s lOd, 40 at 14s 3d, 44 at 14s Id, 126 at 15s 9d, 05 at 17s Id, 100 afc 13s 2d, 52 at 15s 6d, 95 at 15s lid, 352 at 13s 2d. Very few young ewes Avere yarded in the store pens, and very feAV really forward lambs. There was no demand for :okl ewes, but forward lambs and wethers sokl well, and the demand showed a slight improvement. Sales Avere: —48 half-bred lambs (backward) at 8s 2d, 83 two-tooth half-bred wethers at 12s 3d, 128 laa-o and four-tooth cross-bred wethers (forward) at 14s 9d, 140 crossbre*d lambs (mixed sexes) at Ss Id, 91 four-tooth half-bred wethers at 14s Od, 231 aged halt-bred eWee at 2s, 107 halfbred lambs (mixed sexes) at 10s 7d, 149 aged cross-bred ewes at 3s Td, 31 two and four-tooth half-bred Avethers at 14s 4d, 100 sound-mouth merino eAVes at 5s sd, 102 sound-mouth four, six and eight-tooth cross-bred • owes at Bs, 710 cross-bred lambs (mixed sexes) at lis 2d, 165 half-bred lambs (mixed sexes and backward) at 8s 2d, 100 half-bred lambs (mixed sexes, a backward line) at 8s Id, 300 cross-bred lambs (mixed sexes) at 12s sd, 00 two-tooth half-bred wethers at 12s Gd, 414 two-tooth halfbred ewes at 16s 3d, 124 forward crossbred lambs (sound-mouth) at 12s 9d. The yarding of cattle shoAved an increase, but the quality, especially in the fat pens, Avas poor. Small stores made £2 6s, calves 12a 6d, fonvard steers and heifers £2 10s to £3 10s, springers £2 10s, dry coaa-s 20s, fat heifers £2 10s to £4 15s, fat steers £3 '10.9 to £6 2s 6d, fat cows £3 10s.

DUNEDIN WHEAT MARKET. [Pur Press Association.] DUNEDIN, May 12.

The news from Sydney of an advance of 5d per bushel in the price of wheat has precipitated a boom in local AA'hcat. On Monday afternoon, upon receipt of the news from Sydney, 4s on trucks was refused for a lino of 1500 sacks and subsequently a sale of this line Avas reported at 4s 9d. The next move came from the New Zealand flour millers' association, which decided upon an advance of £1 per ton in the price of flonr. This advice Avas received locally at midday to-day, and the advance in flour was immediately reflected in a further rise in ivheat. This afternoon 4s lOd on trucks at northern stations Avas refused for a line of 1000 sacks, 5s being asked for. The market closed firm at 5s on trucks with very little offering, the majority of holders being content to watch developments. It is considered that the advance in Sydney is due to drought conditions.

THE PRICE OF FLOUR [Per Pkkss Assort^tiojt.] AUCKLAND, May 12

By the rise in flour Auckland will be affected to the extent of 12s Gd per ton.