MARKET REPORTS.

Lyttelton Times, Volume CXX, Issue 14977, 24 April 1909, Page 7

MARKET REPORTS.

GRAIN AND" PRODUCE. Since last report the upward tendency of the wheat market has been checKed, owing to lew favourable reports from London, the recent sales at 60s per quarter in some of the provincial markets not being accepted as a true indication of values. The drop or one shilling per quarter reported m Thursday's cablegrams has been reflected here'by an all-round fail in prices, equal to one penny per bushel, til ©current value of wheat ranging from 4s Id to 4s 2d on trucks at country stations, slightly higher prices being paid tor extra prime samples for seed purposes. On Wednesday the market was very firm, and few ho'dors were prepared to accept prices below 4s 6d, but this figure not being forthcoming, few sales were effected, farmers deciding to hold their parcels, and since thou prices have eased. The sales made since last report, which, have been of small volume, included a line of Hunters at 4s Id at a lid station, 1000 bushels Tuscan at 3s lid, 1000 bushels Hunter's at 4s OJd, 2800 bushels Tuscan at 4vs 3d, the last-named sale having been made on Wednesday, while the market was at flood tide. The American market at present is in a slate of flux, and the future course of values in" the United States appears to be somewhat problematical. Mr Patten, the leading wheat speculator of Chicago, stated a short time ago that, he had no intention of advancing prices further, ami that he did. not hold sufficient wheat to justify a •'corner," but only enough to raise the price to a level that would prevent shipping from the United States The real difficulty which has led to the high prices. Mr Patten states, is that the supply of wheat throughout the world is-not increasing proportionatelv to the demands of the world's population. The London "Morning Post" states that Mr Patten's ring secured 3,000.000 quarters (24,000.000 bushels) out of America's visible supply of 8,000,000 quarters, and the journal expresses the opinion that if Canada, India and Australia were encouraged to produce wheat the "cornering" of this cereal would cease, for a ring would never be able to start operations. Commenting on this, the Melbourne "Argue" says that the "Morning Post" fails to appreciate the importance, on the one hand, of the actual production of wheat in India, Canada and Australasia, without what it calls being "encouraged" (meaning, pre sumably, some form of protection); and, on the other hand, the fluctuations to which these countries are subject, and which would render it dangerous for Britain to rely upon them exclusively for supplies. During the past sixteen years tho production of wheat in British India has ranged from a minimum of 198.990 968 bushels to a maximum of 359.936.050 bushels. But, after a production of 305 606.933 bushels two ve*rs ago, the Indian croj, fell to 212,941,867 bushels twelve months ago. It was owing to drought

and the prospect of a short crop ir> India that the markets of the world rose to nearly the samo level as at patent eighteen months ago. During the past twelve months India has shipped next to nothing ' to Europe, and ' the practical abseuce of Indian wheat has helped to produce the depletion of stocks, which is one of the causes of the advance of the last few weeks. But, so far as India is concerned, the production of wheat is not a question of being >' encouraged," it is a question of rainfall. Oats, of which the quantity corning forward is somewhat greater than was the case a few weeks ago, are a little firmer, and an advanco equal to about one penny per bushel has to be reported, and, the tone of the market is much more healthy ttfau it was a month ago. For the best classes there is good inquiry, but the poorer descriptions are neglected. The salee since last report included 6000 bushels Gartons at Is

4-cl, 3000 bushels Algerians at Is 9d, 800 bushels Algerians at Is 7d, and Duns at Is 3d. The shortage of cornsaeks continues to impede threshing operations seriously, the: unexpectedly heavy yields having quite exhausted supplies. It is anticipated that ample consignments will reach the dominion early next month. Nothing is being done in barley, and prices are nominal. Chaff is still weak and few gales have been made, prices being unaltered. Potatoes are now coming to hand more freely, but digging operations will not be in full swing till nest month. The condition in which the potatoes are being marketed is quite satisfactory, and up to the present there have been few indications of the ravages of blight, which it was feared some time ago would cause great damago. The area under this crop is fairly large, and, generally speaking, the returns promise to be above the average. Prices are unchanged. Onions are quoted at £3 7s (3d. The crop is a satisfactory one, both .as regards yield and quality. On Thursday consignments aggregating more than 200 tons of Canterbury-grown onions were shipped to Sydney, and it is feared that the glut which this largo quantity must necessarily cause will have the effect of reducing prices in the Commonwealth.

The following quotations are for purchases from farmers, net cash, sacks extra, except where otherwise specified:— ■ Wheat—Hunter's. Tuscan and Velvet 4s, Pearl is Id, at country stations. Chickwheat 3s -6d to 3a Sd.

Oats—Duns Is 3d to Is 4d, Danish Is 3d, Gnrtons Is 3d to Is Sd, Sparrowbille and Canadians Is sd, Algerians Is 7d to Is Od. Chaff—Oatsheai £1 17s 6d to £2, at country stations.

Pa-as —Blue Prussians 4s to 4s 2d, Partridge 3s 7d to 3s Bd. Potatoes—£l 15s to £1 17s 6d. 7s 6d. Oatmeal—£lo.

Flour—The New Zealand Flourmillers' Cooperative Association, Limited, quotes the following prices per ton, ".ocal or shipping: Sacks £ll 10s. 1001 b bags £l2, 50lb bags £l2 6s, 251 b bags £l2 10s. Bran i.o.b. £4, iocaUy £4 ss; pollard £5 10s. Seeds—Byegrass (new season's) Is 6d to 2s. Cocksfoot 4Jd to 4Jd. Dairy Produce Cheese, dairy, large CVh lopf 6d: factory, larjje £?d to 6d. Butter, fresh local, factory jrintslld, fsrm dairy Sd. Hams Bd, sides 7jfd, rolls &Jd, shoulder rolis and middles (equal quantities) BJd, shoulder rolls only 7jdj middles 3d. Lard, pats Bd, bulk 7Jd, bladders Sd. Fresh eggs Is 6d per dozen. 1 GRAIN SALE. The New Zealand Loan and Mercantile Agency Company 'Limited,' held its opening grain sale of the season' yesterday afternoon. The sale w r as satisfactory, the attendance being good and the bidding brisk. The catalogue comprised about 1000 sacks of wheat, oats, and barley mostly in small lines. Oats met a. specially good demand, owing to the shortness of stocks and the decreased offerings from the country. Whole and broken wheat sold readily, but barley had rather a poor inquiry. Canadian oats sold up to Is Gortons to Is 7d, Duns from Is od to Is 7£d, and Danish to Is od ex store. Seconds wheat brought from 3s 6d to 3s 9d, whole fowl wheat up to 4s, and milling Pearl up to 4s 4}d ; Capo barley 2s 7d, and feed barley 2s 3d. RANGIORA. The excitement in the wheat market has abated, and values have now reached their normal position. Dur ing the week several lines were bought at 4s at country stations, although some sellers declined tho price, and intend to wait for an advance. Oats are not offered very freely, but, nevertheless, prices do not advance. Chaff is dull aud 35s to 40s is fair value. Partridge peas aro worth 3s 7kl to 3s Bd, Blue Prussians 4s for best. Potatoes aro dull, 35s to 40s being off wed. The demand is very limited, and there is no prospect of an early advance. ASHBURTON. Throughout tho week the wheat market has been very firm, more especially on the part of sellers. There have, however, been a few buyers, anxious to fill orders, who have taken any lines offering at late quotations, but millers have practically withdrawn frotn the market entirely, for tho present. The weaker reports from the London market" have ' now had the effect of withdrawing all inquiries for wheat at late prices, and many farmers who refused; tho prices offering earlier in the week would ■ gladly accept them were they- still available, but in almost every case; offers have been withdrawn by merchants, pending a more settled state of the ■ market. Meanwhile, prices have nominally dropped Id a bushel all round, making quotations : Pearl 4s Id to 4s 2d, Tuscan and Hunters 4s Id for prime milling quality.

There has been, a considerably better demand for all classes of oats, but more especially for heavy Duns and A grade Gartons. As high a 9 lsod on trucks has been obtained for A grade Gartons for shipment, and heavy Duns are saleable-at Is 3d, other prices being 13 grade Gartons Is 3H, Danish Is 2\d. ■ There has been a limited sale for oatshoaf chaff at £2 to £2 5s on trucks for prime, bright chaff, bub farmers have not taken cutting in hand yet, and offerings are small.

.DUNEDIN. [Per Pkess Association - .] DUNEDIN, April 23

Wheat.—The excitement in other markets has been experienced here to some extent and all classes- on offer have been changing hands at a' substantial advance on opening rates of the season. Prime velvet is offering sparingly and is specially in request by millers. Tuscan and other prime sorts are readily taken at quotations, but medium quality has not the same attention. Fowl wheat is offering freely and has not advanced to the same extent as other kinds. Primo milling 4s 3d to 4s 4id, choice velvet 4s 5d to 4s 6d, medium 4s to 4s 2d, whole fowl wheat 3s 9d to 3s lid, medium 3s Cd to 3s Bd, broken and damaged 3s to 3s sd. Oats.—The market has been very active for the past two days, the demand being mainly for prompt shipment by tho Den of Euthven, and also on Australian account. The demand for immediate shipment exceeds the supply and the market has firmed to the extent of fully Id per bushel. Today's quotation is Is 7d f.0.b., sacks in, B grade and Is 7Jd for A grade Gartons, which are scarce. Orders from Sydney on the basis of Is 7d f.o.b. sacks in, for B grade have in some cases been declined owing to .difficulty in procuring supplies for prompt shipment. Merchants who took up forward contracts also have been endeavouring to cover. The combined circumstances caused quite a nutter in tho market.

THE OATS MARKET. [Pr.r. Press Association.] DUNEDIN, April 23.

There has been some excitement in the oats market during the week, and the present position is reported to bo 6omewhat complicated owing to the brisk demand from London and West of England. Shippers have been quietly operating for the last fen days or a fortnight, and. sales made represent a. large quantity of oats. It is stated that the Den of Ruthvon, now loading- will be a full boat, and all the available space in two boats to load at Bluff, Tiniaru and Lyttelfcoii next month is taken up. Transactions so far arc for Slay and June shipment. One arming factor has been the operations of Now Zealand merchants, who, with forward commitments at lowprices, have been endeavouring to

cover. The keenest demand has been for Gartons, for which it is difficult-to get quotations. For B grade Sparrowbills Is 74cl f.0.b.. sacks in. is the lowest quotation, aud sales of that quality have been made at Is Bjd, aud on Australian account up to Is Od, and even more.