DECEMBER IN MARK LANE.

Lyttelton Times, Volume CXXIII, Issue 15862, 27 February 1912, Page 10

DECEMBER IN MARK LANE.

(“Field” January (3.) A larger business than usual for the last “month of the year has been done in wheat, m beet sugar, in oilseeds in seed oils, and in the by-pro-ducts’ of tho mill, but for bread and flour tbs demand, owing mainly to the high temperature, lias been below the ordinary. The demand far malting barlcv has fallen to a small total, while the dearness of feeding barley, of oats, and of maize has caused the buvers of those staples to act with marked reserve. The crop reports from Argentina Have been the leading influence, hut have been more exciting than authoritative. Cablegrams are costly, and information is seldom imparted without on object. The absence of telegraphic news from our Consuls is an obstacle to sound trade with tile great shipping countries ancl the Boards of Trade and of Agriculture might do worse with a New Year than agree to appoint their own agents. They already have their own staff to report respectively on bread and flour prices amt on the values of British cereals. Yet Argentina ;s expected to ship us more wheat than our whole home production, and the value of the raw material at Buenos Ayres and Rosario is ot far mere practical consequence than the monthly averages of bread at, Blackburn or Bolton. Argentine reports on the whole have been decidedly bullish and have made tho trade far stronger than it would otherwise have been. But the hail, rain, and thunderstorms may well have occurred as cabled aqd yet the damage be much misunderstood. If. we get ill July news of a. terrifio rain burst in Westmorland we are sorry for the local interests, hub Westmorland wheat production is trivial and Mark-lano remains quite unmoved. It is otherwise when there arrives the news of similar weather trouble in some Argentine district with a sonorous Spanish name; few know if that region goes in largely’ for cereals, none to wiiat extent tho damage has extended. Argentine wheat opened at 37s 6d and closed at 38s 3d per 4801 b, but it should he noted that a good type. Baruso, is offered for February shipment by steamer at 34s 9d per 4801 b, and that the natural weight of this wheat is 4961 bso that the buyer will.he getting a higher grade article than tho sale by a fixed weight-quarter would. suggest. Argentine wheat is expected to be on sale in London by Easter at about 36s per quarter, but few anticipate lower terms the more so n.s Australasia now admits a falling off of about twenty million bushels in its wheat production. As this is after allowing for an extended area in West Australia the news is particularly discouraging. There seems some hope of an increase of dry farming, also of an increase of irrigation, but the seasoned operator in London relies hut little on Australasian agriculture. albeit in favourable seasons it plays quite a leading part, and at the present lime no fewer than 860,000 quarters of the old or 1910 crop are on passage to fair shores. The new crop is put at 84.800,000 bushels against 63,600,000 bushels in 1904 ; the net increase in production is a- good sign, but the rats of progress is slow. The fine cron of January. 1911. is now reckoned to have reached 104.000,000 bushels, an extra 4in of rainfall in tlie island-con-tinent adding nearly twenty million bushels to its wheat yield. Indian wheat at the December markets has been firm, 36s being averaged cash-ex ship on arrival. There is a good choice of sorts and the steady business on the produce of our. Indian Empire has been an encouraging feature of the entire season since May, when the new Indian crops began to b 9 shipped. Canadian wheat in December has reached 42s for the very finest sorts. American wheat has been much dearer for spring-than for winter descriptions. AVitli respect to British, wheat it shows 2s 4d net advance from the December

The price of British barley will bo seen to have been highly satisfactory, but tho supply cf malting sorts is now much reduced, and it ronfains tobeGeen what the averages will be when grinding corn constitutes a greater percentage of the total deliveries. But even grinding is' so “hold” and good this season that 28s to 29s is commanded for thu lioino product, a. fcrice winch has enabled the importer to get 26s for Russian and Indian and 25s for Persian. The market for early 1912 shipment of barley from the ice-frec ports of the Black Sea, from Karachi, and from Bushire is very strong, 26s (id to 28s beiiig the prices named. The splendid quality of 1911 Scots and English oats lias registered itself in a really good average price, and the 3041 b sorts from Argentine and Russia are by no means superabundant, so that 18s 6d to 19s has been obtainable, and the New Year has come in with 19s 3d asked for some of the supplies. Maize lias been very dear; 31s lid was paid in the last days of til? Old Year.

Sales of British wheat in December are estimated at 633,000qr5, and were rnt-her aliovo the average; sales of British barley and oats wero rather small. Receipts from abroad were fairly good of oats, good of breadstuff*, and heavy of barley, but of maize they were much below the requirements.

Tho stocks of bread-stuffs are not at all heavy, and those of mniz© have | seldom been so low. There is, however, J some eagerness of America to sell new {crop for prompt to February shipment, and 27s 6d accepted for such majzo is .'Js below the. host prices of December 29, Mark Lane’s last market of the old year. The landing and distributing charges added to 2/s Gd are likely to make the net price off stands 29s per quarter. This is a high price for January and February, when maize is usually cheap. On January 7, 1911, 22s was accepted off stands, and on February 4 20s 9d was the quotation. Averaging these early 1911 prices at 21s 50, and taking 29s as tho probable mean of January-February, 1912, wo have a rise of 7s 7d per quarter on the year, which is most awkward for the users of the staple. ’ Tho mild and open winter has reduced the need of a grain like maize peculiarly rich in fat, but the scarcity of Indian corn has made barley meal. 3041 b oats, and all byproducts of the mill decidedly dear, and thereby rendered profitable stcok feeding. pig fattening, an dthe like very difficult. The poultry interest, is also : suffering. , . . . „ 9 The groat exporters or wheat m Dos comber 7 were North America, Russia, and Europe S.E. The pare played by the last-named has been much talked about, but tho.advantage;of taking a fairly long view, such as seven years presents, will lie seen from the following returns:

\ glance ut 190 b and 1900 effectually removes the idea that a ntw and for-

midable element on tbo bear sido of tbo wheat market has made its appearance, rile improved total of North American wheat exports is due to the increased cjfforts of Canada. The genuine scarcity of No. 1 and No. 2 Northern Manitoba and of .the finest Canada grades generally should not conceal from us the large and free supply of the No. 4, No. 6, and No. 6 grades. Some feeding wheat for poultry and other uses is also on its way from the dominion, and is likely to go very promptly into consumption. Barley shipments in December were mainly from Russia, but India sent off rather more than usual, and Roumania shipped fully up to expectation. Californian and Chilian barley are in better request than supply, hut the new Chilian crop, to be reaped in February, is expected to bo a good one, and in California there is muoli talk of sowing an increased area in the spring. Of oats Russia was the only important December shipper, but the harvest of the new Argentine crop is proceeding as fast as "the • liarresting machinery, can traverse the great plains. The last fortnight of this month and the first fortnight of February should see large shipments direct to England, for, during the last six or seven weeks, heavy contracts have been signed, and before February is out quite half a million quarters of new Argent.ino cats should reach us. They have cost about Ids fid per 3041 b, and at present look like being saleable at a florin profit oil arrival. The oat market is, however, quite uncertain for the 3041 b descriptions. Mtiae shipments have been good of round corn, but small of flat and white, and very small indeed of yellow. The now American is mainly flat and mixed. The quantities of grain, etc., on passage promise the next few weeks a fair to good supply of wheat and cottonseed, but not of any other staples. The dearness of linseed should soon be ye lieved by Argentine lievr crop shipments, but the experts have not yet begun. Tbo remarkable dearness of seed oils has reacted on the prioo of oilcake, and the London Exchange just before Christmas saw £lO per ton made for linseed cake. This was the best London made, and for delivery before 1911 was out. Still it constituted a danger signal, and, moreover, the price, on New Year’s Day for delivery within a fortnight was £9 12s fid to £9 15s. The state of the market for oilseed and its derivatives is full of anxiety for purchasers. The new Argentine crop of linseed, however, is one probable palliative, and it will be noted with satisfaction that not only is the area under linseed in India increased by some 300,000 acres, but the promise disclosed in the cablegrams received on January 1 was above the average.

previous. BRITISH GRAIX AVERAGES.Dec 1 . '^'hcat. Barley. Oata. 8. d. s. d. s. d. 1911 . 32 10 33 S 20 9 1910 . 30 0 24 1 16 8 10.10 . 33 3 25 9 17 4 1308 . 32 7 26 10 17 3 1907 „. . 31 7 27 0 18 2 1906 . 26 2 24 1 17 3 1935 . 23 5 21 6 18 0

IMPORTS OF THE UNITED KINGDOM. Brendstufrs. Maize. Barley. Oat*. Deo. (4801b.) (4801b.) (4001b!) (8121b.) isn 2.030,000 304,000 912,000 598.000 •1910 . . 2,063,000 873.000 743,000 493,000 1909 . . 2,160,000 430,000 531,000 457,000 1903' . . 1,930.030 520.000 342,000 4506.000 1907 . . 1,636,000 095,000 512,000 303,000 1906 . . . 2.212,0.10 1.014,000 577.000 807,000 1905 . , 2,434.000 843,000 702,000 454,000

WHEAT SHIPMENTS (4SOlb.) North South Dp*. America. America Russia. Europe. 1911 . 1.472,000 242,00.0 1.190.000 1,183.000 1910 . ■ 80H,000 626,009 2.957.000 984,000 1909 . 1.253.000 59,000 2,661.0.00 173,000 190B . 1.586.000 oo.ooo 747,00,0 402.000 1907 2.011000 119,000 397,00.0 322,000 lO'Hl . i.EB'1.00? 186.000 1,892,000 1.883,000 1903 . 1,250.000 525.000 2.2S 1.000 1.292,000