RECORD CARRY-OVER.

Manawatu Standard, Volume LXII, Issue 43, 20 January 1942, Page 2

RECORD CARRY-OVER.

WORLD WHEAT SUPPLIES. MARKETS BLOCKED BY WAR. The four main wheat-exporting countries. Canada, United States, Australia, and Argentina, are expected to show from this .year’s harvests substantial surpluses over domestic requirements that mav bring the carry-over at the end of the cereal year on July 31 to 1550 million bushels or more — the greatest accumulation of wheat ever recorded. Harvests in Australia and Argentina will probably be below average* but shipping difficulties will make additional storage of wheat inevitable. The world supply of wheat is already far in excess of any actual or potential demand. So far as the four principal exporting countries arc concerned, the general position is as lollows: As at July 31. 1941, the end of the last cereaj year, there w'as a carry-over of 1007 million bushels, comprising 448 million bushels in Canada, 390 million bushels in the United States. 127 million bushels in Argentina and 42 million bushels in Australia. The 1941-42 harvest, in these countries is expected to yield 1615 million bushels, that is, in millions of bushels, 306 in Canada, 961 in United States. 190 in Argentina, and 158 in Australia. This would make available a total of 2622 million bushels.

There will probably be required for home consumption again in millions of bushels, 130 in Canada. 700 in United States, 100 in Argentina and 55 in Australia, aggregating 985 million bushels and therefore leaving for export and carry-over 624 million bushels in Canada, 651 in United States, 217 in Argentina, and 115 million bushels in Australia, a total of 1637 millions. As market requirements, under existing conditions, with far-flung blockades in operation and shipping space scarce, are not likely to reach 400 million bushels for a year, it is obvious that these four producing countries could more than satisfy all effective demands from this year’s har-vests,-without drawing upon old stock for a single bushel. The necessity for reaching some international agreement on the wheat position is widely recognised, and. at least until the war spread to the Pacific Ocean, representatives of the Canadian, United States, Argentine, and Australian Governments were still endeavouring to find some formula on which agreement could be reached.