WORLD'S WHEAT SUPPLY.

New Zealand Herald, Volume LX, Issue 18298, 15 January 1923, Page 5

WORLD'S WHEAT SUPPLY.

INTERNATIONAL SURV.EY. - SUFFICIENT #,FOii NEEDS. . ■ A ■ survey -of' the available supplies and the. requirements -of wheat during the cereal season, August L;' 1922, /.to : July 31, 1923, was issued by the' International; Institute of Agriculture, Rome, on November 18. At the -beginning;! of the sea- ■ son, .the exportable: surplus' of ; Canada was estimated at 8,500,000 metric, .tons, that of the United States at 8,300,000; with• 1,000,000 in < India, 550,000 in Argentina 900,000. in Australia, and' about 800,000' metric . tons in other minor exporting countries. The aggregate is, ; thus .20,000,000 ton*, which will : bo. supplemented at the' beginning of 1923, by the exportable surplus from,the rieWf crop of Argentina, estimated to reach 4,000,000, and from that of Australia estimated at 1,800,000 tons. ■■, . '■The! : quantity available! for 'shipment from the -exporting, countries, .- between August 1/; 1922 i and. July'3l, "should thus amount to 25,800,000 metric tons— 945,860,000 buehelsT ' '*'■'... ' ----': The production .during ; 1922 !in ; the irn- ; portirig Countries falls short "by 6,250,000 tons when compared' with their yield in 1921.!; ; ! During , the : 1921-1922 season their : aggregate imports were . 18,850,000 tons. If; therefore, the- consumption of import- 1 ing countries is on the same scale during the current season: as it, wan ! appar- ; ently (production plus imports) last year they will have to import 25,100,000- tons— | 921,170,000 bushels—.between'; August!' 1,! 1922; and July .31", 1923. -.';.■•. ■ "/ /J On this basis, the supplies available in | the! exporting' countries appear to be ; large j enough to satisfy the requirements of' the J importing countries up to the next northern hemisphere harvest, and to leave | a margin of: 700,000 - t0n5—25,690,000 bushels. This' remainder will _ constitute ; the ' exportable : surplus at the; beginning! of the season 1923-24. The corresponding ■ figure of stocks on hand at the outset of the current season; 3,400(000 metric, t0n5—124,780,000 bushels. ■"-,.<► ;•;.'' It may be anticipated that some of the importing countries will- restrict their con* sumption as -compared - with''ithat, of last season, either ■■-.-. by legislative' enactments . ''(as :in 'France) ! or :ih consequence of financial ' stringency, ;■'.v?ith the unsatisfactory economic circumstances of! Largo classes among the population. It'is also probable that stocks on August 1,. 1922,, were: larger in'; some European countries : than ! they.-, were on August 1, 1921. In fact, it can be assumed 'that the importing, countries' requirements from -abroad will be! below /the- 25,000,000 tons! yijhich,! are. necessary on-the, basis of the; apparent consumption of last year, v Thus j the ' exportable surplus -from old Crops on , August 1, 1923,! will probably .be; more than the 700,000 tons previously mentioned. This forecast will become' all the more likely of fulfilment if the Australian wheat crop should turn ■ out better than 'the averago yield at present reckoned for it. * THE ATJSTRALIAH HAS VEST. .✓ SURPLUS OF' 50,000,000 BUSHELS.' ' International "Institute's .. j/estimate vof ; ,!- the -!' Australian . surplus (66,000,000 vbuishels), v;ill apparently not be realised. ; The . latest issue of ! the.Australasian; Banking-Recordistates:— j "The Australian ! wheat harvest, though j about ; 26,000,000' bushels; less; than; last j season, is turning out an excellent : one in point' of quality, 'which; is '.She; best for seven. years past. ';..'Hie past season has ;■: closed - with bare stocks, and at the moment the- millers are!securing .the early: supplies of new . wheat 'Coming in to replenish their! stocks. The -total, to; be snipped in.the, form of wheat for,the new reason is expected to be about 37,000,000 bushels, while,, including; flour, the total in : both forms is : expected : ; to be ! not more than 50,000,000 bushel*.- The Value. £12,000,000, to;£13,000,00*),-will be about £10,000,000 less'than for last- season." \) Exports" of wheat and flour in the last three December ; to ; November— •were : _1919-20,' 60.590.312 bushels; ,192021, 107,507,274 ' v bushels; -\ 192.1-22, 87,738,185 bushels. ;V . - •»"". " . '"" i 5» ■-' •'■' .'' I