THE BREADSTUFFS AND PRODUCE MARKET.

Otago Witness, Issue 2565, 13 May 1903, Page 17

THE BREADSTUFFS AND PRODUCE MARKET.

•d v v Friday. Beerbohm reports, under date- March 27, concerning the London wheat market as follows: —■ The trade has passed through another very quiet week, with the superadded circumstance that the American markets have developed what may be called unexpected weakness, with more liberal offers at Gd to 9d decline on the week. The big supply cf La Platta wheat afloat remains difficult to sell, probably partly owing to lack of knov/lcdg?, or doubt as to the quality of the wheat. The fact, however, remains that the statistical position is by no means weak compared with formar years' for whilst there is about one million ciuarters of Argentina wheat afloat for the United Kingdom, against only 250,000 quarters last year, the total of all other kinds of wheat, with flour added, is only about 1,370,000 quarters, against 3,945,000 quarters last yrar. Nor is it quite clear that, apart from the Argentina wheat, there can be any appreciable pressure to sell. Russia has plenty of wheat, but it will probably not be available at lower prices. America last week shipped only 205,000 quarters of wheat and flour, the smallest week's total fcr a very long time past. February's total shipments from the United Slates were, in fact, tho smallest in any month rince April, 1898. The probability therefore is that, with no white wheat tc speak of forthcoming until next JulyAugust, the quantity afloat will dwindle down to a very low point. America. —The position of American wheat supplies on March 1 is estimated by the Chicago Daily Bulletin as follows., on the basis of a home consumption of five bushels per head, for a population of 80 millions: — SLTPLIE3.

Total 258.000,000 This shows 1! million bushels less available than last year, but we find no account taken of the extra amount which was undoubtedly used for cattle food. Latest advices report no alteration in the Australian markets. The Corn Trade Sectional Committee of the Adelaide Chamber of Commerce has recently published its annual reports. The following extract is of interest: — Owing to the drought in our northern districts ami also in the Eastern States the wheat and flour business has been quite changed. The whent grown has not been nearly erough to supply Australian wants, and cargoes of American and Indian wheat and flour have had to ba imported info Victoria, New South Wales, and Queensland. The price of wheat here ha 3 been so high that it has been impossible to supply ousido customers with wheat and flour, and the trade which has been built up between Australia, South Africa, Java, and the East has been lost, and will htive to be won back again when good seasons return. It is hard to estimate the wheat yield of South Australia for last season. The crops in the upper north and a large portion of the eastern plains were complete failures. Deducting this area, about 550,000 acres, from the total sown (say, 2,110.000 acres) gives 1,560,000 acres. From this has to be deducted about 370,000 acres cut for hay, leaving 1,190,000 acres reaped in the good districts. These should average at least seven bushels reaped to the acre, which equals 8.330,000 bushels. From thi3 deduct the amount required for food. 1.500.000 busheis (being five bushels per head of 360,000 persons), leaves 6,530.000 busheis, and a further deduction of 1,582,€00 busheU required for seed (being three-fourths of a bushel per acre for 2.100,000 acres) leaves 4,917,500 bushels, or 132,522 tons of wheat and flour to be disposed of. Th? export trade for the three months ended March 31 is 58,935 tons. The prices have ruled up to 5s lid per bushel at Port Adelaide, so that farmers in tha o!d districts have done very well. It was considered advisable by many that the standard should be fixed earlier than usual; therefore your committee obtained samples of the season' 3 whest. and fixed the standard at 631b to the bushel on December 15, 1902. Shortly afterwards heavy rains fell before the wheat was all reaped, which thus bleached a, portion of the crops, rendering a considerable quantity of wheat below the standard, and your committee have come to the conclusion that all things considered the alteration of the date of fixing the standard is not advisable. Whilst thero is a steady business doing in tho local wheat market millers show no disposition to purchase beyond actual reQuiremeuts. The quality of the deliveries

coming to hand is very unsatisfactory, the softness of much of tho grain leading to a very high percentage of rejects. In some instances as many as 90 sacks out of 100 have been rejected by buyers. This condition of things goes to strengthen the growing belief that real prima mil-. "** lines , will bo non-e too plentiful, whilst fowl feed i will presently be offering in abundance. Most of the local supplies are being drawn from the Oaroaru district, where milling velvet is offering at from 3s lOd to 5a lid, but holders of choice samples are not ' anxious to sell at these rates. The Ash- j burton market, howove-r, is a shade easier, ' and mixed milling lines may bo bought ■ to-day at 3s 9J>d as against 3s lOd some : 10 days ago. At tho same time the Can- i terbury farmers, on the advie3 of thsir unions, aro not disposed to let the market come buck to any extent, and many holders i are storing their grain rather than accept | ruing rates. It is unlikely that there will ! bo any demand for wheat for Australia*! ■until July or August, and even then that j demand is entirely dependent upon harvest prospects in the Commonwealth. The prominent factor in determing the future trend of the market is the percentage of wheat unfit for milling, and this is at present not asoertainable. It k surmised that the bulk of the southern wheat will coin© on the market for fowl feed owing to its unsatisfactory condition. At the present time the wheat which the Dunediu millers are gristing is costing them on an average from 4s Id to 4s lgd at mill door. There is no alteration in the price of flour. The New Zealand Floarinillers' Association's tariff stands at £10 for sacks, £10 10s for 100's, £10 15s for 50's, and £11 for 25's, and tho free millers are quoting the same rates. The association's shipping ! price is £9 10s, f.0.b., but this doc-s not I apply to Dunedin. but only to Timaru, i Oamaru, and Lytcelton. The Wellington Trade Review 6tatea, under date May 6: — Sinco our last report the associated millers have made another reduction of 10s per ton. bringing the price down to £9 10s, f.0.b., south. The i free millere state that this involves a loss of I 7s pc-r ton, and is intended solely to eceroo 1 them into rejoining the association. They, therefore, restrict sales as much as posi sible, preferring to leave tho trade on these I terms to the association. The position of j tho bakers also remains much the same, and it looks as though matter 3 might revert to the conditions of the pre-associa-tion days. The Wellington quotation is £10 10s per ton. i ' There is no alteration in offal, the curj rent quotation being £4- for bran and £6 i for pollard. _ There is a capital inquiry for bran for shipment, "but owing to the large contracts recently entered into there is very little available. The market for chick wheat has eased considerably, and sales of good, whole fowl I feed are reported at from 3s 7tl to 3s Scl. | Tho quantity offoring at present i 3 not I large, but there is a feeling that chick wheat will see lower prices. The oat market is distinctly firmer, due largely to the unfavourable weather in tho south, which continues to retard harvest operations, and partly to the vessels which are due shortly to load for Australia and South African port?. It is rumoured that : shippers, anticipating a failing market, have contracted for these boat?, and now that the market has hardened they are experiencing difficulty in filling their i orders. Reports from Southland continue '■ to paint the situation in gloomy colours, i and should the wet weather continue i threshing operation-3 are in danger of | beang suspended, for, as the ground be- . corner soft, the traction engfmcti will bo unable to enter the paddocks. It is known that there is a lot of crop still uncut, and so far the offerings from the south have been very small indeed, whilst th-e quality | of. the samples is far from satisfactory. Up to tho present the Australian demand has been supplied from the north, and Canterbury stocks have become so far depleted that the market thero has firmed considerably. At the present time B grade for immediate delivery is difficult to obtain, and A grade is not too plentiful. It in re- , ported that the" Southland grades will b© i fixed this week, but so far the samples are j not to hand. It is anticipated, however, t th.it this season's B grade will not be much j better than last season's C grade, and la-t year tho grades were reckoned to bo low. Although there is ft good inquiry for I oats, owing to tho small deliveries and tha firmness of tho market not a great deal iof business is reported. Current quotations tare as follow: — Milling Sutherland*. i:i good demand, at Is 9gd to Is lOd. ex truck, Dunedin; Danish. Is 6d, on tracks; and Gartons, Is 7d, on trucks. Prime B grade is nominally worth Is 6id to Is 7d, on trucks, mit little or nothing is offering. The Christchurch Press Teports that Danish and short feed oats are required for shipment to South Africa by the Essex. Tho price of oatmeal still stands at £10 10s per ton. There, is nothing doing in barley. For be = t Lake?, holders aro asking from 3s 9d to 4s on trucks Frankton, but buyers will I not ofiVr more than 3s 6d. There L- do demnnd fcr feed barley. Pearl barley is quoted at £15 per ton for half- ton lots, and £16 for emaller quantities. Saturday. | A small consignment of 25 to!:n of Manitoban flour— Xo re mac brand — -has bren | placed on this market, and is selling 1 at £12 J to £12 10s j>cr ton (duty paid). The following report of the London os.i market is extracted from Bcerbohm's Corn Trade Li-t, dated March 27:— '"The market in London remains very depressed in spite of very moderate arrivals and shipments, j Tho consumptive demand is unusually fi-m«!l j for the time- of year, and is probably trac"- i able to the abundance of home-grown oats and cheap home-grown barley in the rountry districts. On Wednesday as low as 12s c.i.f. wn accepted for f:\.q. white Li ban afloat, and 13s 6(1 per 3041b ex ship wa« this prieT tu-ked. Black Libau prompt sold at 12s 9d c i.f., and 401b white Libau aflcat it 13s 9d per 3201b. Ordinary Damvbian on s.'implo, prompt shipment, sold at 120 9d to 13s c.i.f. "American and Canadian ratw for shipment remain F-ca.ntily efforod, being held above our level. Our Chicago oorrnspondpnt writes that thero is now no doubt that the ; last crop -was greatly ovcr-ej-tiinated in tho • official returns; 146 6d c.i.f. Liverpool is the present nearest quotation for No. 2 white Canadian."