THE BREADSTUFFS AND PRODUCE MARKET.

Otago Witness, Issue 2572, 8 July 1903, Page 9

THE BREADSTUFFS AN D PRODUCE MARKET.

Wednesday.

The flour market continues in an unsettled condition, and it is reported tbat soles are b&ing made at cutting rates. In the event of this report turning out to be correct, and should, the reported cutting continue, it is stated that others of the millfirs are contemplating lowering the price of flour, when, presumably, the association will follow suite. Should the price of flour come -down to any extent, then the next development which may be looked for is a drop in "the price of bread. The whole thing appears absurd in the face of a rising •wheat market, but unless some arrangement is come to between the parties concerned, flour certainly looks Tike coming down. Friday. The Australian wheat markft is quiet, •with a downward tendency. The Australasian reports: — The arrivals of foreign wheat and flour for Australian consumption since the beginning of the year are equivalent to 9,573,783 bushels. or 256,400 tona, of wheat. This total consists of 6,908,919 bushels tsrh^at and 55,518 tons flour. The following summary shows the quantities (reduced to the equivalent in wheat) received at Melbourne, Sydney, and Newcastle, and other places: —

Totals.. 3,476,676 5,1220,270 876,837 9,573,783 (a) Brisbane, 382,796 bushels; W.A., 84,161 bushels. (b) Brisbane, 2400 bushels; W.A.. 48,096 bushel*, (c) At Western Austiaha. (d) Brisbane, 74,666 bushels; Adelaide, 93,333 bushels; Tasmania., 185,845 bushels.

The total to all ports, as stated above, is equivalent to 256,440 tons of wheat. Adding about 64,300 tons to arrive from the Argentine Jtepublic, and about 4800 tons to arrive from the Pacific Coa6t, tha total quantity alieady provided for is equivalent to about 320,500 tons, or about 12,152,000 bushels.

The local wheat market is extremely quiet, and in face of the firm attitude of holders millers are disinclined to operate except for actual immediate requirements. The offerings of really prime lines of milling wheat are extremely small, and _ the prices asked are very high. For a mixed line of pearl, Hunters, and Tuscan 4s 2d, f.0.b., Lyttelton, was the quotation, but, needless to say, no business resulted. For prjme Tuscan 3s lOd, on trucks, Ashburton, is quoted, and" in Oamaru district even higher prices are being paid. It is impossible to buy velvet at under 4s, in trucks, Oamaru — indeed, up to that figure has been paid for velvet seconds, and prime milling velvet commands 4-s Id, in trucks- There is a growing impression that velvet wheat will go to extreme prices before the end of the season, but of course everything depends upon the result of the spring threshing.

An attempt has been made by buyers during the week to break the flour market, but without any measure of success, and flour has now a slightly firmer tendency. At the jamc time, owing to the impossibility of the millers coming to any arrangement, there is not the slightest indication of a rise, and it looks as if prices will remain at their present level. The Now Zealand Flourmillers' 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 'ame rates. Millers are vending their 50's direct to storekeepers at £10 15s, less 5 per cent. The association's shipping price is £9 10s, f.0.b., but this doos not apply to Dunedin, but only to Oamaru and Lyttelton.

The slump in offal in Australia, where it is being quoted at 9£d to lOd, makes a speedy decline- in the local market almost a certainty. Millers are rapidly accumulating stocks, and the local demand is very small. The association price is nominally £4 for bran and £6 for pollard, but so business

is doing at these prices, and millers would be glad to execute orders for bran at £3 10s. To make matters worse, some Australian buyers are throwing up the forward contraebs for bran made some months ago on the basis of £5 per ton. Taking present Australian quotations aa a basis, the local price of bran should be about £3 per ton and pollard £4 10s. The market for chick wheat is again easier, and as owing to the quantity of southern wheat offering of this description local quotations are lower than m Canterbury. A brisk business is doing for shipment to the north on the basis of 3s Id to 3s 2d, f.0.b., for good whole fowlfeed, some of the lines being slightly frosted.

The oat market is easier than last week, the absence of inquiry from Australia tending in this direotion. The most marked decline is in milling Sutherlands, which are now offering at Is lOd, Dunedin, for prime lines, and Is 9d for medium samples. For prime B grade Is Bd, on trucks, is still obtainable, although sales are reported at Is 7£d, but theso are probably only good C grade, and would scarcely pass for Be. The Melbourne Leader reports that New Zealand B grade are quoted at 2s 9d, duty and charges paid, but the demand is quiet. The same paper understands that the Whangape will go on the berth at Oainaru and Timaru, for Melbourne, early in July, if sufficient inducement offers.

Our Southland correspondent wires under to-day's date concerning the Invercargill oat market as follow*: — "The oat market is very quiet indeed, and no sales are being made at all by our merchants, and consequently they are not buying. It is difficult to give any idea of values, but shippers are not disposed to give more than Is 5d on trucks. It is reported here that values have gone down very much in the north, and that any export business being done is filtering through Canterbury channels. The railway deliveries for the past week were: Friday, 5715 bags; Saturday, 3975; Monday, 5159; Tuesday, 4495; Wednesday, 4273; Thursday, 4535. The total to date is 348,383 bags, against 786,242 up to the same date last ye* l "-" , . . Argentine maize is offering on this market at 2s 3d f.o.b. Sydney, or under 3a per bushel of 561b delivered Dunedin, but no business is re-ported. The Melbourne Leader reports: "In the last four weeks ArgentineUnited Kingdom freights have fallen 2s per ton. The cabled steamer freight is now 16s. Maize is cabled at an advance of 9d per quarter for June-July shipment, 20s 9d per 4801b being the value. These movements are favourable to Australian importers, as their previous large purohase-s can now be profitably reduced. Private cables refer to several cargoes being diverted. As about 35,000 tons had been purchased on Australian account for June, July, and August shipment, the original danger of overimportation was great." The barley market is stagnant, and there is no business to re-port. Oatmeal is quoted at £10 per ton for 25's, and pearl barley at £14 per ton for halfton lots and £15 for smaller quantities.

PRODUCE MARKET

There is no change in the potato market, supplies being ample for all requirements. Prime Oamaru Derwents aTe quoted at £4 to £4 5s por ton, and Canterbury's are neglected at £3 5s to £3 10s.

The flutter in the export butter market was only short lived, the attempt to establish a rise of id per lb having effectually killed the business, especially aa the last oabjles from London report the market easier. There are still 60,000 boxes of butter "tored in the colony, and the factories are still making ample supplies for local requirements. Next month the North Island factories will commence shipping their new make to London. Latest advices state fchat the competition in the London butter market will be keener than ever during the coming season, so that the outlook is not too promising. The local market for dairy produce is quiet, and quotations remain unchanged — viz.: Butter— Dairy, 7d to 8d ; salt, 8d to 9d ; farmers' separator, 9d to 9£d ; firstgrade factory, lid for bulk and lljd for pats. Cheese^ — Akaroa, s|d to 6d; prime factory, 6d to 6£d.

Eggs are coming forward more freely, but fresh eggs have had a fair sale during the week at Is 9d per dozen. At the same time a drop in the price may be anticipated at any moment. The market is almost bare of preserved eggs, which are quoted at Is 3d to Is 4d per dozen. There is a good demand for poultry, and current quotations are: Roosters, 3s to 3s 9d (according to quality) ; hens, 2s to 2s 6d ; ducks, 3s 3d to 4s 6d ; geese, 4s 6d to ss ; turkeys — gobblers 7d to 7Ad, hens 4£d to sd.

For the time of year pigs are exceptionally scaroe, and the tendency of the market is firm, but the price still remains at 5d per lb for bacon ers (up to 1601b). Overweights are selling at 3Ad to tyd. Bacon, on the other hand, is inclined to ease, and prime rolU are quoted at 8d to B£d. Hams, 9d to 9id per lb. . The market is glutted with chaff. Prime samples of oaten sheaf are selling at £3 ss, and extra special samples at up to £3 10s per ton. There is no demand for medium and inferior.

Saturday.

Another factor likely to have a de-pressing influence on tho London butter market ia a Melbourne advioe to the effect - that " owing to the slow demand for stored butter for local consumption, and the fact that stocks are much larger than any probable requirements, some holders have determined too ship to London. The Oooana takee a fair quantity. The quality of this Australian stored butter is none of the beet.

The Auckland flour market is thus reported upon, under recent date : " For some time millers in the south have not been anxious to sell, and agents have been quoting subject to confirmation at £9 10s, f.o.b. It appeal* that there are now five different milk that are refusing to book at all, and this hae culminated in an advance of 10s. Southern flour is quoted at £10 12s 6d, ex wharf. Local brands sell at £11 15s, leee th© usual trad-e discount of 15«, and seem to be in steady demand. Bran is a littl« firmer at £5, ex store, and pollard is slow of sale at £6 ss. Oatmeal is unchanged at £11 net, ex store, for southern, and £12 15s, less trade discount of 15s, for local. Rolled oats have been in such strong demand that the- milk could not execute all orders reoedved."

The Grain Sectional Committee of the Canterbury Chamber of Commerce has fixed the following standards for wheat: — Huntew wheat, 621b per buehel ; pearl wheat, 621b per bushel ; and Tuscan wheat, 641b per bushel.

Twelve million pounds is the record loss by fixe for a y-eai in the British Igl&a,

Sydney Mcl- and Othsr Prom— bourne. N'castle. Places. Total Bshls. Bshls. Bshls. Bslils. Pacific Cst 2,782,257 3,543,160 466,957 a 6,792 374 Kew York 149,804 665,144 50,496b 865,444 India .. 84,941 — 5,540 c 90,481 Argentina 445,274 942.078 353,844 d 1,741,196 London .. 14,400 69,888 — 84,238