THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2604, 10 February 1904, Page 17

THE BREADSTUFFS AND PRODUCE MARKETS.

I rid ay. Owing to receiving word from the Flourmillers' Association ol ft reduction of lOs per ton. in the price of flour, the Mas-tier Bakers' "Union of Tiraaru has decided to reduce the nnce of bread to 6d the 41b loaf.

Und*r date London, Dec&mber 24- " Beer"bohm " reports as follows on the wheat situation : —

Ihere has been decidedly more firmness in the market this week, with more speculative activity, especia^y in new Australian wheats ior shipment, which hnr c improved about 6d per quarter. The -war cloud in the East is getting bigger, pud it is nnpossible to a\oid the foe 'ing tha^ war may bre^.k out at any moment between Russia and Japan. Confined to these countries, v.?.? need not affect our siipphes, but the contingencies ara so many, and the price of wheat so relatively low, that wheat buyers may feel -justified i-i desiring not to be without slocks. Otherwise ther- is no change in the general the AusUalasian crop is evidently an enormous one, and the Argentina .supplies although perhaps checked by the dock stnka now m progress, will without doubt hi very i"rge a/fcei January. On the other hand tlie American po=itio7i i= ev.dently ftrong and •the Ensri'^h \ siblc supply below the average ol former years. This will be appaient, from

the following return of the English and American visible supply on December 31 for the past 10 years (000 omitted) : —

The activity in the Chicago grain market, reported in this morning'e cable, is partly explained in the following recent report from London: — It is worth noting that the total shipments of wheat and flour to Europe since August 1 from the United States and Canada compare as follows with the two previo is years (000 omitted) : — 1903-4. 1902-3. 1901-2. Qrs. Qrs. Qrs. Aug. Ito Deo. 17 . . 7,495 11 835 12.945 Dec. 18 to July 31 .. ? 11,945 14,640 Total .. .. ? 23,780 27,585 The falling off this year is surprisingly large, and added to the fact that the visible supply is about 3.250,000 quarters less than at the end of last year, indicates pretty strongly, we imagine, that the American crop is more decidedly inferior to l?st year's than has hitherto be recognised. The Canadian crop, instead of showing the enormous yield certain Canadian officials suggested a few months ago. comes out at only 9,750,000 quarters, against 11,900,000 quarters last year, 10,829 000 quarters in 1901, and 6,170,000 quarters in 1900.

The Australian market chows continued weakness, and this week's cable quotations give 2s 9d as the ruling price. The Melbourne Leader reports: —

The sales of Australian wheat reported in London since the opening of the year have been as follow: —

Per 4801b. c.i.f.

The fall since the 7th January is equal to about Is per quarter, or IJ-d per bushel. But the full rise in freights h?s not been maintained, and this has prevented the full effect of the weakness in London being reflected here.

Not much new wheat has been offering in the local market until to-day, when a good many samples and quotations were received, principally from Christchurch. Temuka, for velvet, and 2s 9^d, on trucks, for new velvet, and local millers will not give that price, but believe that values will come back. A few lines of n&w wheat have changed hands at from 2s HJkl to 3s O^d, f.0.b., Lyttelton, for pearl, and 2s ll'id to 2s lid, f.0.b., for Tuscan. Small lines have been offered at 2s lOd, on trucks, Temuka ,for velvet, and 2s 9£d, on trucks, Rakaia, fox- hunters, but millere are not disposed to operate except at from id to Id per bushel under these rates. It is expected that the market will fairly open next week, when, unless the unexpected happens, a lower range of values will obtain. The Christohureh Press reports: "There is vejy little now gram yet offering, as farmers are evidently too busy with harvest operations during this fine weather to come to town. A few lots of new wheat have changed hands at 2s 8d to 2s 9d, at country stations, the latter price- being paid for a good line of Tuscan, which has been purchased by a southern buyer." There is no change in flour. The New Zealand Flourmilkrs' Association's tariff stands as under :— Sacks, £9; 100's, £9 lOe; 50's, £9 15s; 25's, £10. The shipping price is uualtercd at £8 lbs, f.o.b. The Canterbury brands are quoted at local rates — viz , £9 15s for 50'e.

There is a better demand for bran and considerable sales for shipment ha\e been made at £2. per ton, f.o.b. The local price remains at £2 10s. As reported earlier in the week tbe price of pollard has been advanced, owing to a brisk demand and scarcity of supplies, to £4- pe-r ton for local orders and £3 15s, f.0.b., for shipment. Chick wheat is soiling at 2s 6d to 2s 6gd for good whole fowl feed.

There is a good deal ot quiet speculation going on in oats in anticipation of the outbreak ol \\ax between Japan ft^d Russia.

The opinion is held that at the present low prices oats would be good stock in the event of war. Apart from this, the local market is quiet ; what sound B grade is offering is going into consumption at Is 4d, ex store. No transactions in new oats are yet reported.

The Chr-istchurah Press reports: — "The only business reported in oats is the sale of a line of 600 sacks of old Canadians at Is 6d, ex store. The new oats offering are mostly light, and not suitable for export purpose?. Prime malting barley still £ella readily at 3s to 3s 3d, but the bulk of the samples submitted are thin, and this class is very difficult to dispcee of. Cocksfoot is coming in a littJo more freely, though mostly in small lots. Few of the larger growers have> yet submitted samples, and it is reported that the crop is turning out shorter than was expected. S&llere are asking up to 4d, but only 151b seed has so far brought this price. There is very little ryegrass or white, clover seed coming forward at present."

The new ryegrass 10 beginning to come in to the local market, and buyers' ideas are from Is 3d to Is 7d, en sidings, for ordinary farmers' dressed lots. The colour of the ryegrass is very light, but it contains a considerable proportion of weeds.

The price of oatmeal stands at £8 10s per ton, and pearl barley is quoted at £13.

The market is not so well supplied with, potatoes, and prices have firmed slightly. Omaru kidneys are selling at from, £2 10s to £2 15s, and nrime Peninsulas at up to £3 10s per ton.

The Wellington Prices Current reports as follows on the export dairy produce market : —

Butter. — For the last three or four weeks the weather has been exceptionally fine and dry with the result that the pastures are somewhat parched and the supply of milk is rapidly decreasing. Hitherto the output of butter has been maintained, but the supply from now onwards will be materially affected. In some districts it is estimated that as compared with the beginning of January the present out-turn will show a falling off in quantity of 15 to 20 per cent. The quality, however, continues very good. The London market has been disappointing, as it was anticipated in the earlier part of the season that prices would range at a higher level than has been realised. Latest advices report that choicest New Zealand creamery was selling at 955, against 109s for Danish. As it is admitted by many E*nglish buyers that much of tlie New Zealand butter ia equal in quality to Danish it is difficult to imagine the reason for so wide a difference as 14s per cwt. It looks as though, in some way, our product was not getting full justice. The Kaikoura. which sailed from "Wellington on January 21, took 50,604 boxes of butter and 5819 cases of cheese.

Cheese — Supplies have been coming forward in increased quantity, and it is anticipated that the Corinthic. to leave Wellington on the 4th irst., will take heavy shipments. No doubt, however, the influences that have been referred to as affecting the output of butter will in a great measure similarly affect cheese. The latest London quotation is 525, and should this price be maintained to the end of tha season the cheese factories will, apparently, achieve better results than those making butter. This will probably encourage an increased output next season.

There is no chzmse in the local dairy produce market, and quotations range as follows: — Butter: Dairy, 6d to 6^d ; c alt, 7d to 8d ; first grade factory, lOd for bulk and 10^d for pats. New cheese is quoted at s^d for Akaroa and 6d for factory mediums.

Eggs are in short supply, and the current quotations has jumped to Is 2cl to Is 3d per dozen, with a firm market. Following are current quotations for poultry: — Roo«ters, 3s 6d to 4s; hens, 2s 3d to 2s 9d; ducklings. 4-s to 4s 6d ; geese, 5s to 6s; turkeys — gobblers 9d, bens od to 7d.

The demand for pigs has fallen off pnd prices have dropped accordingly. Baconers (up to 1601b) will not realise more than 4d, and overweights 2^d to 3d per lb. Bacon and hams are easier, in sympathy with pigs. The current quotation for hams is 7^d to Bgcl, and for bacon (prime roUs) 7^d to Bd. Prime oaten sheaf cnaff is slow of sale at £2 15s to £3 per ton. There is no demand for medium and inferior.

Saturday.

The extent to which the New Zealand wheat market would be affected by the cmtbreak of war between Japan and Russia is being activ<-Iv canvassed, ami the following from the Melbourne Argus is, therefore, exceedingly apropos: —

The vie - v that prices will be affected by war bclv.-e-en Russia and Japan should be actc-pted with caution. England is the greatest wheatimportiiig countiy, and only the interruption of her supplies would sensibly affect the markets. Unless England should Fc drawn into the expected conflict the supply would go on as usual. It is just possible that a slight ruffling of the course of the markets might occur for a fe-w weeks after the outbreak of hostilities between Russia and Japan; but, as on former occasions, things would mobably quickly lcsume their noTmnl course. The most modem, instance occunM in the year IS9B. For the first four i&ciiths $§ tor English

wheat were as follows- — January, 34s 9d per quarter; February, 353 Id; March, 35s 7d ; and April, 365. The war between the United States and Spain broke out, and coincidently the French, Italian, and Spanish Governments suspended the import duties on wheat owing to scarcity. The market was disturbed, owing more to the latter than the former cause. The, uncertainty which was at first felt with regard to the relative naval strength of the two powers soon disappeared, and the announcement made by each of them that the provisions of the Declaration of Paris would be respected relieved neutrals from any apprehension of seizure of enemy's property carried under a neutral flag. For May the average price was 465, and for June it was 43s Bd. Then the market declined rapidly, and the averages for the rest of the year were as- follows: — July, 373 3d; August, 33s Id; Ss>ptembei. 26s 6d ; October, 26s 7d; November, 28s Id; December,

"With these experiences to guide them English importers would be slow to buy excepting at normal prices, and Australian shippers would not care to entci- into spec^ative business, especially as heavy supplies will be forthcoming from Argentina and India It is interesting to read, however, that the Argentine " formers are not marketing the new crops with the freedom of former years, low prices inducing them to hold back supplies.' But it would be a dangerous expoiimciit for any large propoition of the world's harvest to be carried over, for at some point or other the market would give way to a serious extent. In the long run, it is a safe general rule that annual production of any kind should be disposed of by the time the next season is entered upon.

Qrs. ran. 2 .. 7,000 ran. 2 .. 7,500 ran. 2 .. 10,000 ran. 5 .. 7.000 ran. 5 .. 9,000 ran. 5 .. 11,000 ran. 7 .. 7,500 ran. 7 .. 10,000 ran. 7 .. 7,500 fan. 7 .. 14,000 ran. 16 .. 16,000 'an. 16 .. 14,000 an. 16 .. 14,000 "an. 19 .. 8 500 an. 19 .. 13,000 an. 20 .. 8,000 an. 21 . . 11 000 Shipment. Jan., S Aust. .. Dec. 22, S. Ausi .. Jan., Viet. Jan., Viet. Jan., Viet Feb., Aust. Jan., S Aust. Jan.-Feb., S. Aust. Jan., S, Aust. Feb. 10, Viet. .. Jan., Vic+ Jan., Viet Opt., Feb. 15, Viet. Jan.-Feb., Viet. .. Feb., Viet Jan. 16, S. Aust . . Jan.-Feb , S. Aust and c. 30/1 £ 30/4£ 30/ 30/6 30/6 30/4| 30/9 30/6 30/6 30/4J 29,9 29/101 29/9 29/10^ 29/6 30/ 29/6

Total Dec. 31. :903 ,902 1901 L9OO L 899 LB9B L 897 L 896 L 895 L 894 U.K. Port Stocks. Qrs. 2,250 1850 2,050 2,450 2,300 1,000 1,400 1,800 2 500 2.500 American Total. and Afloat for "U.K. Canadian U.K. Visible. Visible. Qrs. Qrs. Qrs. 1,800 4 050 7,500 1 900 3,570 10,720 2,050 4 100 12,760 2,250 4,700 11,950 1,720 4.020 12,400 2 280 3,230 7,000 2,820 4,220 7 250 2,770 4,570 9.700 2.440 4,940 13,100 3,120 5,620 15,900