THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2647, 7 December 1904, Page 20

THE BREADSTUFFS AND PRODUCE MARKETS.

Tuesday. Messrs Waters. Ritchie, and Co. have received the following telegraphio advice from Auckland in reference to the potato market: — "No potatoes offering: weather wet; crops ruined; digging before ripe; Sydney supplying us ; expect late crop, will bo beitter." The effect of this stoppage of supplies of new potatoes from Auckland wili be to firm the local market for prime old Derwsnts. Friday. The Colonial Sugar Company announces a further rise of 10s per ton on all grades of its sugar, making a total advance of £1 per ton within the past month. We hinted at the probability of this advance, on aocount of the strong position of the world's sugar market, as long ago as 'October last. Distributors who then took occasion to lay in stocks will have cause to. congratulate themselves, especially in view of the near approach of the preserving season. The Co.onial Sugar Company's revised tariff now stands as follows: — Finest whites (No. 1 and 1A), £16 17s 6d per ton in bond for five ton parcels, £17 per ton in bond ,for three ton parcels, and £22 5s per ton (duty paid) for smaller quantities. No. 2 is" quoted at 10s per ton lower than the above prices — * viz,, £21 15s, duty paid, — and brewers' crystals 15s per ton higher — viz., £23, duty paid. According to latest Calcutta cables, the cornsack market is very firm, with an advancing tendency. Quotations range from 5s lOd for 44's, c.i.f. and c., for DecemberJanuary shipment, to 5s 8d for March shipment. , These prices have checked all forward business. The fire on the Aparima will delay the departure of that vessel, which brings the season's supply of cornsaoks for the North Island. It is probable that inquiries for sacks may come from the north to this market. In anticipation of a rise speculators have been •contracting for 'all the second-hand sacks available. Recent advices from Sydney are as follow: — "Cornsacks have never been so high as they are at present for a quarter of a century at least. To-day's rate city delivery is 7s l£d per dozen. Branbags are quoted at 3s 7d, and woolsacks have risen to 2s Id. Everything points to cornsacks and branbags going higher." Owing to stronger American advices the European markets are reported slightly steadier, and the London market shows a recovery of 6d per quarter on the week. The sale is reported of 8500 quarters ofAustralian wheat, December-January shipment, at 32s 6d, and of 9000 quarters at 32s 9d. The "Australian markets are practically unchanged at 3s 2d to 3s 3d. The total quantity of wheat and flour afloat for the United Kingdom is steadily decreasing week by week, owing largely to the cessation of Russian shipments. The quantity as at 29th ult. afloat for the United Kingdom is 2,195,000 quarters, as against 3,030,000 quarters the previous week — a decrease of 835,000 quarters ; and for the Continent 1,6*0,000 quarters, as against 1,650,000 quarters the previous week — a decrease of 10,000 quarters. These figures compare with the corresponding period in previous years as follows: — Afloat Average Afloat for . for English U.K. Continent. Price. Quarters. Quarters. Quarters. 1901 .. 2,195,000 1.640,000 30/ 1903 .. 1,665,000 1,215,000 26/6 1902 „ 2,180,000 1,430,000 25/ 1901 „ 2,530,000 1,440,000 27/1 Advices received by the 'Frisco mail state that, both in England and on the Continent, the weather continues favourable, and autumn sowings are in a forward condition. In England a much larger area than last year will probably be put down in wheat. The reports with regard to the prospects for the next Indian crop are more favourable than they were some time back. Following are " Beerbohm's " latest reports of the condition of things in the Argentine. America, and Canada: — Argentina.— Our Buenos Ayres cable this morning (October 28) reports the weather conditions favourable for the crops. Mail advices, received this week, express fears that the locusts may do damage in the Cordoba and Santa Fe provinces, but of this there is no subsequent confirmation. If all go well with the crop during the next month, it is regarded as probable, by those in a position to form reliable opinion, that the yield per acre may leach that of 1902— viz., 11§ bushels. The acreage is believed to have Been increased 10 per cent (not 22 per cent., as suggested in a preliminary fashion by the officials, who in the pievious year estimated the increase at 17 i?ei cent., whereas the area harvested was only

' al3cut 2 per cent, larger than in ihe previouf yeai), which on an area of 10,200,000 acres, against 9,270,000 acres last year, according to the final returns, would give a, total crop of about 14,750,000 quarters, which would' corn>pare with previous years as follows: —

U.S. and Canada. The position of wheat mi . the U.S. remain.* much, the same as before — that is to say, the primary receipts are laiga under the attraction of high prices, but export business is impossible, owing to ths extravagant prices asked. It is interesting to' note that in July, August, and September only 69,000 quarters of wheat and) 2,271,631/ barrels of flour were exported from the U.S. y making together 1,400,000 quarters wheat and! flour, against 4/120,000 quarters last year, and! 8,000,000 quarters in 1902. The October shipments have been very little larger than thoss of the thre9 preceding months, so that we have) the following comparison of the exports in ther four months from July 1 to October 31 for theJ past three years: —-

It is the almost invariable rule that the exports of the first fotir months of the season represent 4j> to 50 per cent, of the total for the> year. Last year the proportion was 44 per cent., and in 1902 it was 50 per cent. It may be probable that this year the exports froml July 1 to October 31 will be found to represent, only 40 per cent, of the total for the) season, in which case the season's exports will be 5,000,000 quarters, which is the total we have suggested as probable for some timer past. Tne official estimate of the Manitoba/ crop ds still awaited, but evidence is accumulating that it will not exceed, with the NorthW>st Territories, 60,000,000 bushels, .againstf 56,000,000 last year, and 67,000,000 in 1902, andi thus, leave an exportable surplus from Canada of only 2,500,000 quarters, of which a certain piopoition will find its way via America mi the shape of flour. ~ Under dafc© October 28, " Beerbohm," after a passing reference to the Dogger Bank outrage, discusses the wheat situation aa follows: — It is hardly conceivable that Eussia would! allow a war to be the result of such anincident as that which recently occurred in' the North Sea, but the ways of Governments, and perhaps especially of the Russian Government, are so difficult for the ordinary commercial man to understand, ,that, having regard to the' present conditions of the dispute, aa far as England is concerned, the least that one can say is that the position is a very, strained one; and this has led some wheat operators to buy a little more freely for distant arrival, feeling confident that war, or no war, the future of wheat prices is inclined to an upward rather than to a downward direction, because of the obvious scarcity and high) prices of wheat in America, notwithstanding the present relative abundance of supplies .in this country. It will be remembered that in our review of September 30 we' gave a forecast of ihe season's requirements of the various importing countries, the total for Europe coming out at 61,000,000 quarters, against 56,335,000 quarters actually imported last season. We are not disposed, by the light of - subsequent events, to reduce that total as being the likely - "requirements, 1' but, as we have already pointed out, it is probable enough that thisi total may not be actually imported, but thai? reserve stocks may have to bo drawn upon to supply the deficiency. Melbourne advices report a decline in the value of old wheat, shippers being 1 keenly apprehensive of the risk of weevil. A large" business has been done in new wheat-for forward delivery, a disposition to sell rather freely being thown by many country vendors. The feydney Town and Country Journal 1 reports: —"A splendid sample is to hand of new season's wheat, grown near Porb 1 Broughton, South Australia, going no less than 661b to the bushel. So far the weather for ripening the wheat in most of South? Australia has been perfect, and Adelaide advices to Sydney refer to there being ' any amount of prime postal samples from sundry localities.'" In regard to the New-South Wales yield, the Sydney Mail has the following: — Private estimates indicate the possibility of a gross yield of 20 million bushels in New - South Wales, provided that the present prospects axe fulfilled, and 'that hot gales do nofc occur- to make the wheat shed. New wheat opened last harvest at about 3s (Sydney), and settled down at about 2s 9d. This year shows' at present an advance of 7d a. bushel;, which, on a 20-million crop, would be an excess or about half a million sterling, a.s compared! with what the same yield would furnish on~ the basis of last harvest's prices. Asi against; this, the last New South Wales harvest showed! an increase of about eight million bushels.^ However, an abnormal percentage of lasti harvestings was bleached and off grain, unfiti for milling, and below shipping standard. Samples are to hand of small collections of ears of wheat from growing crops in various New South Waled districts, including Narramine and Tarn worth. Out west, in some cases,there is a marked disparity between the development of ihe earQy-sown wheat and the* late-sown. The early have the heads well 1 filled, while the late, owing to the dry winds o£ the last fortnight, have in many localities a pinched appearance, and the heads are? rr.ther light, through the absence of October and early November rains. It is satisfactory; to note that so far the damage from rust is piactically nil. There is absolutely no business passing; in the local market in milling wheat. Millers are not anxious to buy, whilst* holders evince no anxiety to sell, and there*, is not likely to be much alteration until the* New Year. The anticipated lateness of thai ■ harvest will mean that millers must have a certain amount of old wheat in stock to mix with the new season's grain, but exactly how much prime milling wheat is available' in the colony i 3 what everybody would liksf to know, and which it is almost impossible! accurately to ascertain. Meanwhile, quota/ tions, which are purely nominal, remain at the same level—viz.:—3s 8d to 3s B£d (f.o.b^ Lyttelton) for Tuscan, and 3s 7d (f.o.b^ Timaru) for Tuscan or velvet. Timaru quotations on trucks range from 3s 6d for: Carter's cross and velvet down to 3s 4d for red chaff. The Christchurch Press reports as follows:—" There is still some inquiry for Tuscan wheat, but only a few small lot^ continue to change hands at quotations, aa offerings are limited. A small line of pearl has changed hands at quotations, bufe Hunter's is slow of sale." Chick wheat is in good supply and in fair demand at current rates—viz., 3s to 3s Id

(ex store, Dunedin) for good whole fowl feed. - - , -»- . There has been a slightly .better demand for flour during the week, but bakers' are Btill working off .stocks of cheap flour, purchased many months ago. . The flour trade .•will not -therefore resume , its normal condition until th* new -year. ,The New- Zealand Flourmillexs' Association's "tariff stands unaltered, as follows:— Sacks,- £10; 100's, £10 10s; sO.'s, £10 15a; 255., £11. The shipping price ift £9 10s, f.o.b. Owing to a demand for shipment the market < has -"been cleared of pollard, and there is a temporary scarcity. The tariff stands unaltered as follows:— Bran, £3 5s for local orders, and £3, f.0.b., for shipv ment; pollard, £* per ton, both for local orders and for shipment. " There is nothing new- to .report in oats ; stocks "in stor©, are "'not ' large, and the demand is only moderate. 7 Good B grade eparrowbills ar& offering afc Is. 3d' on trucks southern stations, equal to> Is 5d and" Is s£d Dunedin. Gartons are worth about Id per bushel more. , The Ohristohurck Press reports: — The inquiry is rather better -for oats, and. sales have been , made at Is 9d ior prime Canadians, and Is 7d to Is Bd.for prime Duns, ' and -Is • 6£d for ' Sparrowbills, at country stations. . Danish are not in request at considerably levrer rates. Oatmeal is selling at- £8 lOs^-per ton. Pearl, barley is quoted at £12 per .t0n.. . " "" ' .PRODUCE MARKET. The supply of -new potatoes has slackened duping the past few days, aaid prices show '»n : inclination. ' to advance: Auckland- kidneys ' are', selling at up to 10s 6d per - cwt and Peninsulaß a£ l|d to 2d. A small eupply 'is due- from Nelson to-morrow,' and ."about five tons- from- 'Melbourne arc -on the .Westralia,- and will be on .tihe market on ■Monciay'.' " TJbis will have .the. effect -jof , steadying prices. TKe supply of old/Deriwents- 1 is. fully equal- to the demand, -and prices.. range from" 40s up ,to 50s per- ton' for prime picked samples. " \ \ There Tis^no change in. the export .dairy produce market. In- 'reference to the Cpm"monwealth -output this, season the Sydney '" Mail remarks: — t To date .this season the exports of butter 'from the port of Sydney have been far in ''excess of those -of'Stn^ preceding season", already totalling about .3000 tons, against 1300 tens last season for the corresponding period. The aggregate • shipments from, .the f our' chief butter exporting ports of the Commonwealth total about 9000 tons, against 5000 'tons, last season, for tbe correspondrng-'p'eriod, 200 tons ior the droughty" season of 1 1902-3, and 4000 lons for. 1901-2. Only in one preceding season iiave the exports 'anything like equalled those of the present campaign. In 1900-1 over 8000 lons were exported '.from all ports, but 6250 tens of this were, from Melbourne. Compared ■with that season, therefore, New South "Wales lubs made great strides,, while Victoria has gone back considerably. ■ Th«i local market continues . glutted with farmers', and separator butter, which ,is very slow of' sale. Current quotations are as, follow: — Farmers' pats, +£d to s£d;«salt and milled, at 6d 'to Bd, -according tic quality. Good separator,' 7d in bulk and 7£d to" 9d-in' tpkts; North ' Island factory, 9£d. -Firstgrade factory is unaltered at 10^d for bulk" and lid for. pats.' - " The local' cLeese' market is nrmer, espe r oially for good old cheese, 4id to 4|d being asked for Akafoa, and 4fd~to 5d .-for factory, mediums. " ■ ' Ttier© is considerable variation in the egg market, and agents* quotations -show divergence. The ruling' rate is 7£d per dozen ; fout on the one hand sales' have been made at Id per dozen and on the other hand 8d Jias been obtained. The demand for poultry is fully, equal to the supply, but the 'quality coining forward is far from satisfactory. Current' quo T tations are as follow: — Best you»f roosters, 4s to 4s 6d; hens, 3s to 4s; ducklings, 5s 6d to 6s; old ducks, Ss 6d to 4s; geese, 4s 6d to 'ss; turkeys — gobblers 7d to Bd, hens sd. Pigs are in good demand. Baconers (up to 1651b) are quoted at 4d to 4£d; overweights, up to 3d. Hams are firm at 8d to B£d, and bacon at 7d €o 7£d. _ - There is a fair demand for good cnatt. Prime oaten sheaf is quoted at £3 5s to £3 10b per ton. Saturday. To-night's cables report the European wheat markets firmer, and a good specula±ive demand for distant cargoes. The sale 5s reported of 9000 quarters Australian iwheat, February shipment, and of 12.000 quarters, December-January shipment, at 33s or an advance of 3d per quarter on the last sales reported, and of 8d per quarter from the lowest point a few weekV-ago. The hi-o-h prices ruling in America for wheat and flour is doubtless t he reason for an "inquiry of an exceptional character received in Melbourne for Australian flour for shipment to a United Slates port. Only a little while back American flour was be- ; ing shipped freely to Australia; it is in th© fitness of things, therefore, that Australia s ChOl-d return the compliment.

IWI-5 [903-4 902-3 .901-2 [900-1 L 8990 •» Crop. Quarters. 14,750,000 15,500,000 12,500,000 7,000,000 9,300,000 12,800,000 Exports. Quarters. ? 11,000,000 8,100,000 3,200,000 4,600,000 9,100,000

L 904 L 903 1903 July 1 to Oct. 3 Quarters. », 2,000,000 .. 6,~540,000 . . 12,250,000 51. Total for season, Quarters. ? 15,000,000 25,450,000