THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2652, 11 January 1905, Page 21

THE BREADSTUFFS AND PRODUCE MARKETS.

Friday. The last news from London was to the fieffect that libera l . offers of Indian and Argentine stocks -are depressing the wheat market. The latest 'cabled sales are of Australian spot cargoes at 32s 4^d and 32s sd, or a drop of Is per quarter since before 'the holidays. The-tota^quantity of wheat and -flour afloat ior -the^United Kingdom as at 3rd January was 3-,710.000 quarters, as • against 2,690,000 quarters last week, an increase" of 1,020,000 quarters, and for the Continent 1,305,000 quarters, as against 1,445,000 quarters,' a decrease of 140,000 quarters. These figxnes compare with the corresponding figures in previous years as follows:— ~ i

The striking feature in this comparison is the^" facts- lhat. despite the' absence of exports, the American visible supply is less thaa_las.t year's figure-.

Writing under date London, November 25, "Beerbohm" has the following on the wheat situation : — "Wheat. — Prices have rather given way during tho past, week, but there are not wanting signs that buyers are beginning to consider that a safe level 'has been reached for a renewal of purchases for distant delivery, several cargoes of new crop, Australian, finding buyers at 32s 3d, which compares with 35s obtainable for similar positions in the early part of October. The early advent of wintry weather has also helped, to strengthen the market The requirements «of European countries this season are still a- matter of some speculation. It will be remembered that in September, when we issued our forecast of the season's requirements, we suggested that the European requirements might reach* 61 million quarters. Since sthen other attempts have been made in' a similar direction, suggesting that about 55 million quarters may suffice, 'or rather less than was " actually imported in each of the two previous seasons. The actual net imports into" Europe 'in the three months ended October 31 are not .yet returned in full from each, country, but enough is known to -warrant us' in estimating the total at 15 million quarters, which compares with the imports of the corresponding period in the two previous years as follows: — Imports Aug. Ito Oct. 31. Total for Season. Quarters. Quarters. 3904 .. .. 15,000,000 ? 1903 .. ..i 15,100,000 56,325,000 1902 .. .. 15,150,000 56,217,000 This would seem to favour the lower estimates of ,the season's total requirements. But a lHtle reflection will, perhaps, tend to modify .the prima facie effects, of this comparison. It must be remembered that in cases of uniVsual , deficiency, -such as' we believe the_ present season to be, the effects of that deficiency are generally felt in the later rather than in the earlier part of the season. Thus it is quite obvious, we think, that Italy, Spain, and Portugal, and Anistro-Hnngary will import a far larger . quantity in the coming nine months than was the oase last season, and it is not by any means improbable that France may after ail find herself compelled to import a fairhr large quantity in the spring and summer months Therefore the proportions which the first quarter's imports bore to the season's total in the two past years will in all probability not apply in the present season. It would indeed, be somewhat extraordinary if. in a season in which the supply of homegrown ■wheat is >the smallest on record, and in which Austria-Hungary figures far the first time as art importer on a serio.us scale, there should be no- increase compared with what may be termed the ordinary seasons of the two past yekvs'. According to this week's cables the Australian market keeps steady, the quotations ranging from 3s 3^d; Adelaide, to 3s s£d Sydney. It remains to be seen whether the destruction of -wheat consequent upon the reoeit disastrous bush fires in New South Wales will have any mate-rial effect upon the market. The "harvest prospects in South Australia are more encouraging than in. any other part of the Commonwealth. The quantity of wheat expected to be reaped is nearly 15,000,000 bushels, of which nearly 4,000,000 bushels will be required for_ local consumption and seed, leaving over 11; 000, 000 bushels available for export. Victoria's total return is estimated at 16,000,000 "bushels, against 28,500,000 last year, and , that » of New South Wales "at 13;&00,000 bushels, against 27,300,000 bushels. The Melbourne Leader has the following:. — . The 'wheat and flour export season, 19031904, haß now practically closed. New wheat is" arriving* at the ports,, and is being loaded into outward bound vessels. The total quantity of wheat and flour exported to oversea ports during the season jnsfe closed was 40,460,750 bushels.' The exports exceeded- By nearly , 17,000,000 bushels the best previous record. Of the total exports European countries took 79 per cent., Africa 151 per cent., and South 'America and other destinations the balance of 5| per cent. The estimates issued for the 1904-1905 crop indicate that the surplus available in the Commonwealth will only be atout 20.000,000 bushels. The now year has opened with a crisp feeling in the local wheat market, and millers fro-h both north and south evidence a desire to operate. The nominal quotation still remains at 3s 6d on trucks, northern stations, but the> sale is reported of a line of velvet to a southeiTi miller at 3s &Jd, on trucks, Oamaru. It is stated, however, that riot much grain is available at (hat price-. For the most part all prime milling wheat is nvmly held, but it remains to be seen whecher the market will hold to its present lovel in the' face of the coming harvest. Reports from .the north state that, given good weather, cutting will commence in about a fortnight's time in early patches in South Canterbury and North Otago. which m?ans that there will be no new ' wheat upon the market for five or six weeks. It will thus bo well on in March before any quantity of new wheat is offering, and it has always to be borne in mind that a late harvest is a precarious one. The new year has opened with a brisk demand for chick wheat, which is r-emarlc-I ably scarce both here and in the north. Sales have been made of good whole fowl feed at 3s on trucks, Oamaru, and the local quotation is firm at 3s 2d for good samples, or a rise of Id per bushel. The flour market is briskei- than for many years past, and the orders show signs "i returning to normal. The flour in 50's

offering just before the holidays at a shade less than association rates has been withdrawn for the present. The New Zealand Flourmillers' Association's tariff stands unaltered as follows:— Sacks, £10; 100's. £10 10s; 50's, £10 15s; 25's, £11. The shipping price is £9 10s f.o.b. Owing to the fact that some of the local mills are closed down, there is a great scarcity of pollard, and local millers refuse to sell at under £4 10s per ton, although the association tariff still stands at £4-. The price of bran remains at £3 5s for local orders and £3 for shipment", and stocks are ample for requirements. There is a good demand for oats, but owing to the smallness of stocks difficuly is found in filling orders, and he market is consequently firm. Sales of good B grade have been made at up to Is 7d, ex store, Dunedin, and Is sd, on trucks, Gore, has been paid for a line of B-grade Sparrowbills. At th© same time some difficulty is experienced in obtaining corresponding value for A-grade Sutherlands, which are not in demand for shipment. Several lines of these have recently been cleared to millers at Is 7d, ex store. The price of oatmeal stands unchanged at £8 10s per ton. Pearl barley is quoted at £12 per ton. Oamaru new kidney potatoes are coming forward more freely, but the quality varies considerably, and so do the quotations. Prime samples have been sold at up to 10s per cwt, whilst inferior are offering at 8s 9d and even lower prices. Peninsulas are quoted at l£d to l?d per lb. Old Derwents are worth £4 per ton, but the demand for these is falling off. ■ j The Wellington Trade. Review reports as follows on" the' export dairy produce market:— BuHer. — Since our last issue there is little , of interest to report, the weather has changed i for the better, but in the dairying districts the grass is, so far, not so plentiful as in tihe previous season. This has materially affected, the quantity of milk received, with a corresponding reduction in the amount, of dairy produce available for export, but. {he standard of qualitj' is good and there is little fault to find with the make. The shipments of new ! butter to date, compare favourably with those of 1903, in consequence of the extra nnmbar ; of cews being milked. -But for this we should : probably havp had to report a decrease in the output. The s.s. Turakina, which left Wellington two days late owing 1 to rough weather preventing transhipment from coastal steamers, took away a- record" shipment. It was the greatest in quantity a-nd the most valuable consignment yet shipped from 'New Zealand, and comprised 52,611 boxes and 507 kegs of butter, with 4762 crates of cheese. It Is-xx- j peeted, however, that the consignments by the Gothic and Ruapehu will exceed tins, but mue'i will depend on the weather aud the mainteii- j ance of good, prices at the London end. The •■ local 'market is still heavily supplied with j milled and dairy qualities, which sell at Gd t.i 6Jd. factory butter ruling 9Jd to lOd. Cheese is coming forward in considerable quantity notwithstanding the "fact that this year several large factories in the North Island that usually make cheese a.t this period of the season have, so far, turned out butter'only. The quality, on the whole, is better than last .year, b^ there is still-room for improvement. The-faotries generally have combined to quote 4id, f.o.b M at shipping port for wholesale parcels In the local market new cheese i« selling at 4|d to 5d for medium sizes, and s£d_ for loaf. The local market still continues glutted with farmers' . s-eparator -jbutter, which is exceedingly difficult to quit.- Farmers' pats are selling at 4£d to 5d per lb, and separator at 6d to 7d in. bulk and 7d to 8d in pats. Salt and milled has little inquiry. Firstgrade factory is unaltered at lO^d for bulk and lid for pats. The local cheese market i 4 firm, especially for good old cheese, 4^'d to 4Jd being asked for Akaroa, and 4|d to 5d for factory mediums. There it, a fair demand for eggs at lOd per dozen, but some agents quote £id per dozen, and even 9d. The holidays being over, the supply of poultry is in excess of the demand, and prices have declined. Current quotations are as follow: — Roosters, 3s 6d to 4s 6d : hens, 23 3d to 2s 9d ; chickens, 2<s 6d per pair ; ducklings, 3s to 5s 6d ; geese, 5s to 7s; turkeys — gobblers, 8d to 9d, hens, 6d. Pigs are in fair demand. Baconers (up i to 1651b) are quoted at 4d; overweights, lip to 3d. Hams are firm at 8d to B^l, and bacon at 7d to 7J,d. Chaff is in good demand at £4 5s to £4 7s 6d per ton for prime oaten sheaf.

' jJ -Sff §£• <• t§>4 gco _% Quarters. Quartet- Quarters. - 1905 .. 3,710,000" 1,305,000 7,575,000 190* .. 1,680,000 940,000 . 7,728,800 1303 .. 1,980,000 765,000 10.096,000 1902 .. 2,800,000 1,000,000 11,863,000 30/2 26/3 25/ 27/7