THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2660, 8 March 1905, Page 29

THE BREADSTUFFS AND PRODUCE MARKETS.

The- London wheat market shows rather more activity, and the general tone is firm. Saleg are cabled of 9500 bushels Victorian February shipment at 335, and of 8000 quarters- at Hi© same rate ; also of 7000 quarters South Australian wheat, shipping and shipped, at the same price. The total quantity of wheat and flour afloat for the United Kingdom as at February 28 was 2,805.000 quarters, as against 3,500,000 quarters last week, a decrease of 695,000 quarters; and for the Continent 1,180,000 quarters, as against 1,080,000 quarters last week, an increase of 100,000 quarters. These figures compare with the corresponding figures in previous years as follow: —

The news in regard to the American " corner " is somewhat conflicting. First comes the news of a heavy slump in the American wheat market, enormous sales having been made in the belief that the pool recently formed by Messrs Gates, Schwab, and Co. are unloading, and on the following day the cable reports as a Chicago rumour that Gafce-s's xsool made a profit of from 1,000,000d0l to" 1.600,00d01. Beyond showing to what an extent he^avy protective duties Tend themselves to the devices of the wheat gambler, the news is of not much interest, for the corner is absolutely without effect upon the European markets. The Sydney Mail discusses the wheat corner as follows : —

Our London correspondent tells of another great comer in Chicago, on« that promises to eclipse anything we have seen since the days of young Joseph Leiter, brother of Lady CuTzon. Then such was the smash that lieiter's father, a multi-millionaire, had to come to th-e rescue to save His son from bankruptcy. The prime movers in tha present ano-yement are Schwab, late of the Carnegie Steel Trust, orjee tho largest salaried man on earth, and) Gates, well known in tho precincts of the Chicago wheat" pit. Tho eastern portion of the United State 3 is practically out of the exporting business this year, so that Mark lane c«u!d not readily be affected any more than she hag already been by the absence of the accustomed shipments of American, grain. jV£r Edward G-. Hesman, of Chicago, m°a recent report on the position of wheat at t'aat centre, said : " The continued largo receipts, tne large stock of wheat in Minneapolis, "seem, about the only argument of the beais, but a comparison witli the last three years is enough to convince anyone that they will require every bushel of wheat they have there, or will get, and more too. The leceipts there ere always large from October to December, C 3 tie visible supply records -will show.

Minneapolis had over 17,000,000 bushels of ■wheat in January, 1902, which was reduced to about 1,000,000 bushels by the following September. In January, 1903, over 15,000,000 bushels, but reduced to about 750,000 bushels by September. In 1904 over 13,000,000 bushels, but reduced to less than 1,500,000 bushels Toy September. In each of these years Minneapolis drew heavily all year from Kanais, and was receiving considerable spring wheat from the north-west. «lfiar to August. This year, however, owing to the high price, the farmer everywhere has marketed a larger proportion of his crop than ever before, which means Minneapolis will receive a much smaller quantity this year than ever before, and the supply left there next fall will probably ha a. mere bagatelle. In fact, there is every indication we will next summer experience the greatest scarcity of wheat on, record, and the wildest predictions as regards the probable price are likely to be realised before another crop is available."

Under recent date " Beerbohm "' forecasts the future of the wheat market in the following interesting manner : —

There is always a considerable amotint of interest attached, in the wheat trade, to comparisons; without comparative statements, indeed, it woulcJ be often very difficult to attempt to forecast possible future movements. The period from January 1 to March 31 is almost invariably one of diminishing stocks in the TJnifea Kingdom ; that is to say, the supplies in this quarter are seldom or ever equal to .the current requirements, so that port stocks or second-hand stocks have to be drawn upon. It has been our custom for many years to suggest the probable supplies for the three months ended March 31, and we submit the following figures of the expected supplies, compared with the actual receipts in the corresponding period of theHwo previous years: — Probable Supplies in the United Kingdom fbom January 1 to March 31.

JUstimated. This 'shows again how much depends upon ' India this year ; for, assuming the continued absence of Atlantic American wheat, and allowing an increase of 50 per cent, over last year in our Indian receipts and 25 per cent, in those from Russia, the prospect seems to be for a very large reduction in the stocks during the next three months. These probabilities are worth considering, an<? are, no doubt, the cause of the increased confidence 'noticeable in the market generally. The Australian market continues at about the same level, Sydney quotations beii^A the lowest — viz., 33 3d to 3s 4£d, — as against Melbourne^ 3s 4d to 3s sd, and Adelaide 3s 5d firm. \Ln explanation of*thie apparent divergence tire Sydney Town and Country Journal remarks: —

Farmers in New South Wales are occasionally nonplussed through. Melbourne and Adelaide quoting a £d per bushel above "Sydney. For instance, at the present moment sales are taking place in Adelaide and .Melbourne at up to 3s 5d per bushel. These sales, however, are f.0.b., and it is worth at least a Jd extra when the quote is for grain free on board. There is a fair amount of new season's wheat offering on " the local mari ketj but millers have been buying sparingly for requirements only. So far as can be learned, no really prime lines have changed hands at less than 3s 3d on trucks Oamaru district, whilst sales hay© been made at 3s oid, and in some instances at 3s 4d. It is reported that a decent line of Hakataramea wheat was picked up by a Canterbury miller at 3s 4d on trucks, less commission. A few lines of pinched grain ha,ve been sold at as low as 3s Id on trucks, but this is no criterion of the milling market. It is known that several large millers have buying orders out at 3s to 3s Id on trucks, and should the market decline to this point buying is likely to become general. On the .other hand, the broken weather this week has had a tendency to stiffen the market. The bulk of the Oamatu wheat is in stook, and very little has yet been threshed. A week of nauggy weather on the top of the rain which has fallen must result in a considerable proportion of sprouted grain. The market, therefore, is as yet so largely a '"weather" one that a forecast is almost impossible. The samples of Canterbury grain so far to-jhand show signs of too much haste in threshing, and are inclined to softness. New Tuscan is quoted at 3s 5d f.o.b. Lyttelton. Old wheat is in good demand for mixing, and several linos of pearl and Hunter's hay-<? changed hands'during the Tveek at 3s 4d on trucks Ashburton. The broken weather has considerably discounted the hopes entertained by millers of drawing supplies of milling wheat from the south, and the prospects in that direction are none of the brightest. Much, however, will depend upon the weather for the next fortnight. The Christchurch Press reports as follows : The rain that set in on Monday will be a serious drawback to harvesting and threshing operations, and for the time being it will probably tend to firm the market, especially for bright- samples of grain. There is a fanquantity of new wheat offering, and several lines have been sold where the piices asked have been within buyers' limits, but in some cases -as much is being asked for new wheat as for old, and no business can be done on j -ihat basis. Tho principal sales reported are 1600 bushels cf new Tuscan at 3s Id, and 1200 bushels of Hunter's" at 3s, at a Id station ; 1400 bushels of -Hunter's and 350 bushels of I pearl at 3s Id, delivered at the null. The chick wheat market is unaltered, and good, whole fowl feed is offering ac 3s to 3s Id ex store. A good brisk trado is passing in flour, but prices are unchanged. The New Zealand Flourmillers.' Association's tariff .stands as follo.vs:— Sack-, £10; 100's, £10 lCs ; 50's, £10 15s ; 25*, £11. The shipping price is £9 10s f.o.b. Tho offal market is without alteration Pollard i^> ve\y scarce at £5 p<-r !o«, h.il'i for local ordoia and for shipment. Th-a

price of bran remains at £3 5s for local orders, and £3 per ton for shipment. There is nothing doing in oats except a small local demand, for which quotations range from Is 7£d to Is 8d ox store for good B sparrowbills, with an easier tendency. j The Christchurch Press reports as follows : j There is some inquiry from the North Island for oats, and during the past few days there has been a fair amount of purchasing at curv rent quotations. Few prime milling oats have I yet been offered, and Is fid has been paid, but i really prime Canadians are worth up to Is 9d. ! A line of 2000 bushels of feed Gartons is re- ' ported to have changed hands at Is 7d ait , l£d stations. Though few individual sales have been reported, it is understood that there has been a good deal of business doing in barley during the past few days, at various prices, from 8a to 4s, according to quality. The wet weather now being experienced is likely to cause discolotiralion of any grain now in stock. Ryegrass is firmer, and for old pasture seed 3s has been paid, a line of 2000 bushels of stripped seed changing hands at this figure. Cocksfoot is now offering rather more freely, and up to 3gd has been, paid for a line of 600 sacks of 141b bright seed from the Peninsula. The local ryegrass market weeps firm, but j buyers are not so keen, and an easing in i prices is predioted. Oatmeal is quoted at £10 per ton, but without much demand, the- easing of the oat market inclining buyers to hold off. Pearl Tsarley is unaltered at £13 per ton, ' with a firming tendency. | The local market has only been moder- | ately supplied wjth potatoes during the ■ week, and prices have firmed. Current . quotations range from £6 10s to £7 10s per ton for prime freshly dug Oamaru kidneys ; a few Oamaru Derwents- are offering at up to £8 10s. The Christchuroh Press reports: "There is a limited demand for potatoes, and the reports of disease among the crop in Soutu Canterbury are causing some uncertainty j -as it is feared that it may ultimately prevent an export business being done in the. j early varieties with outside markets." j The local butter market is unaltered. Quotations are as follow : — Farmers' lots, 5d to 6d ; first-grade salt and milled, up to T^d ; separator pats. 7d to 8d ; firstgrade factory, lOd for bulk an.i j.o£d for pats. There is no change in cheese. Akaroa, 4£d ; factory mediums, sd. The egg market has eased slightly, and they are to-day quoted at Is Id to Is 20. per dozen, supplies being scarcely equal to the demand. The supply of poultry is in excess of the demand, and prices are eitsy. Current quotations are as follow: — Roosters, 3s to 4s; hens, "^ 3d to 2s 9d : chickens, 2s 6d to 3s 6d 'per pair ; ducklings, 3s 6d ; geese, ss; turkeys — gobblers lCd, hens sd. Bigs are in good inquiry. Baconers (up to 1651b) are quoted at 3^d to 4d ; overweights, up to 3d. Hams are quoted at 7£d to Bd, and bacont at 7d to 7id. " The market continues well supplied with chaff, and £3 12s 6d is now the top price obtainable for prime oaten sheaf.

• Probable. J.S. Atlantic Qrs. and Canada 750,000 J.S. Pacific 200,000 Etussia- . . 1,250,000 Argentina . . 750,000 India .. .. 1,500,000 Australasia 600,000 Sundry foreign ports . . 400,000 English wheat .» 1,200,000 Actual. Qrs. 2,637,000 103,000 1,010,000 830,000 995,000 90,000 530,000 1,300,000 Actual. Qrs. 2,801,700 606,300 1,026,000 546,000 371,000 Nil 235,000 1,750,030 Total . . 6,650,000 Estimated! requirements 8,000,000 7,545,000 7,950.000 7,336,003 7,750,000 Balance - 1,850,000 - 405,000 - 414,0.0 Port stocks Jan. 1 .. 3,000,000 ?ort stocks April 1 .. *1,650.000 2,450,000 2.100,000 1,850,000 1,590,003

L 905 .. L 904 .. LSO3 .. L 902 .. •| a ** bo I Qra. 2,?05,C03 3,230,00» 2,700,000 3,245,000 1 .a 42 si -g ?i o - >>• I1?I 1 ? O §ft . ft i 1™ li -t 4 r Qrs. Qrs. 1,183,003 ? - 30/4 1.215,000 7,086,000 27/10 '950,000 9,760,G0» 25/3 1,875,000 10,539,000 27/1