THE BREADSTUEFS AND PRODUCE MARKETS.

Otago Witness, Issue 2661, 15 March 1905, Page 21

THE BREADSTUEFS AND PRODUCE MARKETS.

Friday. Since the beginning of the week, when the European wheat markets were reported inactive, with American irregular and cargoes slow of sale, there has not been any indication of change. The only sale cabled duringthe week has been an Australian cargo at 32s 7^d. According to latest advice Australian cargoes afloat February-March shipment are offering at 32s 9d to 33s 3d. Tho total quantity of %vheat and flour afloat for the United Kingdom as at March 7 was 4,159,000 quarters, as against 2,805,000 quarters last week, an increase of 1,34-5,000 quarters; and for the Continent 1,310,000 quarters, as against 1,180.000 quarters last week,"~an increase of 130,000 quarters. Thee figures compare with the corresponding figures in previous years as folows : —

Tho very largo increase- in the quantity of wheat afloat for the United Kingdom seems to indicate a free movement from the Argentine. It will be noted that this week's figure is very much in excess of previous year* at this period. Under date January 27 " Beerbohm " has tho following from the two producing countries around which the chief interest just now centres — viz., India and the Argentine: — India. — Cables received this week report more cr less damage to the wheat crop by heavy rains, the consequence being that shippers are less inclined to offer or anticipate lower prices in the spring- and summer. It is tolerably certain, however, that the crop will be a large one, although not so big as last year's quite abnormally large crop. Argentina. — According t» the latest mail rdvic&s from Buencs Ayres, the Minister of Agriculture T ias modified his estimate of the aica under wheat which lie issued last Isovembar, and which showed an increase over last season of 22 per cent. The revised figure? shew an increase of only 15 per cent., and these of conise are subject to further modification •when the harvested area becomes known. Meanwhile, it is interesting to compare the present estimate with tho estimated area sown j last season and the area, actually harvested- — 1904-05. estimated sown asies, 12,105.000; 1903Oi, estimated sown acres, 10,475,000; 190304. area harvested (acres), 9,252,000. It remains to be %een, of course, what the j difference is this year between the " sown " I and the "' harvested " area, but according to all accounts the total yield may equal last year's. In such a case the surplus will be about 11 million quarters. The surplus and the exports in the five previous years have been as fellows : —

" Beerbohm " comments on the wheat j situation generally in the folowing terms: — The general feeling m the nirrket has assumed a tone of ruiiich greater confidence, quite an active demand foi near shipments ha' ing been experienced a£ about (3d advance. The market lias therefore quickly lespondecl to the suggestions put forward in. this review a fortnig-ht ago, that the probable supplies m this country in the three nionthb elided AT arch 31 were so snial'l ■'hat an appieciatiou in the value ot near wheat was like'y, and was, indeed, necessary to attract a, .vufficiejcy of supplies. The market li?s alto been affected to some slight extent by the labour tiou'olea in Ilus&ia, which may check the flow oi wheat for export, and also" by the gietit'v lecluced estimates of the Australian surplus The general opinion, indeed, is becoming decidedly more interesting. The tib^eace of American wheat seems likely to bo n,oie acutely felt in the next three moat'is than in any othsr part of the season, l-ecsuise the Russian export movement is like'y to be small until April-May, seeing that the visible supply in Russia is 700,000 quarter-- or 25 per cent, les-s than it was fit this time last year. It is also not consicleied impiobable ihp.t in the spring and summer the expoitable quantity fiom Russia many suflei fiom the abundant shipments ciniing the past tive months, which hove boon to some extent, no dcuot, loiced b£ the unsatisfactory banking facilities

prevalent in Russia this year owing to the v, ar with Japan. Nothing short of very large shipments ironi Aigentina and India cam, it seems to us, keep the market in check, or satisfy the current requirements of European importing countries, which have, during the five months ended December 31, imported, net, 1,145.000 quarters per week, and are likely to require during the remainder of the season not less than 1,100,000 quarters per week, because the homo supplies m the various countries are tolerably certain to be much less in the last half of the season, the higher prices having attracted a greater proportion of the crop than usual in the first half thereof. The Australian market shows no alteration on the week, quotations ranging from 3s 3d to 3s 5d j>er bushel. The Melbourne Leader reports : — The shipments from the exportiT* States since the opening of the new season ■. omparo thus : —

Totals .. 11,390,000 9,623,000 24,000,001 The surpluses given are the appicximatfestimates of the trade o.ily, and do not include the cany-over fiom last season, v Inch is variously given at 2,000,000 to 3,000,000 bushels. Ine expoits to date this season are equal to 255,000 tons, against 300,000 tons dv mg tin same jjcriod of 1903-1904. Values this year have so far averaged much higher tli-n m 1904, biu at this date a year ago the war scare had forced the maiket up, and prices touched the level nov/ ruling. The local wheat market continues to be affected by the weather, and the position is extremely uncertain. The reports, early in the week, of extensive damage in North Canterbury by sprouting, caused a number of the Canterbury millers to dive for old wheat. This example was soon followed by the Otago millers, with the result that tho bulk of the old milling wheat offering in Ashburton has been -secured at from 3s 3d to 3s 4d per bushel, on trucks. This old wheat is mostly Hunter's and pearl, Tuscan being very scarce and almost unprocurable. Millers having thus stocked themselves with old wheat for mixing at fairly full prices they are holding off in the hope of securing sxipplies of new wheat at from os to 3s Id on trucks. So far, however, there has not been a great deal of new grain offering on this market, the few early lota from the Hakaterarnea have been picked up at from 3s- 3£d to 3s 4-d on trucks, and the bulk of the Oamaru wheat has yet to be threshed. So far as c?n be learned, the damage to the crops is so far confined to North Canterbury, the grain from Timaru south not having suffered to any extent. Everything now depends upon the weather for the next week or two. Wet or broken weather will most certainly stiffen the market, whilst a continuance of to-day's dry warmth will have a tendency to ease prices. At this juncture the statistical position is. of interest. The Aarir-i'ltural Department estimate this year's yield at 27 bushels per acre, which, upon 258.015 acres, gives f.n estimated viold of 6,966,4-05 bushels, or considerably le-=; than the yields of the past two vcar=. The grain and flour on hand on October 31 last was retivnpd as equal to 2,912.533 bu-hek. which, added to the estimated yir-ld. oi'vps a loral of 9,878,938 busheb. Deducting for sred and home cn.isumption to February 28. ]905, 7.700,000 bushels, wp have an estimated surplus ov°r requirements of 2,178.988 bu'hels available for rxpo'-t, or sotyip 700 000 bushels loss than that returned on hand in October la-t. It cm thus be =een that any considerable failure in th-p harvest would make the statistical position of wheat a fairly strong; one. The Chri-.tehuivh Pre«= renovts as fnl!ow= : There are practically no offerings of wheat, as giovers are holding off the market for th time being, and declining to accept the rates £>t present iuh".g. In view of the reported damage caused by the lats rain, those who have threshed, md secured their grain in a bright condition, are anticipating better prices, but so far buyers aie not responding to ar.y extent. There is, however, a firmer to:ie m the market. Th© chick wheat market is inclined to ease, and 3s ex stcrp is now the top price obtainable fov good whole fowl feed. Shippers are trying to force tho market back a penny, but *o far no sal.s are reported at the reduction. A brick trade i* nas-int; in flour, md prices are m;chane,or'. Thp X'",v Zcilaud Floumil'ci-' A-=ociruion'« taiiff =tanch ns follows-.— M.i pV= jCiO: ICO'- £l n IC>: 50-. £10 J5-: ?s'~ £1L Th. dipping pi ire i£9 10s f.o.K The ofial lr.nrki t i= v itboiif plirva-ion. Polldrd continues scaicc ;-t £5 per ton, both for lot al orJpr-* --tii'l for Tiio l>ricf of hrnn r,?iTM!->s at £3 5- f nr lot. il ci tV -, mft.l S3 ppr ton for -hipmt 'it. There i« a rather bottov demand for iir.tdue ivMiiuy to a slight ea--ing in price. Hood B giade are nominally worth Is 7gd ot store, and shippers are executing oicicrs at 1^ 9pd f.o b.s.i. For tho noxi few we^Lt. tin? market will be larq-'lv go\ Tried liv thr- C';mtcibury mailct, which is being closely watched down here.

The Christchurch Press reports : — There appears to be a keen demand *br oats, and not a large quantity is offering locally. Most of the business is being dona in the Ashburton district, and a Christchurch. merchant, who received a parcel of samples ' from there, was advised immediately afterj wards that the grain was sold. The oi,lv ima I reported 1 ! to have been sold locally is 800 j bushels of discoloured Danish at Is 7d a a. l^d station. The bulk of the barlpy ciop lias apparently changed hands, and the lots nov; Loming to hand ai'e mostly small, and selling at 2s 6d 'o 4.z, according to quality. Cocksfoot of good weight arc! co'cu *s seling well, but there is a considerable prcpojtiori of light seed among the offerings. Ry«grass is still very firm. The price of oatmeal has been reduced bj 10s per ton, and now stands at £9 10a r l he quotation {cr pearl barley has beei advanced from £13 to £14 10*3 per ton. Our Temuka correspondent reports follows : — "Up to the present there has heeii practically nothing doing in new wheat, owing .to the weather preventing any further threshing from stcok. Tha question arises whether, if broken waa.th.er continues, there may not be \ery considerable damage done to the new crop, far there has been scarcely any d>arnage to wheat in South. Canterbury, ■>■ - having cleared just in time. Stacking in full swing, and the wheat should come o in good condition. Oats have bean considerably discoloured, and in some cases show signs of growth, but r,ot seriously. Any barley not stacked is much discoloured and damaged. There has been inquiry for both wheat and oats, but farmers' reserves are high. B-j .less could be done at 3s to "s 2d for wheat. ar,d Is 5d to Is fid for Danish and Is 7d to 1« Sci for G-tirton oats of good, quality. Eyegrass a--.cl cocksfoot £>re both selling fairly well, iTirZ ■>*•:» in demand. Following are current prices paid 'o farmers : — Wheat: Old Tuscan, 3s 4d>; velvet, 3s 2c" -o 3s 4d; Htinters, 3s 2d to 33 3d; new, 3 'o 3s 2d (country staiicns). Oats: Canadians, heavy and bright, ; Gartoiia, Is 6d to Is 7Jd. Barley : i^o prime malting offering ; >.l.scoloured, 2s Od to 3s. Eyegrass : Light. Is Cd to 2s ; extra heavy old pasture, 2s 6d to 3s. Cocksfoot : 3cS to 4d, according to quality and weight. Oatsheaf Chaff: £2 2s 6d to £2 10s, according to coTottr and weight. The market has been fairly supplied with potatoes during' the week, but prices have ruled high. Oamaru kidneys and other white potatoes are quoted at from £6 10s to £7 per ton, and Derwents from £7 to £7 ss, a few ripe samples realising up to £7 10a per ton. Owing to the spread of the disease the outlook is for high prices throughout tho season, yip to £5 per ton has been paid for Oamaru Derwents for forward delivery, and higher rates are expected to rule. Siprns of disea?o have been detected in Dnncdin and suburbs, notably at North-East Valley and in Mornington. There is rather a better demand for butter, particularly for farmers' prints and separator ppts. Quotations ore pactically unchanged as follow: — Farmers' lots, scl to 6d ; first-grade salt and milled, xm to 7gd ; separator pats, 7d to 8d ; first-orade factory, lOd for bulk and 10^d for pats. There is no change in cheese. Akaroa, 4J,d ; factory mediums, sd. The egg market is unaltered, and eggs are quoted at Is Id io Is 2d per dozen. The supply of poultry is in excess of the demand, and prices are easy. Current quolions are as follow : — Roosters, 3s to 4-s ; hens; 2s 3d to 2s 9d : chickens. 2s 6d t<j 3s 6d per pair ; ducklings, 3S3 S fed ; geese, 5s : turkeys — gobblers lOd, hens sd. Pigs arc in good inquiry. Baconers (up to 165 ib) are qwAed at 3|d to 4d : overweights, up to 3d. Hams are quoted at 7^d to Ed. and bacon at 7d to 7£d. The market is, only fairly supplied with prime chiff, and up to £5 15s per ton it obtainable for best oaten sheaf.

mo-i .003 :002 .soi .900 Surplus. Quaiiers. 11,500,000 8,000 000 3,000,000 4,150,000 8,750,000' Exported 1 Jan. 1 to Maich3l. Quarters. 3 525,000 2 550,000 1,015,000 1. 725,000 3,360,000 to Europe Jan. 1 to June 30. Quarters. 7,250,000 5,200,000 2,180,000 3,150,000 6,890,000

1305 . . L 904 .. 1903 . . 2902 .. "3 g v so 6 <j Qnarteis. 4,150 000 3,510,000 2,640 000 3.315,000 3 ~S o U o o <1 Quarters. 1,310, TOO 1,320,000 1.070.000 2,135,000 © §& 55 S <3 Quarters. 6,363,000 6,932,000 9,542,000 10,343,000 Pi la <J ' 30/4 28/8 25/3 27/

Victoria south Australia ST.S.W Jueensland 1 Exported to Date. 1903-04. 1904-05. Bushels. Bushal3. 4,900,000 4,039,000 3,330,000 3,004,600 2.960,000 2,118,400 — 161,000 Jbistiraated Surplus. Bushels. 9,000,000 10 000,00 i c 000,00 )