THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2667, 26 April 1905, Page 20

THE BREADSTUFFS AND PRODUCE MARKETS.

Thursdnv.

The London wheat maiket continues in a more or loss stagnant condition, and no sales havo been cabled during' the week. The total quantity of wheat and flour afloat for the United Kinrclom as at April 18 was 3,840,000 (jugi-teis, as against 3,940,000 quav-

tea's last weok. — a decrease of 100,000 quarters ; and for the Continent 1,945,000 quarters, as against 1,6uu.000 quarters last week, an increase of 345.000 quarters.

Under date London, March 10, " Beerbohni " reports as follows: —

India. — Ihc present week's shipments from India are again quite moderate — namely, 99.000 quarters, making the total since April 1, 9,5aC,000 quarters, against 3,750,000 quaiteia last season in the corresponding period. The. second official report of the croi> in the United! Provinces of Agra and Ouclh, confirms the worst of the recent private estimates, indicating, as it does, a decrease of 50 per cent, compiled with last year, when the yield 111 these provinces was 3,230,000 tons. Ihe second official report for the Punjab makes the acreage 7,390,000 acres, against 7,765,000 last year, and describes the probable yieJd as " uncertain " Last yeai's crop was 12 per cent, abova the full normal, reaching the record of 3,076,000 tens. Private advices estimate the crop as s>t least 25per cent, less than last year, so tha*. making al.owances for the " poor " croji officially reported in Bombpy and other parts it seems probable that the total Indian crop this year may not reach 7,000,000 tons, againsfe 9,387,000 tons last year, and 7,766,000 tons 111 1903.

The London market during the past week has been " under the shadow ' of the enormous Argentine shipments, and has been more affected by the swelling quantity afiost, especially for the United Kingdom, than by the crop damage reports fiom India, the result being that, in order to do business, 6d decline lias had to be accepted. The fact, However, that India has supplied pbout 28 per cent r,f the United total imports diumg the past six months suggests that this Indi-xo. crop failuie may iater on assume a more important position, the more so if theie should be any check to the Russian export movement, which many expect. Meanwhile, however, thrre is a disposition on the part of English buyers to' let the future take care of itself, seeingthat for some time to come, at any rate, full supplies are assuied, unless, indeed, the Continent shows a much greater disposition to buy wheat than has been the case for some Lime.

The Australian wheat market continues to show a declining tendency, this week's quotations ranging from 3s 2id, Sydney, to 3s 3^d, Melbourne and Adelaide.

The Sydney Town and Country Journal reports : — ■

Th.B timely and copious rains over practically the whole expanse of wheat-growing country in New South Wales have facilitated ploughing operations and a large aggregate of new ground is to be broken up this season, in addition to practically the whole of the old wheat fields. Thus the total laid down in wheat for next summer's garnering is expected to show a substantial' increase, farmers at this side being atiracted by the better cash returns of late years from wheat, whether sold locally or exported to London and South Africa.

Reports from Victoria sta.te that heavy rains have fallen over the Western district. The West, North-west, Wirarnera, and Malee have had % good soaking. This was badiy needed, as the long spell of dry weather had rendered natural feed very short and water scarce, Lesides postponing ploughing operations. This rain in Victoria was warm and stea-dy, and, if a week or two of genial weather iollowo Lhers will be a sturdy spring in the gTass, aud a. good measure of pasturage will be provided for winter, before the ground 1 gets too cold to check growth. There is also a wonderful improvement in weather conditions to the eastward. An effect of the rainfalls on either side of llie Murray, taken in conjunction with tbe lethargy at Mark Lane, has been to furtner depress the tone of the Sydney wheat market. It is very much to be regretted that sev&ral New South "Wales and Victorian wheat SxJeculators of the gambling type have made money or minimised losses by " getting out " in time, whereas numbers of hard-working farmers have been misled as to the trend of values m London, on the Continent of Europe, m the U j it^d! States and Canada, at Buenos Ayres, and at Calcutta.

There is nothing new to report in the local wheat market, the situation being- the samp as described last week. For the most part holders are asking 3s on trucks all round for prime mixed milling lines, and declare their intention of storing rather than meeting the market. On the other hand, there are samples of red chaff offering at 2s 9d on trucks Oamaru district : for velvet 2s lid to 33 is asked, and for Tuscan 3s to 3s Id. Comparatively little business is passing-, millers being hopeful of forcing the market back to the neighbourhood of 2s 9d on trucks for prime milling; samples. At present, however, growers are inclined to wait and see what proportion of the hardest will thresh out in really prime condition. Chick wheat as yet is not offering too plentifully, and for small local orders 2s i.id ex store is still obtainable for good whole fowl feed.

The New Zealand Flourmillers' Association's tariff remains unaltered at the late reduction as follows : — Sacks, £9 10s; 100's, £10 ; 50's, £10 5s ; 25 - s, £11. The shipping price is £9 f.o.b.

Large shipments of bran for South Africa and other ports have been made during the week, and the market is bare for the moment. Pollard is also scarce. Prices are unchanged — viz. : Bran, £3 5s -for local orders and £3 for shipment ; pollard, £5 per ton for both local and shipment orders. The offerings of oats continue limted, and the local market is firm at late rates, up to Is 8d ©x truck Dunecin being paid for prim© B Gartons.

Oatmeal is unchanged at £10 per ton, and pearl barley is quoted at £14 to £14 19s per ton. The market is well supplied with potatoes, and prices show a tendency to ease. Oamaru Derw exits arc quoted at £4 10s to £5 per ton for good samples, and white sorts are selling at up to £5 10s. The cheese and butter markets are keeping firm, and some little speculation is going on in anticipation of an Australian demand, prices in the Commonwealth showing a tendency to rise. Consignments this week at 5d f.o.b. for factory mediums, this wepk at £5d f.o.b. for factory mediums, and s^d for loaf. Business has been done in butter in the North Island at lOd f.o.b. for April-May make, whilst lO^cl to lid, has been offered for May-June make. This seems to indicate a firm market right up to the end of the season.

In the local market butter is scarce, and prices have improved. Current quotations arc as follow : — Farmers' pats. 6d to 7d ; separator, 8d to 9d ; bulk salt butter, 7(3 to 8d ; bulk separator, 9d ; first-grade factory has advanced in price to 10£ d for bulk and lljd for prints.

Tho local cheese market is firmer. Factory mediums ara quoted at siil and Akaroa at 4Jd to sd.

Eggs are scarce, and in good demand at. Is 7d to Is 8d per dozen for fresh. Them

is an inquiry for preserved eggs at Is 2d to Is 3d per dozen. The poultry market is glutted, and prices have eased by 3d to 9d per pair. Pigs are easier. Baconers are selling at S|d to 4-d ; overweights and underweights, 3d.

Hams are quoted at 7£d to Bd, and bacon at 7d to 7£d. Chaff is in fair supply, and in good demand at £3 10s to £3 12s 6d for prime oaten sheaf.