THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2671, 24 May 1905, Page 22

THE BREADSTUFFS AND PRODUCE MARKETS.

Friday. The London wheat market shows signs of greater activity, and a number of sales have been cabled within the past few days. These include an Australian cargo at 31s, three others at 3Ls 4^d, and 11,000 quarters of South Australian March shipment at 31s 9d, also an Australian cargo at the same price. This would seem to point to a firming tendency in prices. The total quantity of wheat and flour afloat for the United Kingdom as at May 16 was 3,250,000 quarters, as against 3,235,000 quarters last week — an increase of 15,000 quarters; and for the Continent 2,065,000 quarters, as against 2,050,000 quarters last week— an increase of 15,000 quarters. These figures compare with the corresponding period in previous years as follows: — SM %t §£ wf 22 1 * - § I-* §* sg ss I-s H •aJP <iO O <Jp4 Quarters. Quarters. Quarters. 1905 .. 3,250,000 2,065,000 4,322,000 30/9 1904 .. 4,140,000 2,005,000 4,850,000 27/1 1903 .. 2,175,000 2,265,000 5,955,000 27/9 1902 .. 3,330,000 1,650,000 5,834,000 31/1 Under date London, April 14, Beerbohm publishes the following reports from some of the principal producing countries: — United Kingdom. — The weather has been showery and unsettled in the United Kingdom, but the temperature is quite seasonable. Reports i-egarding the growing wheat crop have rarely _ been so uniformly favourable as they are this season, contrary to what was the case at this time last year. In France the weather has been very showery and unsettled, but by no means unfavourable for the wheat crop, the reports concerning which are now quite satisfactory, and decidedly better than at this time last year. The country wheat markets remain quiet, but farmers are firm in demanding late rate-s, their supplies being relatively small. Belgium, Germany, and Holland.— The Antwerp wheat market has bean decidedly more active of late, several further steamers afloat having been bought for that port, but yester- ! day's report was weaker. Germany is also buying foreign wheat more freely, and Barlin term prices aro very steady. Russia.— The reports published officially i concerning the autumn-sown crops are mostly i very satisfactory, and in some cases very favourable. It is also reported in various private advices that spring sowings are proceeding under favourable conditions. Navigation in" the Azof ports and at Kherson is now open, and, according to our latest mail, reports there were 22 steamers loading at Taganrog, six at Kherson, four at Nicolaieff, and 11 at Odessa. The shipments of wheat remain relatively liberal, but it remains to be seen how far the disorganisation of railway traffic will affect future supplies to the seaboard. Some of our correspondents express the opinion that the effects in this direction will now become much more serious than at any time during the war. Argentina. — Our to-.day's cable from Buenos Ayres gives the present week's shipments at the huge total of 601,000 quarters, which establishes another record, and renders it tolerably clear that the later estimates of the crop, which indicate an increase of about one-fifth over last year, are the most likely to prove correct. Not only have the shipments been so enormous, but the visible supply has also largely increased, being now 825,000 quarters, against 400,000 quarters at this time last year. The very large number of steamers chartered to load in April, May, and June renders it probable that during these three months the shipments will continue large, and even exceed those of last year in these three months, which were 290,000 quarters per week. United States. — Some of the English newspapers this week have published cables from Chicago indicating that a " crash " is expected in May wheat owing to the liberal supplies. European markets take little more notice of this than is engendered by curiosity, because it is obvious that America has very little wheat to spare for shipment, in any case, during the remainder of the season.

Beerbohm, in summarising the wheat situation, takes a rather more optimistic

view of tho future of the market, as tha Nfollowing will show: —

There is a more general disposition to view the future of wheat, at anyrate during th© remainder of the season, with some confidence in the present level of prices, because it is felt that, large as the Argentine shipments may doubtless be Kussia, India, anoE Australia, will all probably ship much less than they did last season. This much is indeed certain with regard to Australia, andsoems highly probable in connection with. India, there being a growing impression that the unprecedented weather which has been, experienced in India during this year may probabJy have had a much more disastrous effect upon all the crops than has so far been believed. It is, at anyrate, significant that % relatively high price such as 31s for new No 1 . 2 Calcutta for May shipment fails to attract the wheat. There is at the same time much; doubt and uncertainty with regard to the Kussian position ; there is no doubt plenty of wheat in the country, but it is not improbable that it will be more difficult to move to the seaboard, owing to the disorganised railway service, than it has hitherto been during the war. In a few weeks we shall probably be in a position to better judge of the prospective supplies from both India and Russia, upon which we consider the future course of prices mainly depends.

The Australian markets are without change, this week's quotations continuing at from 3s 2d Sydney to 3s 3£d Melbourne and Adelaide.

The Sydney Mail reports as follows: —

All that can be said of the wheat market; is that it remains very dull, with scarcely any business passing. Shipping is also at a standstill, as buyers do not care to operate in face of the present prices ruling in English and European markets, whilst holders are very reluctant to accept the prices offered. Not more than 3s 2d can be obtained for f.a.q. to prime shipping grain, and millers, who are reported to hold fairly heavy stocks, quote from id to Id per bushel more. Cargoes to Europe are dull on a basis of 31s 3d, which leaves little or no margin for shippers on the local prices. .Rather more disposition is shown by holders to part with their stocks, and should this tendency increase, prices will undoubtedly recede, failing of course, some other factors coming into operation to influence prices abroad.

The local wheat market is absolutely without animation, and the little business passing is in buyers' favour. Quotations range from 2s 7d for red wheat to 2s 8d and 2s 8d for velvet, and up to 2s lOd for Tuscan — all on trucks, northern stations. There is not a great deal offering- at these prices, but quite euffioient fco satisfy millers' demands.

Medium milling and fow? feed are in fair demand at 2s 9d to 2s lOd, ex store, but shippers are unable to operate at these prices.

The Christchurch Press reports : — The Produce Committee of the Canterbury Chamber of Commerce has fixed the following as the standard weights of fair average quality grain for this season: — Wheat: Tuscan, 621b; Pearl and Jffunter's, 61ib. Oats: Canadians (A) 421b, (B) 391b; Sparrowbills, (A) 411b, (B) 39!b; Danish, 381b, Duns, 371b; Garton's, 401b.

There has not been much wheat offering 1 during the past few days, and the only business passing is in lines suitable, for shipment, the sales having been chiefly at 2s 6d at country stations, a small lot of bright Tuscan being taken at 2s Bd. Wheat that is sprouted and not in a thoroughly dry condition is selling as low as 2s 4d.

A fair business is passing in flour, but prices are unchanged. The New Zealand Flourmillers' Association's tariff stands as follows:— Sacks, £9; 100's, £9 10s; 50's, £9 15s; 25's, £10 10s. The shipping price is £8 103 f.o.b.

The Australasian reports on the Melbourne flour market as follows : —

Flour. — The local demand for flour is rather quiet, many of the bakers being engaged in taking delivery of purchases made some time ago. Leading brands are quoted at up to £7 15s for small lots, usual trade terms, .but parcels can be bought on nef cash terms at substantially lower rates. There have been further inquiries for shroment to the UnitedKingdom and elsewhere, but prices offered are generally low. A large parcel ha-s lately been* sold at £6 15s net. with special conditions.

The following from a Sydney exchange affords^ some explanation of the recent low quotations from Melbourne: —

Victorian millowners seem just now to ba struggling hard to ruin their own trade. Ever since the collapse of the Flourmillers' Association prices have been everywhere cut to the utmost, apparently without any thought of the total smash that must inevitably come to many. At present, a balance sheet showing no loss is a raTe exception. Cash has to be paid for wheat, but the pro-> duct is sold on terms — often covering several months^ — and sold be-low par at that. And yet people continue to put their money into such a rotten business. Companies aro floated, boom for a bit, bleed the shareholders dry, then go bung; and another conx-

pliny rises from the ruins; and soon afresh. The individual millowner can't make a living, and either goes insolvent or, more prudently, Bhuta down. Earely the latter, however, aa everyone is waiting "for things to change, J>ut making no attempt to help that change. A. great- evil is the reciprocal distrust of the which prevents them banding together to bring about a wholesomer state of the trade.

There has been a brisk demand for bran .for shipment, both for Australia and for northern ports, and stocks are pretty well cleared. The price of bran has been advanced to-day by 10s per ton, and the tariff aow stands for local orders £4- ss, and for shipment £4 f.o.b. The price- of pollard as unaltered at £5 10s per . ton, both for local orders and -for shipment. Although th© demand for oats is by no means brisk it seems sufficient to absorb ±he moderate offerings, and the market is steady at Is- 7|d to Is 8d ex "store for prime B sparrowbills. Some small shipments have been made from this port for Australia — the first this season, — and there ds an impression abroad that Australian buyers will be coming again before long. The Christchurch Press reports : " The offerings of oats are limited. Duns especially being very scarce, and only small lots of any kind are changing hands. The only sale mentioned this week- is of a parcel of sparrowbills at Is 6d at a country station." Oatmeal is quoted at £10 per ton, and pearl barley at from £14 to £14 10s. Our Temuka correspondeait reports : — "There is still a fair quantity of -wheat on offer, but f«w buyers. The bulk of the crop is now threshed, and stores are filling Ifast.*- Sales have been made at 2s 6d to TSs^ 7d, and damaged lines somewhat lower. : "A good many growers are not willing to sell at present prices, and are storing, but the "larger quantity going into store will be likely to steady prices for/some time to come ms there are always a few" who get tired of waiting the muoh-looked-for improvement in prices, --and consequently keep the market oil an even keel. " A stronger London market and lower freights seem to be the only present hope. Oate are without change in value. Offerings sufficient are forthcoming to meet" demand, and no more. Duns are asked for, and are scarce. Sheaf chaff is hardly obtainable in South Canterbury ot bright enough quality to suit.northern buyers, trat prices are easier, as North Canterbury cam more than supply demand. Potatoes »re only offering sparingly, holders thinkSng 1 better prices will obtain latear on. Clover eee<3 will b& coming in 'uririg the oiext 14 days." The nuarliet continues well supplied with potatoes.. Good Oamaru Derwents axe quoted at from £4 10s to £4 15s per ton. In the local market butter is scarce, and Quotations are well maintained at ihe following "rates: — Fa;rmers' pats, Td to 8d; separator, 9id to lOdj bulk salt butter, 8d .to 9d ; bulk separator, 9£d ; first-grade fac--lory, lOJd for- bulk and llfd for prints. The local cheese market is firm. Factory mediums are quoted at s£d and Akaroa at 4f d to sd. Eges are scarce, and in good demand at Is 9d- per dozen for fresh; chilled eggs, Is 7d ; preserved «ggs, in good demand at Is 2d to Is 3d. Current quotations for poultry are as follow: — Hens, 2s 3d to 3s; roosters, 3s 3d to 3s 9d; ducks, 3s to 4s; geese, 4s to ss; turkeys — hens sd, gobblers Bd. : Pigs are firm, baconers celling at 4d; overweights and underweights, 3d. Hams are quoted at 7£d to Bd, and bacon at 7d to 7id. • - Chaff is in plentiful supply, and prices -have again eased. Prime oaten sheaf is .quoted at £3; medium, £2 10s per ton.