THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2673, 7 June 1905, Page 21

THE BREADSTUFFS AND PRODUCE MARKETS.

. _• Friday. The advance in the Tjondon wheat market noted last week has been well maintained, "a 'number of sales liaving heen cabled within the^ast few days. These include Australian prompt and May at 32s "3d. The total quantity of wheat and flour afloat for the -United Kingdom as at May 30 was 3,04,0,000- quarters, as against 3,245,000 quarters ■ last , week — a decrease 'of 205,000 quarters; and for the Continent 2,155,000 quarters, as against 2,025.000 quarters last -week— an increase of 130.000 quarters. These figures compare with the corresponding period in previous years as follows: —

Under date London, April 20, Beerbohm reports as follows on the wheat outlook: — The market has ruled very quiet during the past week. Some pressure in the case of •white wheats, of which a small fleet has arrived off the coast this week, has caused an appreciable decline in these cargoes, but, on the other hand, the offsrs for shipment "Sire very scarce. Calcutta wheats, however, have fully maintained their price, owing to scarcity. The enormous shipments from Argentina .ast week did not have the depressing effect which was perhaps expected, because so large a proportion was diverted to the Continent, from which direction the demand shows signs of being more active than it, was during the earlier months of the year. During March the imports into the U.K. were extremely large, and on the Continent were also liberal, the total for Europe reaching about 5,000,000 quarters, against 4.150,000 quarters last year, and 4,250,000 quarters in 1903. We have-not yet received the complete record of the month's imports into each country. b\it we can give the approximate totals for the eight months ended March 31, as follows, ior the ftest four years: — Net Imports 'of Wheat and Plottb into Etjbope prom Atjgtjst 1 to March 31.

The present feeling in the trade is a somewhat uncertain one; the supplies immediately in prospect are ample, but it remains still to be seen what the Indian crop may turn out, and what supplies may be expected thence between now and the end of the season. Last year, between April 1 and June 30, India exported^ 190,000 quarters per week, and these large' •shipments did much to cause the depression which, prevailed during that period. With any marked falling off in the Indian shipments, and with the Australian contingent so small, it will not be so easy probably, as many appear to believe at the present moment, to maintain a rate of export to Europe which shall satisfy the current requirements of the importing countries, whose requirements, as shown above, aie- not likely to be much below 1,100.000 quarters per week. The Sydney market has at length fully responded to the advance in London, this peek's" quotations being 3s 4d to 3s 5d for milling^ wheat. Melbourne and Adelaide maintain the advance already noted, the quotations in these centres being 3s 4d to os 4-£ d. The Sydney Mail reports: — After a. long period of dullness in the local end oversea wheat markets, some improvement ■fook place yesterday, and shippers were offering rather better prices, being prepared to pay from 8s 2gd to 3s 3d for ia-a-, or prime ship-

1 . -piug grain, whilst millers were quoting, about £d to Id' more per bushel. Holders, however, "-'-•who had t been simply waiting with the hope that the ,-maxket would improve do not seem jpn'afny K&rry"4o take advantage of the slight Advance, evidently anticipating thjgi some 1 -further appreciation will take place. As.stated in this column last week, the Mamere is loading for Spain, whose import requirements owing to the severe drought and failure of crops there, promise to be large, and it is - understood that two other vessels have been chartered for June loading to a Spanish port. They will probably clear from Melbourne. By cable we learnt that cargoes sre moving ■more freely and that France is buying wheat shipments. It is doubtful if any very substantial advance in prices can be looked for, seeing that heavy Argentine shipments continue to pour into Europe, but the factors mentioned will doubtless operate to steady local markets, which are always keenly sensitive to movements in Mark Lane. There is a decidedly better tone in the local wheat market, and although the transactions during the. week have not been extensive, yet there is slightly more eagerness on the. part of buyers. Particularly is this the case with some- of the country millers, who. having stocked up with cheap wheat in their own district, are anxious to secure a few realiv " choice lines to make a good mixture^. The limit to business is mainly found m_, the disinclination of holders to sell, even although the prices now obtainable are fully Id per bushel better than those ruling a few weeks ago. It is the general opinion that milling wheat has touched bed-rock, and that anything like extensive buying would tend to a further hardening- Current (quotations range as follow:— Red wheat, 2s Pd to 2e 9d; velvet and pearl, 2s 9d to 2s lOd ; Tuscan, 2s lOci to 2s lid — all on -trucks, northern stations. Business in chick wheat is confined to local orders, good whole fowl feed selling at up to 2s 9d, ex store. Shippers are filling their orders at Timaru, where the current quotation is '2s 9d, f.0.b., s.i. The Ohristehuroh Press reports : — " The looal grain market is still very quiet, there being very little wheat or oats offering, and the only lots changing hands are, as a rule, small. There is some inquiry from the North Island for wheat for shipment during the next two months, and also for feed oate, but no business of any extent is yet reported to have been done. The only sales of wheat mentioned are two lines of Hunter's, at 2' f^rf and 2s 6£d, at country stations." A brisk business is being done in flour. The altered tone of the wheat market has evidently given the bakers confidence, and they are laying in stocks. The New Zealand Flourmillers' Association's tariff stands as follow=:— Sacks, £9; 100's, £9 10s; 50's, £9 15s; 25's. £10 10s. The shipping price is £8 10s f.o.b. The danger of the importation of flour from Australia is evidently past for the time. The Sydney Town and Country Journal remarks: — The easier tone in bran and pollard, and the slight advance in wheat, have tended to steady the flour market in Sydney, on the basis of £7 15s to £8 per ton for city roller, according to brand and parcel ; and £7 10s to £7 15s for country makes. Melbourne advises the receipt of a fair aggregate of export orders for Victorian flour. The New South Wales bakers are no doubt rather pleased at the firmness of the flour market, as many of them are now working on roller flour contracted for, on spread deliveries, at a range from £B to £8 10s per ton. Thus, had flour fallen another £1 per tor, the retail price of bread would have had to be reducd. However welcome such a reduction would be to housewives, it would mean that the bakers would be serving customers at a loss. There is also the miller's point of view, for some of the New South Wales millers, being misled by "wild reports published as to the probable trend of wheat values, laid in stocks at as high as 3s 7d per bushel. There is considerable scarcity of both bran and pollard, especially the former, and shipping orders have been refused at 75s per ton net. The Flour Millers' Association's tariff stands as follows: — Bran, local orders, £4 ss; for shipment, £4f.0.b. Pollard is quoted at £5 10s per ton, both for local orders and for shipment. The oat market is steady. Delivefies are not heavy, and all prime B grade are readily taken up at Is 7id, ex tiuok; shippers booking orders at Is 9£d, f.o.b.s.i. Gartons are quoted at Is 8d (ex store), and prime milling Sutherlands at up to Is Bid. Oatmeal is quoted at £10 per ton, and pearl barley at from £14- to £14- 10s. Our Temuka correspondents reports : — Local grain markets are still quiet, and there is very little either wheat or oats offering. The market has a firmer tone, and all lines under offer are taken. The bulk of wheat purchased lately is for London shipments, while millers having an idea that prices are now at about bedrock feel more inclined to stock up. Fanners generally are not disposed to sell at prices offering, and are therefore sending stores into country stations to await future developments. There is really only a comparatively small quantity of prime milling. Considerable quantities will have to go as fowl wheat later on. Oats are moving off slowly, about sufficient offering to meet the demand. Potatoes are rather firmer owing to scarcity of offering. Clover thrash-

ing is starting ; so far as can be gathered the yield will be light. Prices ruling are : — Wheat — mixed lines prime, 2s 7d to 2s 8d ; second quality, 2s 4d to 2s 6d. Oats: Gartons and short feed, Is 6d to Is 6£d; Duns, Is 7d to Is 8d; Danish, Is 4d to Is sd ; country stations. Barley : Nominal. Sheaf chaff : £2 10s to £2 12s 6d. Derwent potatoes : £4 ss ; country station. Owing to the small deliveries potatoes have taken another jump. Prime Derwents are quoted at £5 10s to £5 15s per ton, with a firming tendency. In regard to 'the dairy export market, the fact has to be taken into consideiation that at the end of May over 60,000 boxes of butter were stored in the colony, whilst a fair amount will be made durinjr the present month. This will in all probability mean that some poition of this stored butter may have to he shipped Home at the beginning of next season. This is giving buyers pause, and, whereas some factories in the North Island were asking lid for their butter, it is now procurable at 10id f.0.b., and probably a shade lower. In tha local market butter continues scarce,- and quotations are well maintained at the following rates: — Farmers' pats. 8d; separator, 9^-d to lid; bulk salt butter, 8d to 9d; bulk separator. 9-} dto lOd ; firstgrade factory. 10|d for bulk and llfd for prints. The local cheese market is firm. Factory mediums are quoted at s^d and Akaroa at 43d to sd. Eggs are scarce, and in good demand at Is 9d per dozen for fresh; chilled eggs, Is 7d ; preserved eggs, 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 fiin, with an upward tendency, baconers selling at 4d; overweights and underweights, 3d. Hams are quoted at 7^d io Bd, and bacon at 7d to 'lid. Chaff is in better demand. Prime oaten sheaf is quoted at £3 to £3 2s 6d ; medium, £2 5s to £2 10s.

L 904-1905 L 903-1904 L9D2-1903 QOl-1902 i v ta.i. vi Quarters. 37.250 000 36.850.000 35,250,000 33,000.000 Quarters. 1.080.0C0 1,070,000 1,020 000 955.000

1905 4994 1903 Quarters. 3,040,000 4,265,000 2,190,000 Quarters. 2,155,000 1,930.000 2,075,000 30/10| 26/9 27/8

Afloat for United Kingdom Afloat for Continent. Average English Price per quartei