THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2675, 21 June 1905, Page 21

THE BREADSTUFFS AND PRODUCE MARKETS.

Judging by the paucity of cable news there has not been much activity on the London wheat market during the week, the only sales cabled being of an Australian cargo at 31s 3d, and of another at 32s 6d. The total quantity of wheat and flour afloat for the United Kingdom as at June 13 was 2,895,000 quarters as against 2,930.000 quarters last week — a decrease of 33,000 quarters. For some unexplained reason the figures for the Continent are not to hand, so that we aro unable to make the umal j comparison. Under date, London, May 5, Beerbohm reports on the wheat situation as follows: — The general demand for wheat continues to be very limited; it is, in fact, mainly confined to iinmedia,te requirements, ths speculative element being -wanting owing to the favourable crop outlook in America- and Europe, and to the large quantity afloat. There are some signs, however, of a revival of a demand for France, where the margin between prices at Home and those abroad is now very small, and there is indisputable evidence of a good demand for Italy and Spain, especially for Russian wheats. English buyers, however, will be slow to nice oixt of their present cautious policy unless there should be very serious impairment of the American crop prospects, for the port stocks are heavier than expected, and form a total, ■ with the quantity afloat of 6,200,000 quarters, > or the same as last year, which is considerably above the average of several former years. 1 The Commonwealth quotations are slightly I firmer than last week, milling wheat in Melbourne being quoted at 3s 4d to 3s 4J,d, in Sydney from 3s 3d to 3s 4d and in Adelaide at 3s 4d. The Sydney Mail sums up the Australian wheat position as follows : — Tfie recent movement in prices was undoubtedly caused by millers getting somewhat nervous as to future supplies, and holders continuing to demand fairly high values. Adyices from London showed that cargoes were oeing taken more freely, that France was buy- , ing shipments, and that there was a demand from Spain owing to the failure of crops there The immense quantities afloat from the Argentine and elsewhere have, , -however, tended to force prices back, and to prevent the better figures being maintained. Cargoes have been sold from 31s per quarter for New South Wales wheat io 52s per quarter for South Australia}!, and at these figures, with freight at 20s, our shippers, at any rate, cannot afford to pay more than 3s 2Jd per bushe! for wheat. Holders, however, continue firm in their ideas, and manifest no anxiety about the future. It seems rather doubtful whether they will gain much, if anything, by waiting. It has to be remembered that the present is just about the period when buyers commence to discount crop prospects, and, in fact, our cables state that this is one reason for the present depressed state of the European markets. Should the promises in the United States of an abnormal harvest be fulfilled, and the good crops foreshadowed on the Continent of Europe be realised, the tendency must be towards lower values, unless the unexpected happens. Almost all depends upon the weather, and J those who are content to hold after having I calculated the risks will doubtless not complain if the fates are against them. Local holder? are probably rendered conservative by calculating the comparatively small qiiantity of grain now in the State. According to an estimate, details of which were given recently, based oa the figures of the Government Statist, there aie about five and a-half million bushels of wheat still available for export from the Commonwealth. Owing to the winter show monopolising so much .attention, there has been very little doing in the local wheat market, and prices remain at much the same le\el ap, a week ago. Wheat holders, especially in and around Oamaru, appear dotprmined to hold out for higher prices, and the present outlook is for a steady market. _It was rumoured in town that the shipping companies were quoting 15s freights on grain at Lyttelton, but the rumour, though j>robable, lacks confirmation. Current quotations range as follow: — Rod wheat 2s Bd, velvet and pearl 2s- 9d to 2> lOd, and Tuscan 2s 10^d to 2s lid — all on trucks, northern stations. Business in chick wheat is still confined to local orders, good whole fowl feed sellins; at up to. 2s 9d, ex store. Shippers are filling their orders at northern ports, where the current quotation is 2s 9d f.0.b.. s.i. The flouv market is without change. The New Zealand Flourmillors' Association's tariff stands as follows :— Sacks, £9; 100's, £9 10s: 50's, £9 15s: 25's, £10 10*. The shipping price is £8 10s f.o.b. There is a scarcity of both bran aixl pollard. Tho Flourmillcrs' Association's tariff stands as follows: — Bran, local orders, £4 ss; for shipment, £4, f.o.b. Pollard i* i quoted at. £5 10s per ton, both for local i ciders and for shipment. The demand for oats is entirely a focal , one, .the few shipping orders being filled at northern ports on the ba^is of Is Bpd f.0.b., s.i., for Danish, and Is 9d for B ( grade. Comparatively few oats arc coming forward to ihe local market, and all good B grade aie r-ca-tlily taken at tip to Is 8d ex truck. Tho excellent quality of New Zealand sesd oats receives a gratifying tribute in the- following extract from the. PftehJe.sshi.r.a

-\ dvortisor, which speaks for Itself: — '"ifessra J. and A. Melrosc, Bellanridge, have sown a field of oaH from seed imported direct from New Zealand. There are two j varieties, the Sutherland and sparrowbill. They are a splendid sample of oats, and do credit alike to New Zealand and the ex1 portor«, Nimrao and Blair, Bunedin. The cats will be watched with much interest by fanners in this district, as they are reported to he at least ten days earlier than our own %arietie«." Oatmeal is quoted at £10 ncr ton. Pearl barley stands at £13 to £13*10s. The potato market; shows another rise, md prime Oamaru Derwents are quoted at £6 15s to £7 per ton, -with a firming tendency. This is owing to the firmness of Oamaru holders who have in some instances refused £6 on trucks for their tubrrs. It is freely prophesied in some : quarters that £7 on trucks will be the j ruling rate belore many weeks are out. There is, however, considerable difference of opinion concerning the future of potatoes; the arguments used on both sides can be stated so that those interested may draw their own conclusion?, for he- would be a lash man who would venture to prophesy at the present juncture. There appears to be a considerable shor.lage both in the Blenheim and Oamaru districts, and the acreage f-tatiatios bear this out, at the same time the Canterbury crop is an uncertain quantity, whiUt thp actual damage done by the disea-sC it i> impossible accurately to ascertain On the other hand, prices have ruled high all through the season, and j . high prices always decrease the consunrp- 1 tion to a certain extent. As regards the ' fear of importation, at present prices Tas- 1 manian potatoes cannot be landed on this i market at less than from £7 to £7 5s per ton, and speculators would scarcely risk importing at this high price unless there was a fair margin of profit. The Australian ' market is firm, with the prospect of higher j prices, aud it is quite possible that prices • | in the Commonwealth may keep step with our own market. It has also to be borne 1 in mind that export from New Zealand is 1 prohibited owing to the prevalence of the disca r e. and in ordinary yea' - s some quantities find their way over to the other sida. Thus although the probabilities seem to point to a firmer market, there arc a number of contingencies to be taken into account. In the local market butter continues scarce, and quotations are well maintained at the following rates: — Farmers' pats, 8d : separator, 9id to lid; bulk salt butter. 8d b~> 9d; bulk separator, 9id to lOd : firstgrade factoiy, 10|d far bulk and 21|<1 for prints. The local rhee-e market is firm. Factory mediums are quoted at sid and Akaroa at 4ld to sd. Eggs are more plentiful, and in limited <bmand. The price has dropped to Is 6d to 1-3 7d per dozen for iresh; preserved eggs, "h Sd to Is 3d. Current quotations for poultry are as follow : — Hens, 2s 3d to 3-> ; roosters, 3s 3d to 3s 9d ; ducks, 3s to 4s ; geese, 4s to ss ; turkeys — hens sd, gobblers Bd. Pigs arc firm, with an upward tendency. bacouers selling at 4d; over-weights and under-weights. 3d. Hams are quoted at 7£d to Bd, and bacon at 7d to 7£d. Prime oaten sheaf chaff is quoted at £3; medium, £2 10*.