THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2677, 5 July 1905, Page 8

THE BREADSTUFFS AND PRODUCE MARKETS.

Friday. The London market has shown considerable activity during the week, and the sales of nine Australian cargoes are reported at prices ranging from 30s 6d to ols od. Latest reports are to the effect that the English and American markets are quiet but steady, the steadiness being partly, due to less favourable crop reports from America. The French official report indicates a crop similar in extent to ISO*. This is much below the average, at the following comparison will show: —

Six years' average 16,677,000 42,800,000 1,177,000 According to latest advices, for the- nine months ended April 30, only 775,000 quarters had been imported into France for consumption, as against 1,250,000 quarters for the corresponding period in the previous year; but it was believed that during June and July quite a respectable quantity would have to be bought. The French demand is therefore likely to have an important bearing upon the London market. The total quantity of wheat i and flour afloat for the United Kingdom at June 27 was 3,065,000 quarters, as against 3,015,000 quarters last week, an increase of 50,000 quarters ; and for the Continent 2,150,000 quarters, as against 2,100,000 quarters, also an increase of 50,000 quarters. The American visible wheat supply is 2.854,000 quarters, as against 2.981.000 quarters last week, a decrease of 127,000 quarters. These figures compare with the corresponding period in previous years as follows: —

Under date London, May 19, " Beerbohin" thus summarises the wheat situation : — There has been a rather sudden change in tho temper of the wheat trade during the past week, the previous depression having given place to a more confident feeling and more desire to buy wheat, quite an active trade in cargoes taking place, chiefly to United Kingdom buyers. The contributory causes are: moderate shipments to the United Kingdom, an increased Continental demand, fears of a French demand absorbing an important proportion of the cargoes nominally afloat for tho United Kingdom, and lastly, but by no means of the least importance, decidedly less favourable crop prospects in America. As we pointed out last week, the quantity afloat for the United Kingdom is by no means excessive in view of our large requirements, which, during the remainder of the season, may exceed 525,000 quarters per week, whilst the unquestionably increased requirements on the Continent, o&pecially in Spain, Italy, and Germany, mean that a very large weekly shipment to Europe, probably not less than 1,250,000 quarters weekly, will be necessary during the next three months to supply current requirements. It is suggested by some of our French correspondents that France will require at least 75,000 quarters per week during the next three months, although there are others who believe that, with favourable crop prospects and an early harvest, the home supplies may be eked out until the new crop becomes available. Nothing could be more obvious than that Spain and Italy will require largely increased imports during this period than last year, and Belgium and Germany are also showing signs of greater requirements than for some time past. Under these circumstances there is, as we have pointed out in previous Reviews, a growing impression that there juav be a

more acut© struggle between supply and dV mand during the next three months than tha market by its recent placid demeanour gava any indication of. Commonwealth quotations fully maintain the advance of last week, with the exception of Adelaide, where wheat is quoted as dull at 3s 4d. Sydney quotations range from 3s 4d to 3s sd, and Melbourne from 3s 4d to 3s 4id. The wheat position in Australia is well described by the Sydney Mail, as follows : — The most important movement during tha past week ; and one which will be welcomed byfarmers, is the appreciation in the price of wheat, duo to a demand en the part of millers for prime quality grain to satisfy their requirements. Prices began to move on "Wednesday last, and on Saturday 3s 4d to 3s 5d was being paid for really choice grain. The market ,opened again on Monday with a steady tone, and holders were not keen to do business at anything under 3s 5Jd to 3s 6d, and in several instances the former figure was readily paid for choice milling wheat. There has been very little export breadstuff's for some weeks past, as the English and European markets offer no encouragement to shippers, who on tho present prices in Mark Lane cannot pay more than 3s 3d per bushel for f.a.q. If should be clearly understood, therefore, that the present jump is due to purely local buying, and it is prime milling wheat only that commands the prices quoted. This it would seem is somewhat scarce, and will, probably, give a, somewhat higher value to second grade, to which millers may be compelled to turn their attention. It»is interesting to note at thia juncture that our returns, compiled from tho official estimates, show that New South "Wales', Victoria, South Australia, and Queensland have exported from December 1 last to date just over 24,730,000 bußhels of wheat from an estimated surplus of nearly 29,000,000 bushels, leaving approximately 4,169,000 bushels still svailable for export. This State's share of the exports totalled over 5,735,000 bushels, and leaving out an estimated carry-ov«r of 2,000,000 bushels fromi last year, which we estimate will "be again carried over, there are 764,450 bushels left for export. Deductions have been made in the estimate for food and seed requirements. The quantity of wheat left in the State, therefore, is comparatively small, and it is the opinion of those in a position to form a correct judgment that prime milling wheat is scarce. Holders are very firm in their ideas, and there seems a disposition on their part to wait for a 3s 6d market. It should not be forgotten, however, that the spurt which occurred at tho beginning of the month was temporary, and when millers had purchased to their limit prices quickly fell back to their former levelQuotations to-day maybe given as 3s 4d to 3a 5Jd for prime milling wheat, with no demand for shipping qualities. Flour is steady at £7 5s to £7 15s, with some city millers selling best brands at £8.

Comparatively little business is passing in. the local wheat market, but indications are for firmness. Millers are only buying from, hand to mouth, and although little lots of fair quality are to be occasionally picked up at 2s 8d on trucks, yet for really prim© lines holders stick out for. full rates. Oamaru holders, in particular, are asking 3s on trucks. Much the same impression seems to be held here as in New South Wales — namely, that prime quality wheat will bo worth more money before the end -of the season, and holders, feeling confident that the market cannot come back to any extent, are prepared to wait rather than force sales. Quotations remain at about the same level as last week — viz., red wheat, 2s B^d to 2e 9d, and prime velvet and Tuscan 2s 10d to 2s lid — all on trucks northern stations.

Business in chick wheat is still confined to local orders, good whole fowl feed selling at 2s B£d to 2s 9d ex store. Shippers are filling their orders at northern ports, where the current quotation ie 2s 8d to 2s B£d f.0.b., s.i.

The flour market is without change. 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 10s f.o.b. There is> little Sydney flour selling locally for mixing purposes, the landed cost being £9 5s 9d net delivered into the bakehouse.

The offal market is without change. There has been a brisk demand for bran for shipment during the week, but pollard is not in such keen request. The Flourmillers' Association's tariff stands as follows: — Bran, local orders, £4 ss ; for shipment, £4 /f.o.b. Pollard is quoted at £5 10s per ton, both" for local orders tod for shipment. There is a great scarcity of oats, and all good B grade offering are readily taken at Is 8d- ex store. Shippers, however, cannot profitably operate at these prices, Is 9j>d f.o.b. s.i. being the best price obtainable, with occasionally business~at "U 10c? for an extra bright line of Gartons. There is a fair business passing in seed oats at up to 2s Id.

Oatmeal is quoted at £10 per ton. Pearl barley stands at £13 to £13 10s.

The potato market showed^reakness early in the week, owing to heavy consignments coming forward, and sales were made at £6 15s per ton ; but prices have recovered somewhat, and prime Derwents are now saleable at up to £7 per ton, with a firmer tone. The damage to the Canterbury crop is reported to be considerable, and this has helped to firm prices, and it is prophesied that potatoes will touch £9 per ton before the end of the season. The whole question really ranges round the possibility of importing, and already arrivals from Sydney are reported at Auckland, and there are rumours of consignments coming: from Tasmania to this market. On the other hand, the market both in Tasmania and Melbourne is risinsr, as the following report, just to hand, will show: —

Melbourne, Friday, June 23.— Ta.sinan.iaii potatoes are quoted nominally, pending further airivals, at up to £6 for best redskins. The official returns, issued by, the Government statist show that ilia area under potatoes in Victoria foj? 1904-5 was 46,912 acres, against 48,930 acrea for the previous season, or a decrease of 2018 aores, and the yield amounted to 92,872 tons, against 167.736 tons, or a decrease of 74,864 tons. The yield per acre was only 1.98 tons, against 3.43 tons for the previous season.

There is a good demand for cheese froroj the north and from Australia, and the market is very firm at sgd to 51 d for both, loaf and factory mediums. The butter market is inclined to be easier, and North Island stored butter is offering at lOd to 10i, f.0.b., New Plymouth. In the local market butter quotations &tq well maintained at the following rates : —

The special Gakdiw Fertiliser made up by Nimmo and Blair will be found to give gx« cellent results when used for Flowers and Vegetables; also for Pot Plants, in and out ol greenhouse. It is put up in 71b bagß, at Is 63 each. Ask your storekeeper for it.

Farmers' pats, 8d ; separator, 9id to lid ; bulk ea.lt butter, 8d to 9d; bulk separator, 9id to lOd; first-grade factory, lOJd for bulk and ll|d for prints. The local cheese market is firm. Factory 'mediums are quoted at sj|d to 6d and Akaroa at 4|d to sd. Egg* are plentiful, and in limited demand. The price has again dropped to Is 3d per dozen for fresh; preserved eggs are unsaleable.

Current quotations for poultry are a3 follow:— Hens, 2s 3d to 3s ;" roosters, 3s 3d to 3» 9d; ducks, 3s to 4s; geese, 4s to ss; turkeys — hens sd, gobblers Bd. Pigs are firm, with an upward tendency, baooners selling at 4d, and over-weights and under-weights at 3d.

Hams are quotecLat 7M to Bd, and bacon •fe 7d to 7£d.

Deliveries of chaff have been light, and shipping orders have had to go unfilled. Prices have hardened, and up to £3 2s 6d has been paid for prime oaten sheaf; medium to good, £2 to £2 10s per ton.

1904 1903 1902 1901 1900 1899 1838 Acreage. „ 16,150,000 .. 16,000,000 .. 16,200,000 ». 16,770,000 „ 16,600,000 .. 17,145,000 »„ 17,200,000 Crop. IN Qrs. 37,750,000 45,300,000 40,900,000 38,750,000 40,625,X)00 45,750,000 45,500,000 CSTet t Import: Qrs. ? 1,500,000 2,400,000 1,050,000 7?J.,000 525,000 815,000 ts. i i i

K$ H is i^ <!t> OH Quarters. Quarters. Quarters. Per Qr. 190S .t 3,065,000 2,150,000 2,854,000 30/8 1904 .. 3,790,000 1,865,000 2,850,000 26/5 1903 .. 2,275,000 1,690,000 3,238,000 27/6 1902 .. 2,000,000 1,745,000 3,431,000 30/5