THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2686, 6 September 1905, Page 8

THE BREADSTUFFS AND PRODUCE MARKETS.

Friday. ■ There is not much change in th© world's j wheat market, which is in what may best be ' described as a waiting attitude. • The effect upon prices of the conclusion of peace between Japan and Russia hay© yet to be discounted, fox while on th© on© hand tho termination of the war may tend to a con r tinuanc© of a free movement of . wheab from Russia, on the other " hand there looms up th© possibility of a new outlet for large quantities of grain amongst millions of China and Japan. The moro immoditot© factors at work, however, aro the ■ estimates' of th© -American and" European harvests, for, as "Beerbohm" .re-, marks in his latest advioes to hand: "The' trad© wants to know whether in America ther©' 'will be a 600 • million bushel crop and an export surplus of 75 million bushels, as some claim, or whether the yield will, as others maintain, .reach 700 million bushels, and give 175 million for export." The niora distant future of prices depends largely - upon this question; the 7 more immediate future will be governed by the weather." Latest London advices estimate the United States crop at from 650 million jbo 7,00 million bushels, and the Western Canadian, orop at 100 million hushels, but" although; * the* American' market is reported firm, something more definite is needed "before a. move in prices is likely to be established!. We append an interesting comparison' of * the American crops and exports for "the last- four years. The figures are bushels^ hundreds omitted:— Visible Farmers' Supply. Stocks. ExQ'op. Julyl. Julyl. Total, ports. 1904-5.. 525,000 14,000 36,600 576 600 44 000 1903-4.. 600,000 17,500 42,500 660 000 l"o'750 1902-3.. 675,000 23,000 52,000 750,000 203 000 1901-2.. 750,000 30,000 30,000 810,000 234,775 In regard to the Russian wheat crop, the second important factor in the situation, reports vary considerably, but it is fairly safe to conclude that it will not approaoh! last year's yield, which was a record and largely above the average both for spring and winter wheat We give for purposes of comparison the past four years' cropa and exports for the season ending July 31 tj Russian Wheat Crops aotj Expobts Crop Exports. ™o, ,M.,M. Qtiartets. Quarters. 1904-1905 .» ot 82,820,000 20500 000 1903-3904 „, .. 76,470,000 17'soo'oOO 1902-3903 .., ... 75,685,000 I6WOOO Ifol-1602 ... „ 53,268,000 10,750i000 The total quantity of wheat and flouf afloal J&c the United- Kino-dom as at August 29 was 2,255,000 quarters, as

against 2,300,000 quarters last' week, a decrease of '45,000 quarters; and- for the Continent J,'600;000 quarters- as 'against 1,540,000 quarterns last week, an increase of 60,000 quarters— a total increase for the .week of 15,000 .quarters.^ -These '^figures compare with the' correeponding ' period in previous years- as follows:—

.'" - "■*-- -^ *~f 21 W. -i --S-JS^ ."S3 sac? 'Quartef_s.t"^ . Quarters. - 1905 „ 2 255^000%^ 1,600,000, « 32/2 3904 ...-2:990;OPO i%. 1,500,000 ..• 2S/5 2903 „\ 1,950,000 "J'»-.i 1,230,080 .. -30/ 3902 „..-'2 ;o2o;qo-3.;X": ; . -~- 1,350,000 ..." 3iiz The Ck>mmonwea)th' 'markets' show, "little Alteration/ the. /current , {Quotation for- milling wheat : at"^Syan.ey, /' Melbourne, ' and" Adelaide^being'i'caßle.d' • this week^ai. 3s 5<3. The Sydney -.Mail.'-" reports under -date 'August -23". — ':;"'--. v * " - Holds*!"' aT3~still?'conservatiye, and' show no 'disposition to^par't^isiih iiheif. istocks' at less than 3s 6dr" r for<.prißiO' gramj' although, someemall lots-have been':pi&k«d up .«.t 3s s||d, and ' good samples'"' &S- restricted lots . have been bought- ai^s sd'/pe£|bueh«il. Milleis diff-eir in" •1 heir ideas fok 'i6;{i§x>. future.- Souwr ai'&.-of--opinibit-^andcafeftiwmd^d: enough -io , exprtss. it — tbatHprimfe'3^h%£ia '-soaioe^anct that -higher, Frioea -nrast! trdi^shMrtly^ .^whilst others" are-eQually^n^wii^SS^hereTis.-plehty of ; wheat in the Statey.laSia-'Sapplies/ will bo ample- w> carry on- until tKe.'adjeint .ojf tiie -new- crop. The v Sielbourne' leader" commentsrion: the jnarket^as^Tuider:^- - . "V - - / •/- Wheat -and from Australia: fto date .thi«p&ason;has- very nearly accounted ior "the "an'tire estimated su^los froaii the-194-1905 crop: : A iaifly -extensive, surplus, overand abov*-- I wha.t : Hi«y 'be , regarded as the mdniumiin to which> stocks may be safely reduced, however, efatored/zthTs'-season's supplies, but wher.'_ existing are oompieted ' there will 'n'ofc.-Wjiruch of .a margin- for/exportera to ,woik_<m." will "then "be of a hand to mouth -character until the .new se*son'js supplies are "available. It is not ex-pe.ied-tbit_the [total /exports of wheat and flcnir frorri thieiConsmonwealth this season- will, much exoeed:800;000-tons. "This tofel haa.only" cuce be&n^exceetio'd— namely, in 1903-1904, when the exports .were considerably over 1,000,000 ions. The.ouilock fox th« new crop continues most encouraging," and-preseot prospects favour the largest wheat yi«ldon reccrd. v " " The.- l^ar.wheat ' market has been ' exceedinglyz/quiefc" during, the' week, there •being from l£d'.to/2d--per bushel ; difference on mosti -lines- between the- price which f millers" are. -preparod '• to give- and theprioe holders i are -.prepared to take. - Thsonly .business .passing: is in. small lines of' .. prime -'quality- tor 'inixing purposes or odd lots obiJainable- r '-at_i'slightly under "market nrates. ' QuotatSm's' nominally Tange from 2s lOdto 2s" lid -"for= (red ' wheat, ; .from .2s lid fa>-:3s- for, -velvet,- and. from 3s to-3s Id for -Tuscan—rail cn-rtrucks,- northern, stations.'- -Tnesa/pjripijS;. vary slightly according .to ; % distenoe, whilst a- cer-. tain . amouirfc/pf - ! wifea6,*'S>t : strictly: speaking; prime.mlUirig,^ is >bn' offer at eughtly-'lower arates. "- '■-:.;./ ' \-'~&rj%r->< < + - ' < The locals markeC- is" "practically bare, of chick wheat,' _"and/Vlocal " dtders are.- being filled' witK-,,me3inm\ nulling at*' r 2s ILd^-ex' stored '-"G6\>diywhole*£fowl feed' is.obiain--able' aKnorthefn^'portai>t from 2s lGd to 2s lid "f.0.b.. _, „{^J{] -/j. /'V" - "- ' > -■ " • . "*An" -ave'rage^usmessiJs-Eassins; in- flour... The " iSew. -Zealand - iFldunniHers' Association's -tariff stsiihds? unaltered as follows: — Sacks,'* £9;"per-ton;;yipojs, ' £9;i0s; " 50!f,£9 15s; 25's,'£10/>TKe shipping price is. £8 10s J.0.b.,-' - -~^jThe -"£6urmilling trade is evidently in not too- "prospsrou's/af- condition' in Vioitoria. -Tae Australasian remarks: — "Attempts'- are~ being, made, to secure greater unity * of. -"action •- amongst millers, though it is recognised- that . an . association to aregulate prices is~ out. "of i the question. "A aneeting ' ;of town millers was held ' lastMonday, when it was decided 'to quote £7 15s for/small lots." , The. demand for bwtn has slackened, and the offal market/vis", quie.t. The tariff' stands: "Bran, fiS^flS'a'/per ton for local «rders"and £3 -lOsv^eivJton' f.o.b. for Eihip-ment;.-"pollard,-£4-"! 10s. per ton for both' local- orders 'and- for-.shipment. '" The oat market-- has,- firmed owing to reports of considerable: business at the Bluff on ..South- African- account.. The Essex is loading^atl.a '24s < -freight, ' and a considerable quantiiyroE" bats- is reported- to have fceen^soldrmf the basis of Is lOd f.0.b., ~s.i.,

for f.arq:,- : ana ls|lo£d^fof ?B grade. Bluff - quotations' iiave' ; risen-. lin'.xconsequence,' iand ' some, holder's -ire no.w tasking; 2s f.0.8., s.i., for -B^grade,"but^thiabfi"gufe is regarded as '.of' business. ' The 'locaL anarketT ha*" -firmed |mT. sympathy, and' the. bulk_ of' the'Gk gr-ade/i'pats in stores has^ jbeen picked up' at Is* 9d/"at* which- price, the market is firm. Avlinelofß grade" Gartens, has changed -handset r ls. lid, f.0.b., s.'i. The 'oatmeal., market /is in a peculiariposifcion." As mentioned -earlier in the week, the arrangement .that ' has existed for some -time ' pjist.'": amongst the local millers in -regard/ to -^thef price of oatmeal lias been" dissolved/, and "cutting" has supervened.' - Quotations" 'have been made at £9 per ton, whilstt£B 10s and even, £B. per .ton have beeni'mentioned as. the possible bottom -the--mirketr' ' The strange feature, of- ihe situation is" that is is difficult |to buy .at" these /low -quotations, and' then only --in. small -quantities for * local;' orders. Tlie'jump: iiT the','. oat ■> market makes'oatjneal at anytHrig-Tunder<£9 per ton a. good (investment, but who haveendea-. voured' ta" Jay- in c; stocks at' about that ifigure Jiave been met wi^h a refusal to sell and a quotatidn-of "£,11" per ton- for S'eptem.-fcer-October ' deliveryV,/ -The obvious ' aim D £ the' cutting- is t-iaVfoEcet -iaVfoEce the disaffected millers' to re-form 'the- old' associajiion, but whether these, "bluffing" tactics will succeed remains to be.-seen:. Pearl barley is~ unaltered at £13 to £13 JlOs. V ".. - Our Teinuka correspondent reports : — i«« The locaL wheat market- remains without' change. Prime. lineVare inquired- for at 3 ate rates, butr> arer '"not Coffered freely; (farmers are : holding Afor- 3s, at stations and are -offering about 2d less,- the state of the English, market being anything [but encouraging. - Stocks, of really prime , B re not large- fin/ growers' - hands. There a re fairly heavy stocks ofj.a.q. and- second duality milling. -but these' are not inquired jfor.- Whole fowl .wheat ,',ii : very scaree } and wanted, with- very little offering, and (is likely to be very -difficult to obtain for gome time. Only" a' few oats- are offering, Sl id when offered, _tHe price asked makes [business very difficult to put through. .Stocks in -farmers-hands appear to be in compass—in' iact, farmers in manj

cases aro .buyers themselves. Potatoes are at famine price, with no stock in South Canterbury to draw from. Farmers aro asking 20s per sack, and aro in many cases getting their own price, and should an order for 20 tons be available, if £15 were offered 'supplies could not be obtained in South Canterbury. Seeds of all kinds' are selling freely. The week's fine weather has been taken advantage of by fanners to push on spring wheat, oats, and grass seeds. The following are price 3 obtaining, free of commission : — Wheat : Mixed lines, 2s 9d to 2s lid at 'country stations. Oats: Milling, Is 8d to Is 9d.; Gartons. 13 9d; Duns, Is 10s; Danish, Is 6d — at country stations. Cowgrass, 6d to 7s. Chaff: Prime, 50s. Derwents (nominal), £10 to £11 country stations; none available."

The potato market continues its upward course, to-day's quotation ranging from £11 to £11 10s for prime picked Dferwents, whilst up to £12 per ton is obtainable for bag lots. The price in Oamaru is nominally £12 on trucks, so that a further gradual rise in price may be anticipated. A strong feature in the situation is the report from Auckland that not only is the area under potatoes smaller than usual, but that the early- crop is already threatened with the blight.

The tone of the dairy produce export market is very firm. • Further, business in butter -is "reported from the north, a few factories having sold • -their outputs up to \Klarch at lQ^d and 10ld '; whilst other fac--tories are -holding, out for 10id and 10£ d. It remains to be seen what effect the cessation of the Russo-Japanese- war- will have upon the Siberian butter output, : and how far this -factor will affect -the . position of the London .- market.- ' -

Sales of cheese have been made on Australian and South African account at from s£d to s|d;, and this- demand will help to stiffen "the local market, as available stocks aro not large. ' In the local dairy produce market butter is scarce. -Prices ; are as follow: — First _grade factory, Hid* for bulk; prints, 11-£ d -for spot cash - and- llfd booked ; farmers' pats, B£d to 9d; separator, 9id to lid; bulk salt butter, B£d to 9d ; bulk separator, 9ld to.-lOd.'

, Tfos. local obeese market continues firm. Factory mediums are quoted at 6d and Akaroa at s£d . Eggs are coming forwardfrnely, and sales have been made at 3£d per dozen, although the- ruling rate is 9d; Preserving is now -becoming general, and this should steady the market. - — Current" guo-tations . for. poultry are as fellow: — Hens, 2s" 3d 'to 3s; roosters, 3s 3d" to 3s 9d ; , ducks, 3s to 4s j geese, 4"s to ss ; turkeys— hens sd,' gobblers 7d. -Pigs are in full supply, and have again eased, baconera selling .at 3£d N to 3|d, overweights and underweights at 3d/ _ Hams" are "quoted at 7£d and bacon at 7d.

Chaff is' in good supply, and prices have eased again. Prime oaten sheaf, £3 to £3 ,ss; medium, to-good, £2 10s to £2 15s.