THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2691, 11 October 1905, Page 21

THE BREADSTUFFS AND PRODUCE MARKETS.

Friday. There is no move in the London wheat market, but indications point to continued steadiness. Under date- London, August 2b, "Beerbohm" reviews the situation in the following interesting manner: — Th™ wheat market generally has continued to show very little animation, but there is little change in prices. New English wheat seems to have found its level at 27s to 29s rer quarter, and is not likely to be pressed for sale below this point when farmers have satisfied their pressing pecuniary requirements. The same is the case in France, where the crop is proving so disappointing in yield in the north and west, that imports on a iair scale seem to be inevitable, but will, no doubt, be adjourned until next year, when the new Argentina crop will have more or less decided the future course of prices. The conflicting estimates of the American crop, which now range between 625 and 725 -million bushels, are likely Jo check any exaggerated ideas of a still lower level of 'prices, and the crop situation in India operates naturally in the same direction. There is, however, in the meantime, nothing in the position to justify speculative distant purchases, and if the U.S. and Canada have, as ' seems probabTe, between them a surplus of 20 rnllion quarters, as compared with eight millions exported last season, there will be probably less difficulty in meeting the requirements of the importing countries in the coming season than was the case in the past season. These requirements, as we ventured to suggest in our last week's review, may be estimated, at 65 million quar-tei-3, or about the same amount as has been imported in $he past 12 months*

It is rather early to suggest what the world's crop of 1905 may prove to be, but we comply with requests made to us, by giving the following estimate compared with the actual returns in the five previous years. We have assumea that the Argentine crop will be the same as last year, although its present indications are for a larger total owing to the increased area sown, whilst the Australasian crop we suggest may reach that of 1903. With these two exceptions the estimates for this year are based on reports of actual yield : —

Tee Whfat Ceop of the World. (In quarters of 4801b, 000 omitted.)

Slavonia and Croatia,

tlncluding Poland and Siberia,

The Commonwealth markets are practically without change, this week's quotations ranging as f ollows : — Sydney 3s 7d. Melbourne 3s T z d to 5s Bd, and ' Adelaide 3s 7d to 3s 7id. The Sydney Mail sums up the Australian wheat position thusly: —

The local and interstate wheat markets hrve undergone no change since last week, and so far as Sydney is concerned so little btsinoss has been passing that prices have to be regarded as merely nominal. For f.a.q. to p-rimo grain is 3s s£d to 3s 61d is easily obtainable but the majority of holders will hoi entertain offers of les-s than 3s 7d per busihel for prime, and some ask %d more. Statistics show that stocks in the country are rapidly becoming depleted, and as there have been demands from both Queensland and Victoria holders are confirmed in their ideas that the market will yet rule higher in Sydney. Trices have, however, fallen slightly in Melbourne, where they had reached 3s lOd per bushel, and prune grain is now quoted at 3s 8d ships' side, whilst the latest -i.ieliude quotations are 3s 7d to 3s 7Jd. Millers state that they are not anxious to buy, as they have heavy stocks, m some in&ta-nces sufficient to see them to the begirnijig of December, which will bring .aew wheat and, a>9 thero Is no shipping business, everything depends on whether they can hold out. In the present state cf thy market, it is veiy certain that any attempts to buy large quantities would send up the rnaa'kct \ery rapidly, as it did m Melbourne.

The figures showing the shipments to date for the season prove conclusively tfaat thero is not a great d«il of prime milling wheat in the State over and above requirements Assuming that our figures are correct — and they are supported by these published in the Melboua'ne Argus and Age, although given in a slightly different "form — Victoria has trenched on her carry-over of food supplies, a-nd has exported over 1,188,000 bushels more than was actually shown to be available. Scuth Australia has still 1,452,062 busheib available for shipment. Nf-w South Wales has 70.310, and Queensland 7939 bushels. Deducting the -excess of exports from Victoria, we have left a total of 341,622 bushels from the Commonwealth fox export. This points to the fpet that there will be far less carry-over in both Vietcria and New South Wales than last year, and should be an important factor an the coming wheat season.

Comparatively little business has been passing in the local wheat market during 1 the week, and values are practically unchanged. Holders are, if anything, firmer in their ideas, and no really prime milling wheat is procurable at tinder 3s Id on trucks. Buyers .could be found at up to 3s for a moderate quantity, but they are not keen at tho Id advance. At the same time millers are impressed with the fact that really prime wheat is in small compass, and it only needs a spurt in either the London or the Melbourne markets to set them buying again. There is very little doing in the chick wheat market, good whole fowl feed being nominally quoted at from 2s lid to 3s ex store.

A fair trade, is passing in flour. The New Zealand Flourmillers' Association's tariff stands as follows : —Sacks, £9 10s per ton; 100's, £10; 50"s, £10 ss; 25's, £10 10s. The shipping price is £9 per ton f.o.b.

Millers' stocks of offal are not large, and the demand for both bran and pollard is good. Bran is quoted at £3 15s per ton for local orders, and £3 10s per ton for shipment, and pollard at £4- per ton, both for local orders and shipment. Shippers are keeping their eyes on Australia in anticipation of a demand from that quarter. The Sydney Town and Country Journal remarks : "An effect of the recent rains has been to further depress the Sydney values of mill offal to a fractional extent. A skimp in bran and pollard is amply prevented by th© demand for coastal dairymen, calfibreeders, and poultry-keepers, as well as by exports to Queensland, Tasmania, andi West Australia.

The oat market is very firm, but th© smallness of available stocks makes it very difficult to do business, except in small quantities. Good B grade are- worth Is 10£ dcx store, and Gartons Is lid, whilst Is 9d ex truck Gore is asked for sood feed oat*

As reported earlier in the week, the oatmeal millers in Otago and Southland, after a period of fighting and " cutting," have at length come to an arrangement in regard to price. For several weeks past the current quotation of oatmeal has ranged between £9 10s and £10 10s, according to the fancy of buyer or seller, whilst sales have been made as low as £9 per ton. In the terms of the arrangement now concluded the price has b&en fixed at £11 per ton, tho high rats being attributed to the recent firming 1 of the oat market.

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

Our Temivka correspondent reports: — " Tl.e wheat markets during the week have maintained thsir firmness. Millers' stocks aro not believed to be heavy, but at the same time they are not free buyers. The few lines of prime quality are being taken by them at full rate 3, and there is practically none now offering, and thero is little doubt that really prime quality milling is in very srnsll compass. Oats have continued to firm, and sales have been made of Gartons at 2s 2d f.0.b.. s.i., while a line of B Gartons were bought by a local merchant at 2s Id f.0.b., s.i. Farmers ai'e drawing considerably on stock for both seed and feed. It is quite unusual for farmers to be buyers o£ feed at this season of the year. It is a common thins' for farmers to run out of seed by the end of the year, but not so early as this year. Wheat bought for seed is now being sold, and oats are being bought to take its place. This will use up a considerable quantity of the already small stocks held. Christchureh--quotations both for wheat and oats are lower than those of South Canterbury. Any prime wheat at price quoted in Christohurch market reports this week — viz., 2s lOd for prime milling; and oats, Gartons Is 7d to Is Bd. and Danish Is 6d to Is 7d — will find ready buyers. There are no potatoes offering. The fine weather obtaining the last 10 days has brought in a strong demand for all kinds of seed, while farmers 1 at the same time are taking advantage of the favourable weather to complete sowing of grain crops." The potato market is decidedly firmer on the week, prim© derwents being quoted at up to £10, whilst some agents asfc even higher figures. The rise is due to two causes, on the one hand someiof the_ imported samples have failed to give satisfaction, whilst on the other hand the deliveries of Derwents are small and scarcely equal to the consumption. In some quarters a recovery in the potato market is freely prophesied. The leading cheese factories in the south have not yet accepted the) price offered for their season's output, but it is believed that a decision will be arrived at before many days are past. The Wellington Trade Review reports as follows on the dairy produce export market: —

Butter— The fiist shipment of the season, leaving by the Turakina is not so heavy as ■was anticipated or as the corresponding shipment of last year. The Turakina, originally timed to leave on the 28th September, takes enly 4110 boxes sad 13 kegs; while the Paranui. which left on the 29th September, 1904, had on board 10,657 boxes and 183 kegs. The fact seems to be that the September output has been practically absorbed by local consumption, the stored stock of autumnmade butter having been disposed of during the winter months.

Contracts or other arrangements have been practically completed disposing of the season's output on terms that must be very satisfactoiy to producers, sale price® ranging froni lOicl to 10^d, and even lip to LOAd fox cash, a price-level never previously reached, and with good weather conditions the season will be a, record one for the industry. Since, our last report thero has been a spell of a week or 10 days of cold wet weather, checking the giG-wth of grass and the output of milk. Conditions subsequently improved, and it is heped that with waarm days and genial nights the output of butter will rapidly increase.

Oheese is later than butter in corning forward for shipment, and there will probably be none ready for shipment before the middle or latter part of this month. Values promise fo rule high, and many of the factories are asking sld (f.0.b.) for the season's output. Judging by the piesent outlook it is not improbable that business will be done at this price, if so. the milk suppliers of cheese factories will do even better than those catering for butter factories.

North Island butter is coming forward more freely, and is gradually relieving the scarcity on the local market; it is quoted at lid to Hid for bulk factory. First grado local factory is still unobtainable. Farmers' pat* are in short supply, and command 9id to 10|d. Separator salt has been sold at up to lid. The local cheese market continues firm. Factory mediums are quoted at 6d ami Akaroa- afc s^d.

Eggs are firm at 9£d per dozen. Current quotations for poultry have improved, owing to good demand anil moderate supply. Hens, 3s to 3s od ; roosipr*. 4' 6d to 5s 6d ; clucks. 4s 6d to 5s 6d : goese, 4s to ss : turkeys— hens 5d to 6d per lb, gobblers 7d to Bd. vJPiirs are plentiful, baconers sellinj: at

3Jkl to 3ld overweights, and at 3d underweights. Hams are quoted at 7£d and bacon at 7d.

Chaff has again hardened, and prices are as follow : —Prime oaten sheaf, £3 12s &d to £3 15s; medium to good, £2 15s to £3.

1905. Qrs. Austria .. -..- 5,750 Hungary* .. .. 20,500 Belgium „., .., 1,500 Bulgaria .. .. 6,000 Denmark ■.* .. 500 France ... .. 39,000 Germany .. ... 18,000 Greece „ ... 750 Holland .. .. 750 Italy 18,000 Portugal .. „ 500 Eoumania .. .. 12,000 Kussiat .. 63,005 Servia .. .. 2,000 Spain .« .„ 11,000 Sweden .... 500 Switzerland . ., 500 Turkey (Europe) 5,000 United Kingdom 7,500 1904. Qrs. 5,000 17,300 1,750 6,000 400 37,500 17,500 750 750 17,000 400 6,750 82,000 1,500 10,000 500 450 4,500 4,750 1903. Qrs. 5,750 21,700 1,500 4,500 500 45,600 16,500 750 750 20,000 650 9.400 76,500 1,500 12,500 670 500 5,000 6,000 Total for Europe 212,750 214,800 <230 A 270

Algeiia .. .. Tunis . . . . Ajgent'e Republic Australasia Asia Minor Canada . . Cape Colony Chili .' Egypt .. .. India , .... Persia .. .. Syria .. .. U.S. America .. Uruguay . . Mexico Japan 1905. 2,500 750 17,000 10,000 5,000 12,000 500 1.950 1.500 35,000 3,500 2,500 55.000 1,500 1,500 10,000 1904. 3,250 1,000 17,000 7.900 4.500 9,500 550 2,500 1,500 45,700 3,000 2,500 66.000 1,250 2.000 11,600 1903. 3,500 1,200 15,500 10,100 4,250 9,750 500 1,700 1,50S 36,750 3,000 3,000 77,003 1,000 1,750 ' 8,125 Total out of Europe 190,200 179,750 178,625 Grand total 402,950 394,550 408,695