THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2719, 25 April 1906, Page 9

THE BREADSTUFFS AND PRODUCE MARKETS.

Friday. The wheat market has scarcely recovered from its holiday tone, but, although the , only sale -cabled during the week is that ; Of a cargo of T'lcronon TFheax- ai 31s, «m , toner of the market is more ch-serfu!, and j sellers arc said to be firm. The reason for j this improvement •is thus .-summarised by "Beerbohm," writing under "date London, j March 16: — It cannai be said that there is any general ,' •improvement :n the market, but there is certainly less'dapresdloji. Avd there is an evident growing impression that the worst iias b°en seen. Millers cannot for ever refrain fron? buying wheat, and bakers must be using the usual amount of iionr. La Plata wheat is now -.relative!? cheap, and vill Econ be in | liberal supply, but it cannot b» said ;aa t there fa any "prospect of 3arg3 supplies from other countries. Until July-August Indian ■vvhtsit will bo - practically unobtainab.e, and the position in Eussi» rloas not w.rrant usm assuming that there will be liberal supplies , frorr that • country ; on the contrary, it H j the opinio-\,of marsy well-informed authomies that Russian supplies may surprise us in respect to dieir paucity for some time to come. Canadian wheat is, and will be doubtless for some time, -fairly -abundant, but this has reached ir» 30s level for ISo. 1 for April-May-jTUfe-Bliipinant.' a '-price below which there. Fcercs -*o~ justification for expecting ',it to fall , ' permanently.' Th* in America is ' to <.somo extend cleared by the publication oi ' -the official estimate'trf Ihe-stocka in farmers Landa on March 1'- These figures are returned iv- " percentage -of the crop," *s officially csUmatea; s it follows that 1 if there be any exaggeration in tiio- c*ap figures, -which were 693.000,000 bushels, ,the stocks as r«urri«d / would also be tco large. The amount held m iarmors' han<3«, however, falls greatly below expectations, thus showing that a inucn JaTger i amount hsw been disposed of by farmers than j had been anticipated. The viiib'.e supply letuins. compiled by the Chigcno Daily Bulletin, which are the most comprehensive of any of these returns, with the estimated farmers stocks on March 1, and the exports (wheat and flour) in tho four months ended June ~0 ahew, the following comparisons for the past eight years (in bushels, 000 omitted): —

There are, of course, the secon-d-hand stocks between those "in sight" at the principal centres, -and those in formers' hands, which I iriay make considerable difference m the capacity to export; but it is clear, if these returns be correct, that, by -comparison with former years, there is a fair surplus still in the country; t& are inclined lo believe, however, that a great portion of ihi3 surplus will find its way -to non-TLuropean countries in the shape of flour, so that ihere will be no forcing."of American wheat upon Europe. We arc now approaching the time who" | the crop conditions in various countries will ( Jiave to He taken into account. These, con- i ditions are at present somewhat indefinite, | but it is tolerably clear that the season, so far, has not baen of a character to make us expoot big crops. In too, it 13 i njore than. poEsible that the area eown this year will be considerably less than last year, a point which ecoi begins to make itself fe'l. There is also, according to some of our French correspondents, the probability of a French demand before long, because of the unmillable quality of so large a portion of the homegrown wheat this season, if for no other roason. Under all theae circumstances, one is inclined to believe that confidence in_ the present lower level of price may be justified. The tiade lacks an impetus, which may te found in the above considerations. The Commonwealth position is practically ■unchanged, Sydney prices 'being still a shade in advance of the other centres. Quotations range as follows : — Sydney, 3s 4d ; Melbourne, 3s 3d ; and Adelaide, 3s 2d. under date Wednesday, lltb. inst, the Sydney Mail reports: — The week has been one of marked inacivity — easily the quietest of the season — co far as wheat buying is concerned. As for flour, the position has not been much better, both millers and merchants repeating tHe cry, "Very little doing." Wheat quotations have undergone no alteration, which means that .the deadlock between buyers and seilejs continues. The formei -are prepared to talk business in the neighbourhood of 3s 3d per bushel Darling Harbour, and some needy millers will even go 3s 31d, but the growers holding grain, as well aa the two or three wheat shipper* who can spare a quantity, are sticking cut hard for 3s 4d There is decidedly a firmer feeliiicr in the local wheat market, and comparatively few samples are offering. Growers show a disinclination to accept the rates lately | ruling, and are asking more money, incited i thereto partly by,"tl;e more favourable re- | ports of the London market, and partly i by the cheap freights 'offering by Home- j eoiDg fcoats. It ia reported that- wheat has

bsen, or is being, shipped afc Tiniaru for London at a 15s freight, and this has firmed the South Canterbury market, from which centre the bulk of ths grain for this market has been drawn. Millers, however, having purchased considerable stocks, are not anxious to advance their limits, except in one or two cases, when a-bsolute necessity has compelled them to pay the higher figure ; consequently, quotations are nominal, no amount of business having been done at the advances asked. Growers will not quote milling wheat under 2s lid on trucks for velvet and red wheat, while ! Tuscan is firm at 3s en trucks — indeed, an effort is being made to make 3s on trucks the price for mixed milling lines. Chick Tyheat, too, is firmer, the local market being very bare of this commodity, ! and 2s lid ex store has been paid for small parcels to fill orders. For jjocd whole fowl feed 2s 9d on trucks is asked at southern j stations ; the northern market, too, is I firmer, 3s f.0.b.. s i., being the current quotation, although sales have been made at 2s, Hid. There is no change in flour. The Xew \ Zealand Flourmillers' Association's tariff | stands as follows : — Sacks, £9 per ton ; j 100's. £9 10s; 50' s, £9 15s; 25' s, £10. The ' shipping price is £8 10s per ton- f.o.b. Under the heading "Where Australian Flour is Going," the Sydney Mail remarks : — The ieature of the flour shipments is the marked development which baa taken place in the Hew South Wales trade to Hongkong, Singapore, and other Eastern ports. Victoria has also done well with Hongkong and the Philippines, but not with the Straits Set"tle--ments, whsre, however, South Australia has secured some good orders, particularly wit-h Jave. The two southern States have for years past carried out a big trade with South Africa. Our .millers have .been unable -to get & footing there, owing, amongst other reasons, to the handicap of freight, but it .will be observed that they have obtained a monopoly of the Noumean and South Sea Islands trade, though small iv comparison. The exports to the United Kingdom show a great falling-off, particularly from Sydney and Pori Adelaide, but then it would have been sijnpiy folly *o consigned there in view of the demoralised state of the London market, and the low range of prices auling. The gres-t bulk of ihe business with the East has baen in 501b sacks, but the following exports have been calculated for purposes of contrast in sacks of 2001b each: — South

It will be noted that over 1500 sacks of Australian flour have fcoen imported m.o this oolcny. . . „„■■„♦■ There is no change m the offal market. The tariff is unaltered at £5 per ton for pollard, both for local orders and for shiprneat^Bran is quoted at £3 5s per ton for local orders, and £3 per toa for shipment. Both bran and poilard are m good demand, pollard being in short supply. The oat market, too, is firmer, °wins to the smallness of offerings and the cheap freights to London. Northern holder* have put up their price, and are now asking <Js | o b s i, for B grade, without, however, doing business at this rate. No quantity of new oats arc yet offering m the south, and the market cannot be said to have opened. As the bulk of the _ grain is going into stack- the imipreaaon ga,-ns around that oats will be scarce arid dear until after the spring threshing. The local mairket is bare, and difficulty is experienced in filling the few small ciders coming forward. Good B ' grade is quoted at Is lOid to Is lid ex store. Oatmeal is unaltered at £10 per ton, and pearl barley at £13 10s. The market is only moderately supplied with potatoes, and prices are firmer for all prime samples. A small shipment or Warrnambools, just to hand, are offering ai lUs 6d per cwt. Good Up-to-dates are selling at from £9 15s to £10 5s per ton, and Dcrwents at £9 10s to £10 per ton, .'.ccoroing to quality. . ' , There is a good inquiry on the part ot bakers and confectioners for farmers dairy pats, and the local butter market has firmed slightly. Farmers' pats sell readily at 8d per lb, and up to B£d for choice qualify; farmers' separator, 9d ; buU milled, 9d, First-grade factory, lOJd i in bulk, prints at Hid for spot cash and Ilia for booked. <- The cheese market is quiet. Akaroa v cheese is worth from s^d to 5Jd ; factory, up to 6d. , The price of eggs has again advanced, and the current; quotation is Is 7d per dozen, at which price the market is firm. Cprrent quotations for poultry are as follow.— Hens. Is 6d to 2s 6d; roostersold 2s to 2s 6d. young 4s to 4s 6d ; ducks. 2s 6d -to 3s ; ducklings, 2s -6d to ss_ 6d ; geese, 4s to ss ; turkpvs, scaree — hens 5d to 6d ocr lb, gobblers 7d to Bd. Pige are in good demand, baconers a'e firm at 32d. overweights and underweights at 3d. Hams are quoted at 7d to lid, fiid bacon at 6|d to 7d. The market continues well supplied with chaff. £3 15s is the quotation for prime ol:l oaten sheaf ; new selling at up to £3 12» 6d per ton.

N.S.W. Vicforia. Sacks. Sacks. Elongkong .. •• 62.368 46,185 China 783 560 fo.pan 8.503 12n Philippines .. .. 9,705 16,117 Straits Settlements 39.000 316 South Seas .. .- 7,825 — Sew Caledonia . . 9-083 — United Kingdom and Continent .. 3,242 54 910 South Africa .. 975 122.306 [ndia and Ceylon.. - 2..163 New Zealand .. 2*4 I,2SS A.<ustralia. Sacks. 53,080 18,030 66,440 3,000 Total -. •• 142,628 244.600 145,550

1 90S [90S L9O-1 !803 iSO 2 1901 1900 L 899 Farmers stocks. . . 158.400 111,000 .. 132,600 .. 184000 173.700 .. 328.500 .." 158.700 . . 193,000 81.030 62,000 61.000 77,000 90,000 101500 N 96,700 65,500 Total. Exports. 239 000 ? 173,000 13,500 193,030 19.600 241.000 53,000 263.000 60,000 230,000 85,000 • 255,400 61,000 '. 263,500 55,000