THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2744, 17 October 1906, Page 20

THE BREADSTUFFS AND PRODUCE MARKETS.

Latest London advices report the wheat markets as steadily hardening owing to reduced crop estimates in> America, France, and Germany, and tho prospects of small shipments from Argentine, Russia, and India. This ncws_must bo read in connection with tho - Tumour circulated on tho authority of the London Daily Express that the New York stael magnates aro organising a wheat corner, and that already they control 30,000.000 bushels. The rumour must be taken for what it is worth, and it ia impossiblo at this distance from tha scene of operations to trace the connection, if any, between the hardening of tho market and the ouuratioiis of the speculator. There is no doubt that the steel magnates of America, with, their vast command of capital, could corner the American wheat market, were they so inclined, although with the example of the famous " Leiter " corner before their eyes, it may be doubted whether the game is worth the candle. And. again, America has for a considerable timo ceased to control the world's wheat market ; it in open to doubt therefore^ whether an American corner, if established, would appreciably affect the European markets. In any case the course of prices in London will for the next few months bo closely matched in New Zealand, for indirectly, a3 already pointed out, tho market hero will be subject to London.

In response to the better feeling in London, Commonwealth quotations again show a slight hardening. Sydney is a 6hado hiarher at 3s 3d, and Melbourne has recovered, and stands at the same figure, Adelaide remaining unaltered at 3a 2d. In Melbourne new wheat for forward delivery is offering at 3-*.

The Svdncv Mail under date 3rd inst. has tho following: —

Speculative offers arc already Being received to sell new wheat, but they have not been entertained. The prices asked are about 2s 7d to 2s Sd per busho". at country railway fetaticns, equal to 2s lid and 3s Darling Harbour It is generally believed Uiat new •wheat will open about these rates. At a meeting of the millers' committee, held the other day, a resolution was carried to the effect that 2d per bag be deducted on purchases of new season's wheat if tendered in second-hand bags. It was intimated to tho meeting th?* a smii'ar decision had been ccmo to by the wheat shippers. This reso-lu-tion i<j being communicated to the members of the association all over tho State.

Tho Sydney Town and Country Journal reports: — "Tho crops in the four principal wheat-growing States arc in .splendid order. Tl>o »»<sw K rain in the oa-rly rioi-tßei-n <Ks tricta of New South Wales will begin to Lo ready for garnering within another six weeks, and before then tho earliest South Australian deliveries will have been sold in \riolaido."'

Now th.U the Reciprocity Treaty business has filially been disposed of, millei3 are in the loral market for wheat, but so far lit tlo or no business is reported. The offering arc fairly plentiful, and th© following will sufficiently illustrate the range of price ■» asked by holders, all the quotations being on truck*, northern stations. A&hburton chvUicl: Medium Hunters. 3s; mixed milling linos, 3b lid; Prime Tuscan and peail. 3s 2d Oamaiu district: Velvet and Rod Chaff, 3-> 3d; Tufean (a very fino sample). 3s 4d. Waimato and Timaru districts: Velvet and Tuscan, 3s 2d to 3- 3d. Millei-. aro testing the market with offers of from Id to 2d per bushel below tlic^o pntc», with what rc-ult remains t.i bo scon. Fowl wheat <oiitiuues scairo locally, and the price a-ked i^ out of all proportion to the iatc-> mling for nulling quality. For good whole f-jwl feed from 3b Id to 3s 2d (rx slorr) has to bo paid. Shippers can. placo their orders afc 3s 3d (f.0.b., 6.i., l.arthern station).

Thcro is no change in the flour maikci. Tlio New Zealand Flourmillerb' Assoeiation'i tanft" stands as follows: — Sacks, £9 per ton; 100's, £9 10» ; 50's, £9 15s; 25'f. £10. The shipping price is £8 10s per ton