THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2849, 21 October 1908, Page 9

THE BREADSTUFFS AND PRODUCE MARKETS.

,- , „ ' Friday. London cablegrams to Land at the end of last week- reported the wheat markets flat with a decline of about a shilling per quarter on September prices. A record increase in the visible supply had demoralised buyers, whj were indisposed to operate, notwithstanding the unsettled state of politics in the Near East. j ." Whether from the continued unsettlement ' in .. t '^ 1 1 c Balkans or from crop causes, more activity, indicating a\ renewal of confidence in the market, has been observable during | the last few day_s, but at prices showing the same deilkie as last week The cabled sales include 14,000 quarters Australian December and January shipment at 35s 3d, 11,000 quarters January-February shipment at 3bs, 10,000. quarters at 36s lid-, and an Adelaide October shipment at 37s 6d. Also 11,000 quarters Australian December- j January shipment at 365. < I The following lengthy report of the wheat situation, compiled by " Beerbohm " und-?r date September 4, Js well worth perusal* — . The estimates so far received concerning the Russian crop are, as might be expected in a vast country like Russia, more of less guesswork; but we may .shortly expect something approaching an approximate estimate from the Russian officials. In • the meanwhile it is significant that during the post week the offers of Russian wheat for shipment have become quite liberal, although theAJevei of prices is rather high. Our own suggestion in regard to this important crop, made some few weeks ago, i 3 that it may not exceed 65 million quarters, as compared with 63£ million quarters in cash of "the two previous years; it is interesting, in this connection to • note that •the H'jnjpiriaii Minister o£ Agriculture, in h>s recent compilation of the world's wheat crop figures, places the Russian crop at 60 to 65 million quarters. The records of the Russia.a crop (as officially estimated) and the known exports in each of the pait five yeare, show ' that the home consumption in Russia has averaged about 57 to 58 million quarters per annum. The latest estimate, of the American crop is by Mr Snow, who puts the yield of the spring Tvlieafc -crop at 225 million bushels, or about the same as was officially returned last year. The winter wheat crop has already been, officially estimated at 425 million bushels, against 410 millions last year, so • that we have a total estimate of the crop this year of 650 million bushels, against 635 millions last year. The home consumption in the United States, as demonstrated by the official crop figures and tho actual exports of the past threfe years, have averaged not less than 550 million bushels, so thut ' the surplus from the present crop would be about 100 million bushels. Time is required, of course," to prove the correctness or otherwise of these estimates, which, it will be seen, indicate a smaller- American surplus than last year's actual . exports, whereas the European requirements will obviously be decidedly larger than they were last year. It is not improbable, therefore, that the full tide of American ship- . ments has already' been reached. " The Hungarian Minister of Agriculture has this week published his usual estimate of the world's wheat crops. In the case of Argentina, Australasia, and India, he has used the figures representing the lfst crops, whereas it is, of course, nostsible that the crops to be reaped in DecemberJanuary in Argentina and Australia, a^ well as the next Indian crop, which will not be without influence 'in the second half of the season, may largely exceed those of last year. It is, however, interesting to note' that the Hungarian Minister's estimate of the world's probable wheat crop this season -is. 378 to 398 million quarters, as compared with 352 million quarters, his final estimate for last year. Our own es-ti-mate, published in our review of July 31, j was 400 million quarters; since that date we have found reason to reduce this total to 39V iniliion quarters; against 392 million quarters last year, and 432 million quarters in the previous year. If we take the average production of the previous five years, cony piled by the same methods, it becomes quit© incontestable that the crop last year was far below the normal requirements, me •verago production for, tho five years ending and including, 1906 wes,_ in fact, 407 million quarters, and as the world's consumption increases owing to natural causes by at least five million quarters per annum, it is, as wo nave said, quite obvious tha£ * serious inroad must have been made last -vcar upon the world's reserve stocks. If. as seems likely, we arc this season to have another deficient crop, the consequences soonet ot later must make themselves felt, j Late cablegrams from the Commonwealth advise splendid weather, especially in Victoria and South Australia, and the indications are for an early and abundant harvest. Wie feature cf this week's quotatiore is -the margin in price between old and new wheat. Thus in Sydney old wheat is quoted at 4s 2£d, qnd mew at 3s Bid ; in Melbourne old at 4s id and new at 3s 7d to, 33 8d ; in Adelaide old at 4s a.cd new (farmers' lots) at 3s 7d. As the weeks pass and the harvest approaches the quotations for old wheat may be expected to approximate more closely to the price quoted for the new grain. The following from meeb Australian files are of considerable interest, bearing in mind the influence which the Australian market must exert upon prices in New Zealand : — "The Melbourne market," (reports the Australasian), ■" has shown an easier tendency in sympathy with London. Snappers who were lately buying old wheat for prompt delivery have mostly wifthefcrawn, ancJ, as the demand from mailers has not Veen very active, the market has eased slightly, though th« supply offering is not large. The market closed quiet at about 4s Id. Medium, bleached, and wcevHy samples Tiave been sold at lower rales. New crop wheat for forward delivery i 6 weaker, shippens acting with caution, in face of the decline in London., and shippers are now unwilling to exceed 33 Bd." "The New South Wales farmers" (says •tihe Town and Counfav Journal), " have been standing in their own light by declining to accept the recent tempting' offers for spot old wheat and for next .summer's crop: If the farmers *& this side are resolved to Ibpid wheat, it would be beet "for them to sell the balance of last summer's harvest, and to retain some of the next harvest, for by December 1 the old wheat will i worth no mere, than *>he> new." j

The Sydney Mail cays tiha* merchant*' advices from the different growing cen-U«s continued to 'bear testimony to the fine crop prospects. The only exception to this was the Narromine and contiguous districts, where a substantial fall of rain was much needed to redeem the earlier crop promise. Nevertheless, the plants were healthy, and it is <tco early yet to get very apprehensive about the prospects in. this district. ' There is an abs-snea of business in the local wheat market partly on account of th« small offerings, and partly because millers decline to pay the price asked by holders. For velvet, which is very scarce, from 4s , 3d to 4e 3£d on trucks is the current quo- | tation, and for mixed lines 4s 2id. Millers ' limits are 4s 2d, or at tihe outside, 4s 2£d for velvet. Conseqiigntly no business is passing. The local market continues bare of cJiick wheat, and orders are being filled with medium milling quality^ The current quotation for good whole fowl whea-t is 4s sd, f.0.b., sacks in. Local orders, ex store, cannot be filled at under 4s 4d. There is no change in the price of flour, which is. selling freely. The association's tariff is as follows:— Sacks, £10 15s; 100's, £11; 50's, £11 10s; 255,, £11 15s. The shipping price is £10 10s, and the Invercargill price £11. Advices from the North Island report large imports of Australian flour, particularly in Auckland, one shipment to that port totalling 700 tons. Reports from Australia ecate that the flour trade is very slack, and low quotations are being made for export. The Town and Country Journal says : " The trade in Sydney and the New South Wales country diistriote in flour made from old wheat is slack, partly owing to the falling off in the demand fcr Singapore, Hong-kong, acid Kobe, fund partly to many of the New Soiitii Wales bakers having' sufficient stocks on hand to keep the bakeries going' till flour made from new wheat is available in large quantities, and is mellow enough to mix with old flouir or to use ' neat.' " The. Sydney Mail reports; "The flour trade has remained without Idle. Bakers have been buying only on a hand-to-mouth basis ; and there has been insufficient Export movement to clear the market of accumulated stocks. At present suoh export trade as is being done ia mostly from Adelaide or Melbourne, but particularly, Adelaide, which quotes for export a good 10s lower than local millers." - The demand for offal is practically nil, and prices are unaltered. The association's tariff stands : — Bran* £4 15s for lecal orders, and £4 10s, f.0.b., for shipment; pollard, £6, both for local orders and for shipment. The oat position is practically unchanged,- and values remain at last week's level. The market may be quoted at 2s (f.0.b., s.i.) for B gtade sparrowbills, with, proportionately higher rates for Gartens^ and A .grade. For local requirements the quotation is from Is lid to 2s (ex store) 'for good feed lines. >"" ' 'The price for oatmeal is unaltered, and the current quotation stands — £12 for local orders and £12 10s (f.0.b.) , for shipment. The price of pearl barley is unaltered. Butter.— The London butter market is quiet, and Dominion factories are cultivating as much as possible the New Zea- , land trade. The local market for dairy butter is oversupplied, and a drop -in prices has resulted. Quotations are as under : — Dairy lib pats, 9d; dairy bulk. 9|d to 10d; first grade factory — bulk, Is; pats, Is 03d booked, Is OAd cash. Potatoes. — Market dull, end medium and inferior lots hard to quit. As the season is row practically over, a-nd the new season's supplies will shortly be on the market, prices arp weakening perceptibly. Quotations: Prime Up-to-Dates. £3 10s to £3 12s 6d; Derwents, £3 15s. Chaff. — Little business is doinsr. Quotations : Prime oaten sheaf, £3 15s to £3 17s 6d; medium, £3 10s to £3 12s 6d ; light and discoloured, £2 15s per ton. Cheese. — Good old cheese scarce. New cheese, 6^d to 7£d per Lb. Eggs. — Good demand; lid. Onions. — Old N stocks deteriorating in quality. Victorian 13s- 6d per cwt; Japanese, 15s; Californians, 17s to 18s per cwt in cases. Poultry. — Good demand for choice con- ' ditioned. Hens, up to 33 6d ; roosters, up to ss ; geese, 4s to ss ; turkeys — gobblers 8d to ,9d, hens sd; ducks, 4s 6d to 5e 6d. FRUIT AND VEGETABLES. The arrivals of fruit since last week's report include tfie Moeraki, from Sydney, with 830 cases; Waikare, from Melbourne , and Hobart, with 536 oases; .and . the \ Monowai, from Aueidand, with 390 cases ■ of Vavau bananas 'and 50 cases of oranges and lemons from Whangarei. The Maheno is due to-day from Sydney with a small supply. The monthly shipment of bananas from Fiji, which comprises 1530 cases, is due in Dunedin on Monday by_ the Mokoia*. Following a.re current prices between fruit-brokers and retailers: — Oranges.— Market barely supplied. Mandarins. 11s to 13s; Sydney (some of which arrived in indifferent condition), 7s to 10s for good, and 3s to 5s for indifferent ; South Australian, 10s 6d to 12s. Lemons.— Market bare of Scvilks. Adelaide, 12s Mildura, 12s to 13s 6d; Sydney , 8s to 9s. Apples.— Canterbury dessert, £s 6d to 11s ; cookers, 361b case-?, 9s to 10s (2id to 3d per lb) ; Tasmanian choice Stunner Pippins, 12s to 13s; American. 12s 6d to 14s. Bananas.— Ripe. 2£d to 2|d per lb. Asparagus. — Choice, 5s to 7s per dozen ; inferior, 3s 6d to 4s 3d per dozen. Cucumbers.— Local hothouse, 12s to 13s 6d per dozen. Pines. — Choice rough, 9s to 15s; Queens, 12s to 14s. Market Ijaroly supplied. Vegetables.— Lettuce, good, lid to Is 2d per dozen. Cauliflowers, 4s 6d to 7s 6d per sack. Cabbages, 2s 6d to 4s 3d per sack. Carrots— Table, 2s 6d ; horse, Is 6d to 2s. Parsnips, 2s 6d to 3s per sack. Swede turtnps, loose, 18f to 20s. Rhubarb, 7s 6d to 9s 6d per cwt. Cocoanuts. — Good demand, 6s to 8s per sack. Honey. — Choice, 4d per lb; 101b tins, 3s to 3ts 6d; choice sections, 6d to 7d. Beeswax, Is 3d to Is 4d. Nuts.— Brazil. 8d; walnuts, 4d to 5Jd; 1 Barcelonas, sid "to 6d ; Japanese peanuts, 2id to 3d; Fijian peanuts. 2&Jo 2\d. Preserved Fruits, etc.— Preserved ginger, 7£d; dates -bulk 2W, packets 3s 6d; figs, baes and layers. 3d to 3^d; prunes, 4d. Tomatoes.— New Auckland hothouse, Is , 5d per lb. ; IMPORT MARKET. The barque Marjory Glen, from Liverpool, arrived from Wellington at the be- ',

ginning of #ie week, with 550 tons of general cargo. She brought several short lines, included in which were Hudson's extract of soap, Price's candles, and powdered borax. She also brought supplies of coarse and fine salt and rock salt, which has been moving off from the wharf at current rates. The allowance of 2s per ton which was previously made for delivery of salt ex wharf has been withdrawn. Powdered borax is now quoted at 245. Prunes are low in stock, and good sound fruit is almost unprocurable. Arrivals arc due nexb month. Mather's and Tanglefoot fly-papers, which have been short on the market, are new in "stockThe oil ship British Monarch, now at Wellington, brings a full cargo cf kerosene, naptha, and motor spirits. She- is expected atTDunedin in about 10 or 12 days. The price of White Rose oil ex wharf will be llid. Linseed has advanced in price, and whole is quoted at 193, with a corresponding advance for crushed. Sago and tapioca has eased in price. Sago is quoted at 15s and tapioca from 163 to 16s 6d. Crcme de Menthe brand/, a new line on the market, is quoted at £5 10s per case. Cable advice has been received of a ri» in price for the new season's figs. |