THE BREADSTUFFS AND PBOBUCE MARKETS.

Otago Witness, Issue 2861, 13 January 1909, Page 9

THE BREADSTUFFS AND PBOBUCE MARKETS.

London cablegrams to hand at the beginning of the week report the wheat markets dull on account of the holidays, but at the same time cargoes were firmly held. Several sales of cargoes have been cabled during the week, these including the Hineinoe's cargo at 36s 3d, an Australian cargo at 375,' 13,000 quarters of Adelaide January shipment per steamer at 353 9d, and 13,000 quarters Australian January-February shipment at 36s 3d. Unde? date London, November 27, " Beerbohm" reviews the wheat pesition as follows : — " With continued ample _, shipments to Europe, and with a more pronounced desir-a to sell new crop La Plata wheat, which in its turn has affected new crop Australians, the market" has been quite dull during the vr.si week. It is probably quite recognised that the surplus in Argentina

in the coming season -will be considerably less than in the present year, probably, to the extent of 5,000,000 quarters, but buyers- ako feel that there may be some temporary pressure to sell new wheat, and are disposed to await the results thereof. It is not unlikely, however, that ere long Germany will become an active competing buyer of these wheats. So far Germany has imported only a comparatively small proportion of her requirements this season, and she therefore has the more to buy in the coming- months; this ako applies to the U.K., and, indeed, to some extent, to all importing countries, for the actual European imports in the first three months of this season have been quite unusually small, thus showing that there has been a tendency to live from hand to mouth at the comparatively high prices ruling, until the governing factor — Argentine wheat supplies — might be better 'known. It is also quite evident that an unusually heavy inroad has been made upon the home-grown crop in the various countries ; this is, indeed, quite obvious in both England and Germany. . ith regard to the position in America,, upon which a good deal naturally depends, we think that the following extract from the Chicago Economist sets this out in a reasonable manners — ' Present supplies are ample for all present that is admitted. It is admitted, too, that consumption and production are so near together that at the find of this crop year, in June next, there wiil be but a meagre surplus in the world, perhaps the smallest, based upon population, in our .history. The producer is marketing his , wheat freely, but he can only market it once. He has the benefit of gocd roads, plenty of oars, and an advancing price for his property as inducements. The result naturally is that farm supplies are sinking rapidly, for the producer ias -already marketed -a larger per cent, than usual of the 1908 crop, hence has a smaller surplus left to market. The end of the former crop year left him practically with no old reserves, and his marketings have all been practically from this year's crop. And the same applies to consumption—it has practically been all from the crops of 1908. It is not an American condition alone, but in reality a worldwide one. It is clearly evident that the amount yet to be marketed of the last crop is considerably smaller than a year ago. Mill-3r3 everywhere are selling flour freeiy, and Home and foreign demands are quite satisfactory for both wheat and flour. Moreover, cash wheat everywhere is commanding premiums of 2£ cents to 5£ cents per bushel over futures— a strong commercial suggestion.' " The reference above to the Argentine crop as the dominant factor in the wheat situation renders of interest the foHowing I forecast and comparison of the new season's yield : — With regard to the probable total yield of the crop opinions still vary, as, indeed, they are sure to do for some time to come; but the general idea seems to be that the crop may turn out 20 per cent, less than, last year; that is to cay, the yield and surplus are likely to compare as follows with last year's: — 1908.— Qrs. 1907.— Qrs y?°P 19,000.000 24-,000,000 Home requirements 6,500,000 6,250,000 Surplus 12,500,000 17,750,000 The offcial report, upon the subject of wnich we gave a. summary in our ksuc of November 4, gives a detailed account rf the estimated damage by the frosts in October; it shows that in the north of the province of Buenos Aires 20 per cent, of the area suffered ; in the West 10 per cent., and in the south just over 3 per cent. ; the south represents 1,465,000 hectares, and the north and west 1,038,000 hectares In the south of Santa Fe (337,000 hectares) there was 20 per cent affected, and in the remainder of the province (1,000 000 hectares) sto 8 per cent. In Cordoba the f^nL**? 1 "* 1011 of the area sown— viz., 1,1£6,900 hectares suffered to the extent of 20 per cent. ; in Entre Rios (320,000 hectares) 15 per cent, damage was done, and in the Pampa districts (321,000 hectares) 10 per cent. Thus of th-s total estimated area of 6,063,000 hectares (14.970,000 acres) over 1,500,000 acres suffered to the extent mentioned. This week's Commonwealth quotations show a slight downward tendency aa compared with closing rates before ihe holidays, when wheat was q ? % d , at ali three P° rts at 3 3 9d- Now the Sydney quotation is 3s Bd. Melbourne 3s 7£d to 3s Bd,'- and Adelaide 3s 7^d. l * «° i s^" 16 time inouiri es from this end xtuic to °. btain a lower quotation thai' -S3 9£d f.0.b., s.i., while in some cases 3s 10J has been asked, of course, for prompt shipment. A fair business has bsen pacing- in the local wheat market since the holiday*, but buyer* are hanging; off to see what will be the effect upon prices of the importation of Victorian wheat. Already a small ship ment has been delivered in Dunedin ai, a i landed cost of about 4.s 7d, or, reckoning a slight shrinkage in weight, at 4s 7id at the outside. This wheat, which is Australian f.a.q., answers roughly to New Zealand tuscan or red wheat,' and will probably require to be mixed with a proportion of velvet before gristing. Other parcels are on the water purchased at from 3s 9a. to 3s 9£d f.0.b., s.i., Melbourne, and estimated to cost, landed at mill door, from 4s 6£d to 4s 7£d. Although the Melbourne wheat is sold sacks in, the bags are not suitable for | flour, and it is doubtful whether they can be used for bran, being of an uivusual size so far as New Zealand trade is concerned. In New Zfaland whoat, a line of Tai°ri grain was sold to-day at 4s 7d Dunedin. the sale of some 800 sacks on North Island account is reported at 4o 6d f o.b. Lyttelton and Timaru. For velvet wheat, which is scarce, 4s 5d ex store Oamaru is aekod, but offers have been made for one or two lines of South Canterbury wheat at price; several pence l.clow closing rates b&'ore *hii holictajs. Whether or not these offers aie accepted will to some extent test the t >ndenc3 r of ihe market. Local millers declare that they will not pay for New Zealand v,heat anything above the rate at which they can land it from Australia. Tne chick wheat market is a shade easier, sales having been made at 4s 6d f.0.b., 6 i., Timaru. for good whole fowl feed. For looal orders 4s 6d ex store is asked. There i« no rhan?» is offal, and ihe association's tariff stands: — Bran, £4 15s for local orc-eiv, and £4 10s, f.0.b.. for ehip- < ment ; pollard, £6, both for local orders 1 and for shipment. Flour is s<?llinsf frsely. The s^cciation's tariff is as follow* :— Sacks, £10 15s; 100\«. £11; 50's, £11 103: 25"5, £11 15". The ! shipping price is £10 10b. and the Inveicar- • gill pries £11.

The better tone noted in the oats market ' at the close of the year has been fully main- ; tamed in the few transactions since the > holidays. Although the volume of business I is not large there is a good inquiry, and stocks appear to be running down. The ■ Morayshire is expected to take 10,000 sacks ; from the Bluff, winch will further deplete ' available stocks. Current quotations range [ from Is B£d to Is 9d for B grade gparrow- , bills, and Is 9d to Is 9^d for B grade Gari tons. The local market is exceedingly bare, s and good feed oats are worth Is 7d to [ Is 7id ex store. The price of oatmeal remains at £10 10s > per ton. Pearl barley is quoted at £17. Butter.— The market is over-supplied , -with dairy butter, and prices are easier. i Quotations : Dairy pats, 6£d ; dairy bulk, i 8d; separator lib pats. 7£d; Taieri and i Peninsula, pats, lljd (id rebate for cash) ; , T. and P. bulk, llAd. i Cheese, s£d to 6|d. \ Chaff. — Market improving, and prime ■ samples inquired for- Medium and inferior quality is in over-supply and ■difficult to quit. Prime oaten sheaf is worth £3 15s to £4; medium, £3 7s od.to £3 12s 6d; inferior, £2 10s to £3 5s (sacks extra). Potatoes. — Oamaru potatoes (new) have : been coming forward freely during "the : week, and realise from 7s 6d to 8s per cwt, but the market shows an easing tendency. Old potatoes are worth from £3 10s to £3 15s per ton. Auckland new t season's are worth 7s per cwt ; Peninsula — choice lad, and small Id per lb. Eggs. — Fair demand, Is Id per -dozen. Bacon. — Rolls, 9d ; sides, 8d ; bams, 9d ; prime bacon pigs, up to 1601 b, 4£d to 4|; heavy weights, 3£d. Poultry. — Prices are easier after the . Christmas trade. Hens, 2s 6d to 3s per , pair; roosters, 5s per pair; ducks, 4s 6d, and ducklings 4s 6d to 5s per pair; tur- , keys— hens sd, gobblers 8d to 9d per lb for 151 b and over, lighter weights 6d per lb; geese, 6s per pair. Onions.— New Australian, 7s 3d per cwt. Honey. — Improved demand. Choice, 4d per lb; 101 b tins, 3s to 3s 6d; choice sections, od to 7d. Clover hay, £3 for choice. Straw.— Wheaten, 37s 6d ; oaten, 40s ton. Feed barley, 3s to 3s 3d. Maize,. 4s 6d to ss. Peanuts.— Java, 2d ; Japanese, 22-d to 3d. Preserved ginger, 7^d. Dates— bulk. 2id; packets, 3s 6d. Figs, bags and layers, 3d to 3id. Prunes, 4d. FRUIT AND VEGETABLES. Business in the fruit tra-de has slackened off since the holidays, and prices have eased. The arrivals for the week include 1500 cases from Auckland and Nelson, comprising peaches, plums, cucumbers, new season' e apples and tomatoes; also, about ~ 400 cases of bananas from Tonga and 15C cases from Melbourne and Hobart. comprising plums, peaches, apricots, and cherries. In addition to the above, supplies were forward from Teviot, Alexandra, Canterbury, and other South Island districts, and five crates of strawberries came to hand from Hobart. Raspberries are in fair supply, and oranges coming from California are in good condition. Following are quotations between fruitbrokers and retailers : — '. Oranges. — Californian, 16s to 17s. Lemons.— ln short supply. Auckland cured, 7s to 8s ; Californian, seedless halves, ', 10s to 12s. Bananas.— Bare market. Ripe repacKs, 2id. Apples.— Very few offering. Raspberries. 4£d to sd. Gooseberries, Id to l^d per If; ripe, 2d. to 3d. , _ Cherries.— ln lessened supply. lasmanian, 24« per box; Canterbury and local, 6d to Is 4d per lb. Strawberries.— Short supply. Jam sorts, 8d to &d; desserts, 9d to Is s£d; Tasmanian, Bel to lOd. Teviot Fruits.— Extra chou-e apricots, 3icl to sd, jam, 3d to 2£d per lb; peaches up to 3£d for choice, medium up to 24a per lb; plums, dark dcs-crt 2d to 3d per lb, jam up to 2d ; nectarines, up to 2^d. Tomatoes.— Hothouse (Christchuvch), 4i<! to 6id; Nelson and Auckland, 4d to 5J,d ; local, 8d to 9d. Cucumbers.— Local, 2s 6d lo 3s 6d per dozen; Auckland. 5s to 8s 6d per case. Vegetables.— Cabbages, Is 9d to 3s 6d per sack; cauliflowers, 2s 6d to 3s od per sack; lettuce. 6d to Is per case— slow of sale; rhuba-rb. choice. 7s to 8s per ewt; green peas, Id to lid. IMPORT MARKET. Business in the import distributing rr.arket, as is usual at the New Year season, shows an easing tendency &o far as ihe cilv and suburban trade is concerned, but country frade is brisker in many lines. As indicated last week, the market in goods imported from Sicily is unsettled in con-sequence of the eaithquake disaster, and advances in several lin<3P are pending. The principal imports to this market from Sicily are almonds, lemon peel and ovansre peel in brine (from which is m.anufaefir/fid the ordinary orange and lemon peel), filberts, oranges, lemons, etc. Local stocks in almonds ar<» not heavy, and these are now quoted at Is 2d to Is 3d per lb, an advance of 3d in late quotations. The Rangatira brought a supply of V .D. clarets, the only French clarets that now oorae to this market, and the Aparima brings sago, tapioca, and preserved apples from Singapore. Sago is quoted at 14s to 14s 6d, and tapioca af 153 6d to 16s. A second shipment of seeded raisin* and prunes came forward at the end of l£.st week by the Foveric from San Francisco. Quotations for seeded raisins are 4s 6d to 4s 9d, and prunes 4s 6d to 4s 9d, according to qualm . The Star of Australia is expected about the end of the month with a medium cargo of Whito Rose kerosene, and the Daldorch arrived to-day with a small shipment of benzine.