THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2862, 20 January 1909, Page 21

THE BREADSTUFFS AND PRODUCE MARKETS.

Friday.

Friday. London cablegrams to hand at the baginning of the week report the wheat markets firm owing to the cold weather and) small shipments to Europe, but buyers are said to be oautious in antcipatico of large Australian and Argentine shipments during: the next three months. At the same time cargoes are steadily hsltl. The se-les cabl«* during the week include Australian cargoes at 36s 6d, 36s 7£d, a^icl 37s reepecthely, together with 6300 quarters South Australian or Victorian steamer, January shipment, at. 36^ sd, and 9000 quarters a* 36s 9d. These sales represent an advance of from 8d to 9d per quarter on those reported a week ago. Writing under date London, D€oe.mber <- # "Bserbhom" thus reports on the wheat position : — "The market during the past week ha« been largely governed by the reports from. Argentina; these latter* have been rather ' conflicting, and th« market movements have be^n somewhat irregular. It is realised* that it is still too early to form any reliable estimate of the . Argentine crop, but the opinion is gaining giroivnd that the deficiency compared with last year is a seriou.% one ; and that, in consequence thereof, supply and demand this season will only with difficulty be made to balance. Whether the Argentina surplus be 12 million quarters, or whether it be 15 million quarters, it is tolerably oestain that it will' practically all be shipped in the first six months of oiext year, and it is also possible that there may be some pressure to ee\i at any given moment of weakness. It is, however, quite obvious, we think, tha. . even this larger surplus will be absorbed 1 with the utmost ease in Europe, in tha absence of Indian Avheat. Amd in view o: the reduced supplies 'of Russian wheat, not to speak of America's diminishing surplus. It is, indeed, a good many years since there were such 'strained relations' betweeni supply and 1 demand as this present season is likely to witness before the end." Commonwealth quotations show an advance of Id per bushel on the week. Sydney now quotes wheat at 3s 9d, Melbourn» at 3s 9d, and Adelaide at 3s B£d. Inquiries from this end etioited the information thac no business is now possible for New Zealand at 3s 9d (f.0.b.. sacks in), but 3s 9£dl is the price asked. Business with tha North Island from Sydney has been dona at 3e lCd. Latest mail advices from the Conamon-we-alth are to tli3 following effect: — "The opening range this week of milling wheat," reports the Town and Country Journal of 6th inst, " was 3s 8d to 3e Bi<J