THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 2921, 9 March 1910, Page 8

THE BREADSTUFFS AND PRODUCE MARKETS.

Friday. The activity of the London market during the past week has been' extremely slight, and the condition, as a whole seems somewhat lifeless, ’ as was recorded to be the case in the last official cablegram. The sales of Australian wheat for the period amounted to but one cargo, and the price for this (38s 9d) showed a drop of a fraction on the previous lowest. “ Beerbohm,” - writing from London on January 21, speaks as follows: ■‘The present week has been a very quiet one in the wheat trade, and the tendency weaker than for some time past. Shippers of Australian wheat are fairly steady, but resellers would accept fully 6d less money for this description; notwithstanding that Argentine crop estimates continue unfavourable this wheat has been offered much more freely by shippers at about Is decline, partly owing to a fair portion of the crop being of low natural weight and indifferent quality, and partly no doubt owing to the fact that supplies of. new wheat are at last moving in larger quantities the ports; all other descriptions—Manitobas, Russians, and Indians—are obtainable at 6d to &d less money, but even at the decline buyers show little disposition to operate. Shipments have been quite moderate during the last six weeks, but must now be expected to show some increase 1 ; the smaller exports from the Argentine, compared with , last year’s figures, being at least partly made up by larger quantities from Russia, Australia, India, etc. At the present level of prices consumers apparently only buy sufficient wheat to satisfy their requirements of the near future, not., considering prices tempting enough to form any large reseives. Iheie would appear to be no doubt whatever as to their being sufficient wheat to satisfy all wants, but it remains to be seen whether holders (including farmers), if buyers continue to keep out of the market, will accept lower prices, or whether they will withdraw their offers until they can obtain what they consider satisfactory prices. On crop prospects in America this further information is given:— , “ Crop reports generally continue favourable, and the present condition of the winter-sown wheat is above the average. The Northwestern Miller cables that m Kansas crop conditions are favourable, but in Ohio a better snow protection is desired In Missouri alternate frost and thaw are unfavourable for the crop. In the follow ing tabic a comoarison is made of American wheat crop and exports (wheat and flour) during the past seven ''care. The figures in bushels (000 emitted) are:

According to the above figures the average yield for the past seven years is 665.000,000 bushels, and the average exports in the six years 115,000,000 bushels pei annum-; some increase in the consumption, on account of the larger population, there would be left a surplus fipm the last cron of 190,000,000 bushels, of which only 62,000,000 bushels were exported ui the six months ended December, 1909. This would imply that the United States in the first half of the season have only exported one-third of the surplus from the last crop. Some authorities have all along stated then belief that the Government estimate was too optimistic, and it really looks as if such was the case, but even allowing a fanmargin for error- in the official crop and also allowing liberally for a reconstitution of reserves, which were very small at the time the new crop was harvested, it would result that the Quantity still available for export is a fairly large one. farmers in America arc in a strong position financially, so that it will be partly a question of price, and partly how the winter wheat crop shapes in the spring, as to what the exports will amount to during the six months ending June 30 next. In sympathy with the lack of animation in the Homo market, the Australian position for the week remains unaltered, bydnev stands at 4s Id,*Melbourne at 4s, andl Adelaide at 4s Id. The Australasian reports on the Melbourn*© nmrbet m follows Thp Mglbourne- market Has been steady, though without very great activity. As the,far-, mens are not now .selling with any freedom, there is little opening for fresh business for shipment, while the millers, who find it difficult to do business in flolir for export, arc buying.only in moderation. Sales have been made at 4s while for large ship* pi tier parcels an advance is quoted.” The Sydney Mall for the ' Week writes that on spot there has been business in

parcels at up to 4s lid, although 4s 1C about represents the market level ■as it exists to-dav. There is, however, not much buying power about at the moment. Growers are selling very little, being apparently content to wait until the market position, becomes clearer. They have mostly completed the delivery at the stations of the wheat already sold. The stacks are now very large. On February 12, the last date for which official figures are available, they contained 2,812,398 bags. The wheat market locally has not witnessed any quotable variation in price since our last report, although the offers from the country have been considerably augmented in volume. More lines are coming forward from the north, although the Oamaru district -still remains disinclined to yield the necessary fraction to conclude purchases. Further north better business has been done, and a mixed line of Tuscan and velvet changed hands in. the Studholme district for 3s Bd.u Prices in the south vary from 3s 8d to 3s 9d, according to the railage, this being practically last week's rates. The millers are buying fairly well, although refraining from heavy forward commitments, but so far as shippers are concerned they are altogether excluded frown the, market on. the present basis, and, with the continued dulness prevailing in London, seem likely to be so till the market yields to that parity. The association's tariff- for flour is:— Sacks, £lO 15s;. 100's, £11; 50's, fill 10s; 25's, £ll 15s. The shipping price is £lO 10s f.ob. Pollard. £4 per ton. both f.o.b. and locally; bran, £3 5s locally, and £3 per ton f.o.b.

Oatmeal stands at £lO 10s pel- ton, and pearl barley at £l4 10s. Tli© oat market has not yet commenced activity, the offerings in the south last week, when it was expected the season would fairly open, bekw disappointingly small. It is anticipated, however, that more will come forward from now on. .Such lines as have been placed on the market have been freely taken up by millers, and the' requirements of local consumers on the basis in some cases of Is 7gd on trucks. This price is, of course, far too high fot any shipment to be considered feasible, for before any ' volume can go overseas, if London retains its present position, the current price will have to- recede to the neighbourhood of Is to Is 5d for B grade, and about Is 6d for A grafde Gartons. An obstacle which stands in the way of shipping bubirteiss is the recent extra imposition of 5s per {on on freights, which means practically Hd per bushel of extra cost on the oats.

The figures for the shipments of butter and cheese during February show that the total of butter was 70,873 boxes, being a decrease of 7452 boxes on the same period last year. In the case* of cheese the total was 47,336 crates, this being an actual increase of 6469 crates over the previous year's similar period. Locally there is a good demand for medium cheese for MarchApril delivery at sfd. Butter ie also inquired for for storing purposes during the winter, but while London continues strong no factories are quoting. The London 1 market shows an -increase on late rates, anrt it is expected will remain strong till at least the end of March, when' increased! (Continental supplies may affect the position, i ,

Local lines of general goods show little fluctuation, and prices stand as follow:

ChyF.-=-Prime, well-cut, and heavy, £3 : 7s 6d to £3 10s medium'to v good, £2 17s 6d to £3 2s 6d. - Potatoes.—Best fresh, £4 10s; inferior and medium, £4-: Onions.—Fair demand; prime Melbournes, £5 per ton. Straw, 30s per ton. Clover hay, £2 10s to £2 12s 6d per ton. Eggs.—Fresh, Is Id; guaranteed fresh, Is 2gd per dozen. Butter.—ln good demand. Dairy, 7d to 7£d; milled, 7d to 7£d; separator in £lb and lib pats, B£d to 9£d per lb. Pigs.—ln more- plentiful supply. Baconers, 3£d per lb; porkers, 3id per lb. Bacon.—Rolls, 7£d; boneless hams, 8d; sides, 6§d; hams under 201 b, per lb; pork Germane in 141 b tins (four tins to oase), 4jd per lb.

FRUIT REPORT. The principal feature during the week has been the enormous, supply of tomatoes which has oome forward from Christchurch. The quantity has been larger than in any previous year, with the result that the supply is very much in excess of the demand, and first-class tomatoes •have been sold at from Is to Is od per half-case of 241 b, while cases of 36-401 b 'have seen correspondingly low prices, in some cases being sold at ils per case. It is estimated that the number of oases which came to Dunedin reached 3000 for the week.

Apples and pears are for the moment in shorter demand than lately, and any prime sorts coming forward realise fair rates. The Rarotongan boat arrived this week with about 1400 oases of fruit, principally bananas, with a small proportion of oranges and cocoanuts. These met with a ready sale in spite of the fact that the Suva shipment of 1900 cases is due to arrive on Monday per the Mokoia. The prices ruling are as follow : Oranges.—Rarotongan, 6s to Bs. Lemons. —Messina halves, 10s to 12s; wnole cases, 20s to 22s 6d. Apples.—Cookers. 2s to 4s per case; dessert, 5s to 7s 6d. Both sorts wanted. Peaches.—Good demand. Desserts, 4jjd to 7£d; others, from 2£d to 4d. Supplies almost exhausted. Plums.—Market barely supplied. Common sorts, Id to per lb; jams, Id; desserts, 2d to 3d. Pears. —Local choice, from 5s to 8a; others, 2s to 4s.

Blackberries. 5d per lb. Grape®.—Local and Oafffaru, from 7id to lOd per lb; -£-?jstralifcn, from 4d to 6d per lb Tomatoes.—ln over supply. Christchurch hothouse, to 2d; outside, 16 to 2s per box of 241 b; Nelson, Is; choice local hothouse, 2|d to 3^d. Vegetables.—Cabbages, from Is to 2s od per sack. Cauliflowers, Is 6d to 3s per sack. Rhubarb, almost unsaleable. Lettuce, from Is to Is 8d per case. Cucumbers, 2s to 3s per dozen; local hothouse, 6s to 7s per dozen. Green peas, from 2s to 3s per bag of 241 b; choice, l£d per lb. , • 1 New Potatoes.—Peninsula grown, 2s bd to 2s M per case; in cwts, 4s 6d to 5s 6d; southern and Oamaru, £4 to £4 10s. Honey.—Choice, 4£d to 43d.per lb; 101 b tins,. 3s 6d to 4s; choice sections, 6s to 7s per dozen; medium, 3s to 4s 6d per dozen. Peanuts.—Java, 2d; Japanese, 2£d to 3d. Preserved ginger, 7£d per lb. Walnuts.—Good demand. Prime quality, s|d to 6£d. • Barcelona nuts, s£d to o a d. Brazil nuts. 7£d to B£d per lb.

IMPORT MARKET. Sago and tapioca are manifesting a firming tendency, and have risen to 15e and 15s 6d respectively. A small intermediate parcel of Champion's vinegar arrived ex the Aotea, and has all gone rapidly into consumption. This line has been short for some time, and the supply which arrived was not sufficient to meet requirements. There are now scarcely any Sicily almonds on the local market, and the prioa is nominally quoted at Is 4d and 16 sd. The next shipment is expected to land In about three or four weeks.

Cross and Blackwell's anchovy paste in large glass jars is now costing more money than previous lots, and local quotations now stand at 14s bd per dozen.

HARDWARE MARKET. The latest quotation from Calcutta for castor oil shows an advance of 2d per gallon. The local price is 2s lOd for halfcases and 3s for drums.

Wire nails are in short supply, but a full shipment is coming to hand in the Cornwall. Of the various makes of these goods the English type made by Nettle fold is rapidly winning favour against those by the German and American manufacturer*. The English firm is becoming more adaptable in many ways to meet the demands of the colonial market, and has now commenced packing its goods in wooden kegs, and will supply broken lines as against the American system of fixed quantities. Coal tar remains very scarce, but a good demand is being experienced for the imported make, quantities of which are on the way.

Amebic an Wheat Crop and Exports. Exports Exports July 1 for Crop. to Jan. 1. season. 1909-10 .. 736,000 62,000 ? 1908-09 ... 665,000 85,000 nsjooo 1907-08 ... 635,'000 , ' 96,000 163,000 1906-07' ... 755.000 82,000 148,000 1905-06 ... 695,000 53,000 - 97,600 1904-05 ... 552,000 25,000 . 44,100 1903-04 ... 638,000 81,000 121.000