THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 3549, 28 March 1922, Page 14

THE BREADSTUFFS AND PRODUCE MARKETS.

Fridav evening. The United States Bureau of Agriculture expects that the winter wheat crop will produce larger quantities than expected. The crop lias improved, but there has been much abandonment of the area sown It is expected that Canadian supplies will be rather below predictions. The crop movement in Argentina is large. European importers crops are good, and large supplies of foreign wheat are duo to- arrive in Europe shortly." The conclusion to be drawn from further reports of an attempt to corner wheat is that the London speculators holding wheat have adopted the device of attributing what they proposed to carry out to the doings of an alleged combine between Canada, Australia and the United States (says the Australasian). The fact that Australia has not in any shape or form entered into a selling agreement with any- of the countries concerned, and that the various States are not noting in concert, clearly demonstrates that London speculators are making use of reports of the kind t-o create active buying of wheat on the part of British millers, and in turn to create similar demands for flour by the bakers. Apparently they have been partly successful in alarming the milling and baking trades in England to purchase wheat and

flour freely. It is true that prices of wheat and conseifhently those of wheat products have appreciated, but the increase cannot be put down to the efforts of the speculators. The market has responded to the natural law of supply and demand, with Chicago acting as the barometer, and in turn followed by Liverpool. The reports are of exceeding interest, as they throw light on what is behind the so-called “combine.” The people who are seeking to advance wheat prices appear to have played their part well, inasmuch as the British trade demand has been stimulated; but now the position has been disclosed it is doubtful if they will pursue their tactics. The trade desires no more food controllers, and any artificial advance in the price of bread, is dangerous ill that it may lead to a return to Government control ; at any rate, it is bound to end in a reaction, followed by keen competition among millers and bakers to get rid of their stocks of flour. Prices of wheat and flour mayadvance substantially between now and July, when the new crops should be garneredWhat is puzzling shippers here is that prices of other cereals have not moved in sympathy with those of wheat. That is so unusual, that the question has been raised whether wheat is unjustifiably high, or whether prices of barley and other grain are too low. LOCAL MARKETS. There is no improvement in the -weather conditions, and the continued' showery weather prevents threshing being- gone on with, in the south especially. In some cases, however, farmers who put their wheat into stack have been enabled in the few hours of . suitable weather experienced to do some threshing, and millers have accepted these parcels, as they are short of supplies. The quality of this wheat is not of the best. As regards threshing from the stock, this is impossible under the showery conditions. At time of writing the weather shows some improvement, and if strong drying winds are experienced a quantity of the etook wheat may be saved in a condition more or less suitable for milling. In Canterbury also the weather has been broken. Owing to the export of Tuscan wheat, under the control of the Government, millers are unable to secure this variety in the quantity they desire for mixing purposes. There is, on the other hand, plenty of red chaff and Velvet. It is understood that something like a million bushels of Tuscan are to be exported by the Government to Japan, but the price at which it was sold is not known. "While on this question, there is a doubt, now that the weather is eo unpropitious for harvesting, whether the dominion can spare this quantity. The greater part of the wheat in the districts south of Dunedin is still in the stock, and in come localities it is now commencing to sprout. If the wet weather continues much longer there will be very little milling wheat garnered south, of Dunedin, and even in the Taieri, where a start had been made on threshing, a considerable amount is standing in the stook. If the crops cannot be harvested in something approaching a milling condition,, it means almost a calamity for many growers. The fixed prices for milling wheat are no doubt satisfactory from the growers’ point of view, but if the millers reject wheat because it is not suitable for gristing the growers are faced with a heavy loss. This wheat has then perforce to be sold for fowl wheat. The Government regulations provide that fowl wheat cannot be sold at a higher price than l 2d below the milling prices, but, of course, growers can accept as low a price as they like. To-day the market for fowl wheat is easier, and 43 lOd per bushel, §acks extra, ex truck, Dunedin, is the highest price obtainable. Even this price may be hard to maintain when fuller supplies come on the market. It can easily be seen therefore that the difference between the prices of fowl wheat and those paid for milling represent a heavy loss to those growers whose crops have been seriously affected by the wet weather. Milling Wheat.—According to Government price (1922 season): Tuscan 5s 6d, Hunters 5s 9d, Pearl, 6s 3d, f.o.b.

Dunedin millers’ prices are as follow: Flour, 2001 b, £lB per ton; 100’s, £l9; 50’s, £l9 10s; 25’s, £2O. Bran, £5 per ton. Pollard, £8 10s. Oatmeal: 200’s, £l9; other quantities, £2O. Pearl barley has been reduced to £IG 10s per ton.

The weather has also prevented the threshing of oats. There are, however, few inquiries for shipment, and as a consequence the market shows no firmer tendency. Millers are picking up any lines of prime quality at slightly above the shipping parity, and this is preventing shipments from Dunedin. No shipments have been made to England or to Australia. Oats, however, have been sold to Australia for forward delivery, but as the oat market has since eased there it is unlikely that the oats wall be sent across —they will probably be resold in New Zealand. There can hardly be any demand tills season for oats for fowl feed, seeing the quantity of damaged wheat that will be available. The current quotation for A Gartons is 3s 2d. f.0.b., s.i., and 3s for B’s. These prices are equivalent to 2s 61, sacks extra, on trucks, country sidings, close to Dunedin. PRODUCE REPORT. Consignments of chaff are arriving more freely. The market, however, is bare of supplies of the best quality, the price of which is now quoted at £5 per ton, sacks extra, ex truck. Medium and poor quality is almost unsaleable. Heavier supplies of potatoes are coming forward. The demand, however, is purely local, and the market for best is quiet at £6 10s per ton, sacks included, delivered m Dunedin. Digging is becoming more general in the country, and as there is no shipping demand the market is likely to become still easier. Canterbury growers arc under-quot-ing the local market. Eggs show’ a sharp advance in price. Dairy butter has increased in price. Onions show an increased cost. Current wholesale prices are as follow: Chaff: Good quality, to £5 medium and light, slow of sale. Potatoes, £6 10s per ton. Eggs: Stamped, 2s; plain Is lOd. Dairy butter: Pats, Is 0.ltl; milled, Is lid. Onions: New season’s Canterbury, 10s 0d per cwt. Bacon: Rolls, Is per lb; sides, lid. Hams, Is 2d. FRUIT MARKET. Choice dessert fruit still meets a goo 1 demand. Ripe pears meet a particularly good inquiry. Cooking apples meet ■with a fair demand. Large quantities of tomatoes have arrived from Christchurch and Otago Central, and fairly low prices have ruled. The wet weather is delaying the ripening of the tomatoes, and this may result in a firmer m arket. Fair supplies of grapes are available, and X)rices have receded this week. Ban an as and the first of the season’s Tahiti oranges are expected to reach the local markets at the end of next week. A few pie melons, grown in Otago Central, have reached the market this week, and: realised 10s per cwt. Supplies from Auckland and Nelson are expected within the next day or two.

There is very little demand for vegetables, expect peas and beans. These are, however, now becoming scarce. Current wholesale prices are as follow: —* Apples: Cox’s oranges and Jonathans, to 12s for extra choice; Scarlet permains, 9s to 10s; Delicious, up to 14s; cookers, best. 6s to 7s. Tomatoes: Christchurch outside, l£d to 21 per lb; local, 5d to 6d per lb; Otago Central, 2d to per lb. Grapes: Choice, to Is 7Acl; prime. Is 3d; good, lOd to Is. Pears, 2d to 2’cl per lb; ripe, very scarce. Plums: Cooking, 2s to 3s; crates, 3d to 6d per lb. Peaches: Crates, 3d to 6d. Potatoes: Local, Id; Oamaru and Taieri, 8s 6d per cwt. Table carrots, 6s to 7s per cwt; Sd per dozen bunches. Vegetable marrows, 2s Gd to 3s Gd per case. Cabbages, 3s to 4s per sack for best. Cauliflowers, 2s to 4s per dozen; 5s per sack. Rhubarb, Id per lb. V bite turnips. G;l per dozen bunches. Green peas, 2d to 3}d. Cucumbers, 4s per case; hothouse grown, 2s to 4s per dozen. French beams, 4d to 4Cd. Runner beans, 2ld tc 3td per lb. MERCHANDISE MARKET. The quotation for soda crystals lias advanced £1 per ton. Sicily almonds have firmed in price, and are now being quoted at 2s to 2s Id per lb. Genuine turpentine, in coffee bottles, is quoted at 11s 6d, and mineral turps at 7s 9d. Bacon has firmed in price. Van Houten’s cocoa, brown label only, is now quoted at 3s 2d, 3s 3d, and 3s 4d per lb respectively, according to size. The quotations for gold label are unchanged. The current quotation for granose biscuits is 12s Gd per dozen for small packets and 40s for 3lb packets. A of camp essence of coffee, which has been in short supply for some time, is landing ex the Renniera within the next few days. The Waihemo, 'vhich is expected to arrive in Dunedin on auesday, is bringing supplies of seeded and seedless raisins. Gerstena lias been reduced to lGs per dozen. A new line of pipe tobacco—regal aromatic and dark—is now on the market. Matured cheese is meeting ‘-with a sound retail demand, but merchants are not inclined to pay the prices asked by factories. Painkiller, small, shows a reduction in price. Peel of all descriptions is in very short supply. Thistle semolina lias been reduced by Is per dozen. The price of Tucker’s soups has e<ased to 3s 8d per dozen.