THE BREADSTUFFS AND PRODUCE MARKETS.

Otago Witness, Issue 3672, 29 July 1924, Page 17

THE BREADSTUFFS AND PRODUCE MARKETS.

Fridav evening. According to tlio Estimates which Were presented io Parliament on Wednesday night, the amount to establish a credit for the purchase of wheat (£1,125,000 recoverable) i 3 £1,125,000. The increased estimate for 192425 is due to the necessity for importing approximately 4,000,000 bushels. The Waimarino was to load wheat at Wollaroo on Tuesday for Lyttelton, Dunedin, and Oamaru. She is scheduled to arrive here early next month. It has been considered for a number of years that crop news emanating from the United States cannot be accepted as genuinely representative of the actua„ or pro-

spective position (says the Australasian). With speculative dealing on an extensive scale, “bull” and “bear” influences are continually operating during the growing period, and markets outside America have become so used to optimistic or pessimistic reports issued from that source that nowadays they generally are discounted. When the' official forecast of the United States wheat crop was issued early in June, the reduction of 45,000,(W0 bushels on the May estimate caused some surprise. That there was on this occasion some justification for the decrease was generally accepted, but it was felt that the position was exaggerated. Subsequent rains in the areas needing moisture improved the outlook. This is disclosed in the official forecast for July, which has just been announced. The Bureau of Agriculture at Washington now places the yield of the United States at 740,000,000 bushels, compared with 093,000,000 bushels estimated at June 9. This, therefore, represents an increase of 47,000,000 bushels, and is 2,000,000 bushels higher than the estimate for May. Apparently market quotations to hand represent prices that obtained after the bureau’s announcement, and developments will be followed with .nterest. Increased attention will be turned towards Canada, where crop prospects have improved recently owing to good rainfalls having been registered in the dry areas. To some extent the market has been anticipated, as it was felt that, owing to rains, the official estimate of the American crop would be increased this month. LOCAL MARKETS The demand for fowl wheat continues good, and suitable lines sell readily at 6s per bushel, sacks extra, ex store. The quotations at Lyttelton and Timaru are 6s 10.\d to 5s lid, f.0.b., sacks extra. There is "very little being shipped from the South to the Noith Island, as the Government is supplying North Island merchants with Australian milling at Gs per bushel, sacks in, ex wharf. This price does not permit of business being don© in fowl wheat from this end. Some of the outside ports in the north, however are securing odd lots from Canterbury. ’ ’ The demand :or New Zealand wheat for sowing is fairly brisk, and a pood quantity is now being railed to farmers. It is difficult to obtain supplies this reason, as most of th© wheat is being gristed into flour. Dunedin millers’ prices are a 3 follow": Flour, 2001 b, £ls 10s per ton; 100's, £l6 10s--50 s, £l7; 25 s, £l7 10s. Bran, £6 per ton. Pollard, £7. Oatmeal: 25’s, £3O; 200’s, £29. fhe oat market has taken a sudden change, and prices show a sharp advance. This has been caused through th© drought in Canada, where oats have advanced by about £2 per ton. This firmness was immediately reflected on the local market, and forward sellers commenced to cover, and other buyers were also operating. The result was that prices increased by 6d per bushel. New Zealand B Gartons were being sold a few ago at 5s to 5s 2d; to-day they can be placed at 6s Bd. Parcels of Canadian have been sold, to arrive, at an advance on the price paid by the first operator. The local market continues firm, with A’s at 5s lOd and B’s 5s Bd, f.0.b., s.i. These prices are equivalent to 5s 4d and 5s 2d sacks extra, ex truck, respectively. ’ Feed oats have been hard to place, owing to many of the local feeders using little, if any oats with th© chaff. In other rears considerable quantities of feed oats have gone to the North Island, but they are not wanted this year, in view of the heavy arrivals of Canadians. Canadians have been arriving freely at Auckland from Vancouver. Up to last week it appeared that too many Canadians bad been purchased for trade requirements in Auckland. The result was that several weak holders began to quote at the cost price. The position to-day, however, is entirely changed, as holders are very firm in their ideas of value. The grass seed market for all lines is very quiet. It is expected, however, that there will be an all-round improvement next month. Stocks of ryegrass are on the light side, and it is held in some quarters that there will not be sufficient for New Zealand requirements. PRODUCE REPORT. The chaff market remains steady at £8 5s to £S 10s per ton, sacks extra, ex" truck, for the best quality. Feeders are holding’ fair stocks, and supplies coming to hand are just about equal to the demand. There is no chaff arriving from the south, as a matter of fact, truck lots are being sent to districts which supplied the local market in other seasons. Dunedin, up to the present has been mostly supplied with chaff fnoni Canterbury, and a considerable quantity has been purchased from th© northern ’ merchants. The North Island is still obtaining its supplies from Australia, but consequent on the small quantity available in the South Island prices at the shipping ports remain firm. Blenheim is quoting £B, f.ob., s.i., and Canterbury £9. The potato market has weakened, and prospective buyers are holding off in the meantime. The shipping quotations from Australia have affected the shipping prices from Canterbury, and good quality is offering from there at £5 15s, f.ob., s.i. for prompt delivery. This price- is equivalent to £5 6s on trucks, Canterbury, and £6 5s delivered in Dunedin. Local merchants are now securving supplies from. Canterbury, and this lias

brought about a reduction in price for Otago grown tubers. There are not many potatoes now available in Otago, but holders are still standing out for high prices. Cunrent local wholesale prices are as fol* low: Chaff.—Good quality, £3 ss, ex truck. Potatoes, £7 per ton. Dairy Butter.—Best milled, bulk. Is 54 per lb; separator pats, Is sd. Eggs.—Stamped, Is lOd; unstamped. In 9d. Eggs.—Rolls, to Is Id per lb; sides, Is. Onions. —Melbournes, prices irregular; Up to 20s per cwt. FRUIT REPORT. Fair quantities of Island oranges hav* arrived at intervals during the week, transshipped at Wellington. The condition of the fruit was not very satisfactory. The Waikouaiti, due to-morrow (Saturday), is bringing a light shipment of passions, pines, and mandarins. These will probably be marketed on Monday. A few crates of pie melons are in the same boat. The next boat with fruit (from Melbourne) is not expected to arrive for about a fortnight. Cooking apples are in strong demand, and prices have firmed a little. First-clasa coloured dessert apples are inquired for, but the market is practically bare of those. Fair supplies of poorman oranges are coming forward, but the prices in Dunedin cannot be remunerative to the northern growers. Tomatoes and grapes are practically finished . High prices have been obtained for Blair's Phenomenal cabbages. Sound prices hav® also been realised for choice cauliflowers. Spinach, leeks, parsnips, and turnips hav® a sound inquiry. The following are the latest wholesale prices: Apples.—Delicious, 12s to I4s; Sturmers, choice, 10s; others, 7s to 9s; Scarlets, 8s to 9s; cooking, 7s 6d to 9s for choice. Lemons.—Californians, 35s ; Australian, 12® to 15s; Italian, 14s to 16s Gd; Auckland, 12s. Bananas.—Ripe, 25s per case. Oranges.—Californian, to 355; Island, 15s repacked; Navels, 20s to 235; Poorman, 10a to 12s per case; Seville, to arrive Monday. Grapes.—Choice Gros Colmar, to 3s per lb. Mandarins. —To arrive Monday. Passions, 17s Gd. Cabbages.—Choice, to 2Gs per eack; loose, to 12s per dozen; savoys, to 13s Gd per eack. Cauliflowers. —Choice, to 22s per eack; medium, to 14s; small and inferior, 4s to 6s; loose, to 11s Gd per dozen. Beetroot, Is to Is 6d per dozen. Lettuce, Is to 3s per case. Swedes, 3s Gd per cwt. Spinach, 2s per dozen. Leeks, to 7d per bundle of six hunches. Radish, lOd per dozen. Celery, Gd to 9d per bundle. Spring onions, 3d per bundle for six bunches. Parsnips, Is per dozen; sacks, 8a to 9s per cwt. Carrots, 9d to Is per dozen bunches; Gs 6d to 8s Gd per cwt. Rhubarb, 9s per dozen lb bunches. MERCHANDISE MARKET. Advices from Australia announce a sharp incroaso in the prices of macaroni and vermecilli. A cablegram to hand announces an ad* vance in the price of cream of tartar. A small shipment of Chinese walnuts is expected on the marekt shortly. A parcel of French shelled walnuts arrived during the week. These have been quoted wholesale at 2s 3d per lb. A new line, ovaltine rusks, will be on the market next week. This line is packed by the Ovaltine Tonic Food Company. Ample supplies of fine and coarse salt are due to arrive shortly. In the meantime there is no shortage of 4lb bags, tins, or cartons. Hundredweight bags, however, are practically out of wholesale hands. Quotations for Christmas hams are nowavailable. Indications point to high prices obtaining. A good demand exists for pie fruits in half-gallon and gallon tins Cable advice from America indicates a firming of the cornflour, glucose, and argo oil markets. The Port Curtis is bringing supplies of C. and B. anchovy sauce, curry, and essences, Silds (halves and quarters), Morton's curry, olives, etc. A new line of Glaxo malted food will arrive next week. There is a great deal of speculation amongst distributors of sugar as to what attitude the Government will take up in respect to the threat to close the Chelsea sugar works if the duty on foreign sugal is removed.