MARKET FOR MAIZE

Poverty Bay Herald, Volume LV, Issue 17185, 15 February 1930, Page 4

MARKET FOR MAIZE

WEAKENING TENDENCY EFFECT ON IMPORTATIONS The effect impending importations of maize from Soutn Africa and Java were likely to have on Poverty Bay growers still with stocks on hand was discussed to-day by a Gisborne dealer. He pointed out that the 400 J sacks from Africa, due to arrive in Auckland at tlie end of March, would be landed at the wharf at 5s 9jd per bushel, with an extra charge ol od per bushel for fumigation, which the shipment was likely to undergo, bringing the total price up to 6s 2jd. The Java consignment of 20CG sacks would be landed at 6s, with 5d extra for fumigation. The rates for South African grain were equal to about 5s Sd f.o.b. Gisborne. Heavy purchases of maize had been made in Gisborne during the past few v months, it was pointed out, many deals eventuating at 6s f.o.b. Gisborne. The tendency of some of the growers, howover, was to hold, with a view to influencing a further rise in the market, but apparently 6s was the limit to which Auckland merchants were prepared to go. Since arrangements were made ifor the importations, the first for a few years, there has been no weakening in tlie quotations of the growers, but Auckland merchants had not been inquiring so frequently for supplies. Some lines were still going forward, but it was pointed out that it was extremely difficult now to make sales at 6s.

Most- of the business with Gisborne grain had taken place at what was usually a quiet time, for, it was remarked, after the commencement of the selling season the bulk of the sales in Gisborne were made from March onwards. With the importations arriving next month it would appear that the next few months would be quiet ones for holders of stocks here. The imported grain would have to be worked off before inquiries were made for the local commodity, even if the Gisborne quotations were low enough to compete with the imported stocks. The importations were not large, however, and, it was explained, less grain than was usually the case was being held in Poverty Bay at present. It was difficult to make an estimate of the extent of the holdings here, bub it was thought that the figure would be in the vicinity of 7000 or 6000 sacks, or about’2o per cent, of the total crop. It was reasonable to suppose, therefore, that even with the importations there would not be a surplus of maize in the country, and that Gisborne holders would be able to work off their slocks before the new grain began to come on to the market some time in June or July.

One aspect which should help local holders in selling their stocks was that flc new crops would be a little later than usual in coming to maturity. The crons had made a good recovery since their setback at the beginning of the season, when many of them were from a month to six weeks later than usual in making a start, but judging by their appearance at present, they would be about three weeks later than in normal seasons in comin<r to maturity.