THE CONSUMPTION OF WHEAT 13 
The movement can best be studied from the graph. 
Here a fall is noticed in the harvest when wheat is 
plentiful, after which a slight rise occurs until early 
spring when price drops a little. But the expected rise 
soon follows, and during November price is fairly steady, 
with a slightly falling tendency which develops into a 
rapid fall in December. This fall, which is maintained 
throughout January and February, and continued into 
March, may be accounted for by the fact that farmers 
are offering their crops in advance. It is significant 
that such a fall is distinctly in favour of the millers, 
who are able to command a strong position. But the 
influence of the Australian harvest on prices in New 
Zealand is an important factor in some seasons. 
It is highly probable that the assurance of the success 
of the Commonwealth crop has a depressing effect on 
the market in New Zealand. But when all things are 
considered the conclusion is forced upon us that wheat 
prices vary only slightly from month to month in normal 
years, and it is doubtful whether it would pay the 
average farmer to store his wheat until the period of 
highest prices, which usually occurs in the early sammer. 
