1908.] 



Corn Markets in October. 



633 



THE CORN MARKETS IN OCTOBER. 

 C. Kains-Jackson. 



The new cereal year began on the first of September in not a little gloom, 

 for the harvest had been delayed for some dozen days by frequent visitations 

 of wind and rain. Happily, there came a change for the better by about 

 the 6th ; first, the wind without the rain, drying the wet sheaves, and then 

 weather calm as well as fine. Conditions grew almost summerlike as 

 September passed into October, and before the end of the month just 

 concluded large deliveries of new grain were practicable, a thing which on 

 the last day of August scarcely any observer would have ventured to 

 forecast. Condition, at first discouraging, has shown of late considerable 

 improvement. 



Wheat. — -The price of English wheat has been somewhat lower than in 

 the like period (the first two months) of last cereal year, but the willingness 

 to accept rather less money has led to a decidedly increased trade, millers 

 having been remarkably ready buyers at average values, which for the eight 

 completed weeks of the cereal year were 31s. ^d. per 480 lb., against 

 2)2s. lod. in the corresponding period of a twelvemonth back. The sales of 

 English wheat at Mark Lane during October were over 22,00c qrs. There 

 has been a good demand for sound Russian, which has commanded 42s. to 

 43 j. per 496 lb. for fine winter or Azima, 41s. for good spring, or Ghirka, 

 type. Russia has shipped, at the rate ot about 300,000 qrs. weekly, but 

 Continental buyers have acquired the bulk of these exports, and only 

 140,000 qrs. of Russian wheat are at present on passage to the United 

 Kingdom. The United States have been shipping more freely than Russia, 

 viz., at the rate of about 500,000 qrs. weekly, and, as this country is the 

 principal buyer, the influence exerted is greatly in excess of the Russian. 

 At present 770,000 qrs. are on passage from North America, but this 

 includes Canada. The price of American wheat ranges from 37^. for Durum, 

 the lowest type, to 42 s. for new spring. All American is sold per 480 lb., so, 

 too, is Argentine, though La Plata wheat usually attains a natural weight of 

 496 lb. The price of South American has been about 41s. per qr. ; this is a 

 period when supplies fall off prior to new crop shipments in January and 

 February. The residue is apt to fluctuate in price according to the chances 

 which holders may see of unloading the old grain before the new crop 

 begins to menace their position. Of Argentine the shipments have closely 

 approximated to 120,000 qrs. weekly, and there are at present 370,000 qrs. 

 on passage. Australasia is not very well represented at Mark Lane just 

 now ; some fine wheat from South Australia is held for 41s. 6d. per 480 lb., 

 but the choice is very moderate. New Zealand wheat can hardly be quoted, 

 and despite the low freights it is difficult to get a quotation from New 

 Zealand. The Australian new crop is apparently of good enough promise to 

 warrant speculative offers to ship it in February, and the terms on whicH it 

 is obtainable may be averaged at 36^. per 480 lb. arrived at a British port. 

 Argentina is offering to ship new wheat at about the same price. The 

 position of India this season is altogether exceptional. Only one port, 

 Karachi, is a shipper, the " hinterlands " served by Bombay and Calcutta 

 having no exportable surpluses. The wheat available, therefore, is of two 

 sorts only, the white and red Karachi, which is grown on the banks of the 



