7H 



Corn Markets in November. 



[dec, 



corn to be delivered in milling condition, but the miller is also making his 

 mixtures for the baker, his blends, and his patents, with an unusually large 

 proportion of English wheat, and this may be taken as a general mark of 

 appreciation. It has, however, even thus early in the cereal year an 

 awkward correlative, and seeing that the home crop of 1908 is estimated to be 

 335,404 qrs. smaller than that of 1907, the increased sales and use of English 

 wheat in the first three months argues supply difficulties later on. The Indian 

 and Argentine new crops which will probably play a part of some import- 

 ance in 1909 trade, cannot replace English wheat in mellowness and flavour. 

 Russian wheat has been in only moderate supply, and the price in 

 consequence has been stiffly supported at well over 40s. per 496 lb. off 

 stands. It is, however, rather cheaper than at this time last year, for the 

 Russian Statistical Bureau estimates the crop as larger than last year. Ship- 

 ments appear to indicate very little difference. In the five weeks ended 

 28th November this year, they were 1,222,000 qrs. as compared with 

 1,266,000 qrs. for the five weeks ended 30th November, 1907. The United 

 States have shipped less freely than in October, and average value at 

 New York is now is. 4d. per 480 lb. higher than it was a year ago. There 

 is a growing determination apparently to hold wheat in America for a rise ; 

 at the same time merchants are sustaining carrying and warehouse charges 

 on 9,872,000 qrs. as compared with 7,761,000 qrs. last year, and this amounts 

 to an appreciable increase in the pressure to sell. American wheat in 

 London at the close of November made 38*. to 38^. 6d. for Durum, 

 39J. for Red Winter, and 40s. for Spring. At Liverpool Red Winter was 

 iust is. cheaper than in London on the quarter, as Js. lid. per cental just 

 equals 38^. per 480 lb. Manitoba wheat is in request at 41^ to 42 j. for 

 fine quality. Argentine wheat supplies are now within a small compass ; 

 interest is concentrated on crop prospects, which are alleged to have declined 

 by 6,000,000 qrs. in a month, i.e., the anticipated total yield was put at the 

 end of October at 26,000,000 qrs., and at the end of November at 20,000,000. 

 The damage done by night frosts, &c, looks as if it may have been 

 exaggerated. Australian crop promise is regarded by Mark Lane firms as 

 excellent, and several large cargoes for February shipment at 36^. 6d. per qr. 

 found buyers before the close of the month. This wheat approaches more 

 closely in character to English than do the majority of imported kinds. 

 There are 90,000 qrs. on passage from India, but the supply on spot is 

 too small adequately to test quotations. A speculative quotation, which in 

 the absence of spot sales, may be mentioned is 38^. for June shipment of 

 new White and ^js. 6d. of new Red from Karachi. The weight guaranteed 

 with these shipments is 492 lb. 



Flour. — The Hungarian fine flour, which heads market quotations, is 

 dearer than ever. Despite a very fair home crop, Austria-Hungary is 

 restricting offers to ship produce, and appears to be storing against con- 

 tingencies. The price of the three great " marks " or brands — " Five Stars," 

 " G.G.O." and "Victoria Empress," the latter, of course, a make peculiarly 

 for England— has been raised to 43J. cash, and " Six Anchors " to 42s*. 6d. 

 cash. Of London makes " Special Whites " command 31^. 6d., " Extras " 

 30J. 6d., Household grade 28s. 6d. to 2$s. 9d. All-English straights from 

 East Anglian mills are quoted at 26s. per sack. Whole meal at 29^. per 

 sack is, relatively speaking, dear, as on an average of years it is slightly 

 cheaper than Household flour. Milling offals range from £$ to £7 per ton 

 in price ; the proportion of flour left in the ground product of course largely 



