I909-] 



The Corn Markets in February. 



THE CORN MARKETS IN FEBRUARY. 

 C. Kains-Jackson. 



The wintry weather which marked the entire course of February 

 is the feature by which operators at Mark Lane will for the most part 

 recall the month, but the influence of climate on retail demand, though 

 considerable, was by no means the only cause of the rise in prices, 

 which was at first difficult to effect, but had by the last few days of the 

 month become an accomplished fact. The great trade struggle which 

 would have made the month of interest quite apart from weather was 

 between the strengthening influence of North American movements, 

 largely speculative, and the weakening influence of large and well sus- 

 tained shipments from the Southern Hemisphere, Australia collabo- 

 rating with Argentina in this matter. Even without the aid of a good 

 home demand, the North American influence would probably have 

 proved of most power, for the shipments of Australia and La Plata had 

 been by the end of the month largely annexed by Continental buyers, 

 and the quantities coming to British ports were not excessive. 



Wheat. — The price of English wheat at the completion of the first 

 half of the cereal year, a period of 26 weeks from the 1st September, 

 was 325. 2d., and as compared with the like period in the previous 

 cereal year represented a decline of about is. lod. per quarter. The 

 average price for England and Wales in the last week of February, 

 however, shows an increase of 3s. 6d. per qr. on that of the last week 

 of February, 1908. 



Wheat, on the whole, has, despite good home harvests, tended to 

 rise in price since 1906, but the eagerness to realise soon after harvest 

 causes more depression than ever, and is a tendency which in the 

 interests of a profitable agriculture requires to be abated. The prices 

 with which February closed in London were 365. to 395. per 504 lb. for 

 good heavy English, 425. to 445. for strong Russian, 405. to 44s. for 

 the four chief grades of Manitoba, and 405. to 415. for Durum. For La 

 Plata wheat on passage 38s. was about the price asked. A small 

 quantity of the new crop arrived at Liverpool, and was sold at 8s. yd. 

 per cental (41s. 3d. per 480 lb.), but for delivery a fortnight later 8s. qd. 

 was accepted (405. per 480 lb.). Some interest has attached to the 

 separate quotation of Alberta wheat, the fine Canadian produce of what 

 has been called a " climatic sheltered backwater," where winter wheat 

 can be grown, although it lies in a latitude where it is usually only 

 possible to grow spring wheat. The price paid has been 8s. 3d. per 

 cental at Liverpool, and 39s. 6d. to 405. per qr. in London. Wheat 

 shipments for February included 2,801,000 qrs. from Argentina, -and 

 1,037,000 qrs. from Australia, while North American shipments fell 

 away materially as the natural result of a 2s. 6d. per qr. rise in prices 

 in the United States. 



Flour. — The milling interest was struggling early in the month 

 against a slow demand from bakers, but before February closed the 

 latter came forward and bought very freely, the cause of the activity 

 being in part the large sales of bread owing to the cold weather, and 

 in part the renewed ability to purchase without loss due to the rise 

 of a halfpenny on the quartern loaf. The price of bread for February 



3 Q 



