i6o The Corn Markets in April. [may, 



Wheat. — The average price of British wheat has risen at some of 

 the markets to a forty-six shilling level, and the average for the whole 

 country at the end of April was well above forty shillings. The highest 

 prices were made, as a rule, in the Thames Valley, at Mark Lane, in 

 the home counties, and in East Anglia; but in the last-named and very 

 important district there was some irregularity, Norwich and Peter- 

 borough, for example, differing on the 17th by 2s. lod. per quarter. 

 The markets of the west and north have been slower in advance than 

 those of the south and east. The price making in London during the 

 last week of March for sound red wheat was about 365., and similar 

 samples during the last few days of April sold for 435. per qr. This 

 is not only a material difference in itself, but, as representing sales for 

 the 26th to the 30th, it allows for the effect of reaction consequent 

 on the fall on the American markets on the 22nd, 23rd, and 24th. Just 

 before that fall, viz., on the 19th, 20th, and 21st insts., 465. to 475. 

 was asked, and 455. was made without difficulty. Supplies into 

 London, however^ were very moderate, and in the week ended 20th, 

 only 1097 qr. were sold, despite a strong and urgent inquiry on the 

 part of millers. The country markets show a genuine character to 

 attach to the dearness of home-grown wheat. In the week ended 24th, 

 deliveries were only 25,679 qr., against 32,534 qr. in the corresponding 

 week of 1908. Yet the price was 105. 6d. up, on the year, as powerful an 

 incentive to sell as recent seasons have disclosed. For the 34 completed 

 weeks of the season this cereal year's average was practically identical 

 with that for 1907-8, but for 35 completed weeks, which includes one 

 day in May, the current year's average draws fractionally ahead of the 

 previous cereal year. Farmers' holdings of old wheat are currently 

 estimated at a very low total, and the small remainder of the 1908 

 crop is apparently assured of a brisk demand for mixing. 



The American wheat, which at the end of March commanded 425. gd. 

 per qr. at New York, rose steadily till, on April 17th, it stood at 485. gd. 

 Then there followed a week of those excited operations which are 

 peculiar to the United States, and before April was over the market 

 had settled down to a spot price of about 445. per qr. The Mark Lane 

 reflection of these events may be briefly s?t forth : No. 1 Northern 

 Manitoba wheat, March 31st, 445. 6d. per qr. ; April 7th, 465. 3d.; 

 April 14th, 485. ; April 21st, 485. 6d. ; and April 30th, 475. per qr. 



With respect to foreign sorts of wheat other than American, these 

 movements followed on the price changes in British and American, 

 but were less marked by fluctuation. At the end of the month Argen- 

 tine was making 455., Australian 445. 6d., fine Russian Azima 455., and 

 Odessa Ghirka 44s. per qr., while new Indian wheat was just coming 

 into evidence at 44s. per qr. The Indian, however, was confined to 

 parcel post samples, and no appreciable bulk can reach us for a month 

 to come. 



The statistical position of the international wheat trade has not 

 changed in buyers' favour, the reaction since the 24th being simply in 

 the nature of a rebate off previous excess in advance. The imports and 

 deliveries of the month did not exceed requirements, while the supply 

 on passage fell from 4,215,000 qr. to 3,244,000 qr. This is a material 

 difference, and is bound to exert an influence over the trade of the 

 next few weeks. Wheat shipments for April were 390,000 qr. from 



