I909-] 



The Corn Markets in May. 



249 



Maize. — Imports have been much below requirements, and stocks 

 at the end of the month were so extraordinarily reduced that a premium 

 of 35. to 4s. per qr. was paid on the 24th and 25th for grain with 

 guaranteed delivery before the Whitsuntide holidays. The Argentine 

 new crop shipments during May amounted to 1,737,000 qrs. as com- 

 pared with 1,566,000 qrs. in May, 1908, and 216,000 qrs. in May, 1907. 

 It is curious to reflect to what price maize in June might have mounted 

 had the Argentine surplus, instead of surpassing 1908, fallen as low 

 as that of 1907. The maize now on passage has, in the case of the 

 Argentine quota, which is 80 per cent, of the whole, been acquired at 

 about 26s. per qr. The prices at which there are offers for future 

 shipment are about 255. yd. for July, and 255. 6d. for August, but 

 remoter dates are not cheaper than August. The total shipments of May 

 from countries other than Argentine were North America 431,000 qrs., 

 Russia 277,000 qrs., Roumania and Bulgaria 459,000 qrs. The last- 

 named item includes, by favour and for market convenience, Salonica 

 and Sea of Marmora shipments. 



Pulse. — Soy beans are now developing into a large and important 

 trade with Great Britain. The bean is rich in oil and gives a good 

 chemical analysis generally. If Japan can ship these beans all the 

 way to London and sell them for a profit at 305. per 504 lb. on Mark 

 Lane, their value for feeding purposes is clear, both English and 

 Egyptian beans being quoted at 34s. to 365. per 504 lb., and the allied 

 staples, peas and lentils, being dearer than either English or Egyptian 

 beans. The sale at present is perhaps largest of soy bean oil, at 215. 

 per cwt. in April, but 225. is now demanded. The sales of pulse at the 

 end of May included Smyrna beans at 325. per 480 lb., Egyptian lentils 

 at 405. per 504 lbs., Canadian peas at 75. lod. per cental, and Indian 

 white peas of the new crop at 75. 2d. per cental. 



Oilseeds. — Linseed and rapeseed are an improving market, but 

 cottonseed is more depressed than for a very long period. Contracts can 

 be secured at js. per cwt. for November shipment of the new Egyptian 

 crop, and the buyers at this price may easily make large profits. It 

 is, of course, impossible to set forth the exact, or even the approximate, 

 chances, but the winter and early spring demand for cottonseed cake 

 is so large and steady that it is likely to prove advantageous to acquire 

 a good stock of the raw material before 1909 is out. The prices asking 

 for linseed at the end of May were 445. to 465. for Indian (410 lb.), 

 435. to 445. for Argentine (416 lb.). The ordinary type of rapeseed 

 known as Brown Calcutta (416 lb.) commanded 425. , while newly 

 arrived cottonseed from Egypt was quoted at seven guineas per ton for 

 cash on a whole cargo; £*j 10s. a little less in wholesale. The May 

 shipments of linseed were 604,000 qrs. from Argentina and 221,000 qrs. 

 from India, while 183,000 qrs. were on passage on the last day' of the 

 month. 



Farm Seeds. — With May this branch of business falls into a state 

 of lethargy until the early autumn. Closing prices of the month Were 

 about 60s. for good red cloverseed, 705. for cowgrass, 22s. for mustard 

 seed, 10s. for canary seed, us. for hempseed, 805. for cocksfoot, 235. for 

 Timothy, 775. for Lucerne, and 24s. for Italian ryegrass, all per cwt. 



Minor Staples. — Owing to the extreme scarcity of British grain it 

 has been very difficult to make up a good poultry mixture, and at 



