The Corn Markets in June. 



337 



June, saw certain advances demanded and in some cases made. La 

 Plata wheat, worth 455. 6d. on the 2nd of the month, was sold at 

 465. 6d. at the market of the 30th. Russian wheat, beginning the 

 month with a 455. to 465. range, ended at the same price ; but Mani- 

 toba, which started with 475. paid for No. 1, 465. for No. 2, and 455. 

 for No. 3, closed with no sellers of these three grades under 485. 6d., 

 485., and 475. 6d. per qr. Values will be seen to have closed up, there 

 being a relative scarcity of the grades below the first. Telegrams to 

 the Manitoba elevators asking for July shipments had during the three 

 last days of June received answers in the negative, and thus the closing 

 feeling for Dominion wheat in London was of decided stringency. 

 June shipments of wheat from North America were 555,000 qrs., or 

 about half the total for June, 1908. Canada did rather more business 

 than usual, so that the falling off in shipments from the United States 

 was very large indeed. The price of new winter wheat at New York 

 fell from 435. in the middle of the month, when it first came on sale in 

 appreciable quantity, to 415. at the close. This reduction makes a 

 larger export business possible, and the price for September shipment, 

 395., may almost be said to promise a considerable trade. South 

 America shipped 878,000 qrs., which is less than for the four Junes 

 immediately preceding. It is not, however, an unimportant contribu- 

 tion. Russia has shipped 1,873,000 qrs., which represents the heaviest 

 exportation since 1906. The Russian wheat crop of 1908 appears to 

 have been underestimated. India shipped 929,000 qrs. This is a rather 

 heavy total, but, June is usually the period when Indian exports are at 

 full flow. Australia shipped 85,000 qrs. There were on the last day 

 of June 3,100,000 qrs. on passage, as compared with 2,878,000 qrs. on 

 passage on the last day of May. 



Flour. — There have been no changes in flour prices for two months, 

 and in consequence the price of bread has remained steady. The 

 London makes "Top-price," "Town Whites," and "Town House- 

 holds " remain respectively at 395., 375., and 345. per sack. As the 

 usual difference is 35. between the first and second type, it will be seen 

 that Top-price is, relatively speaking, a good bargain. Owing to the 

 shutting-down of many country mills, bran, pollard, and middlings are 

 more difficult to procure, and the prices averaged are about is. 3<i. per 

 ton higher. Hungarian has risen to the all but unprecedented price 

 of 525. per sack, and at this quotation there are naturally next to no 

 buyers. The American shipments of flour for June were only 315,000 

 sacks, and the supply on British markets has not fully attained to 

 bakers' requirements. Prices accordingly closed a little higher than they 

 opened. There are now 204,000 sacks on passage, which is 48,000 

 sacks' increase on the month, but still 46,000 sacks below the average. 



Barley. — The decline in June in the average price of British barley 

 merely indicates a reduced proportion, normal to the time of year, of 

 malting grade tendered at the statute markets. Quality for quality 

 no decline on the month is to be noted. The Russian barley, which 

 dominates the market for imported kinds, is still on offer at 22s. 6d. 

 per 400 lb. Here and there a sample of Californian Brewing comes on 

 sale at 345. per 448 lb., and among the rare but not absolutely absent 

 tenders on Mark Lane may be noted Chilian Chevallier at 395. per 



