1 909-] 



The Corn Markets in July. 



423 



shire state that there was some irregularity of employment in certain 

 districts. Day labourers were in fair demand for haymaking, root 

 hoeing, and fruit picking; the supply, however, was in general quite 

 sufficient. In Devon and Cornwall there was also some interruption 

 through wet weather, but work was plentiful, and day labourers fairly 

 well employed, on the whole. 



THE CORN MARKETS IN JULY. 

 C. Kains-Jackson. 



The harvest prospects of the world now influence the corn trade, and 

 during the last fortnight of July the view was strongly held that the 

 wheat harvests of 1909 in the United States, Canada, Russia, and 

 Roumania would exceed those of the previous year. The opinion also 

 prevailed that Russia would have a very large crop of barley, and the 

 United States a good export surplus of oats after September, and of 

 maize after November. This general impression of coining plenty made 

 these products rather cheaper during the past month. 



Wheat. — The home crop, when varying two million quarters from 

 one year to another, may be said to show an exceptional degree of 

 difference, but the vast areas under wheat in the United States exhibit 

 differences of four or six million quarters on very small percentage 

 changes in the yields per acre. The yield in the United States is not 

 yet by any means assured, as the spring wheat crop is not ripe until 

 the middle of August. Russia, too, has a very large area of spring 

 wheat. The most interesting business item of July for many was the 

 competitive offer by the United States and Russia of their winter wheat 

 then being reaped. The United States asked at first 415. for August 

 shipment, but as the month progressed came down until, on the 31st 

 July, 395. gd. was accepted. The small fraction under the forty shillings 

 was regarded as likely to tempt buyers. Russia did not begin offering 

 new crop wheat quite so early as America, but on the last day of the 

 month there was a good choice of grades ranging from 40s. 6d. for 

 common hard red of the Azoff type, up to 445. 6d. for the finest selected 

 grain. The American quotations are for a quarter of 480 lb., but the 

 Russian offers represent 492 lb. to the quarter. These differences may 

 roughly be adjusted by allowing a penny per lb. for the difference; 

 thus Russian wheat at 41s. per 492 lb. is practically about equal to 

 American at 405. per 480 lb. 



The price of foreign wheat from port granaries has been not much 

 reduced, and, with only 1,250,000 qrs., just half an average, in the 

 fifteen great ports, it is rather difficult to find any reason for a decline 

 at all. Every ton of stored wheat will be required to meet ordinary 

 weekly consumption long before the new wheat of America and Russia 

 gets into consumption. Prices ruling at the end of July were about 

 495. for the finest Canadian, 475. for No. 3 Manitoba, a good fair 

 average quality, 465. for Russian winter a good sample, 455. 6d. for 

 Odessa Ghirka, 47s. 6d. for Australian, 465. to 475. for the great 

 majority of samples from Argentina, 455. 6d. to 465. for New Zealand, 

 43s. 6d. to 445. for Durum, and 435. to 465. for Indian wheat, of which 



