The Corn Markets in August. 



[SEPT., 



THE CORN MARKETS IN AUGUST. 

 C. Kains-Jackson. 



The tendency towards declining prices has been persistently resisted 

 in the rural markets during August, and until the last few days of the 

 month less than forty shillings per quarter was not accepted for wheat. 

 The great ports, on the other hand, including London, showed a readi- 

 ness, after the beginning of the month, to accept reduced quotations. 

 The whole course of the markets which are mainly dependent on 

 foreign corn has been against the seller. 



Wheat. — Up to the very end of the month the threshings of new 

 wheat had been hardly worth mentioning, while the old crop was 

 almost entirely exhausted even before August arrived, At several 

 country markets during the last fortnight no wheat was on sale at all, 

 and the total sales for the statute markets during August were smaller 

 than for any previous August since the advent of the new century. 

 Hitherto July has held all records in the matter of short deliveries; that 

 month in 1905, 1906, and 1909 showing the three lowest totals recorded. 

 The price of English wheat still averaged as much as 455. 8d. at 

 Doncaster at a date past the middle of the month, but before August 

 closed 365. 5J. had been accepted at Chichester, and the very low price 

 of 33s. lod. was recorded from Salisbury. North of the Thames prices 

 were generally higher than in the South, while in the southern 

 counties condition was damp and unsatisfactory. Damp and " unfit " 

 wheat does not always go to the fowls, but the miller who keeps and 

 conditions it does not do so gratis ; the fee comes out of the price. 

 Economically this is so much loss, for the miller does not care for 

 the trouble, and the farmer wishes for a full price. If a broken harvest 

 cannot be obviated, a saving both of money and labour would result 

 from the farmer keeping his corn until it was fit for the mill. He has 

 the room for the stacks, and in most cases he has accommodation in 

 his barns for threshed corn as well. 



The fall in foreign wheat has reduced values off stands to 45s. 6d. 

 for best American, 445. 6d. for Australian f.a.q., 435. 6d. for long- 

 berried New Zealand, 425. 6d. for short-berried New Zealand, 445. for 

 Argentine, f.a.q., 425. for Indian White Wheat, and 41s. 6d. for Indian 

 Red. These are London prices per quarter made at the last Mark Lane 

 market of the month. At Liverpool on the 31st, ys. S±d. per cental (or 

 375. per 480 lb.) was accepted for American New Red Wheat f.a.q., 

 guaranteed delivery before the end of September. Readers of market 

 reports should note that the so-called " bearishness " of American and 

 other Term prices is at least part payment for advantages ; the London 

 prices, for example, are all above 405. , compared with which the leading 

 Liverpool price of 375. looks very depressed. It is, in fact, the price 

 of a poor market, showing a fall of 2d. per cental on the week, but the 

 seller got advantages which the London merchant did not. The latter, 

 if he took his price, had to deliver ex warehouse to buyer's order. At 

 Liverpool the seller had a clear month in which to deliver at his own 

 convenience, and had four weeks' markets on which himself to buy 

 if so disposed. The buyer on August 31st, who is not sure of his 

 grain before September 30th, needs a tempting price if he is to stand 



