i9io.] 



The Corn Markets in January. 



953 



THE CORN MARKETS IN JANUARY. 

 C. Kains-Jackson. 



Sellers of grain have found the first month of the new year one of 

 disappointment, for a weak demand has made it very difficult fully to 

 maintain prices. There has been little actual change in quotations ; 

 but in mid-winter a certain buoyancy in the markets is expected, and the 

 absence of this has created a feeling of more or less depression. 



Wheat. — The price of British wheat in London has been a little 

 higher than for January, 1909, but there was a duller feeling late in 

 the month than at the beginning, and country holders found little 

 encouragement to deliver up to town. Fine white wheat, however, 

 made 405. on the 31st, and sound red 385., these prices being for the 

 504-lb. qr. Poultry corn realised 305. to 325. per 448 lb. 



Foreign wheat has advanced a little for fine Manitoba ; in a season 

 when British is lacking in dry gluten, the Dominion product is par- 

 ticularly appreciated. Old crop Argentine and Australian have become 

 scarce, and the supply of Russian has been much below that which 

 the heavy shipments might have led one to expect. Most of the 

 Russian export surplus seems to be required by Continental buyers. 



Interest has mainly attached to the purchases of new crops. Aus- 

 tralia has been getting 40s. 6d. for South Australian, 405. gd. for West 

 Australian, 405. 3d. for New South Wales — all 480 lb. for present month 

 (February) shipment. Argentina has obtained 385. 3d. for new Baruso, 

 405. gd. for old Rosario, 405. for new Rosario — prompt shipment, per 

 480 lb. These operations in new crops, conducted while the actual 

 harvests were proceeding, may in some respects be classed as " futures," 

 but they differ essentially from what is called " the speculative trade " 

 in being purchases of which actual delivery is required to supply mill- 

 ing wants. Many millers, in fact, now buy direct. The market is 

 not particularly depressed by news of a big crop in Australia, for the 

 deficiency in Argentina is admittedly serious, and likely to balance the 

 increase in our own Colonial surplus. 



At the end of the month, 2,500,000 qr. were on passage, against 

 2,200,000 qr. at the middle and 1,900,000 at the beginning; stocks of 

 foreign wheat in the chief ports were estimated to have increased from 

 1,200,000 to 1,560,000 qr. during the month. These figures largely 

 explain buyers waiting in hopes of lower prices. Shipments included 

 1,189,000 qr. from North America, 362,000 qr. from South America, 

 2,386,000 qr. from Russia, 244,000 qr. from "Europe, S.E.," 281,000 qr. 

 from India, and 943,000 qr. from Australia. The Australian shipments 

 are nearly all for the United Kingdom. 



Flour, — The month has passed without any change in the top price 

 of flour, but on the 31st 305. was accepted for ordinary household 

 grade, which had previously made 305. 6d. Country flour sustained a 

 corresponding decline, and even then sales were slow. Canadian flour 

 at 30s. to 315. has commanded a fair sale, and there has been some 

 buying of best Minneapolis at 315. 6d., best Hungarian at 48s. 6d., and 

 Australian (from old crop wheat) at 325. per sack. American shipments 

 were 685,000 sacks, and 240,000 sacks are stated to be on passage. 



Barley. — This trade has been discouraging in London, and it has 

 not been much better at the rural markets. The weather has not 



