440 



The Corn Markets in July. 



[AUG., 



shipping year ends July 31st. Returns of breadstuff s' exports (including 

 flour as wheat) are not yet fully verified, but will probably show record 

 totals, about 74 million quarters against 62J millions last season. Russia 

 and Europe S.E. have led the wheat export trade. Shipments of the 

 month were 557,000 qrs. from North America, 789,000 qrs. from South 

 America, 1,326,000 qrs. from India, 2,176,000 qrs. from Russia, 254,000 

 qrs. from Europe S.E., and 544,000 qrs. from Australia. The large 

 Indian shipments were noticeable. The supply on passage on 31st was 

 2,910,000 qrs., a very ordinary total. 



Flour. — Holders of flour have had a very unfavourable month. The 

 weather has been against the condition of supplies in warehouse, and 

 at the same time has been adverse to a good inquiry for bread. Thus 

 bakers were buying less than usual in the identical weeks when millers 

 had strongest reasons for effecting a clearance. That prices show little 

 change, nothing, indeed, worth quoting, must be ascribed to the sus- 

 taining influence of the firm market for all sorts of wheat. The ship- 

 ments of July were 395,000 sacks from North America and 15,000 sacks 

 from Australia, both under-average quantities. The supply on passage 

 on the 31st was 133,000 sacks — a very small total. 



Barley. — The month closed with 380,000 qrs. on passage, including 

 145,000 qrs. Russian feeding, and 70,000 qrs. Californian brewing. 

 Trade has been very inert, but the chief imported kinds have remained 

 in strong hands. The shipping year witnessed specially large exports 

 of this cereal from Russia and Roumania, and fair exports from Cali- 

 fornia. The shipments of the month were 1,868,000 qrs. of feeding corn 

 from Russia, and 147,000 qrs. from Europe S.E. 



Oats. — The supply on passage remains considerable, but the hot 

 weather is regarded as having been very exhausting for the growing 

 crop, and holders have shown no haste to sell. Both Argentine and 

 Russian cargoes on passage have, indeed, been held for an advance. 

 On the 31st new winter oats at Mark Lane made 195. to 195. 6d. 

 per qr. During the shipping year ended July 31st, Russia exported the 

 colossal total of eleven million quarters, which exceeds by a million the 

 world's shipment of oats for the year ended July 31st, 1909. For that 

 •ended July 31st, 1910, the total exports of all countries were 12I millions. 

 The shipments of the month were 212,000 qrs. from North America, 

 132,000 qrs. from South America, 867,000 qrs. from Russia, and 40,000 

 qrs. from Europe S.E. 



Maize. — The month witnessed a remarkable development of market 

 strength for this cereal, and the strength was further to be noted for 

 its statistical and non-speculative basis. While imports, over six millions 

 for the first seven months of 191 1, are considerable, use has been large 

 and stocks are less than usual. Meanwhile, the bids of 245. to 26s. 

 from Mark Lane per qr., and of 55. 5<2. to 5s. yd. from Liverpool per 

 cental, have quite failed to attract foreign holders, so that by the 31st 

 the supply on passage to the United Kingdom had fallen to 380,000 qrs. 

 against 865,000 qrs. on July 31st, 1910, and 955,000 qrs. on July 31st, 

 1909. As compared with a twelvemonth ago, Argentine was is. 6d. 

 and African 2s. dearer, but American could be had for 26s. where 

 a year back it was not on spot offer at all, and the chief round sorts 

 at 25s. to 26s. were not dearer on the twelvemonth. The growing maize 

 was regarded on the 31st as promising in S.E. Europe. Argentina did 



