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The Corn Markets in May. [June, 



THE CORN MARKETS IN MAY. 

 C. Kains-Jackson. 



Business in grain was active during almost three weeks of May, 

 but the continued fine weather exerted its influence before the end of 

 the month, which closed with market tendencies favouring the buyer. 



Wheat. — Owing to the exhaustion of stocks of home-grown grain, 

 natural at this season, the prices obtainable at the country markets 

 have shown some improvement, generally about a shilling on the month, 

 and in some cases two shillings. The best East Kent white fluffs made 

 later in May 37s. per 504 lb., 35s. was paid for sound Norfolk red, and 

 335. 6d. made for Essex rivetts. Even poultry wheat was held for 325. 

 per 480 lb., 30s. being also paid for light, or 448 lb. lots. 



Australian wheat has shown remarkable intrinsic strength in view 

 of the 1,500,000 qr. which are now on passage. This is a large quantity, 

 and its mean quality is not extremely high. The price is about 375. 

 Canadian wheat, on the other hand, has been the subject of a "slump," 

 and against 385. 6d. on the last day of April, 37s. 3d. was accepted 

 on May 31st. This relates to top grade, the decline on other sorts 

 being proportionate. At Liverpool on the 31st a cargo of the best 

 Manitoba was offered at 345. 3d. for prompt shipment, a price which, 

 after making allowance for landing charges and market profit, 

 argues a further is. spot decline, or 365. 3d. against 375. 3d. The 

 depreciation of the very valuable Canadian product appears to be due 

 to the large area sown for the 191 1 crop, the good promise shown by 

 that area at the end of May, and the consequent readiness of Canadian 

 farmers and owners of wheat in elevator to sell out their 19 10 wheat 

 previously held very firmly. Russian wheat is not cheaper on the 

 month, 325. to 36s. being the ordinary range. Indian wheat tended 

 to decline a little, but, the shipments being moderate, there was no 

 pressure to sell. 



The shipments of the month were 677,000 qr. from North America, 

 1,395,000 qr. from South America, 2,712,000 qr. from Russia, 424,000 

 qr. from Europe S.E., 365,000 qr. from India, and 549,000 qr. from 

 Australasia. The Russian shipments were extremely heavy, but only 

 300,000 qr. are on passage to the United Kingdom, and the Con- 

 tinental inquiry has been much above the average. The French and 

 Italian crops promise a better yield this season, but it will not be before 

 the beginning of August that new crop deliveries will be large enough 

 to meet current market wants. Meanwhile Russia is playing the chief 

 part in making up the deficiency. 



The total shipments of breadstuffs for ten months of the shipping 

 year, August 1st to May 31st, were 61,460,000 qr., against 52,100,000 

 qr. last season, but estimated imports of breadstuffs into the United 

 Kingdom for the same period were about 750,000 qr. less than pre- 

 viously. The increase in the Continental demand therefore is seen to 

 have been about 10,110,000 qr. The quantity of wheat on passage 

 at the end of the month was 3,510,000 qr., or decidedly less than 

 at the like date last year. It includes a relative excess of white sorts, 

 so that spot holders of red are in a stronger position than holders of 

 the former. 



