i9i i.] The Corn Markets in June. 353 



dry weather on the root crops, but mention of a surplus in the supply 

 of men was exceptional in the reports. On the other hand, some 

 scarcity of men was reported in several districts, including parts of 

 the Bridge (Kent), Godstone, Epsom and Farnham (Surrey), Andover 

 (Hampshire), Chipping Sodbury and Dursley (Gloucestershire), and 

 Bodmin and West Penwith (Cornwall) Rural Districts. 



THE CORN MARKETS IN JUNE. 

 C. Kains-Jackson. 



There cannot be much doubt that an important check to trade has 

 been found in buyers' belief that the present season would be not 

 only a good, but an early one. In that event the current cereal year 

 would not afford to holders of old corn their full period lor unloading 

 it before the new crops came on the market. Whether this expectation 

 will be realised depends largely on the weather, but it may be remarked 

 that stocks of none of the cereals are excessive, while of wheat they are 

 decidedly below the average. But for the wholly exceptional May and 

 first half of June the markets must admittedly have increased their 

 prices in order to secure adequate supplies to tide over the remaining 

 weeks of the cereal year. 



Wheat. — Few price changes occurred during the month, and the 

 sales of English were not large, even when allowance is made for 

 the holiday intervals. The middle of the year is always an interest- 

 ing point at which to compare values, and on June 30th, 191 1, fine 

 English wheat stood at 365., against 335. a year previously, and other 

 sorts of wheat at the following prices, the mean value on June 30th, 

 1910, being given in brackets. Best Russian, 365. (335. 6d.) ; No. 1 

 Northern Manitoba, 375. 6d. (355.); No. 4 Manitoba, 34s. gd. (325. 6d.) ; 

 new Australian, 365. (335. 6d.) ; Argentine, 35s. (325. 6d.) ; and No. 2 

 white Calcutta, 355. 6d. (335.). When considering that the month 

 closed with prices tending to go back a little, we must not forget the 

 25. to 35. advance achieved. It represents, so to speak, something 

 definite in hand from which, with favourable crop prospects, a little 

 may be "allowed off" and yet leave us fair prices and markets free 

 from depression. 



Shipments of the month were 808,000 qr. from North America; 

 1,403,000 qr. from South America; 2,646,000 qr. from Russia ;' 

 264,000 qr. from Europe S.E. ; 672,000 qr. from India; and 

 375» 000 qr. from Australasia. These figures show a general 

 increase as compared with June, 19 10, yet supplies on passage 

 to the United Kingdom on June 30th, 191 1, were only 290,000 qr. more 

 than at a like date last year. The Continent must therefore have taken 

 an unusually large quota of the total shipments. Continental purchas- 

 ing has upheld our markets by its strong if indirect action, and may 

 be expected to do so until the new crops of France, Italy, and Central 

 Europe are actually in stock. 



The American harvest of winter wheat was on the whole favourably 

 spoken of, both for quantity and quality. There was, however, no 

 anxiety to sell for early shipment, and 325. 6d. cost, freight, and insur- 

 ance to London, was about the price for September and October ex- 



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