The Corn Markets in December. [Jan., 



THE CORN MARKETS IN DECEMBER. 

 C. Kains-Jackson. 



Wheat. — The average price continued for English at 2s. to 3s. above 

 the level of a twelvemonth previous. December, 1911, wound 

 up therefore with appreciably stronger markets than did De- 

 cember, 1910. Russian wheat was 3s. to 35. 6d. dearer on 

 the year, American winter 2s. dearer, and spring 45. dearer. This 

 interesting difference in the rise of the American sorts in England 

 is but a faint reflection of the difference in America. New York's 

 last market of 191 1 gave prices equalling 345. per 480 lb. for winter, 

 and 41.9. for spring wheat. It was to be noted with regard to these 

 quotations, that while the values in England and America respectively 

 encouraged winter wheat shipments for 1912, they appeared to prohibit 

 supplies of the spring wheat which the English miller particularly 

 appreciates. About 425. was the best price made for the finest Mani- 

 toba and other "best Dominion" wheat, the year ending with 415. to 

 415. 6d. ruling. This was 55. advance from the period when Canadian 

 crop results were most favourably reported upon. 



The supply of wheat on passage at the end of December was fully 

 half a million quarters larger than at the end of 1910, the increase 

 being in Californian and Australian, two sorts of better colour than 

 strength. The natural anticipation, of course, is that for the first two 

 months of 19 12 strong red wheat will be a more buoyant market than 

 weak or starchy white. The warehouses at fifteen chief ports hold 

 just on two million quarters, a clear million less than a year ago. 

 This makes wholly for a rising market, and it is not thought likely 

 that farmers will check the rise by heavy deliveries. They are believed 

 to have sold about 600,000 qr. more of the new wheat in the first 

 four months of the cereal year than they did last season, and this 

 being so, the reserves of home produce are not likely to be so large 

 as to encourage fuller market supply than usual. 



The shipments of December were 1,472,000 qr. from North America 

 (including a large percentage of Canadian), 242,000 qr. from South 

 America, 1,193,000 qr. from Russia, 1,183,000 qr. from Europe S.E., 

 493,000 qr. from India, and 324,000 qr. from Australasia. The Antipo- 

 dean harvests were assumed at Christmas to be about equal in total 

 to those a year previously, the increased yields in Argentina balancing 

 the decrease in Australasia. 



Flour. — The mean price of Town Households at Mark Lane's 150 

 markets within the year 191 1 was 265. qd. per sack, against 275. $d. 

 for 19 10. But Minnesota First Bakers' Flour, the strong American 

 sort largely used for mixing with English flour in making an ordinary 

 loaf, closed as it opened, the year, at 255. 6d. to 26s. per sack. 

 Finest American in 191 1 never went lower than 295., and closed at 

 315. 6d. London top-price on December 30th was 32s. for cash. 

 Hungarian fancy flour was making 395., Australian ordinary, 255. 6d., 

 and common country roller whites 245. or thereabouts. The prices 

 commanded in December by the by-products of the mill were more 

 favourable to the miller than to the owner of live stock. 



December shipments from North America were 498,000 sacks, and 



