i9io.] 



The Corn Markets in March. 



73 



THE CORN MARKETS IN MARCH. 

 C. Kains-Jackson. 



The recent course of the markets has been unfavourably affected 

 by the Easter holidays, Mark Lane being closed from the 23rd to the 

 30th, and holders of granary stocks accepted unduly depressed prices 

 in order to clear before this very long adjournment, and so escape a 

 week's warehouse charges. The resumption of business at the fag end 

 of the month was not brisk, but those who had been firm in holding 

 over Easter asked rather more money for their grain, and with very 

 moderate imports of all articles except oats were sometimes in a position 

 to obtain it. 



Wheat. — The condition of English wheat has shown slow but quite 

 unbroken improvement as the month proceeded, for dry weather, with 

 sharp drying winds, was the chief weather feature, and this exactly 

 suited thrashings. Prices gradually hardened for the better lots, but 

 a desire to sell the poorer samples and be quit of them was manifested 

 in so many country markets that the imperial average did not improve 

 as it would have done on sales of good milling quality only. In Kent 

 alone prices have steadily averaged thirty-four shillings. 



Foreign wheat has recovered the shilling lost in February on 

 American and Canadian fine quality rich in dry gluten. This is in 

 large demand for mixing. New crop Argentine, on the other hand, has 

 fallen in price, as it proves to be inferior to that of last year. The 

 shipments, however, are much smaller than in 1909, and holders of 

 what is on passage showed before the month was out an inclination to 

 stand out over price. Russian wheat is maintained with great stability 

 at 40s. to 42s. per 496 lb. Its intrinsic milling value is high, sometimes 

 of the highest, but it is impossible to buy on grade; the samples need 

 very careful inspection, and disputes are unfortunately more rife than 

 in any other branch of buying. Consequently the business done in 

 Russian wheat is not nearly so large as might be expected, especially 

 in a year when Russia has a very heavy surplus. 



The quantity of wheat on passage has increased on the month to 

 3,900,000 qrs., but is still rather less than at this time last year. More 

 than two million qrs. are Australian, which indicates the probability 

 of white wheat of only medium milling strength predominating on the 

 markets of the early summer. Strong red wheat, therefore, should pay 

 to hold. 



Shipments for March were 426,000 qrs. from North America (mostly 

 high quality Canadian), 1,208,000 qrs. from South America, 1,578,000 

 qrs. from Russia, 111,000 qrs. from Europe S.E., 193,000 qrs. from 

 India, and 983,000 qrs. from Australia. Considerable contracts for April 

 and May shipment from India have been entered into, but business for 

 future shipment from the two Americas has been less than usual. 



Flour. — London millers have reduced their credit and delivery prices 

 by 6d., but this has been the result of country rather than of foreign 

 competition. Flour from East Anglia continues to be sent to London 



