i9io.] 



The Corn Markets in June. 



335 



THE CORN MARKETS IN JUNE. 

 C. Kains-Jackson. 



The downward movement in prices continued during the first three 

 weeks of June, but the last week of the month manifested an improved 

 tendency. Neither decline nor improvement, however, are of much con- 

 sequence in themselves, for they were no more than reflections of 

 news of crop prospects. The rally before the close of the month was 

 largely influenced by a material reduction in the supplies on passage. 



Wheat. — British wheat is more than ios. cheaper on the year, but 

 at this period in 1909 value was undoubtedly inflated, while to-day 

 many, probably a majority of, observers regard it as unduly depressed. 

 The arrivals of June have been in excess of requirements by perhaps 

 400,000 qrs. ; the supply on passage has fallen from 3,950,000 qrs. to 

 2,900,000 qrs. Of British wheat, deliveries showed a substantial decline 

 from May of this year, but were a good deal larger than for June of 

 last season. 



Average English wheat at the end of June made 29s. to 31s. for 

 red, 325. to 34s. for white (per 504 lb.). Indian, worth 33s. 6d. white, 

 and 335. red, on the last day of May, made these prices a month later, 

 and seeing the liberal arrivals of the particular sort it may fairly be 

 said that it met with appreciation all through June. Australian, worth 

 355. 6d. on the first day of the month, realised 35s. on the last. Odessa 

 Ghirka showed no change at 325. 6d. per qr. The market has not 

 been active for Manitoba, Californian, or Argentine. Foreign sorts 

 range from 325. to 365., with 345. as a fair average. 



Shipments for June were 630,000 qrs. from North America (largely 

 from Canada) ; 353,000 qrs. from South America (mostly, as usual, 

 Argentine); 537,000 qrs. from India; 1,710,000 qrs. from Russia; 225,000 

 qrs. from Roumania ; and 180,000 qrs. from Australasia. These totals 

 have exerted little influence, for Russia alone has exceeded anticipa- 

 tions, and the Continent has taken 75 per cent, of the Russian exports. 

 What has depressed the markets has been the opinion that the wheat 

 production of the North Temperate Zone in 19 10 would largely exceed 

 the average. 



Flour.— The London top-price was reduced to 335., while cash terms 

 for Town Whites and Households closed at 295. 6d. and 26s. 6d. re- 

 spectively. At these moderate quotations there was an improvement in 

 retail business. Country flour at 235. for Roller Whites has also had an 

 augmented sale. The supply of foreign on passage is stationary, and 

 below the average. North America in June shipped only 334,000 sacks. 

 Prices for foreign on the last day of the month included 305. for 

 Minnesota, 255. for Iron Duke, 395. 6d. for choice Hungarian, and 

 26s. 6d. for f.a.q. Australian. 



Barley. — A further fall of over a shilling on British samples is the 

 more depressing as the average at the end of May was already very 

 low. The poor quality of what is left of the 1909 crop appears to be 

 the main cause of the depressed quotations. Russian barley has fallen 

 6d., i.e., from iSs. to 175. 6d. At the latter remarkably reduced price 

 it has a fair sale. Other imported sorts of barley are fetching 245. per 

 400 lb., new crop Anatolian, variously described as Smyrna or Sea of 



