514 



The Corn Markets in August. 



[SEPT., 



paign, for they are doing a very fair business with bakers in contracts 

 to deliver during the next four or five weeks flour mixtures guaranteed 

 half-old, half-new crop wheat. The August rainfall was not extra- 

 ordinary, but the cloudy and rain-laden atmosphere did not conduce to 

 either quality or condition in the new harvest, which is accordingly felt 

 to require an unusual amount of " stiffening " with drier and more 

 seasoned corn. The selling value of new wheat at the last few markets 

 of August was is. to 25. more than that of 1909 grain. Imported 

 wheat has been extremely firm for spring sorts, and the average price 

 has been 415. to 415. 6d. for Minnesota and Wisconsin, and 415. 6d. 

 to 425. 6d. for Dominion wheat. The advance of the latter to 43s. 6d. 

 and 44s. at the end of July, was an emergency rise, but the market soon 

 "found itself," and for the last three weeks of August was steady at 

 the prices given. Owing to large new crop arrivals, Indian wheat has 

 declined 6d. to 15. per qr., but a good trade has been induced by this 

 concession, which makes Indian produce the best current bargain in 

 imported wheat. Russian ranged from 37s. to 405. per qr., and by 

 reason of very careful selection being required was not in general 

 favour. The Shipping Lists, which at this time of year publish crop 

 estimates which are very closely studied by the exchanges, show this 

 season a remarkable agreement in putting the world-production of 

 wheat at from 19 to 19^ million qrs. less than last year. They agree 

 in estimating the home crop at seven million qrs. 



Shipments for August were 333,000 qrs. from North America, 

 649,000 qrs. from South America, 1,439,000 qrs. from Russia, 

 1,055,000 qrs. from Europe S.E., 700,000 qrs. from India, and 

 201,000 qrs. from Australasia. The Indian and Argentine contributions 

 exceeded an August expectation, while Russia surpassed any total 

 previously known in her August trade. North America's extremely 

 small exports prevented aggregate shipments from being overwhelming, 

 but the grand total was still considerable. Continental buying coming 

 to the relief of British markets, the supply on passage fell during the 

 month from 2,550,000 to 2,350,000 qrs. It is to this feature of a 

 sharpened competition with Continental purchasers that the operators 

 at the " Baltic " are more particularly looking at the present moment. 



Flour. — London makes of flour have receded is. per sack on the 

 month, the 35. advance from Midsummer to Lammas proving too great 

 a check on buying. At 345. Top-Price, and 28s. 6d. Town Household, ( 

 business has been very fair for the time of year. Country flour has \ 

 been slow, but before the month closed was in better request at about 

 25s. for Roller Whites. There has been a disposition to accept rather 

 less money for imported flour, as the advance of July reduced business 

 to a very serious extent. America shipped only 178,000 sacks in August, 

 the smallest monthly total for a very long period. On the last day 

 of the month the 91,000 sacks on passage constituted almost, if not 

 quite, a minimum record within living memory. There are, however, 

 some heavy contracts for Hungarian to be shipped in the three last I 

 months of the cereal year. 



Barley. — So far as English barley is concerned, the trade has been 

 at full ebb, and the agricultural press has been protesting against the 

 microscopical sales on which averages were struck. Such averages, 

 of course, are required by Statute, and change, if politic, can only come | 



