1912.] 



The Corn Markets in January. 967 



THE CORN MARKETS IN JANUARY. 

 C. Kains Jackson. 



Wheat. — Business was slow in recovering after the Christmas 

 holidays, and mild weather for the season made the first fortnight 

 of January a difficult period for sellers. Prices, however, did not 

 go back, as the imports . and home deliveries combined were below 

 the level of consumption. The third week of the month was marked 

 by 6d. per quarter advance in all sorts of imported wheat, and when 

 in the fourth week severe frosts set in the exchanges showed prompt 

 improvement. January closed with imported wheat about 15. 6d. per 

 qr. dearer for most sorts, and 25. for fine Canadian, of which the scarcity 

 seems serious. Home-grown wheat is between 6d. and is. dearer, 

 but with improved condition is expected to come into line with imported 

 descriptions. During the damp and mild period samples did not give 

 that satisfaction which with a dry and frosty atmosphere they may 

 be expected to afford to millers. The intrinsic high quality of this 

 season's English wheat is remarkable, and extends to all parts of the 

 country, even to some of those districts of the west, where high quality 

 is decidedly rare. 



The stocks of imported wheat in the fifteen great ports at the 

 end of the month were about 1,700,000 qr., against about 2,600,000 qr. 

 a year previously. The supply of wheat on passage was 2,375,000 qr., 

 against 2,315,000 qr., so that the statistical situation gave a total of 

 4,075,000 qr., against 4,915,000 qr. The effect was decidedly bullish, 

 and would have been much more so but for the supply of wheat in 

 merchants' hands in the United States and Canada. The American 

 Republic has seen a very free sale of wheat by farmers since harvest, 

 so that merchants now hold 8,900,000 qr., against 6,560,000 qr. on 

 January 31st, 191 1. Canada has a large crop, and farmers have 

 passed over to merchants 5,355,000 qr., against 2,745,000 qr. last 

 season. The Canadian new crop is grading badly, however, only about 

 25 per cent, reaching the two top standards which in a sound average 

 year are reached by a moiety of the crop, and in an " ideal " year 

 for quality should amount to as much as 75 per cent, of the whole. 

 It is believed that as much as three million quarters of the Canadian 

 surplus will be used for feeding live stock rather than for flour. At 

 Mark Lane there has been a difficulty in securing the famous Canadian 

 wheat with 14 to 15 per cent, of dry gluten. It is now costing 105. 

 per qr. above the average price of English, and the nearest types, 

 such as Saxonka and good North Russian, are not plentiful. The 

 quality of the new Australian crop is said to be a good average. This 

 cannot be said of the new La Plata yield; the quality is regarded 

 as only medium, and the condition of early shipments is said to leave 

 much to be desired. 



January shipments were 849,000 qr. from North America, 95,000 

 from South America, 536,000 from Russia, 696,000 from Europe S.E., 

 466,000 from India, and 583,000 from Australasia. January, 191 1, 

 showed a materially heavier aggregate. The month closed with Indian 

 wheat at 'Mark Lane fetching 375. to 385. per 492 lb.; Australian, 38s. 



