191 1.] The Corn Markets in September. 



617 



THE CORN MARKETS IN SEPTEMBER. 

 C. Kains-Jackson. 



Not for many years has September been marked by such brisk and 

 sustained business as has distinguished the past month. The harvest 

 had made great progress by the end of August, even in the north, and 

 the first twelve days of September being remarkably fine with a very 

 dry atmosphere, threshings proceeded with unaccustomed rapidity. The 

 demand for the new crops was greatly stimulated by the fine quality 

 shown, and the only drawback is that the new cereal year has begun 

 by a heavy draft on home production which is likely to make home- 

 grown grain more than usually scarce after Lady Day next year. 

 The tendency to sell new crops early does not in any way diminish, but 

 it is not put down exclusively to the needs of farmers for cash after 

 harvest. Prices for the second half of the cereal year show, on an 

 average of five-and-twenty seasons, no such clear advance over the 

 first half as would demonstrate the wisdom of holding corn back. 



Wheat. — The new wheat of home growth is remarkable for its 

 hardness and fitness for immediate milling, which in the eastern parts 

 of England excites less attention than in the west, where in three years 

 out of four samples on the summer side of Martinmas are not 

 usable without a large admixture of dry old wheat, whether home- 

 grown or imported. The new English wheat this season is often 

 capable of " creating " a lofty loaf without aid from any Manitoba, 

 Saxonka, or strong Argentine, but the most experienced millers prefer, 

 even in this exceptional year, a certain percentage of wheat from 

 abroad. 



The prices quoted at most markets have been about 355. for white 

 and 345. for red per 504 lb., which weight is attained pretty generally. 

 Few samples fall below 496 lb., and it is said that there is "next to 

 no tail corn." This, of course, is a vague term, but it is an index 

 to opinion as regards both the fine quality of 191 1 wheat and the 

 perfect condition in which it was secured. Dominion wheat at the 

 close of the month was about 405. on spot, with a large forward 

 business done for October shipment at 375. per 480 lb. This gives 

 the seller up to 31st to ship. The sorts of imported wheat on which 

 most business has passed have been Indian at 355. to 36s., and Austra- 

 lian at 375. to 385. per qr. The Russian wheat crop of 191 1 is put at a 

 total so markedly less than that of last year that holders of 19 10 corn 

 have been increasing in firmness of attitude all through the mont^i. 

 They asked on the 30th 385. to 395. per 492 lb. Little has been done 

 in other foreign sorts of wheat on spot, but the Pacific seaboard of the 

 U.S. is busy shipping new wheat at a 375. per 500 lb. level. 



September shipments were 1,303,000 qr. from North America; 

 520,000 qr. from South America ; 417,000 qr. from India ; 917,000 qr. 

 from Russia; 1,421,000 qr. from Europe S.E. ; and 425,000 qr. from 

 Australasia. The large exports from the countries grouped as Europe 

 S.E. were the feature of the wheat shipments of September. There 

 were on the 30th 2,100,000 qr. on passage of all sorts, which is about 

 the same total as a year ago. September imports were not excessive 

 in themselves, but, taken together with the unusually large deliveries of 

 British wheat, they raised the total wheat supply to a figure in excess 

 of requirements for current consumption. 



