526 



The Corn Markets in August. 



[sept., 



THE CORN MARKETS IN AUGUST. 

 C. Kains-Jackson. 



l wo circumstances have made August in the corn trade a memorable 

 month, but no connection exists between them. The one is the early 

 harvest, which has caused the last ten days of the month to be well 

 supplied with new corn — an event rare enough to be chronicled. The 

 other has been the difficulty experienced for the greater part of the 

 month in obtaining delivery of produce purchased. In consequence, 

 extreme reluctance was show 7 n by buyers in completing contracts where 

 delivery could not be guaranteed, and the equal avoidance by owners 

 of grain and flour of contracts to supply produce at a specific date, 

 even where the latter was a fair time in advance. 



Wheat. — The transition from old to new crop deliveries has 

 occasioned very little change in average prices. The old crop, though 

 of secondary quality in 19 10, has improved and hardened by 

 keeping. The new wheat has come on sale at 345. to 365. 

 for white, 325. to 34s. for red, and been promptly taken up at 

 these terms. What is particularly gratifying - about the new crop 

 deliveries is their strength ; they are sometimes fit for immediate mill- 

 ing use in an unmixed state, and the secondary lots only need about 

 25 per cent, of Manitoba or Saxonka added, whereas the proportion of 

 dry and glutinous foreign wheat required a year ago was from 50 to 60 

 per cent. The sales of British wheat for August exceeded the mean, but 

 the excess was exclusively in the later portion of the month. The 

 imports of August were moderate. Prices ranged from 365. to 405. for 

 good Canadian, from 35.9. to 375. for new American red winter, from 

 325. to 365. for Russian, from 345. to 355. 6d. for Indian, and from 35s. 

 to 365. for Argentine. The chief shipping countries sent off the follow- 

 ing quantities : — North America, 996,000 qrs. ; South America, 785,000 

 qrs. ; India, 540,000 qrs.; Russia, 1,034,000 qrs.; "Europe, S E.," 

 300,000 qrs. ; and Australasia, 347,000 qrs. There were, on the last 

 day of the month, 2,700,000 qrs. on passage to this country — a total 

 closely approximating to average expectations. 



Flour. — The top price has been advanced 2s. on the month, but 

 this has little influence on ordinary transactions. Hungarian, the chief 

 confectionery type, is 6d. to 15. cheaper. The value of Household flour 

 is is. up from a month ago, but interest has been mainly concentrated 

 in getting actual delivery; by the close of the month supply from 

 mill to bakery had resumed its normal condition. The shipments 

 of flour for August were much below the mean ; 350,000 sacks from 

 North America, 15,000 sacks from Australia, and 10,000 sacks from 

 the Adriatic are quantities so reduced as to prepare us for stringency 

 in supply of foreign flour between now and October. The extreme 

 scarcity of milling offals, such as Bran, Middlings, Sharps, and Pollard, 

 has been a feature of the month, and prices have risen a full sovereign 

 on the ton. The new crop of wheat is now relieving the market, and 

 with increased supplies of milling flour will come corresponding increase 

 in the by-products of the mill. » 



Barley. — The imports and home deliveries of this cereal have both 

 been very small, and if demand had not been limited likewise prices 



