WHEAT PROSPECTS.

Ashburton Guardian, Volume VII, Issue 1679, 5 October 1887, Page 3

WHEAT PROSPECTS.

By the last English mail we learn further particulars concerning the cropß, together with the condition and future prospects of the London market. The drought which had prevailed so lorjg over Great Britain m<\ parts of the Continent had commenced to show signs of breaking up, and the showers which bad already fallen were materially improving the prospects of the harvest. In England the wheat crop was turning out very satisfactorily, and was by far the largest yielding of the cereals, while m Scotland wheat was taking a second position to barley, though the yield there promised to be quite aB variable as m any other part of Great Britain. Still the total production of wheat m the United Kingdom had every prospect of being above the average, as well as of excellent quality la France the yield, though m some parts poor and generally unequal, was expected to be somewhat m excess of that of last year, while the quality was also very good The Austro-Huogarian harvest was an exceedingly good one, the yield turning out even larger than anticipated. The crop m Germany was anticipated to be ''slightly deficient the .yield not promising to come up to that of last year, which itself was a small one. In the other Continental countries tho yields were estimated to be about the same as last year, while m Bussia the crop was turning out larger than at first anticipated, a very fair yield being now expected. In Egypt, Algeria, and South America, the crops were also very good, "but these countries do not very much influence the world's supply of agricultural produce. In Canada a large harvest was being gathered, but the exports from the Dominion aro usually of the smallest dimensions. The United States crop was producing a larger return than was expected, while the Indian yield was anticipated to show a considerable decrease from last year's production The total production of the world though larg- r than at first exreoted was not anticipated to be quits equal to that of last year. The condition of the London market when the mail left waß not very encouraging, and showed a farther tendeboy downward, and this has been borne out by our late cablegrams, from which we learn that the lowest price yet touched for Australian wheat has been reached. Buyers m LoDdon were greatly kiflaenced, no doubt, by the immediate Srotpect of new, wheit, and the large Ingliah harvest, the new market for which opened we learn by cable, a few days after the departure of the mail. The heavy importations of foreign wheat also would have a Bomewhat depressing effect Nor are the prospects of the English markets of a very encouraging navur3, and there are as yet no indications prices will advance to acy great extent. Never theless, the present low prices ruling m London will, m all probability, very materially check imports to that market from many wheat producing cju&tries, while stocks m nearly all the consuming countries are smaller than they have been for many years pis'. Added to this the partial failure of the rye and oat crops will, of necessity, cause a greater con sumption of wheat, aud this with a smaller total world's production, may tend to Improve prices later on, and thus, as the year advances, the Home market will doubtless harden. Should this take place it will be a great benefit to these colonies, as there is still a large surplus on hand, while there is the promise of a good crop at the end of the year. — " Australasian.