THE WORLD'S WHEAT

Sun (Auckland), Volume 1, Issue 21, 16 April 1927, Page 2

THE WORLD'S WHEAT

1926-27 FIGURES LARGE SURPLUS Estimated returns for the world’s 1926-27 wheat crop register a considerable increase on the figures for the previous year. The following table, published by the Canadian Bank of Commerce, gives estimates of the exportable surpluses and of the shipments to importing countries for the entire season of 1926-27: EXPORTS. Countries. Bushels. United States .. f 200.000,000 Canada 310,000,000 Australia 112,000,000 Argentina 145,000,000 Russia 50,000,000 Other countries 45,000,000 565,000,000 IMPORTS. Countries. Bushels. Great Britain and Ireland .. 240,000,000 Germany 75,000,000 Italy 70,000,000 France 70,000,000 Belgium . . - 40,000,000 Other countries 285,000,000 780,000,000 No material alterations are expected in the estimates of production, and it now seems certain that the world crop will be only slightly above that of 1925-26. Crop conditions in many countries have, however, been quite unlike those of- last year; Europe has produced about 150,000,000 bushels less than in 1925, while three of the important exporting countries (the United States, Argentina and Australia) have entered the international market, with, in all, about 220,000.000 bushels more than they had for export last year. RUSSIAN CROP The United States, with a large crop of good winter wheat, which was harvested early, has been an important factor in the jnarket. The new crops in Argentina and Australia are above the average in yield and of better quality than those grown last year. There is no definite information regarding the size of the last crop in Russia, but it is presumed to be equal to that of 1925. The most important question in this connection, however, is the degree of success that attends the Government’s efforts to dollect wheat from the peasants, and it is of interest to note that up to December 1 about 120,000,000 bushels had been obtained by the authorities,, nearly double the quantity procured in the corresponding period of last year. It is always difficult to forecast the requirements of importing countries, and estimates in this direction are, at best, of the most tentative character. The estimated requirements are much higher than those for the season of 1925-26, but are only slightly above those of 1924-25, and are about the same as the imports of 1923-24. LIKELY REQUIREMENTS It would seem that the wheat available during the next six months is more than sufficient to meet the needs of importing countries and that at the close of the steason substantial carryovers will exist in Canada, Argentina and Australia, though these are not likely to be more burdensome than in some previous years. So far as our position in tlie market is concerned much depends upon the quantity of “strong wheat” which can be offered. The European crops this year were not only smaller than those of 1925 but were also of poorer quality, so that a liberal admixture of “strong wheat” will be. necessary if good bread flour is to be obtained. The United States spring wheat crop was short this year, while the American hard -winter, Australian white varieties and the Argentine wheat are not usually above medium strength. It now seems probable that the balance of the wheat in Canada can be restored to its usual standard by the treatment of damp wheat in the elevators, and, if so, this large supply of the kind of wheat most needed should ensure a favourable position, even though the returns will be less than in the previous season.”