PROSPECTS OF WHEAT.

Temuka Leader, Issue 1690, 24 January 1888, Page 4

PROSPECTS OF WHEAT.

The London correspondent of the Argus, under date Dec. 2, writes:— The corn trade continues to be marked by firmness and steadiness, and the tendency of prices is upward. The rising movement is slow and halting, but it is a movement distinctly in the right direction; and not being of a spasmodic character, it is likely to be continuous and durable. Reviewing last week’s operations,- the Magnet of Monday remarks that “the firmness in the grain trade noticed last week has been extended into this. Business has been quite of an average character, and throughout the tendency has been against the buyer. Wheat has occasionally made rather more money, and a firmer tone has also been reported from America and the leading continental centres. The statistical position has not varied appreciably. The market appears much sounder than it has done for a long time, and to be supported solely on the merits of supply and demand.” The average price for wheat in the country markets last week was 30s 9d, being an advance of 4d per quarter on the week, and 6d per quarter on the month. Business at Mark Lane on Friday last was very firm, with slightly dearer rates- Last Monday’s market, however, opened with a quieter tone, and transactions on a more limited scale, but former prices were well upheld. Foreign wheat, indeed, was generally held for an advance of 6*d per quarter on the rates of the previous Monday; but this, except in the case of Indian descriptions, was with difficulty obtained, the demand on the part of the millers having died away to a great extent. A cargo of Australian wheat, early .November shipment, was sold at 34s 3d per 4801 b. Foreign flour was freely offered, but sales were dull at previous quotations. Barley, oats, beans, and peas were steady, and former values were well sustained.

In America the speculation for the rise continues, [and her supplies are held out of the reach of our buyers. The spot quotation of Wo. 2 red winter in New York is 88|- cents, 21 cents higher for the fortnight. I heir visible supply has increased to 39,362,000 bushels, against 59,572,000 bushels at the same time last year. Their shipments to Europe in the 14days amount to 315,500 quarters, of which 158,000 quarters are from California.

The total quantity of wheat and flour afloat for the United Kingdom, including ports of call for orders, is now estimated at 1,494,000 quarters, as compared with 1,855,000 quarters 12 months ago. Australian wheat on the spot is held for Is more money, at 34s to 34s 6d per 4961 b, es store, according to quality, but the demand is only of a retail character. On passage two cargoes have changed hands, vi#.,

Oronsay, from Port Augusta, 6500 quarters at 345; and a wooden ship from South Australia, 5000 quarters, 8.L., Nov. 9th, at 34s 3d, s.d. For shipment there are buyers of new crop, December-January shipment to United Kingdom, f.0.b., at 34s to 34s 3d, but Australian shippers do not seem disposed to sell thereat, and offer very little. New Zealand has been fairly dealt in at an advance of 6d per quarter, but the demand was rather languid at the clbse. Fair to good Tuscan is quoted 33s to 345, and short berry 32s to 33s per 4961 b, ex store. Superfine Australian flour is nominally worth 27s to 28s per 2801 b, ex store. Barley is selling at about previous currencies. New Zealand beans are 33s to 34s per 5041 b, ex store; and New Zealand oats are rather dearer at at 21s to 24s per 3841 b.