The Sun.
London, England, 1846-07-24 00:00:00

STATE OF THE CORN TRADE

AND THE CROPS.
(From the Hull Packet of this day.)
GREAT FALL IN THE PRICE OF WHEAT.

The state of the corn markets at the present moment de-
mands a prominent notice. The extensive fall in prices at
the London and provincial markets, within the last few days,
has excited much attention. The weekly average was 525. 3d.
on 93,694 quarters, against 525. 10d. on 86,885 quarters the
previous week. The corresponding one of the: past year was
48s. 10d. on 105,629 quarters. The present duties are—
wheat, ss. ; barley, 4s. ; oats, ls. Gd.; rye, 45.; bane, 4s. ;
peas, 45.
Our last week's report brought down the accounts to Wed-
nesday. The markets of Thursday showed indisputable evi •
dences of a decline. At Birmingham there was a large supply
from the farmers, and prices gave way 2s. per quarter, with a
very dull trade. The same remarks applies to Bristol. At
Wakefield, on Friday, the ruling market of the north of
England, the decline of 2s. per quarter was fully sustained,
although the arrivals were light. According to one of the
circulars of that market, the low price at which American
flour is selling keeps the wheat trade in a most depressed
state. Oats and shelling, likewise, were selling at lower
rates. The arrivals of wheat, independently of the stocks
from farmers' hands, did not amount to more than 9,096 qrs. ;
but the millers have discovered that the American flour from
Liverpool finds its way to their customers, and checks their
business materially.
The markets of Saturday, not only those of Yorkshire and
Lancashire, bnt likewise those of Lincolnshire, Norfolk, and
throughout the north of England, were affected by the de-
cline. American flour met with a fair demand at Manchtster.
At Nottingham and Norwich the fall was as much as Bs. a
quarter. Growers pressed sales at the latter place at the de-
cline, thus affording evidence that they have a favourable
opinion of the growing crop. The barley market, speaking
generally, appears to be nearly lifeless : good samples, how-
ever, have steadily supported prices, with a moderate con-
sumptive demand. The importations of foreign barley continue
only to a limited extent, and are generally going to bond to
await a lower duty, anticipated to take place when new
malting qualities are brought into the various markets, and
later on in the year the grinding demand will increase. Many
of the foreign cargoes of oats are reported out of condition.
The first ship from Archangel with this grain arrived last
week, and they may now be expected to drop in regularly
for some time to come. The quality proves satisfactory,
weighing about 381 b. per bushel, and of a good colour; open-
ing price was 235. per qr., being about 6d. per qr. higher than
that of last year, and about one month earlier. Beans main-
tain their price.
The plant has been little benefited by the increased mois-
ture, coming too late to do any material good. The Stocks
of English are generally considered to be low, and those of
foreign are held by many in bond to await a more favourable
construction of the new Act with respect to the duty thereon.
The greatest decline in wheat has been in the markets of ,
the present week. We direct attention to the Mark-lane cir-
cular of Monday, inserted elsewhere. from which it will be
seen that the fall was from four to five shillings a quarter.
There was no new English wheat at market, but the show of
foreign samples were extensive. " All descriptions," says
one account, " were a mere drug." There was an unusually
large supply of home produce; in brief, it was far more ex-
tensive than on any previous Monday during the whole of
the present year.
At Hull, on Tuesday, the sales were few, at a decline of
3s. per quarter. A determined attempt was made to sustain
a firm market, but to no purpose. The decline was most un-
willingly acceded to. Foreign wheat fetched very irregular
prices, and the same nominal decline isquoted in the circular
of Messrs. Taylor and Bright. Those gentlemen, in refer-
ence to the crops, the variable weather, and the heavy rain
of the week, add these remarks :—" The reports from the
districts round here, of the growing crop of wheat, are not so
encouraging as last week, and the produce is likely to be con-
siderably less than we at one time were led to expect. This
grain is partially lodged, and there are complaints of one row
in each ear being deficient."
Since this circular was issued, we have made inquiries of
persons holding farming land, and we find that the com-
plaint in reference to the deficiency of ear is anything but
general in this district.
The weather was extremely hot and dry up to Thursday,
but since then a considerable fall has taken place in the tem-
perature and we have had heavy i aln. Brisk winds, however,
have prevailed, and the moisture, in most places, has done
more good than harm. A continuance of wet, notwithstand-
ing, would be very injurious, and the future range of prices
of grain will in a great measure depend on the character of
the weather experienced during the next month. With a
favourable time for the ingathering, the yield and quality
promise to be extremely good, but a fortnight's rain might
detract materially from the latter, and also cause the quan-
tity to be lessened. Under these circumstances a rather ma-
terial fluctuation in prices is by no means improbable. With
a good harvest, even the present low quotations would cer-
tainly not be maintained, whilst inauspicious weather might
easily cause a considerable rise.
The prevailing opinion is, that prices will yet come down ;
and whilst holders of wheat have endeavoured to facilitate
business by submitting to reduced rates, buyers have shown
less disposition than ever to add to their stocks. Hence
prices have tended downwards, and good red wheat, weighing
60 to 61 lbs. per bushel, may now be bought in many of the
agricultural counties at 465. to 48s. per quarter. The quo-
tation for red wheat, at Hull, is from 38s. to 445. ; white,
435. to 50s. The average of our market, for the week, on
767 quarters only, is given in the official return, at 445. Bd.
At Leeds, the decline on Tuesday was 2s. per quarter on
the rates of Friday, or as much as from 3s. to 4s. on the prices
of the week. At Liverpool, the same day, the few trans-
actions in wheat were confined chiefly to the best descriptions