The Fats and oils situation

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Title:
The Fats and oils situation
Physical Description:
301 v. : ill. ; 26-28 cm.
Language:
English
Creator:
United States -- Bureau of Agricultural Economics
United States -- Agricultural Marketing Service
United States -- Dept. of Agriculture. -- Economic Research Service
United States -- Dept. of Agriculture. -- Economics, Statistics, and Cooperatives Service
United States -- Dept. of Agriculture. -- Economics and Statistics Service
United States -- World Food and Agricultural Outlook and Situation Board
Publisher:
The Bureau
Place of Publication:
Washington
Publication Date:
Frequency:
frequency varies

Subjects

Subjects / Keywords:
Oil industries -- Periodicals -- United States   ( lcsh )
Oils and fats, Edible -- Economic aspects -- Periodicals -- United States   ( lcsh )
Genre:
federal government publication   ( marcgt )
periodical   ( marcgt )
serial   ( sobekcm )

Notes

Statement of Responsibility:
United States Department of Agriculture, Bureau of Agricultural Economics.
Dates or Sequential Designation:
FOS-1 (Mar. 1937) - FOS-301 (Oct. 1980).
Issuing Body:
Issued by: Agricultural Marketing Service, 1954-Mar. 1961; Economic Research Service, May 1961-<Oct. 1977>; Economics, Statistics, and Cooperatives Service, <May 1978>-July 1980; Economics and Statistics Service, Oct. 1980.
General Note:
"Approved by the World Food and Agricultural Outlook and Situation Board," Oct. 1977-Oct. 1980.
General Note:
Title from caption.
General Note:
Item 21-D.

Record Information

Source Institution:
University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 000502965
oclc - 01588232
notis - ACS2699
lccn - 46039840 //r82
issn - 0014-8865
sobekcm - AA00005305_00012
Classification:
lcc - HD9490.U5 A33
ddc - 380.1/41385/0973
System ID:
AA00005305:00012

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Succeeded by:
Fats and oils outlook & situation

Full Text













F'oE -S
2E'A:,


UNITED STATES DEPARTMENT OF AGRICULTURE
BUREAU OF AGRICULTURAL ECONOMICS
WASHINGTON
NOVEMBER 14, 1938


THE FATS A N D O I LS S I T U -



*-_ *CN*TAE IN. TT..
THIS MONTH'S ISSUE IS A RESUME OF THE NN
: OUTLOOK REPORTS ON FLAXSEED, COTTONFSEED, SO BEASS.DEn -
: AND PEANUTS, ISSUED EARLY IN NOVEMBER BY THE
OF AGRICULTURAL ECONOMICS. INCLUDED IS A BRIEF
: REVIEW OF DEVELOPMENTS DURING THE PAST MONTH. ADDI-
: TIONAL'DATA BRING UP TO DATE THE TABLES REGULARLY
: CONTAINED IN THIS .REPORT.


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PRICES OF SOYBEAN, COTTONSEED, AND LINSEED
OILS IN SPECIFIED LOCALITIES. 1929-38
CENTS
PER
POUND .,


1932 1933 1934 1935
YEAR BEGINNING AUGUST


U.S.DEPARTMENT OF AGRICULTURE


*rG 25E51 BuREAu OF AGRICULTURAL ECONOMICS


VEGETABLE OIL PRICES REACHED A DEPRESSION LOW IN 1932. THE
SMALL 1934 COTTONSEED CROP, SMALLER PRODUCTION OF LARD, THE EXCISE
TAX ON CERTAIN IMPORTED'OILS AND REDUCED WORLD SUPPLIES ADVANCED
PRICES OF VEGETABLE OILS SHARPLY IN 1934-35. THE RELATIVELY LARGE
SUPPLIES OF SOYBEANS FOR 1935-36 CAUSED SOYBEAN OIL PRICES TO DE-
CLINE FASTER THAN LINSEED OR COTTONSEED OILS IN THE SPRING OF 1935.
THE PROSPECTIVE MARKED INCREASE IN 1937-38 PRODUCTION MATERIALLY
REDUCED COTTONSEED OIL PRICES IN THE LATTER PART OF 1936-37 AND
THESE LOW PRICES HAVE PERSISTED UP TO THE PRESENT TIME.


I






FOS-21


Table 1.- Price per pound of specified fats and oils, September-October, 1937-38

7 ~ 1938
Fat or oil :Sept. : Oct. 2 Sept. Oct.

:Cents Cents :Cents Cents
Domestic prices ::
Butter, 92 score, N. Y. 34.98 36.04: 26.25 26.29
Oleomargarine, domestic vegetable, Chicago : 15.20 15.00: 16.00 15-75
Lard, prime steam, Chicago : 10.97 9.98: 7.82n 7.42
Lard, refined, Chicago : 13.05 12.00: 8.91 8.53
Lard compound, Chicago : 11.05 10.25: 10.25 10.00
Coconut oil, edible, N. Y. 6.62 7.05: 5.25 5.25
Cottonseed oil, crude, f.o.b.S.E. mills I 6.22n 6.10n 6.48 6.25n
Cottonseed oil, prime summer yellow, N. Y. : 7.40 7.30: 7.80
Soybean oil, refined, N. Y. 10.05 8.97: 7.96 7.91
Peanut oil, domestic refined, II. Y. ll.OOn 10.50n 10.62 10.42
Rape oil, refined, N. Y. 12.73 12.65: 10.33 10.49
Oleo oil, No. 1, N. Y. : 13.00 13.00: 9.38 9.25
Oleostearine, barrels, N. Y. : 8.83 9.38: 7.88 7.58

Corn oil, refined, N. Y. : 10.34 10.08: 9.88 9.82
Olive oil, edible, N. Y. : 32.00n 32.00n 25.07 25.07
Teaseed oil, crude, II. Y. 9.39. 3 938: 7.50 7.38

Coconut oil, crude, Pacific Coast : 4.22n 4.40: 2.91 2.93
Tallow, inedible, Chicago : 6.59 5.69: 5.15 5.03
Grease, house, N. Y. 6.75 5.72: 4.g8 4.82
Palm oil, crudo, : 4.81 4.50n 3.63 3.57
Olive oil foots, barrel, N. Y. : 10.7n 10.62: 7.25 7.12
Palm-kernel oil, denatured, N. Y. : "n 4.95n 3.65n 3.65n
Babassu oil, tanks, N. Y. ) / 7.62: 6.38n 6.33n
Sardine oil, tanrs, Pacific Coast : .. 4.72n 3.73 3.73

Linseed oil, raw, Minneapolis : 10.!0 10.40: 8.10 8.48
Tung oil, drums, N. Y. : .....5 2/21.80n 13.12 13.78
P-rilla oil, drums, J. Y. : 13.:2n 13.90: 10.19 9.98
Soybean oil, crude, f.o.b. mills : .22 5.85: 5.20 5.03
Menhaden oil, crude, f.o.b. Baltimore 4.92n 4.67n 4.00 4.00

Foreign prices / :
Cotton oil, crude, naked, Hull 4.98 4.S9: 3.99 4/ 3.97
Copra, Ruse:;iu, Philippine Islands : 1.87 4/ 2.03: 4/ 1.25
Palm-kernel c .1, crude, Hull : 5.04 5.25: 3.65 4/ 365
Whale oil, crude, No. 1, Rotterdam a 4.25 4.20: 2.94 3.02
Tallow, beef, fair-fine, London : 5.40 5.28: 4.05 4.15
Linseed oil, naked, Hull a 6.69 6.75: 4.91 4.68

l Futures. 2/ Quoted as "Atlantic Coast". / Converted to U. S. Oents
per pound at current monthly rates of exchange. 4/ Preliminary.


- 2 -







F08-21 3 -

THE OUTLOOK FOR FATS AND OILS IN 193S-39


Total domestic production of edible vegetable oils will be smaller in

1938-39 than last year. Production of cottonseed oil will probably be about

1.4 billion pounds for the current crop of cottonseed, compared with almost

2 billion pounds produced last year. The domestic supply of cottonseed oil

(exclusive of imported cottonseed oil) for the 1938-39 season, as now

estimated, is 22 percent smaller than the record supply of the preceding sea-

son and slightly smaller than the average for the 10-year period 1927-28 to

1936-37. On the other hand, a production of 300 million pounds or more is

expected for soybean oil, compared xith about 278 million pounds last year.

Small increases in production of corn, peanut, and other minor edible oils

may also occur. But these probable increases in production, together with

an increase in carry-over of edible vegetable oils and oil equivalent of

raw material, of about 300 million pounds, will not be sufficient to offset

the large expected decrease in cottonseed oil production.

Another important element in the supply picture, however, is the

probable expansion in the production of lard. Since soybean, cottonseed,

and other edible oils are used in large quantities in the manufacture of

vegetable cooking fats, which compete with lard, an increase in the pro-

duction of lard may have about the same effect on the prices of these oils

as an increase in the production of the oils themlseves. Thus, although

there are large differences in the prospective supplies of individual oils

or fats, the net result of all these changes seems to be that the total

available supply of all edible fats and oils, both vegetable and animal,

will not be much, if any, smaller than last year's large supply.




FOS-21


Factory consumption of refined cottonseed, soybean, corn, and peanut
oils for tho 3 months July-Septeuber 1938, was nearly 10 percent lower than
in the corresponding pori)d in 1937, but this is made up of opposite changes
within the group. That is, factory consumption of refined cottonseed oil
was about 15 percent lower in this period of 1938 than in 1937 but the con-
sumpti n of refined soybean oil was almost 43 percent higher.

Drying Oils

Consumption of oils by the drying-oil industries in the United States
increased steadily from a low pot.nt of 475 million pounds in the caJendar
year 1932 to 834 million poun:>.. in 1937, but during this period the percentage
of linsoed oil dropped from 75 percent of the total in 1932 to 61 percent in
1936. In 1937 linseed oil contributed 68 percent of the total of drying
oils used.

During the 9 months, January-September 1938, disappearance of linseed
oil amounted to 379 million pounds, compared with 489 million in the corres-
pondirg period of 1937.

Drying oils, competing rith ar.d supplementary to linseed oil (i.e.,
tung, pjrilla, fish, and s yben. oil0 ) furnished almost a third of United
States drying oil requirements in the calend-r year 1937. Supplies of these
oils now on hand are larger than average. There are no indications, however,
that production of these oils during the coming season will be materially
different from last year except that "soybean oil supplies probably will be
larger.

Stocks of fish oil also compete with and supplement linseed oil to a
limited extent. Stocks of fish il on September 30 amounted to 100 million
pounds, compared ..ith 93 million a year earlier and 117 million pounds on
September 30, 1936. No official information is available as to the produc-
tion ,f fish oil this season but early reports indicate that good catches
of fish are being made. Total production of soybean oil for the crop year
just closed amounted to ab.ut .-S3 million pounds, or the largest production
of record. Stocks carried over Into tne new season are large and oil pro-
duction from the 1938 crop of soybeans vill probably exceed 1%37-38 production.

Prices

Despite the docroaso in the indicated United States supply of cotton-
seed oil, prices of cottonseed oil in the e rly part of the current season
were only slightly higher than the average for the preceding season. Prices
of lard, an important coimetitor of cottonceed oil, however, averaged 15 per-
cent lower in August and Septeuber than during the 12 months ended July 1938.

Prices of soybean oil averaged about 9 cents per pound during the
1936-37 marketing season. In 1937-38, with production of both cottonseed
and soybean oil at record high levels, pre':ailing prices for soybean oil were
considerably lower, av:razing less than 6 cents per pound. The price of soy-
bean oil is now slightly lower than a year ago. With a new record high pro-
duction of soybean oil in prospect for the coming year, and with the total
supply of edible fats and oils not greatly reduced, prices of soybean ail are
expected to average about the same as, or a little below those of last year.


-4-





-aw-~ -5-

General demand conditions are expected to improve in the next 12 months, but
the effect of this improvement in strengthening the market for soybean oil
is uncertain.

Price of linseed oil at Minneapolis averaged 8.1 cents per pound
June-September 1938. This was the lowest average price reported at any
tine since September 1935. A slight improvement occurred in October,
averaging 8.5 cents. Porilla oil prices declined to 9.9 cents in June and
were 10 cents in October. Tung oil averaged 10.9 cents in June, the lowest
reported monthly average since February 1935, but has been higher since,
averaging 13.8 cents per pmund for the month of October.

THE COTTONSEED OUTLOOK FOR 1939
(Revised as of the November 10 Crop Report)

The United States supply of cottonseed for the 1938-39 season is now
(November) expected to be about 5.8 million tons, which is about one-third
less than the record supply of the previous season and 4 percent less than
the average for the 10 years, 1927-28 to 1936-37.

Oil mill stocks of cottonseed at the beginning of the season were at
record levels but these larger stocks will be much more than offset by the
sharp reduction in the size of the 1938 cotton crop. Total stocks of cotton-
seed oil and of linters and Dill stocks of other cottonseed products on August
1 were also at exceptionally high levels, but product it during the marketing
season will probably be come 30 to 35 percent smaller than during the pre-
ceding season. Since stocks of all cottonseed products, except linters, on
August 1 were a comparatively esall percentage of probable production, the
supplies of these products for the current season also vrill be very materially
smaller than the record supplies of 1937-38.

On the other hand, the indicated supply of feed grains which materially
affects the price of cottonseed cnke and meal and hulls is 6 percent larger
than in 1937-38 and 13 percent larger than the 10-year average. Furthermore,
the indications are that the domestic supply of fats and oils other than cot-
tonseed oil for the 12 months ending July 31, 1939, may be somewhat larger
than in the preceding 12 months.

The larger supplies of the important competitive products and the lower
level of general demand conditions largely account for the fact that current
prices of cottonseed and cottonseed products are only slightly higher to con-
siderably lower than last season, despite the materially smaller supply of
most of these commodities for the current season. It is expected that the
consumption of cottonseed products during the 1938-39 season will be consider-
ably larger than production with a consequent reduction in stocks on August
1, 1939.

THE SOYBEAN OUTLOOK FOR 1939
(Revised as of the Noveuber 10 Crop Report)

Total production of soybeans in the United States this year has reached
a new record high of about 54 million bushels, 32 percent larger than 1937
production, and almost 10 million bushels more than the previous record large
crop produced in 1935. Moreover, total available supplies of commodities






which compete with soybeans show little reduction from last year's relatively
large supplies. Farn prices of soybeans during the coning year, therefore,
may average somewhat lo-er than tho.z of I .st year, when the season average
was 84 cents por bushel. On October 15 these prices were around 20 cents
per bushel lower than last year.

The price outlook for soybeans is largely dependent on the outlook for
soybean oil and meal, and the prices of these products are expected to average
slightly below the relatively low prices of last year. Improving demand con-
ditions may tend to strengthen markets for soybeans and soybean products, but
the influence of this favorable factor is not likely to be felt to any great
extent until after most of the 1938 soybean crop has been marketed by farmers.

The outlook in the last part of 1939 will depend on the production of
soybeans and competing products in that year, and on general demand conditions
prevailing at that time. Insofar as the various factors can be evaluated,
it seems probable that demand for soybeans late in 1939 will be somewhat bet-
ter than during the current marketing season.

Acrecge and Production

The 6,743,000 acres of soybeans grown alone for all purposes in the
United States this year are a record high, 10 percent above the corresponding
acreage last year, and slightly more than the previous peak level reached in
1935. About half the increase over last yccr has occurred in the North
Central States, which produce most of the soybeans sold for crushing. The
other half of the increase is chiefly in the Southern States where acreage is
largely for hay or forage.

Elements in the Outlook

The outlook for soybeans in commercial channels, however, depends less
on the supply of soybeans available for crushing t.an .:n supplies of competing
products, the most important :f which are cottonseed, flxsae d, md lard.
Prices paid to growers for soybeans harvested for crushing depend largely on
the prevailing prices of soybean meal and soybean oil, which in turn depend on
general supply and demand conditions in their respective fields. Consequently,
the feed outlook and the fats and oils outlook are the important elements in
the outlook for s:oybeans. Th? ge.-neral demand situation will be an important
factor, but its influence will be felt through its effect Jn the markets for
feeds and for fats and oils.

Thc Foroign Situation

Exports of soybeans from the United States in past years hove been small
relative to total production, and have depended on sufficiently large supplies
and low prices in triis country to enable American exporters to compete success-
fully with Manchurian soybeans in European markets. Of the production in the
United States last year of 41 million bushels, only about 1.4 million bushols
were exported.

Soybean production in Manchuria, which is the source of more than 90
percent of the soybeans entering international trade, has been increasing
since 1934; and the latest information places this year's production at


- 6 -


FOS-21








163 million bushels e~gpared with 156 million bushels for 1937. The carry-
over of exportable beans in Manchuria also is estimated to have been a little
larger than last year. At present, Manchurian prices for soybeans are about
10 percent below those of a year ago.

European demand for soybeans during 1938-39 is not likely to be any
larger than last year. With Manchuria having a somewhat larger supply avail-
able for export during the new year, and with Japanese officials anxious to
promote increased exports, it is unlikely that American soybean exports will
be any larger than last year despite increased production in this country.

The Price Outlook

The average farm price of soybeans in the United States 2 years ago
was $1.28 per bushel. Last year the average price was 84 cents per bushel.
With markets for both soybean oil and soybean meal likely to be a little
weaker than last season, and with no increase expected in European demand for
American soybeans, it is probable that prices paid farmers for the 1938 soy-
bean crop will average a little lower than last year. At the present time
(October 15), they are around 20 cents per bushel lower.

Farm prices last year awerageW scaewhat higher relative to the value
of the oil and meal prodteed Itia vwn tuh case in earlier years. If this new
relationship continues, ftWean prices are still likely to be a little'
lower than last year because of the slightly less favorable outlook for soy-
bean oil and meal. If, on the other hand, larger production causes a return
to the old relationship between soybean prices and the value of the products
of crushing, this would be an additional factor tending to depress soybean
prices. Improvement in the general demand situation may have a favorable
influence on the prices of soybeans and soybean products, but its effect is
not likely to be very noticeable until after most of the 1938 soybean crop has
been marketed by farmers.

The outlook for the last part of 1939 will depend on production in that
year of cottonseed, flaxseed, lard, and othEr products that are competitive
with soybeans and soybean products, as well as on the 1939 production of soy-
beans. The relatively large carry-over of some of these commodities, parti-
cularly of cottonseed and cottonseed products, which is an unfavorable factor
in the outlook for the current marketii y-ar, may be considerably reduced
by the beginning of the 1939-40 marketing season. Thus, even if production
of these crops is as large in 1539 as in 1Y38, total supplies may neverthe-
less be a little smaller. This will probably be offset to some extent, how-
ever, by a continued expansion of lard production.

Prospective improvep6nt in the general demand situation will probably
be reflected in a better demand for soybeans and soybean products in the last
part of 1939. On the whole, therefore, prices of soybeans late in 1939 are
likely to be higher than the relatively low prices expected for the 1938 crop,
especially if production is smaller than 1938 production. But it probably
would not take a very large increase in soybean production next year to offset
the favorable elements in the price outlook.


FoS-21


- 7 -






THE FLAXSSED OUTLOOK FOR 1939
(Revised as of the Novembor 10 Crop Report)

The outlook for flax in the United States in 1939 is for higher per-
acre returns from flax than from spring wheat, assuming at least average
yields of these grains next soasJn. 'World supplies of flaxseod for 1938-39
will be but little lurgjr than in 1937-38 whereas world what supplies are
the largest on record. The United States flax acreage in 1939 probably will
he somewhat larger than in 1938 if flaxseed prices continue high relative to
wheat prices and .f the proposed reduction in whe.t acreage in the Agricul-
tural Conservation Program takes place. Production from the .,144,000 acres
seeded in 1938 provided less t.an one-third as much flo;-soed as the average
crushings in the United States in the past 5 years. DoLestic demand for
flaereed products from present indic -.tions will be somewhat better during
1939 than in 1938. Little cha.ge is in prospect in the production of oils
competing with linseed oil.

World Su.lils Slightly Larger than in 1957-38

Slightly larger world supplies of flaxseed in 1938-39 than in
1937-38 are in prospect. United States supplies nre not greatly different
from those of last year with s3nm increase in prod,.ctimn about offset by
smaller carryover utjcka of old seed. Domestic production was estimated
November 1 at 8,096,000 bushels compared with 6,974 bushels produced in
1937. Carry-over stocks, including flaxseed in crushing plants, were the
smallest since 1935. They totaled oily 2,.99,000 bushels, giving a total
supply of 10,295,000 bushels compared with 10,313,000 a year ago and the
5-year' average 1931-36 of 12,506,000 bushels.

Canadian production in 1938 was more than double that of 1937 but
amounted to only 1,581,000 bushels, which together with tihe carry-over
estimated at 219,000 bushels, cave a total supply of 1,800,000 bushels
against 1,163,000 bushels for the previous season. The all Indian harvest
has been estimated at 19,280,000 bushels, compared with 17,800,000 bushels
in 1937. No official estimate is yet availtabe fcr the Argentine crop
which normally supplies abjut four-fifths of the flaxseed entering world
trade.

A prelininry estimate places the Argentine acreage for 1938-39 at
6,647,000 acres, or about 5 percent below last year. With average yields
this acreage wruld produce a crop of about 68 million bushels compared
with last years production of 61 million bushels.

With growing conditions generally favorable in Argentina and Uruguay,
present indications are th-t the surplus available for export from these
countries will be 8 to 10 million bushels over that from the 1937 crop.
Shipments of Indian floesead to date indicate slightly larger supplies still
available for export from that country than were shipped during the remainder
of the season last year. Unless there is some expansion in world demand for
flaxseed, world stocks of flaxseed next fall when tho 1939 United States
crop is ready for marketing will probably bd somewhat larger than at the
beginning of the 1938-39 season.


- g -


FOS-21





FOS-21


-9 -


Residential building in the United States increased materially during
1938 with building interests apparently devoting more attention to the
relatively large market for the medium and lower priced homes. Indications
point to a continued increase in residential building, which in turn should
be reflected in improved demand for linseed and other drying oils. Demand
for linseed meal, which is a minor factor in flaxseed returns, is likely to
be well maintained durin a the 1938-39 season as a result of the prospective
smaller total supplies of the high protein feeds. The relatively high
premiums paid for linseed ceal during the 1937-38 season, however, may be
somewhat reduced because of the abundant supplies of food grains.

THE PEANUT OUTLOOK FOR 1939
(Revised as of the Noverbor 10 Crop Report)

With relatively favorable returns in prospect from peanuts in 1938
there will be a tendency for growers to increase the acreage to be harvested
for nuts in 1939.

General SituaLtion .938-39 Soason

The acreage of peanuts harvested for nuts in 193', is estimated to
be 9 percent above the 1937 acreage, and about 21 percent above the 1927-36
average. The estimated yield per acre in 1938 is above average. The
November indicated production of 1,363,640,000 pounds is the largest crop on
record and 31 percent above the 1907-36 average production. Stocks of old-
crop peanuts at the beginning of the 1938-39 season were relatively
unimportant.

Crushing Outlet Continues Important

The large crops produced beginning with 1934 would have brought much
lower prices but for the crushing outlet. Payments for diverting peanuts to
crushers have been made by the Akricultural Adjustrent Administration each
year beginning with the 1934 crop, except for the 1936 crop. Relatively
high peanut-oil prices, ard especially high peanut-meal prices made it pos-
sible for crushers'to utilize large quantities of peanuts from the 1936
crop without diversion payments. Because of relatively low prices for com-
peting oils and fats, and low prices for feed grains, returns to crushers
for peanut oil and peanut meal in September 1938 were about the sane as a
year earlier, and were too low to pornit profitable crushing at the present
level of peanut prices. A nomeure providing for payments for the diversion
of peanuts to crushers has been inaugurated for the 1938-39 season.

The farmer cooperatives may sell either to the trade for edible pea-
nuts or to crushers. The specified prices are natorially higher than could
be paid by crushers on the basis of present oil and meal prices. Sales to
crushers are expected to be below purchase prices, but the cooperatives will
be reimbursed for the differences.




























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- 11 -


Table 5 .- Domestic prom.rziosn of food fats
(necludir g batterfat), 190-37


e: Tear :
:beSgiv 5: 93 0 : 31 732 : :933


* b.


Mil. l.
ib. I_.


Ib.


I: 15 : 1J35


b1.


1lu.
- ,I


: 1535 : 1937

mi. Mil.
lb. Lb.


Iord


Cottonseed oil


Soybean oil
Corn oil
Peamut oil


Tallow, edible
Oleo oil
Oleost earine


Jan.

Aug.

Oc t.



Jan.

w


: 2, 31 2,279
,4 164


2,351 2,1-6 2,072 l,27 1,673


},ay :,3Cj i:,09 9,4 :,;- 5a66


35 4 25 26
11 13Z 123 123


ac9 iL,
127 123
E" 70
fl.- -
tM4.


Total


'?,c9 3,653 3,22 3,667 L,070


Compiled from 'r-Besu of The ers-s, A~rl e eg aia Fats sa Zils.




Table 4. Dcmestic s-caks cf food fa-s fr' c e fsrs (el--g
but-erfa), as of 3S- er :, 13-3


C =Ecdit


: 1933- :


- ~ 3 ---*--, -l
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:Lil. lb. Mii. Ib. Mi. 1:. Mil. Ib. lMil. lb.
iu s7-


lard, including neutral

Cottonseed oil, crude Ja

Soybean oil, crude I/
Corn oil, crude 2i
Pearnt oil, crude I/


* l2


45

3r2


102


73

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o9

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: 7 20
: 3 5
; *^3.


Tallow, edible
Oleo oil
Oleosteearine
Total


11

-' -


3 3
3 4
20 (I7


i Stocks of crude oil plus refined convearted tr. f c rf Cde.
piled fron Bur-au of the Caesus, A-nasZ as.e egetales Fats and Cils, ecept lard,
L|Ltch is from reports nade by cold-storage sstablisrhts t: The urEsr of
cultural ccEnomics.


X70-21


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27g
125
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FC'S-21






Table 6.-Soybeans tcre'age, yield per acre, and proahction in the
United States, 1929-38

: Acreage : Production : Acreage


STotal :harvested: TolaL :


acreage : for : per
1/ : beans : acre
_1/ : :n/
1,000 1,000
acres acres Busnols


2,736
3,337
4,194
4,049
3,777
5,994
7,111
6,646
6,932


708
1,008
1,104
977
997
1,539
2,697
2,132
2,337
2,758


13.3
13.4
15.2
15.3
13.2
15.0
16.5
14.1
17.5
19.6


S b : : grown
Total :important':All other: alone
:States : States : for all
: : purposes
1,000 00 1,000 1,00 1,000
bu. bu. bu. acres


9,393
13,471
16,733
14,975
13,147
23,095
44,373
29,963
40,997
54,021


7,976
12,405
14,98
13,524
11,591
21,396
42,357
27,716
38,123
50,403


1,422
1,066
1,745
1,451
1,556
1,699
2,021
2,267
2,869
3,618


2,400
3,010
3,738
3,595
3,365
5,572
6,640
5,811
6,139
6,743


_/ Includes allowance for Ecroage grown with corn and other crops in States
where interplanting is extansively practiced.
/ Ohio, Indiana, Illinois, Iowa, Missouri, and North Carolina. 3/ Preliminary.


Table 7.-Soybeans: Production, exports, quantity crushed, quantity used
for feed or seed, and average farm price, 1929-37

: : : Total crushed : : Average
Year : Produc- : Crushed :Exported : and exported :Used for : farm
beginning: tion : / : 2/ :Prcentage: feed or : price
Oct. : Amount : of pro- : seed 3/ : per
-- __: duction : : bushel
:1,00l' bu. 1,000 bu. 1,000 bu. 1,000 bu. Percent 1,030 bu. Cents


1929
1930
1931
1932
1933
1934
1935
1936


: 9,398
S 13,471
: 16,733
S 14,975
: 13,147
S 23,095
S 44,378
S 29,983
: /40,997
: 454,021


1,666
4,069
4,725
3,470
3,054
9,105
25,181
20,619
30,165


2,161
2,450

19
3,490

1,368


1,666
4,069
6,.586
5,920
3,054
9,124
23,671
20,619
31,533


17.7
30.2
41.2
39.5
23.2
39.5
64.6
68.8
76.9


7,732
9,402
9,547
9,055
-, ---i
10,093
13,971
15,707
9,364
9,464


187
132
43
56
98
101
79
128
84


/ From Bureau of the Census, Animal and Vegetable Fats and Oils.
2/ Inspected for export by Federal licensed inspectors. From reports of the
Bureau of Foreign and Domestic Commerce, which began reporting soybean
exports separately in January 1937, 18,000 bushels of uninspected soybeans
were apparently exported in the last three quarters of the 1936-37 marketing
year, and 157,000 bushels in the first 11 months of the 1937-38 marketing
year.
2/ Production minus quantity crushed and exported. 4/ Preliminary.


Year


1929
1930
1931
1932
1933
1934
1935
1936
1937
1938


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UNIVERSITY OF FLORIDA
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3 1262 08004 2484
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