The Fats and oils situation

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Material Information

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_00025
Classification:
lcc - HD9490.U5 A33
ddc - 380.1/41385/0973
System ID:
AA00005305:00025

Related Items

Succeeded by:
Fats and oils outlook & situation

Full Text



UNITED STATES DEPARTMENT OF AGRICULTURE
BUREAU OF AGRICULTURAL ECONOMICS
0S-I9 WASH I NGTON
FOS-19 SEPTEMBER 17 1938



STHE FATS AND OILS SI TU i58(
IV I




PRICES OF PEANUT AND COTTONSEED 01 /
AND FARM PRICE OF PEANUTS, 1926 TO DAT
CENTS
PER POUND
Peanut oil, crude
12 (.o.b. mill)
a g I
10 -- \ r-
,0 Cottonseed oil, crude
a *L (f.o.b. southeastern mills) I






4
Peanuts *
( U. S. farm price) I




1926 1928 1930 1932 1934 1936 1938

U.5 DEPARTMENT OF AGRICULTURE NEG. 32442 BUREAU OF AGRICULTURAL ECONOMICS




THE PRICE OF PEANUT OIL IN RECENT YEARS HAS FOLLOWED

CLOSELY THE PRICE OF COTTONSEED OIL. THESE PRODUCTS

HAVE SIMILAR USES. THE PRICE OF PEANUTS IS DETERMINED

BOTH BY THE VALUE OF THE OIL AND THE VALUE OF THE MEAL.

LOWER PRICES FOR FEEDSTUFFS IN RECENT YEARS IS THUS A

FACTOR IN HOLDING DOWN THE PRICE OF PEANUTS.








FOS-19


Table 1.-Price per pound of specified fats and oils, July-August, 1937-38


Fat or oil


Domestic prices-
Butter, 92 score, N. Y.
Oleomargarine, domestic vegetable, Ch
Lard, prime steam, Chicago
Lard, refined, Chicago
Lard compounds, Chicago
Coconut oil, edible, N.Y.
Cottonseed oil, crude, f.o.b. S. E. m
Cottonseed oil, p.s.y., N. Y.
Soybean oil, refined, II.Y.
Peanut oil, domestic, refined, I. Y.
Rape oil, refined, N. Y.
Oleo oil, Do. 1, N. Y.
Oleostearine, barrels, II. Y.

Corn oil, refined, I1. Y.
Olive oil, edible, N. Y.
Teaseed oil, crude, N. Y.

Coconut oil, crude, Pacific Coast
Tallow, inedible, Chicago
Grease, house, U. Y.
Palm oil, crude, TN. Y.
Olive oil, foots, barrels, II. Y.
Palm-kernel oil, denatured, N. Y.
Babassu oil, tanks, II. Y.
Sardine oil, tanks, Pacific Coast

Linseed oil, rIL, Minneapolis
Tung oil, drurns, Atlantic Coast
Perilla oil, drums, NI. Y.
Soybean oil, crude, f.o.b. mills
Menhaden oil, crude, f.o.b. Baltimore

Foreign prices 2
Cotton oil, crude, naked, Hull
Copra, Resocada, P. I.
Palm-kernel oil, -rude, Hull
Whale oil, crude No. 1, Rotterdam
Tallow, beef, fair-fine, London
Lins-Ed oil, n:ked, Hull


S 1937 : 1938
July Aug. July :Aug.

Cents Cents :Cents Cents

31.6 32.8 : 26.1 26.2
icago :15.0 15.5 : 16.2 16.4
12.2 11.3 : 8.9 8.1
S13.6 13.0 : 9.7 9.0
13.2 12.2 : 10.3 10.6
S 7.6 7.1 : 5.2 5.2
ills :8.On 7.0n: 7.3 6.9
S9.2 8.0 : 8.6
11.3 10.4 : 8.5 8.4
12.2n 11.8n: 10.2 10.6
12.8 12.9 : 10.3 10.3
13.0 12.9 : 9.2 9.6
S 9.7 9.6 : 7.4 8.2

10.9 10.9 : 9.9 10.4
32.0n 32.0n: 25.1 25.0
9.4 9.4 : 8.0 8.0

5.1 4.9 3.1 3.0
8.2 7.5 : 5.3 5.1
3.0 7.6 : 4.9 4.9
5.7 5.3 : 4.0 3.6
11.2n 11.In: 8.0 7.7
5.5 5.3 : 4.2 3.8
:B/ 8.4 1/ 8.2 : 6.5n 6.4
5.9n 5.3 : 4.2n 4.0

10.5 10.6 : 8.2 7.9
12.9 14.3 : 13.0 14.0
11.6 12.1 : 10.5 10.7
S7.6 6.5 : 5.9 5.7
5.3n 5.3n: 3.7 4.0


6.2 6.0 : 4.3 /4.3
2.5 2.2 : 3/1.4
S5.7 5.5 : 3.9 3/3.7
4.7 4.6 : 3.1 3/3.1
S5.8 5.7 :4.2 /4.2
6.8 6.8 :5.2 3/4.8


Futures.
Converted to U. S. cents per pound at
Preliminary.


current monthly rates of exchange.


- 2 -





FOS-19 -

PEAIUTS AND PEAJUT OIL

The last five crops of peanuts, 1934-38, have been definitely larger

than peanut crops in any preceding years. The Crop Reporting Board of the

Bureau of Agricultural Economics in the general crop report as of September 1,

1938 reports that present indications point toward a harvest of peanuts (for

nuts) of 1,321,050 thousand pounds from the 1938 crop. This crop, from the

largest acreage ever planted for nuts, is slightly larger than the crop of

1937 and slightly smaller than the record crop of 1936, when per acre yields

exceeded yields indicated for the present season.

Table 2.-Peanuts: Acreage, yield per acre, production, and
quantity crushed for oil, 1920-38


Nuts gathered


Year


Acreage

1,000
acres

1920 : 1,122


1921
1922
1923
1924
1925
1926
1927
1928
1929

1930
1931
1932
1933
1934
1935
1936
1937
1938


1,151
948
837
1,259
1,130
1,032
1,230
1,375
1,400

1,136
1,469
1,707
1,468
1,699
1,725
1,760
1,653
1,806


Yield per
acre


Lb.

691.8
671.0
627.5
714.7
644.9
700.3
736.2
758.9
681.2
693.5

636.2
721.4
609.9
659.1
661.0
755.2
759.4
781.4
731.5


:Production
: 1/

1,000 lb.

776,224
772,370
594,840
598,172
811,955
791,355
759,715
933,465
936,585
970,932

722,745
1,059,745
1,011,150
967,620
1,123,040
1,302,805
1,336,600
1,291,655
1,321,050


SPeanuts crushed, year
: beginning October
:: As percentage
: Total 1/ : of
: : production

1,000 lb. Percent

111,779 14.4
S 115,157 14.9
S 31,627 5.3
18,239 3.0
S 68,335 8.4
50,071 6.3
35,006 4.6
60,816 6.5
56,048 6.0
S 120,764 12.4

69,630 9.6
51,464 4.9
65,428 6.3
45,000 4.7
220,282 19.6
240,223 18.4
295,199 22.1


1/ In-the-shell basis.
Acreage, yield, and production
Peanuts crushed, Bureau of the


2/ Preliminary.
of nuts, Bureau of Agricultural Economics.
Census, Animal and Vegetable Fats and Oils.





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FOS-19


Weighted prices cf peanuts received by producers during the crop
year beginning Sept-ember 1937 averaged 3.2 cents p.r pound compared with
3.7 cents per pound for the crop year 1936-37 and 3.1 cents per pound for
the crop ycar 1955-36.

In 1932 and 1933 p.canlt prices w'er': very low. In order to raise the
price to growers the Agricultural Adjustment Administration, in the fall of
1934, inaugurated a program of payments to growers and millers for the
diversion of peanuts from other regular channels of trade into use as peanut
oil. Under this program payments were made on about 153 million pounds of
peanuts at an average of $9.81 per ton (.45 cent per pound). About 55 per-
cent of the payments were made on the Runner type, about 32 percent on the
Spanish variety, and 13 percent on the Virginia type. The 1935 program, with
changes in detail, continued the policy of diversion payments* The 1935-36
payments were made on 73 million pounds, at an average of 3$.35 per ton, 39
percent of the payments were made on the Runner type, and 44 percent on the
Spanish. In 1936-37 no diversion pymrnts wt.re ad.id Under thL 1937-38
diversion program, peymcnts were r..ade on Tbout 166 million pounds of peanuts
at an average of $27.71 p.;r ton. On SL-ptcribr 14, 1938, the Agricultural
Adjustment Administration announced a zch.dulc of p-rices for use in connection
with a program to divert the surplus stock of farmers' peanuts to the manu-
facture of oil. The program to be und.rrtal:en for the 1938 crop will be
similar to the 1937 progr:n.

Peanut oil

Average factory production of crude peanut oil in the 12 years pre-
ceding 1934-35 wras 13 million pounds; in th'-t yecr it increased to 56 mil-
lion pounds, in 1935-36 to 64 million pounds, and in 1936-37 to 78 million
pounds. Production for tc first three-quarters of the 1937-38 season are
reported at about 61 million pounds, compared with a production of 75 million
pounds in the samL period of the preceding su -son.

Imports of p.;anut oil, princip-lly from Chin-_ and the Netherlands,
increased enormously beginning A:ith the season of 1971 end in the three
seasons beginning Octobrr 1954-36 totaled 1R3 million pounds compared with
a total domestic production of 198 million pounds in the Same tree seasonS.
However, imports have practically diFsppeared in the pnst few months,
amounting to less than 4 million pounds in the 9 months October 1937 through
June 19Z8.

The record disappearance of p:' nut oil mounted to 134 million
pounds in the crop y-or 1935-36. As ..as expeTcted a ytar ago, total disap-
pearance from the beginning of October 1936 to the close of September 1937
was somewhat lovwr then thL record consumption of the immnadi':tely preceding
y-ar. As indicated by production, imports, and stocks for the first three-
quarters of 1937-38, disap.perannc this s.-cLson will be very much lower than
it was in 1936-37.


- 5 -







FC'S-19


Table 5.- Peanut oil, crude: Production, trade, stocks September 30,
and apparent disappearance, 1930-31 to 1936-37

Year : Factory : : Net : Stocks,: Apparent
beginning : produc-: Imports :Reexports: i.prt : end of : dis-
October : tion 1/: .: l:s : period : appearance
:1,000 lb. 1,000 lb. 1,000 lb. 1,000 lb. 1,000 Ib. 1,000 Ib.

1930-31 :15,549 14,318 11,670 2,648 13,360 22,249
1931-32 : 11,567 3,340 11,499 2-8,159 2,987 13,781
1932-33 :14,502 1,269 3 1,266 3,067 15,688
1933-34 : 9,791 31,277 1,277 2,160 11,975
1934-35 :55,595 73,792 73,792 33,068 98,479
1935-36 : 64,299 53,885 53,885 17,042 134,210
1936-37 4/: 77,912 5/85,747 555,747 35,858 114,843



1/ From domestic material. It is believed that imported peanuts are not
used for crushing.
/ Excess of reexports.
SImports for consumption beginning January 1934.
Preliminary.
5/ Excludes free for export.

Compiled as fcllcws:
Production and stocks, Bureau of the Census, Animal and Vegetable Fats
and Oils.
Trade figures from Freign Commerce and Navigation of the United States.
Apparent disappearance computed from table.







By far the greatest part of this increased consumption of peanut oil
has been used in compounds and vegetable cooking fats. Factory consumption
of peanut oil by this class of products jumped from an average of 5 million
pounds in the four calendar years 1931-34 to an average of 90 million pounds
in each of the two years 1935 and 1936. In 1937 utilization of peanut oil
in compounds and vegetable cooking fats dropped to about 58 million pounds
while disappearance for uses other than in factory products, that is, pro-
bably largely for use as table and cooking oils, increased to 41 million
pounds in 1937 compared with an average use for these purposes of only abcut.
10 million pounds in the 6 years 1931-36.


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Stocks and prospective supplies

Stocks of peanut oil w'.re built up to 50 million pounds at the
end of June 1937, but dropped to 36 million pounds by +he' ehd of June
1938. However, total stocks of peanut oil and the six fats and oils
with *..hich peanut oil competes most closely are much larger than they
were a year ago, although they are now somewhat lower than they were
last December. Total stocks on December-31, 1937 of cottonseed, corn,
soybean, edible olive, and peanut oils (all crude basis), and raw
materials in terms of oil, and lard, amounted to 1,659,000,000 pounds.
These total stocks had decreased to 1,361,000,000 pounds on Jun" 30,
1938, compared with 1,048,000,000 pounds on June'3O, 1937 and 926,000,000
pounds on June 30, 193b.

New supplies of dom-stic fats and oils far the coming 6 to 9
months may be expected to be considerably smaller than supplies coming
onto the market in the- 1537-38 season. Lard production is expected to
be larger, but the cotton crop indicated by the September 1, 1938 crop
report is estimated at Less than 12 million bales compared with almost
19 million bales from the crop of 1937 which indicates a reduction of
approximately one-third in the probable available supplies of cotton-
seed to b- crushed for oil.


Prices


The expansion in production, imports, and consumption of purtnut
oil, 1934 through the early part of 1937, vwas accompanied by higher
prices. The price of crude peanut oil had fallen fairly ateadily from
an average of 14.6 cents per pound in 1923 to 3.7 cents in 1932. Prices
continued low, around h cents, until the middle. of 1934 when they rose
sharply, reaching 9.4 cents by December of that ycar, ind did not drop
below 8 cents until August of 1937.

The price of crude cottonseed oil and other oils rose markedly
during the same period. During the years 1935, 1936 and 1937 when a
very large proportion of the peanut oil utilization was in veg-table
compounds and cooking fats, which h are m-ide principally from cottonseed
oil, the prices of peanut oil and cottonseed oil were very clof;e to-
gether. When peanut oil is more l-rgly used directly as a table and
cooking oil the price seems to hold somewhat above the price of cotton-
seed oil, although cottonseed oil is used for these purposes also.








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PEANUTS: ACREAGE AND PRODUCTION OF NUTS GATHERED.
BY SECTIONS. UNITED STATES. 1924-38

NUTS GATHERED



SOUTHEAST S C Ga..
Fla. Ala Miss I
ON
600 A------

Va.. N. C.. and /
Tenn.






SOUTH WEST: Ark.,
200 __ La., Okla.. Texas _





o II I "

ACREaS i l I., f l I I
:u m eA sI AI | ~ ~ /l'2l' r '/t IIIC


1926 1928 1930 19? :9934 1936
SINDIC4TED SEPTEMBER I


tTE ULTIAE


S il BUREAU OF AGRICULIUR&L ECONOMICS


FIGURE 2


1938





FOS-19
13 -



Tabla 9. Peanut oil, crude: Production, imports, and stocks, by
quarters, 1935-38


Year j Jan.-Mar.


SApr.-Jun3


Production
July-Sept. : Oct.-Dec. : Total
: ,


:1,000 lb.
t-
: 10,664
S19,668
: 31,792
": 22,188


1,000 lb.

3,553
12,217
8,801
31,444


1,000 lb.

1,467
3,424
2,414


1l000 lb. 1.000 lb.


28,989
34,905
7,749


44,673
70,214
50,756


Imports


1935 : 18,375 39,417 14,220 .,711 80,723
1936 : 17,117 26,000 2,056 3,S33 49,006
1937 l/: 8,47S 2g,9S2 14,455 1,34o 53,255
1938 -: 153 2,320

Stocks, end of period


1935 : 34,317 56,10o 33,068 30,321
1936 : 41,360 43,854 17,042 29,215
1937 : 33,925 49,726 35,858 24,698
1938 /: 27,699 35,703



1/ Preliminary.

Compil-d as follows:
Production and stocks Bureau of the Census, Animal Pnd Vegt-tble
Fats and Oils. Stocks rare crude ,.nd virgir plus refined converted
to crude (using 0.94).
Imports Foreign Commerce and Navigation of thc Unit-d States.
Crude :nd r-fined not separately reported, but used as crude.
Beginning January 1937, "free for export" not included.


1935
1936
1937
1938




UNIVERSITY OF FLORIDA
11111 i ill 11111I 11111 II III
3 1262 08904 2773
.


- 14 -


Table 10.- Oleomargarine: Production and materials used in manu-
facture, United States, June and July, 1937 and 1938


1937 1/

June : July


Item


1938 1L

June : July


:1,000 lb. 1,000 lb.:1,000 lb.


Oleo oil
Oleostearine
Lard neutral
Oleo stock
Total animal

Cottonseed oil
Soybean oil
Peanut oil
Corn oil
Total domestic vegetable 2/

Coconut oil
Palm-kernel oil
Eabassu oil
Palm oil
Total foreign vegetable 4/
Total fats and oils

Milk
Salt and other miscellaneous

Production of oleomargarine


i,o6o
260
122
125
1,567


830
286
97
96
1,309


1,h05
299
120
191
2,015


1,000 lb.


1,090
315
97
166
1,668


: 10,961 9,21 : 9,502 8,181
: 1,581 1,977 : 2,629 2,979
: 13 171 : 386 290
: 201 1_4 : 4 2
12,926 11,563 : 12,521 11,452

:5,614 6,56 : 7,433 6,331
S 66 971 : 260 263
: 1,794 1,123 : 454 1,086
: 89 97 --- 3/
: 8,363 8,759 : g,147 7,680


: 22,856 21,631 :

: 5,102 4,743 :
: 1,333 1,259 :


22,683

5,292
1,230


: 27,945 26,215 : 27,938


20,800

4,787
1,143


25,512


Preliminary. 2/
Less than 500 pounds.


Ordinarily domestically produced.
4/ Not domestically produced.


Compiled and computed from reports of the Commissioner of Internal Revenue.


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