The Fats and oils situation

MISSING IMAGE

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:
serial   ( sobekcm )
federal government publication   ( marcgt )
periodical   ( marcgt )

Notes

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.
Statement of Responsibility:
United States Department of Agriculture, Bureau of Agricultural Economics.

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_00031
Classification:
lcc - HD9490.U5 A33
ddc - 380.1/41385/0973
System ID:
AA00005305:00031

Related Items

Succeeded by:
Fats and oils outlook & situation

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STATES DEPARTMENT OF AGRICULTURE
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1ST 1941


-IN THIS 1SSUE:
THE FLAXSEED SITUATION


WHOLESALE PRICES OF FATS AND-OILS. BY SF
GROUPS, LEADING MARKETS, 1937-41
INDEX NUMBERS (1924-29=100)


S1937 1938 1939 1940 1941
*OTHEB THAN BUTTER AND LARD
: U.S DEPARTMENT OF AGRICULTURE NE. 13447 BUREAU OF AGRICULTURAL ECONOMICS

$ I ` .. *I; *::, ".
N: 4!t .- IMPORTS OF OILSEEDS AND OILS WERE REDUCED IN THE FIRST 7 MONTHS
.::'' 1941 BECAUSE OF THE SHIPPING SHORTAGE.- *TH 16,' TOGETHER WITH IMPROVED
i P'.pIOMESTIC DEMAND FOR CONSUMPTION AND-STORAGE, GOVERNMENT PURCHASES OF
:LA:::' :ARD AND DAIRY PRODUCTS, AND RISING.SHLPRI.NG COSTS, RESULTED IN SHARP
: ADVANCES IN PRICES OF FATS AND OILS PARTICULARLY FOR ITEMS THAT WERE
jmm tIow mO IN PRICE AT THE BEGINNING OF THE'YEAR. "(FOR DATA SEE TABLE 3.)



-i..~ :.:: : .


TUATION




AUGUST 1941 2-
Table 1.- Price per pound of specified fats, oils, and
glycerine, July 1939 and 1940, May-July 1941
S July : 1941
It em : 1939: 1940: May : June: July
:Cents Cents Cents Cents Cantsa

Butter, 92-score, Chicago .........................: 23.2 26.5 34.7 35.4 34.S
Butter, 92-score, New York ........................: 23.8 27.0 35.5 35.6 34.-
Oleomargarine, dom. veg., Chicago ................: 14.5 15.0 14.5 15.0 15.7
Compounds (animal and veg. cooking fats), Chicago .: 8.8 9.2 13.0 13.8 14.8
Lard, prime steam, tierces, Chicago ...............: 5.7 5.8 9.5 10.1 10.2
Lard, refined, cartons, Chicago ..................: 6.6 6.2 9.8 10.6 10.9
Oleo oil, extra, tierces, Chicago ..................: 7.2 7.0 9.8 10.5 10.4
Oleostearine, bbl., N. Y. .........................: 5.7 5.5 9.6 9.9 9.8
Tallow, edible, Chicago ...........................: 4.7 4.2 8.2 8.2 8.1

Corn oil, crude, tanks, f.o.b. mills ..............: 5.3 5.4 9.9 11.3 11.9
Corn oil, refined, bbl., N. Y. ....................: 8.6 8.4 12.6 13.9 15.1
Cottonseed oil, crude, tanks, f.o.b. S.E. mills ...: 5.0 5.4 9.2 10.4 10.6
Cottonseed oil, p.s.y., tank cars, N. Y. ..........: 6.1 6.0 10.5 11.5 11.8
peanut oil, crude, tanks, f.o.b. mills ............: 5.2 5.8 9.5 10.3 11.1
Peanut oil, dom. refined, bbl., N. Y. .............: 8.9 8.9 12.5 13.9 --
Soybean oil, crude, tqnk cars, midwestern mills ...: 4.3 4.7 8.7 9.6 9.8
Soybean oil, dom., crude, drums, N. Y. ............: 5.9 6.2 10.4 11.5 12.3
Soybean oil, refined, drums, N. Y. ................: 7.2 7.1 11.1 11.9 12.7

Babassu oil, tanks, f.o.b. mills, Pacific Coast ...: -- --- 9.2 8.8 9.1
Coconut oil, crude, tanks, f.o.b. Pacific Coast 1/.: 5.7 5.5 9.4 9.1 9.2
Coconut oil, edible, drums, N. Y. ................: 8.4 7.6 12.3 13.0 13.0
Olive oil, edible, drums, N. Y. ...................: 25.1 30.7 63.7 62.8 72.7
Olive oil, inedible, drums, N. Y. .................: 10.9 19.2 47.5 45.1 52.3
Olive-oil foots, prime, drums, IT. Y. ..............: 6.9 9.0 14.8 16.8 17.0
Palm oil, Niger, crude, drums, IT. Y. 1/ ...........: 6.7 7.4 9.0 9.0 9.9
Palm oil, Sumatra, bulk, N. Y. 1/ .................: 5.7 5.4 8.6 8.7 9.5
Rape oil, refined, denatured, drums, I. Y. ........: 10.8 15.0 12.2 13.3 15.2
Rape oil, blown, bbl., N. Y. ......................: 14.2 17.5 17.0 16.9 17.5
Teaseed oil, crude, drums, N. Y. ..................: 9.5 12.5 18.6 20.2 22.7

Tallow, inedible, Chicpao .........................: 4.4 3.8 7.5 7.5 7.6
Grease, A white, Chicago ..........................: 4.5 3.8 7.6 7.6 7.8
Menhaden oil, crude, tanks, f.o.b. Baltimore ......: 3.5 .7 6.7 7.1 7.8
Sardine oil, crude, tanks, Pacific Coast ..........: 3.6 5.0 7.3 7.5 8.0
Whale oil, refined, bleached winter, drums, N. Y. .: 8.0 9.5 9.9 9.9 10.5
Linseed oil, raw, tank cars, Minneapolis ..........: 8.4 8.7 9.9 9.8 10.4
Linseed oil, raw, drums, carlots, N. Y. ...........: 9.1 9.3 10.9 10.9 11.4
Perilla oil, drums, N. Y..........................: 11.1 18.8 18.6 18.9 20.0
Oiticica oil, drums, H. Y. ........................: 15.0 18.0 19.2 20.2 20.6
Tung oil, drums, N. Y. ............................: 21.9 25.6 31.0 32.0 32.2
Castor oil, No. 3 bbl., N. Y. .....................: 8.2 12.2 11.0 11.1 11.5
Castor oil, dehydrated, drums, carlots, 1. Y. .....: --- 15-7 15.0 15.3 15*7
Cod-livpr oil, med. U.S.P. bbl.,N.Y.(dol.per bbl.) : 20.5 67.5 82.5 82.5 82.5
Cod oil, Newfoundland, bbl., (drums) N.Y. .........: 4.3 --- 10.0 10.0 10.5
Glycerin, soaplye, 80 percent basis, tanks, I. Y. .: 7.8 8.0 8.2 9.0 11.1
Compiled from Oil, Paint and Drug Reporter, The National Provisioner, and reports
of the Agricultural Marketing Service and Bureau of Labor Statistics. Prices
quoted include excise taxes and duties where applicable. 1/ Three-cent process-
ing tax added to price as originally quoted.






s-54- 3 -


T HE A T S 'A N D' IL S S I TUATI O N
------------------------------- --------------

Summary

With an indicated 14-percent reduction in the cottonseed crop,

and with hog marketing running somewhat under those of a year earlier,

production of cottonseed oil and lard is expected to be smaller in the

Last 6 months of this year than last. Output of linseed oil, soybean

oil, butter, and certain other fats and oils, however, probably will be

increased. Factory production of all fats and oils, including oils pro-

duced from imported oilseeds, was 9 percent larger in the first half of

1941 than a year earlier.

Despite the marked gain in output, stocks of fats and oils in the

. hands of manufacturers, importers, and exporters were reduced during the

first half of 1941, and totaled 9 percent less on June 30 this year than

last. Buying of finished articles containing fats and oils has been un-

usually active in recent months, and inventories of such goods in the

hands of large distributors and consumers are believed to be large.

The general level for prices of fats and oils in July, at 90 per-

cent of the 1924-29 average, was 48 percent higher than a year earlier

but was unchanged from June. Prices of butter and edible beef fats de-

clined slightly from June to July, but prices for most other items ad-

vanced, with edible olive oil showing the most pronounced gain. Prices

for oilcake meals advanced sharply in late June and in July. Prices for

domestic oilseeds also advanced in that period. Average prices received

by farmers for cottonseed and soybeans on July 15 were roughly 60 and 80

percent higher than a year earlier, while peanut and flaxseed prices

were about 20 percent higher.







AUGUST 1941


New-crop flaxseed is now being marketed. With a strong demand for

linseed oil for use in paints and varnishes, flaxseed crushing requirements

in the 1941-42 season are expected to exceed those in 1940-41, when crush-

ings were the largest in 12 years. No marked rise in flaxseed prices is

in prospect, however, unless imports from South America are materially re-

duced by lack of shipping, or unless price-supporting measures are under-

taken by the Government. The exportable surplus of flaxseed in Argentina

and Uruguay now totals more than 40 million bushels, with the United

States the only remaining large market. The domestic flaxseed crop for

1941 is forecast at 30,711,000 bushels, equivalent to slightly more than

two-thirds of probable domestic requirements in the current season.

-- August 14, 1941

REVIEW OF RECENT DEVELOPMENTS

BACKGROUND.- Mainly because of increases in world supplies,
prices of most fats and oils declined to unusually low
levels immediately preceding the outbreak of the present
war, although difficulties in obtaining tung oil from China
resulted in price gains for drying oils early in 1939.
Prices of all fats and oils advanced in September 1939.
But except for drying oils and butter, most of the gains
subsequently were lost, with the declines being especial-
ly marked following the closing of important European mar-
kets and the stoppage of lard shipments to the United King-
dom in the spring of 1940.

The shipping shortage that developed early in 1941,
and increases in shipping rates, have had essentially the
same effect as the imposition of import quotas or the rais-
ing of tariff schedules would have had; that is, restricting
the volume of imports and thus driving a wedge between
prices in the United States and in surplus-producing areas,
raising the former and lowering the latter. This influence,
together with improved domestic deriand for consumption and
storage, and Government purchases of lard and dairy products,
resulted in sharp advances in domestic prices of fats and
oils during the first half of 1941, particularly for items
that were low in price at the beginning of the year. Fur-
ther improvement in domestic demand is in prospect, which,
barring Government price control, should have the effect of


- 4 -








Raising prices both here and abroad. Any additional deteri-
oration in the ocean shipping situation for fats and oils
would contribute still more to price advances in this coun-
try; a marked improvement in shipping, on the other hand,
would have the opposite effect.

Prices of fats and oils little
changed in July

The index of prices for all fats and oils in July, at 90 percent
of the 1924-29 average, was the same as a month earlier, but was 29 points
(48 percent) higher than a year earlier. Average prices for butter and
edible beef fats and oils in July were slightly lower than in June. These
reductions were offset, however, by moderate advances in prices of other
fats and oils. The most pronounced gain for the month occurred in the
price of edible olive oil, up 16 percent from June. Gains of about 10
percent were recorded for prices of menhaden oil, teaseed oil, palm oil,
and rape oil.

Except for castor oil, prices of all fats and oils were higher in
July this year than last. The most striking gains from a year earlier
were in prices of olive oil, corn oil, and inedible tallow and greases, up
100 percent or more. Most items were 50 to 100 percent higher. Notable
exceptions were butter, up 29 percent, and drying oils and cod-liver oil,
which were up 6 to 26 percent from the comparatively high levels prevail-
ing for those oils in July last year. The price of dehydrated castor oil
in July was about the same as a year earlier.

Reflecting improvement in demand from livestock feeders, and in-
creased prices for other feedstuffs, prices of domestic oilcake meals at
leading markets in July (excluding linseed meal at New York) averaged $4
to $6 per ton higher than in June, and were $5 to $12 per ton higher than
in July 1940. Normally, large quantities of linseed cake and meal pro-
duced in East Coast mills from imported flaxseed are exported to north-
western Europe. With this market now cut off, supplies of linseed meal in
the northeast have been unusually large. The price of 34-percent protein
linseed meal at Now York in July, at $28.30 per ton, was nearly $4 lower
than the price of 37-percent protein meal at Minneapolis, but was $2.85
per ton higher than a month earlier and $2.40 higher than a year earlier.

Prices of domestic oilseeds advanced in July, when they were sub-
stantially higher than a year earlier. Marketings were limited, however.
Prices .of imported castor beans and copra declined slightly in July, but
castor beans at New York, averaging $70.40 per long ton, were nearly 50
percent higher, while the price of copra at Pacific Coast markets, aver-
aging $3.72 per 100 pounds, was 135 percent higher than a year earlier.

Production of most fats and oils increased
in first half of 1941

For the first 6 months of 1941, factory production of fats and
oils, including creamery butter, totaled nearly 4.6 billion pounds, 9


IOS-54


- 5 -







AUGUST 1941


- 6 -


percent more than the 4.2 billion pounds produced in the corresponding
period of 1940.1/ Lard production was 6 percent smaller than a year ear-
lier, and the output of coconut oil was 10 percent smaller. A major re-
duction in output of whale oil occurred, with practically none being pro-
duced domestically during the first half of 1941; production of babassu
oil, fish oils, and neat's-foot oil showed minor decreases. These reduc-
tions, however, were more than offset by increases in other items.

Reflecting the comparatively large output of field crops in 1940,
factory production of crude cottonseed oil was 139 million pounds larger
in the first 6 months this year than last, production of linseed oil was
101 million pounds larger, and production of peanut oil was 88 million
pounds larger. The output of creamery butter showed a gain of 65 million
pounds (7 percent). Production of olive oil, corn oil, castor oil, edible
beef fats, and soybean oil was up 7 to 18 million pounds. Output of in-
edible tallow and greases also showed gains. It had been expected that
grease production would decline as a result of reduced hog marketing,
but apparently a higher than usual proportion of inedible fats is being
recovered in packing plants and rendering establishments under the stim-
ulus of the comparatively high prices prevailing this year.

Present indications point to reduced output of lard and cottonseed
oil during the second half of 1941 compared with a year earlier. However,
if crop conditions continue reasonably favorable, the production of lin-
seed oil and soybean oil is likely to be substantially increased. Produc-
tion of butter, beef fats, and fish oils may also be larger than in the
last 6 months of 1940.

Primary stocks of fats and oils reduced

The increases in factory production of fats and oils for the first
6 months of 1941 compared with 1940, amounting to nearly 400 million
pounds, was considerably greater than the reduction in imports.2/ Never-
theless, factory and warehouse stocks declined during the 6-month period,
and on June 30 such stocks, totaling approximately 2,237 million pounds,
were 211 million pounds (9 percent) smaller than a year earlier. The de-
cline in stocks was largely the result of increased demand for manufac-
tured products containing fats and oils. Part of the increase in takings
of processed fats, however, appears to have been the result of buying by
large distributors and consumers for the purpose of expanding inventories.
Data on stocks of such items as cooking fats, salad oils and dressings,

I/ Bureau of the Census and Agricultural Marketing Service (butter). To-
tals include estimates for unreported production of inedible tallow and
greases in snail rendering plants and on farms, but are not complete with
respect to lard and butter.
2/ Data on foreign trade for June 1941 were not available when this re-
nort was prepared. Imports of fats and oils (excluding oilseeds) for the
first 5 months of 1941 totaled 328 million pounds, 48 million pounds less
than in the corresponding period of 1940. Exports, including reexports
of items imported free of duty or tax, totaled 172 million pounds, about
the same as a year earlier.









soap, paints, etc. in the hands of distributors and consumers are not
available, but such stocks probably constitute a substantial reserve sup-
ply of fats.

As a reflection of the active demand for cottonseed oil, manufac-
turers' stocks of that commodity were 211 million pounds smaller (crude
basis) on June 30 this year than last. Stocks of marine animal oils were
down about 45 million pounds, and stocks of inedible tallow and greases,
excluding wool grease, were down 33 million pounds. Manufacturers' and
S importers' supplies of tung oil,'palm oil, coconut oil, and soybean oil
on June 30 were 20 to 26 million pounds smaller than a year earlier. On
'the other hand, stocks of linseed oil, peanut oil, butter, and lard in
first hands were 18 to 76 million pounds larger on June 30 this year than
last (table 4).

Manufacturers' stocks of processed fats and oils and derived prod-
ucts on June 30, including shortening, hydrogenated oils, various fatty
acids, and glycerin, were not greatly different from those of a year ear-
lier, although as a group they totaled slightly less than last year.

Mill stocks of oilseeds were about 85 million pounds larger in
terms of crude oil on June 30 this year than last. The most pronounced
increase was in supplies of cottonseed, with 190,000 tons on hand June 30
this year compared with 63,000 tons a year earlier. Mill stocks of castor
beans, soybeans, and flaxseed also were larger than a year earlier, but
copra stocks were reduced.

S Indicated cottonseed peanut and flaxseed
crops smaller than in 1940; record
soybean crop in prospect

The 1'941 cotton crop, on the basis of August 1 indications, is
forecast at 10, 17,000 bales. Approximately 0.444 tons of cottonseed are
produced per bale of cotton. If the August 1 indications are borne out,
the production of cottonseed this year would be about 4,803,000 tons com-
pared with 5,595,000 tons in 1940 and 5,890,000 tons, the 10-year (1930-39)
average.

The peanut crop this year also is expected to be smaller than a
year earlier, although larger than the average for other recent years.
Peanut acreage is indicated to be about 5 percent smaller this year than
last in all areas, and the indicated yields per acre are lower in most
States than the high yields obtained last year. Production of peanuts
picked and threshed is forecast at 1,487 million pounds compared with the
record production of 1,734 million pounds in 1940 (revised estimate) and
the 10-year (1930-39) average production of 1,063 million pounds.

The flaxseed crop is now estimated at 30,711,000 bushels, only 1.6
percent less than the near-record crop produced in 1940. Acreage for
harvest is indicated to be about the same as a year earlier, but the aver-
age yield is placed at 9.5 bushels per acre compared with the high yield
of 9.7 bushels obtained in 1940.


1HO-54


- 7 -







AUGUST 1941


- -


As a result of a special survey .made by the Crop Reporting Board,
the acreage of soybeans to be harvested for beans in the 8 principal
soybean-producing States is placed at 5,112,000 acres, an increase of 12
percent over the 4,565,000 acres harvested for beans in those States in
1940. The average condition for the crop on August 1 was only 1 point
below the record condition on that date in 1939. The prospective produc-
tion of soybeans for all States is tentatively estimated at 109 million
bushels, which would be about 29 million bushels larger than in 1940 and
18 million bushels larger than the previous record crop in 1939.

THE FLAXSEED SITUATION

Domestic consumption of flaxseed in the 1940-41 marketing'year to-
taled'38 to 39 million bushels, according to preliminary calculations..
Crushings, amounting to 36.6 million bushels, were the largest since
1928-29. Approximately 1.9 million bushels was used for seed (table 2).

Flaxseed requirements for the 1941-42 season, which began about
July 1, are estimated at 42 to 45 million bushels on the basis of present
indications as to seed requirements and the probable demand for linseed
oil from the paint and varnish industry. Both public and private build-
ing operations are proceeding at high levels, and a high rate of building
activity well into 1942 seems assured. Repainting activities apparently
have not as yet been seriously affected 'b rising costs. The industrial
demand for paints and varnishes, including demand for use on military
equipment, has increased sharply in recent months, and further increases
are in prospect. An a-dition stir-nlant to the ez.:nind for linseed oil is
the growing shortage of tung oil, perilla oil, and synthetic resins.

According to the August 1 crn.p report, domestic production of
flaxseed in 1941 will total about 0G,711,000 bushels. If it is assumed
that the carry-over of flaxseed on July: 1, 1942 will be about the same as
the comparatively large supply on hand July 1 this year, imports of 11
to 14 million bushels of flaxseed would be needed to complete the re-
quirements of the crushing industry. Imports of this magnitude would
not be greatly different from those in the 1940-41 season, but would be
somewhat smaller than average iqrports for other recent years.

The exportable surplus of flaxseed in Argentina and Uruguay on
July 1 totaled approximately 4" million bushels, according to recent in-
formation. The United States is now the rinincial market for this seed.
Additional supplies of flaxseed in Argentina and Uruguay will become
available in late December and in January when the new crop is harvested.
Canada, which has been cn an importing basis for flaxseed in recent
years, is reported to have expanded its flax acreage materially this
year. Part of the increased acrea,/e, however, consists of fiber flax
and, with drought in the western flax area, it is doubtful if rnmch flax-
seed will be available for export in Canada this season.








Flaxseed price outlook uncertain

The price outlook for flaxseed is clouded by several uncertain-
ties. Despite the strong demand in prospect "for flaxseed in 1941-42, no
pronounced advance in flaxseed prices seems likely unless shipping space
for flaxseed is materially reduced, or unless price-supporting measures
are undertaken by the Government. The shortage of shipping space for
oilseeds and oils at the present time is confined largely to Pacific
Ocean routes. Flaxseed shipments' from Argehtina and Uruguay in recent
months have been adequate to meet needs in this country, and have shown
considerable regularity. Flaxseed prices in the United States are at a
much higher level than prices in Argentina and Uruguay as a result of
the inport duty of 65 cents per bushel and the prevailing high rates for
ocean shipment. The duty may be reduced if present negotiations for
trade agreements with Argentina and Uruguay are successfully concluded.
Shipping rates also are subject to change..

The average price received by farmers for flaxseed in the 1940-41
marketing season was approximately $1.38 per bushel (prelininr.ry esti-
mate). The average farm price in mid-July this year was estimated at
$1.71 per bushel compared with $1.44 in mid-July 1940, a gain of 19 per-
cent. This percentage change was about in line with changes in prices
of linseed and linseed meal at Minneapolis and New York.






AUGUST 1941


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S Eos-54 11 -
Table 3.- Index numbers of prices of fats and oils
S grouped according to use, by months, 1937-41
(1924-29 = 100)
.: Food :
Year All : : Miscol-
and I fats : Butter Lard : their Soap Drying Misc
and utter Lard lus
S: and : than fats oils
month oils
: oils : butter :
_: : :_and lard:

1937
Jan. : 88 75 104 109 114 88 79
Feb : 87 76 94 107 114 87 80
Mar. : 89 80 95 108 114 90 80
Apr. 83 71 89 104 111 96 81
May : 69 91 101 105 95 82
June : 0 68 91 97 102 93 32
July : 0 70 93 91 100 I 92 82
Aug. : 79 73 86 84 93 94 82
Sept. 81 78 84 79 85 98 82
Oct : 80 79 76 78 81 I 99 82
Nov. : 81 84 73 76 76 91 81
Dec. : 80 85 63 75 74 1/ 88 81
Average : 82 76 87 92 97 93 81

1938
Jan. : 74 74 64 76 76 89 77
eb. : 71 69 65 78 75 87 77
Mar : 70 67 67 1/ 79 74 84 76
Apr. 66 61 63 77 70 81 75
May : 64 58 62 76 69 78 75
June : 63 58 64 75 68 73 74
July : 65 58 68 80 72 75 73
Aug. : 6 58 62 78 70 74 69
Sept. : 63 58 60 75 69 77 69
Oct. : 62 58 57 74 69 76 69
Nov. : 63 60 54 72 6S 74 68
Dec. 64 62 j1 71 67 76 69
Average : 66 62 61 76 19 735

1939
Jan. : 61 58 50 69 67 76 66
Feb. : 60 58 50 66 65 76 67
Mar : 58 54 50 68 67 78 65
Apr. : 56 50 48 66 66 79
May : 57 52 0 66 66 81 63
June : 58 54 7 65 65 I/ s6 63
July : 56 53 43 63 62 9/ 85 63
Aug. : 55 54 43 59 58 83 64
Sept. : 67 63 59 72 73 97 67
Oct. : 67 65 50 71 73 100 86
Nov : 67 67 46 69 72 95 95
Dec. : 68 67 48 70 71 99 99
Average : 58 49 67 67 86 72
Continued -






AUGUST 19i4


- 12 -


Table 3.- Index numbers of prices of fats and oils
grouped according to use, by months, 1937-41 Continued
(1924-29 = 100)


: Food :
Yea All : : fats :
Year
:a fats Butter Lard other : Soap
mon and : than : fats
oils : : butter :
S: *:and lard:


Miscel-
Drying
ils aneo s
oils oil
oils


1940
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Average


69 70 46 69 70 103 102
: 67 66 47 69 68 100 102
65 64 45 67 65 103 100
64 62 47 67 65 102 100
: 62 60 43 65 62 99 101
: 61 60 42 63 6o 95 101
S 6 60 44 64 59 91 98
6o 62 38 61 5 87 92
: 1 63 37 62 56 86 91
67 35 62 57 86 86
: 6 7 36 65 62 s8 84
: 70 7 34 68 61 89 4
54 66 41 65 62 94 q5


1941
Jan.
Feb.
Mar.
Apr.
May
June
July


71
70
78
93
11i
118
124


66
566
75
90
101
105
108


95
95
99
105
107
o10
112


84
85
86
88
93
96
102


Data beginning 1922 are given in U. S. Department of Agriculture Technical
Bulletin No, 737, Wholesale Prices of Fats and Oils in the United States:
Index numbers, 1910-39.
I/ Rovisod.







Table .- Production and stocks of specified fets and crude oils
in the United States, 1939-41

: Factory production, : Factory and warehouse stocks
Item : January-June : (in terms of crude oil 1/)
: : :December:June 30,:December:June 30,
: 1939. 19 0 1941 :31, 1939: 1940 :31, 1940: 1941
S: Million Million Million Million Million Million Million
: pounds pounds ponds pounds unds pounds pounds
er ..............; 945.0 946.2 1,010.8 55.5 81,o 41.5 120.2
including ren- :
red. pork fat .....: 672.1 889.2 832.7 162.1 306.8 294.1 382.5
.$foot oil .......: 2.4 2.0 1.9 1.7 1.6 1.5 1-5
b' oil ............: 36.6 33.5 43.9 6.6 6.3 5-3 8.3
Abstearine .......: 19.2 16.6 21.7 4.4 4.5 4.7 5-5
ao t6ck 2J .......: 1.3 .9 / -- -- -
low, edible ......: 47.9 41.4 11.5 8.1 8.2 6.8 9.5
low, inedible and :
-eases, excluding :
Sol grease ........: 4/545.6 4/733.3 / 296.5 432.3 430.9 398.9
i1 grease .........: 2.6 3.2 7.0 4.6 4.3 6.9 6.9
0. and cod-liver oil: .7 .5 .7 33.7 23.1 13.8 14.4
s oil ............: 35-5 24.3 21.4 167.0 86.3 132.5 70.2
ne mammal oil ...: 23.9 19.3 .1 44.5 59.0 53.2 39.0

baasu oil .........: 36.s 35.6 28.3 6.2 9.4 7.8 6.4
stor oil ..........: 35.0 53.3 66.1 12.4 21.6 20.9 15.4
conut oil .........: 141,8 186.3 167.3 191.0 218.7 258.0 192.4
tprn oil ............: 68.8 82.1 93.5 34.8 26.3 21.2 25.5
%ttonseed oil ......: 577.7 521.6 660.9 777.2 661.2 671.5 449.9
need oil .........: 264.0 278.6 379.6 142.5 132.8 153.8 150.9
ive oil, edible ...: 6.4 1.2 8.2 8.8 9.1 10.0 7.8
live-oil foots ....: --- -- --- 14.5 17.6 21.6 14.8
.ive oil, inedible .: -- -- -- 3.3 3.7 2.6 1,5
Im-kernel oil ~/ ..: 2.9 6.8 / 1.1 1.8 2.6 5.9
rlm oil ............: 133.4 141.2 155-7 118.8
flanut oil .........: 60.3 21.0 108.9 21,3 20.1 43.6 57.2
P!rilla oil V/ ......: 1.5 -- / 15.2 4.9 7.0 8.9
Eipe oil ............: -- 6.5 4.9 6.5 8.1
Y ljeame oil ....... 1.9 4.3 .2 .3 1.9 .7
beanben oil .........: 226.8 275.0 293.3 71.6 103.9 94.6 78.1
liang oil ...... : 3.0 .7 1.0 31.4 57.2 57.1 37.L
lther oils 6/ .......: 2.2 2.0

total / .........: 3,762.1 4,178.9 8/4,570.0 2,255.9 2,448.2 2,527.7 2,236.C

Continued -






AUGUST 1941 -- 14--

Table 4.- Production and stocks of specified fats and crade oils
in the United States, 1939-41 Continued

Compiled as follows:
Production, Bureau of the CensuLa..except butter, Agricultural Marketing
Service, and tung oil for 1939 and 1940, Bureau of Foreign and Domestic
Comvr-erce.
Stocks, Bureau of the Census, except for butter and lard which are from
cold storage reports, Agricultural Marketing Service.

-/ Crude plus refined converted to crude basis. Refined oils have been con.
averted to crude basis by dividing by the following factors: Babassu oil, co.
oil, cottonseed oil, palm-kernel oil, and palm oil, 0.93; coconut oil, peanl
oil, and soybean oil, 0.94.
Exports.
SComplete data not available.
Total apparent production computed from reported factory consumption;
stocks, and foreign trade.
SOil equivalent of imported raw material.
SMurumuru-Iernel oil and tucum-kernel oil.
/ Totals of unrounded numbers..
/ Partly estimated.





15 -

Table 5.- Wholesale prices of fats and oils:
Index numbers, July 1939 and 1940,'May-July 1941

__(1924-29 = 100)
July : 1941
__Group 1939 : 1940 : May : June : July

eight domestic fats and oils I/ ......: 73 79 113 116 116
lght domestic fats and oils .........: 52 56 80 .2/ 82 82

1 fats and oils (27 items) .........: 56 61 87 90 90
ed by origin :
imal fats ........................: 51 57 79 81 79
Marine animal oils ..................: 65 88 107 108 115
T vegetable oils, domestic ............: 63 62 98 106 109
Vegetable oils, foreign ............: 81 -88 128 131 139
-'ed. by use
Butter .............................: 53 60 79 81 78
:Butter, adjusted j/ ................: 57 65 s6 88 84
SLard ................ .............. : 43 44 72 77 78
Food fats, other ....................: 63 64 111 118 124
Soap fats ......................... 62 59 101 105 108
Drying oils ........................: 85 91 107 108 112
Miscellaneous oils ................. 63 98 93 96 102

17 1910-14 = 100. *2 Revised. 3 Adjusted for typical seasonal variation.

Table 6.- Prices of specified oil-bearing materials,
SJuly 1939 and 1940, May-July 1941

:: July : 1941
Item Unit 199 190 : May : Je :July
1939 1940 1A___ uniiie ijly
SDollars Dollars Dollars Dollars Dollars
Castor beans,-Brazilian,
ship't., c.-&-f., New York :Long ton -- 48.00 65.60 71.25 70.38
Copra, bags,-f.o.b.
Pacific Coast ,............. 100 lb. : 1.67 1.58 3.90 3.75 3.72
Cottonseed, U.S. farm price :Short ton: 20.70 22.60 27.67 29.58 35.90
Flaxseed, No. 1, :
Minneapolis ................: Bu. : 1.57 1-5. 8 1.87 1.87 1.92
ilaxseed, U.S. farm price 1.39 1.44 1.68 1.64 1.71
Peanuts, shelled,
k-uS-Anners No. 1, S.E. mills .: 100 lb. : 4.95 4.70 5.50 6.00 6.70
P-eanuts, U.S. farm price ...: 3' 3.38 .3.42 3.65 4.01 4.16
Soybeans, No. 2 Yellow,
Chicago ................... -Bu : .90 .82 1.32 1.39- 150
fSy~beans, U.S. farm price ..: .75 .73 1.19 1.23 1.30

Compiled from Oil, Paint and Drug Reporter, Daily Trade Bulletin (Chicago), Daily
Market Record (Minneapolis), and reports of the Agricultural Marketing Service.




AUGUST 1941 16 -
Table 7.- Price per ton of specified oilcake meals, July 1939 ..
and 1940, May-July 1941
SJuy 1941
'____: 1939 : 1940 : May : June : July
:Dollars DoTlars Dollars Dollars Dollars

Copra meal, Los Angeles ...... 24.80 19.75 35.70 35.80 36.20
Cottonseed meal, 41 percent
protein, Memphis ........ 21.55 25.55' 25.10 26.50 31.00
Cottonseed meal, 41 percent
protein, Chicago ........ 27.75 31.60 30.80 32.40 36.60
Linseed meal, 37 percent
protein, Minneapolis .... 33.10 .24.30 27.10 28.20 32.00
Linseed meal, 34 percent :
protein, New York .......: 38.75 25.90 24.55. 25.45 28.30
Peanut meal, 45 percent
protein, f.o.b. southeastern
mills ........................... 21.00 '24.40 23.28 24.88 30.60
Soybean meal, 41 percent
protein, Chicago ...........: 24.70 22.25 28.10 29.70 33.80
Compiled from records of the Agricultural Marketing .Service.

l/ Bagged, carlots, except peanut meal.

Table 8.- Production and stocks bf butter, lard, rendered pork
fat, cottonseed oil, and peanut oil, June 1939 and .-'
1940, April-June 1941

Ite June : 1941
_tem : 1939 : 1940 : Apr. : May : June I
: Mil. lb.. Mil. lb. Mil. lb. Mil. lb. Mil. lb.
Production
Creamery butter .............. 202.5 205.4 163.5 215.6 214.7
Lard, under Federal inspection: 103.5 121.5 113.3 125.2 102.7
Rendered pork fat 2/ .........: --- -- 12.4 14.5 13.0
Cottonseed oil, crude ........: 34.3 19.4 102.2 66.3 42.5
Peanut oil, crude ...........: 7.3 2.0 15.2 .17.5 7.1
Stocks, end of month
Butter b.......................: 131.6 : 81.0 17.8 56.8 120.2
Lard ............ .............: 4.. 8.4 : 306.8 321.1 366.1 374.7
Rendered pork fat 2/ .......: --- --- 6.6 7.8 7.8
Cottonseed oil, crude basis 3/: 752.4. 661.2 640.1 551.3 449.9
Peanut oil, crude basis / ... 52.3- 20.1 -- -- 57.2
Compiled as follows:
Production of creamery.butter and peanut oil, and cold-storage holdings of
butter, lard and rendered pork fat, Agricultural Marketing Service.
Production under Federal inspection of lard and rendered pork fat, Bureau
of Animal Industry.
Factory production and stocks of cottonseed oil, and stocks of peanut oil,
Bureau of the Census.

V/ Preliminary.
2/ Included with lard prior to November 1940,
3/ Crude plus refined converted to crude basis by dividing by the following
factors: Cottonseed oil, 0.93; peanut oil, 0.94.








- Ta..ble 9.- Oleomargarine: Production and materials used in manufacture,
United States, June 1939 and 1940, April-June 1941


Item


: June :


1941 1/


: 1939 : 1940 : ATr. : May : June


:1,000 b. 1000 lb. 1,000 lb. 1 000 lb. 1,000 lb.
*


"oduction:


Colored .................... : 0S
SUncolored ..... .........: 21,046
Total 3/ .................. 21.126
trials used: :
e0o oil ................. 1,009
Oleostearine ..............: 260
Lw r.a, neutral ...............: 85
06 eo stock .................. 114
Beef fat ..................: 15
Monostearine ................--
S total animal ..............: 1,483
:. Cottonseed oil ............. 6,703
. Soybean oil .............. 5,470
Peanut oil ..................: 167
Corn oil ....................: 21
Cottonseed steprine ........ ---
Soybean stearine .............: ---
Total domestic, vegetable 12,366
Coconut oil ................. 2,129
i abassu oil ................. 1,106
Palm oil ....................:
S Total foreign, vegetable .._ 3,2
-Total fats and oils ......: 17,084


Milk a......................:
" Salt and other miscellaneous.:



4,112
989


282
19,588


19,870

900
236
423
70
---
---
1,629


413
2/31.766


1,388
26.304


300
24.783


32,179 27,693 25,083

1,402 1,439 1,146
361 257 231
885 635 498
s4 78 105

14 13 9
2,2746 2,422 1,989


7,392 12,896
4,463 8,422
137 159
10 3S
2 1
1 --
12,005 21,51 -


1.575
683
3


1,3S2
211
31


11 ,44 10, 16
6, 98 5,546
167 159
39 36
5 -
1 --
18,554 16,557


1,468

8


1,435

247


2,261 lAb24 1,476 1,682
15,895 25.89- 22.452 20.228


3,811
g78


6,016
1,227


5,102
1,050


ij.-mpiled from Internal Revenue records and

Preliminary.
SIncludes manufacturers' returns not av;
Total of unrounded numbers.

i".


Internal Revenue Bulletins.


ailable for other reports.


Bm --e


.^ a.=-- -




UNIVERSITY OF FLORIDA


3 1262 08905 1261










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