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_00048
Classification:
lcc - HD9490.U5 A33
ddc - 380.1/41385/0973
System ID:
AA00005305:00048

Related Items

Succeeded by:
Fats and oils outlook & situation

Full Text
A &^ ;91 S


E '


TUATION


,TH









i .`*P


S-5t


IBER 1941


SOYBEANS: UTILIZATION AND PRICE RECEI
BY FARMERS, UNITED STATES, 1924-41


BUSHELS DOLLARS
( MILLIONS ) S Net exports PER
Other domestic disappearance SH
Crushings *
100 2 50


80 Price 2.00


60 r 1.50


40 1.00


20- .50


0 0
1924 1926 1928 1930 1932 1934 1936 1938 1940 1942
YEAR BEGINNING OCTOBER
*DATA FROM BUREAU OF THE CENSUS A DATA FROM A. M. S.
DATA FOR 1940 ARE PRELIMINARY. 1941 BASED ON SEPTEMBER INDICATIONS. PRICE FOR SEPTEMBER 5I


U. S. DEPARTMENT OF AGRICULTURE


NEG. -2745 BUREAU OF AGRICULTURAL ECONOMICS


DESPITE A RECORD OUTPUT, THE PRICE OF SOYBEANS IN 1941-42 WILL
BE THE HIGHEST IN ALL YEARS OF COMMERCIAL PRODUCTION, ALTHOUGH PERHAPS
NOT SO HIGH AS IN THE 1920'S WHEN SOYBEANS WERE PRODUCED MAINLY FOR SEED.
CONSUMER DEMAND FOR PRODUCTS DERIVED FROM SOYBEANS, INCLUDING LIVESTOCK
AND DAIRY PRODUCTS, IS NOW THE STRONGEST IN 22 YEARS, AND IS EXPECTED TO
STRENGTHEN FURTHER IN THE NEXT 12 MONTHS. PRODUCTION GOALS FOR 1942 CALL
FOR AN 18-PERCENT EXPANSION IN ACREAGE OF SOYBEANS FOR BEANS. (FOR DATA
SEE TABLE 2.)


BUREAU OF AGRICULTURAL ECONOMICS
UNITED STATES DEPARTMENT OF AGRICULTURE

AR ,- '"-


IG--56





OCTOBER 1141


Table 1.- P~ric per pound of specified fats, oils, and elycerin,
September 1939 and 1940, July-September 1941

Ite : Sept. 1941
S__1939 : 194n : July : Au. : Sept.
SCents Cents Cents Cents CentE
Butter, 92-score, Chicago ........................ 27.4 27.6 A4.3 35.0 36.6
Butter, 92-score, New York .......................: 27.7 28.5 34.8 35.5 36.9
Oleomargarine, dam. veg., Chicago ................: 1U.9 14.5 15.7 16.5 16.5
Compounds (animal and veg. cooking fats), Chicago : 9.7 S.S 14.8 15.1 15.9
Lard, crime steam, tierces, Chicago ..............: 7.8 4.8 10.2 10.1 10.7
Lard, refined, cartons, Chicagn ..................: 9.6 6.5 10.9 11.1 12.4
Oleo oil, extra, tierces, Chicago ................: 10.6 7.0 10.4 10.3 10.5
Oleostearine, bbl., N. Y ........................: 9.2 5.7 9.8 9.S 9.8
Tallow, edibl," Chicago ........................... 7.1 4.3 8.1 8.3 9.0
Corn oil, crude, tanks, f.o.b. mills .............: 6.S 5.2 11.9 11.8 12.41
Corn oil, refined, bhl., N. Y. ....................: .l 7.8 15.1 14.g 15.6
Cottonseed oil, crude, tanks, f.ob. S.E. mills ..: 5.9 4.g 10.6 10.9 12.2
Cottonseed oil, p.sy., tank cars, U. Y. .........: 7.1 5.6 11.8 11.9 13.6
Peanut oil, crude, tanks, f.o.b. mills ...........: 6.3 5.2 11.1 11.2 12.7I
Peanut oil, dam. refined, bbl., N. Y. ............: 9.5 .4 --- 15.0 15.8
Soybean oil, crude, tank cars, midwestern mills ..: 5.1 4.1 9.8 1.5 10.5
Soybean oil, dnm., crude, drums, N. Y. ..........: 6.8 5.5 12.3 11.3 12.1
Soybean oil, refined, drums, N. Y ............. 8.0 6. 12.7 12.3 13.2


SBeassu oil, tanks, f.o.b. mills, Pacific Coast ..:
Coconut oil, crude, tanks, f.o.b. Pacific Coast 1/:
Coconut oil, edible, drums, N. Y .................
Olive oil, edible, drums, N. Y. ..................:
Olive oil, inedible, drums, N. Y. ................:
Olive-oil foots, prime, drums, N. Y. .............:
Palm oil, Niger, crude, drums, N. Y. / .......... :
Palm oil, Sumatra, tanks, N. Y. IJ. .............. :
Rape oil, refined, denatured, drums, 'J. Y. .......:
Rape oil, blown, bbl., N. Y. ....................:
Teaseed oil, crude, drums, N. Y. .................
Tallw, inedible, Chicago ...._........... ........
crease, A white, ChicaIo ....................... ..
menhaden oil, crude, tanks, f.o.b. Baltimore .....
Sardine oil, crude, tanks, Pacific Coast .........
Whale oil, refined, 'leached winter, drums, I.Y. .


6.6
9.0
27.9
16.3
9.0
6.6

11.5
14.8
12.0
5.9
6.2
3.7
4.2
9.1


5.3
7.5

23.2
8.9
6.5

15.0
17.5
12.8
3.5
3.6


9.5


9.2
1.2
13.o
72.7
52.3
17.0
9.q
9.5
15.2
17.5
22.7
7.6
7.8
7.8
S.0
10.5


1.2
9.3
13.0
73.6
52.3
17.0
10.8
10.2
15.6
17.5
24.0
7.7
7.8
7.4
7.7
10.5


9.5
9.6
13.1
71.7
52.3
17.0
11.2
10.7
15.6
17.5
26.2
8.5
8.6
7.8
8.0
11.0


Linseed oil, raw, tank cars, Minneanolis .........i .1 7.7 10.4 10.2 10.3
Linseed oil, raw, drums, carlots, N. Y. ..........: 10.1 8.5 11.4 11.3 11.4
Perilla oil, drums, N. Y. ......................: 14.4 17.6 20.0 21.4 22.6
)iticica oil, drums, N. Y. ............ ......... : 10.7 1;.0 20.6 21.2 22.2
Tung nil, drums, N. Y. ........................... 26.6 26.3 32.2 34.0 35.5
Castor oil, o. 3 bl., N. Y ................... .8 10. 11.5 11.5 11.8
4stor oil, dehydrated, drums, carlnts, N. Y. ....: 12.6 13.6 15.7 16.0 16.5
lod-liver oil, med. U.S.P. bbl.,N.Y.(dol.per bbl.): 39.3 72.5 82.5 84.5 87.5
Cnd oil, Newfoundland, drums, N. Y. ..............: 4.4 3.0 10.5 10.5 10.5
Glycerin, soaplye, 30 percent basis, tanks, II. Y. : 7.8 7.2 11.1 13.0 16.8
Compiled from Oil, Paint nnd Drug Reporter, The National Prnvisioner, and reports
of the Agricultural Marketing Service and Bureau of Labor Statistics. Prices quoted
ir.r]ude excise taxes and duties where apolicable.
Ij Thre- ernt prn.essing tax added to price as originally quoted.


- 2 -






FOS-56 --3-


THE FAT S AND OILS SI TUATI ON
_-_--------------_--_---------_- -----------_----

Summary

A high level of domestic demand for fats and oils and substantial

purchases of lard for export are in prospect for 1942. Prices for fats and

oils probably will average higher next year than this. Government measures,

however, may tend to hold advances from present levels within narrow limits.

Prices for domestic oilseeds are now comparatively high, and are ex-

pected to average at least as high in 1942-43 as in the current marketing

season, even though the output of soybeans and peanuts may be increased next

year. In the case of flaxseed, the large surplus available in Argentina has

had a restraining influence on prices this season. This influence probably

will continue to be felt so long as continental European markets remain

closed to South American trade and ships are readily available for carrying

flaxseed from South America to this country.

Requirements for fats for domestic consumption and export in the

1941-42 marketing year probably will exceed 11 billion pounds. Production

from domestic materials during this period is expected to total well over a

billion pounds, an amount, which, although setting a new hieh record, will be

nearly 2 billion pounds short of total requirements. Imoorts in 1940-41,

including the oil in oilseeds, amounted to approximately 1.6 billion pounds.

It is doubtful that imports can be increased materially if at all this season.

Substantial gains in new ship construction are in prospect for the next 18

months, but the rate of shin losses and possible new demands on shipping

continue to be uncertain factors. Stocks of fats and oils are likely t, be

reduced this season unless imports are increased.






OCTOBER 1941 4 -

Total requirements for fats in 1942-43 are expected to exceed those

in the current marketing year. But with increased livestock slaughter in

prospect, the outint of animal fats and oils will be expanded by perhaps 300

million pounds. Production goals for 1942, moreover, call for increases of
3
1.1 million acres of soybeans for beans and 1.6 million acres of peanuts".

With avereae crop yields, these increases would provide an additional 500

million rounds of oil. The production goal for flaxseed in 1942 calls for

the same planted acreage as in 1941, but in view of the comparatively high

prices and high yields in most areas for flaxseed this season, and the re-

strictions on wheat acreage, some increase in flax plantings may occur next

year. Cotton acreage may be slightly reduced in 1942.

-- October 14,-1941

REVIEW OF RECENT DEVELOPMENTS

BACKGROUND.- Largely because of increases in world suDnlies,
prices of most fats and oils had declined to low levels before
the outbreak of war in September 103q. Prices of all fats and
oils advanced at that time. But most of the gains subsequently
were lost, with the declines being especially marked after the
closing of important Euronean markets and the cessation of lard
imports by the United Kingdom in the spring of 1940.

Reduced shining space and increased shinning costs early
in 1941 rctricted the volume of imports and had the effect of
driving a wedge between prices in the United States end those in
surolus-oroducinge reps. This influence, together with improved
domestic demand for consumption and storePe, and Government lard
purchases, resulted in sharn advances in domestic prices .of fats
and oils'during the first half of 1q41. Prices leveled off in
July and August, partly because of uncertainty arising from a
Government oronosal to lace a "ceiling" on the rice of cotton-
seed oil.

Prices Advance in Early September: New Uncertainty
Introduced by Price-Control Legislation

In early Seotember, following the withdrawal of the proposal te place
a "ceiling" on the price of cottonseed oil below recent market levels, prices
of fats and oils generally moved upward. But during the latter part of the







Sos-56 5 -

month there was a tendency for prices of many item:,sto level off.* New un-
certainty was introduced in fats and oils markets as hearings on proposed
price-control legislation got under way. The bill for which these hearings
'were held, in its original form, calls for ceiling prices for agricultural
commodities of not less than 110 -ercent of the'parity'-rices nor less than
actual market prices on July 29, 1941.

Wholesale prices'of fats and oils averaged about 5 Percent higher in
* fSeptember than in August. Among domestic items, ,-rices for cottonseed oil,
peanut oil, tallow, greases, soybean oil, and lard led the'advance, with
gains over the August averages of 6 to 13 percent. Prices for other domestic
fats and oils also advanced, although the gain for linseed oil was slight.
Advances in prices for imported items were less pronounced than those for
domestic items, and in the case of edible olive oil a blieht decline was
registered.

The index of prices for all fats and oils in Sebtember, at 96 percent
of the 1924-29 average, was 35 points (57 percent) higher than in Sentember
q140. Prices for many items, including cottonseed oil, soybean oil, olive
oil, lard, tallow, and greases, were more than double those of a year earlier.
And prices for coconut oil and palm oil were 70' to g0 percent higher. But
prices for linseed oil and butter were only about a third higher than in
September last year.

Imports Continue at Reduced Level in July;
Exports of Lard Increased

Imports of fats, oils, and oilseeds in terms of crude oil in July,
totaling 137 million pounds, were 11 percent smaller than the 154 million
pounds imported in July 1940. Imports for the first 7 months of 1941 totaled
961 million pounds compared with 1,075 million Pounds in the first 7 months
of 1940. Imports of coconut oil and copra in terms of oil were 13 Dercent
smaller in July this year than last; imports of palm oil were down 22 percent;
tung oil, 57 percent; and olive oil, 61 percent. Other items to show reddc-
tions include nalm kernels, cottonseed oil, and teaReed'oil. On the other
hand, imports of flaxseed, cpstor beans, inedible tallow, and oiticica oil,
originating chiefly in South America, were substantially larger in July this
year than last.

Exports in July, totaling 62 million pounds, were considerably larger
than in June or in July last year, when they amr,,ined to only 38 million
pounds. The Pxport total for the first 7 months r o-'."1J. was 291 million
pounds com-ared with 256 million pounds a year earlier. The marked increase
in exports in July was the result mainly of the inaugur-ticn of shipments
of lard to the United Kingdom under the lend-lease program. Exports of lard
to all destinations amounted to 54 million -ounds in July compared with a
monthly average of only 18 million pounds during the receding 6 months,
when practically no lard was exported to the United Kingdom but when unusual
shipments were made to Japan, Finlpnd, and Russia.







OCTOBER 1941


- 6 -


Cotton Crop Estimate Increased

The forecast for-the 1941 cotton crom was revised, on the *basis of
October 1 indications, to 11,016,000 bales. This comnarea with 10,710,000
bales forecast a month earlier. Approximately 0.444 tons of cottonseed
are produced ner bale of cotton. Production of cottonseed in q141 thus
would be about 4,911,000 tons compared with 5,595,000 tons in 1o40. It now
seems likely that cottonseed crushing in the 1941-42 marketing year will
be in the neighborhood of 4,000,000 tons, or 9 percent less than the 4,396,000
tons crushed in the 1940-41 season.

Assuming an average oil yield (313 pounds of oil per ton of seed
crushed) and a crush of'4,000,000 tons, the production of crude cottonseed
oil would total abmut 1,250 million pounds this season compared with 1,425
million pounds a year earlier. The 1941-42 supnly of cottonseed oil (pro-
duction plus August 1 stocks of crude and refined cils, crude basis) would
be about 1,593 million pounds, or 20 percent less than the 1,993 million
pounds available last season.:

October 1 estimates for the 1941 production of soybeans, peanuts,
and flaxseed are as follows: soybeans, 111.6 million bushels: peanuts,
1,430 million pounds; flexseed, 31.8 million bushels. The new estimate for
soybeans is slightly larger than that of a month earlier, while the estimates
for peanuts and flaxseed are slightly smaller.

Cotton Linters, Correction

The statement in the September issue of The Fats and Oils Situation
indicating that rn oeTeement was in effect whereby cottonseed oil millers
had undertaken to make 80 percent of the new suocly of cotton linters avail-
able for chemic-l purposes at en pvera-e rice of 3.35 cents per pound,
f.o.b. mills, was nartly in error. TNo Pereement is in effect. The produc-
tion of linters is at present governed by General Preference Order No. M-12,
issued by the Priorities Division of the Office of Production Management.
This order prohibits the cle of second-cut linters, or more than 20 percent
of mill-run linters, for any nurnose other than ultimate use in the chemical
industry. It further requires all cottonseed oil crushing mills using two
cuts in the production of cotton linters to regulste their processes so that
first-cut -otton linters will not be more than 20 percent of the total cut.
The order does not -only to the seles or deliveries to agencies of the
Federal Government, or to the Government of any country whose defense the
President deems vital to the defense cf the United States. The Office of
Price AdministrPtion has issued a request that oil mills ask not more than
3.35 cents per pound for linters offered to the chemical trade.

OUTLOOK FOR 1942

Inrreesed Production Heeded to Meet
Reouircments for Fats

Domestic dic:u',,morrance or cotisuimution of fpts snd oils has increased
at an average rate of s]i p.tly .iver 150 miillcri peni ds vuiniinlly siuce 1912,







FOS-56


-7-


when approximately 5.1 billion pounds of fats were consumed. In the year
. beginning July 1940, disappearance of primary fets and oils in the United
States totaled about 10.5 billion mounds, an increase of 800 million mounds
over the previous year. The major mart of this gain occurred in the period
January-June 1941, when disanrearance was 19 percent greater than in the
corresponding period a year earlier.

Part of the gain in disappearance in Q940-41 is believed to have been
the result of the accumulation of inventories of finished goods by large dis-
tributors and consumers. In other periods of ranidly rising demand, large
inventories generally have been built un and maintained, end a marked increase
in disappearance in one year has been followed by successive increases, though
not on so pronounced a scale, in following years. Thus disoneearance of
primary fats Pnd oils increased 13 percent in 1922 over 1921, reaching P record
high level for that period. A further increase of 7 percent occurred in 1923,
and additional increases of 2 to 5 percent occurred in each of the following
6 years. /

Disappearance of primary fats in the United States from July 1940
through June 1941 was g percent greater than a year earlier. On the basis
of previous experience in a period of rising demand, a further marked gain
in disappearance would be expected to take place in 1941-42, even after allow-
ing for the effect of fairly widespread stock-buildine in the previous year.
Hence, domestic requirements for primary fats in 1041-42 may be expected, at
a conservative estimate, to Te at least as laree as in 1040-41. In addition,
possibly 700 million pounds of fats and oils, moFtly lard, will be exported,
so that total reouirements in the current season probably will not be less
than 11.2 billion mounds.

Production of fats and oils from domestic materials in the year be-
ginning July 1940 amounted to about q.1 billion pounds. Production in
q1941-2 may be about 9.4 million pounds, with increased output of soybean
oil, lard, tallow, greases, linseed oil, fish oils, and corn oil more than
offsetting decreased output of cottonseed oil and peanut oil.

Imports of at least 1.g billion pounds of vegetable oils and oilseeds
(in terms of oil) will be needed in 1q41-42 if the total of production and
imports is to eqoal requirements for domestic consumption and exports. Sub-
stantial gains in new ship construction during the next 18 months are indi-
cated, but with continued sinkings, possible new demenis on shipping, and
the near loss of rome foreign sources of supply, it is doubtful that imports
will be greater in 1941-42 than a year earlier, when the;' amounted to 1.6
billion pounds. Thus, domestic production plus imports of fats in 1941-42
may be 200 million pounds or more short of requirements. The deficit orob-
ably will be taken from stocks, which fortunately are large. Stocks of
Primary fats and oils on July 1, 1941 totaled about 2.2 billion pounds;
additional stocks of about 400 million pounds of oil were available in the
form of oilseeds on that data.


J/ For b.sic data see table 2 of the February 1q41 issue of The Fats and
Oils Situation.






OCTOBER 1941 8 -

If thp war in Europe continues into the 19,2-13 marketing year,
domestic requirements for fats in thatL yur aro likely to be even greater
than in the present year. Increased livi.stock slaughter is in prospect,
how...vcr, which should add about 300 million pounds to the domestic output
of fats. 1'orcov,-'r, if thr rr'cer.tl: a:.no-.nc.,d Ecr: ag ge-als for oil crops
in 1912 are attained and nornam l crop .ields ar.- r&alizL'., production of
cpa.ut oil and SC'yb-snl oil in 11i2-43 will bE -boat 500 million pounds
crc tor th-an in 1-1-4'. Thcs: incr:as.s siculd .rinfg upplics about in
lin, with probable rcquirem2nts, assuming tn-t im-rcrtc will continue to come-
in ht u fairly subst-itil-1 lc:1.

Pcanut and So:ybc-Ln .crtag: to b... Expcandud

To obtain wi incr-ssc of :npproximr it :1 500 million pounds in the
domestic output of vgct-.bl:- oils in 1 12-43, th.-- 3:cr-;t.r- of Agriculture
recently unnolunerd j9,~2 *.cr:. g' go- ls for po-nutE 'ad soy,'bcns 1.6 and 1.1
million scr:s larg.r r.-sprctivcly thur. t!-o indctcd crr.:. r.s for harv-st
in Il. Th'-:s incrcn:z with'. L.v. r, crop yi.ids, wold provide :bout
1,200 million poun"n mor- f.:ir;rs' st,.ck r-,nut: -nd rpprcxim-tcly 15
million bushrls mor, soybcr-ns for crshing in il'2-43 tri n in 1941-412. On
the basis of niorm..l oil yi-,.Ids, thec: adciti nail crusiinus would r.rovido
zicarly 35C million rounds more ciLnut oil .r:d about 1-, n.rilion pounds more
soybean oil next s-r sor. th-.n t:.5s.

Production both of' p-t.n ts -n, of scjhc.i-rs h',s inlcrc:.s:d shjE rply
during th.. p.st y :.rs. Th,. ruti-ut of p:rnutz pi.?kd '.nd thr.asr d increased
from 820 milli on r1oui.nd inr: 1'j.3Z to 1, ''1 million 0,ounc-.s in 1 4,0, but is
Cxp 'jctcd to tot:.l -r.ly ,.-cut 1,-- million pounds in 1'41. It is hoped that
p':,nut Froductior: %ill tot-i :.b-ut i,-. million pounds in 1I-2. The output
of soyb,.ans incr,-: L.d fror,s 13 ill!:.,. :u-l's in tlb3 to 7i indicutcd 112
million bush ls in u-ll. It is tr,; l .... t syo':.o n p[roducticn v.ill b.- in-
orrc.s cd to Ct 1-.. st 126 nillio-. ba-r. 1 Ir. 1i' .

The ':cr: cu [-o. 1 for oil .as in 1 .1L, v.1th. comn p risons for recent
years, c-re *cs follows:


v.e r' i' : I'.dic.t:d : CGoul
It -.o ..
_1____________1_______ 6-.0 : lSr ,i : 1-.i2
1: l,u00 cores 1,UC"iJ acres 1,OCO ccr:s

Cotton (cc.ttons.-.d', pl'.n-.-d: 27,F~3 23,C19 (2,000 to
(24.,000 1/
Peanuts, picked and
thr.:sh:-a ................: 1. ,7,5 1 ,C' .3,500 2/
Soybc,':nr: hurvLs-t._d for
bcan- ..... : ... ... 3 5 ,000
F -xs- .d [ l'.r.t d .......... : ,1i5. 3,292 5,392

I/ .., --- l t.l ;it uni.r th- Agri-cult' urt Co.:z r.-.i. r. Act of 1233 is
r.b.- ., .., l l icr '.cr..s vh ich, with ..v'r, .- unL dc-lc. -' -" ,' .lJ ] -ivc
abI... ; nillicn "r-. s pl..ntc:d. 2/ AcrL'-r,;. rll '-. i .r "r....:-cting
quot-" peanuts, to be '.is.d pri.tarTly iy. the: *.:dibl.s trdeo but rt of which
may be div,-rted to oil mills: 1,G00,000 acrcs; poc:nuts for oil: 1,900,000
acre's.









Ac-turl acreages in 1942 probably will not correspond exactly with
the announced acreage goals. But with the relaxation of acreage restrictions
by the AAA on certain crops, and with the prospect of continued high prices
S for peanuts and soybeans for oil, it seems likely that the general ain will
be achieved. Although the goal for flaxsecd calls for the same planted
acreage in 1942 as in 1941, it is possible that flax plantings may be in-
creased next year, partly because of the comparatively high prices and high
yields obtained in most areas for flaxseed in the 1941 season, and partly
because wheat acreage will be further restricted in 1942. The Agricultural
Conservation Program for 1942 requires in a large pe.rt of the country that
at least 20 percent of the total crop land of participating farmers be devoted
to designated soil-conserving uses, but otherwise provides ni.. acreage
limitation for soil-depleting crops, except for crops such as corn, wheat,
and cotton for which special acreage allotments arc in effect.

Penand for Fats Strongest in More Than 20 Years

Domestic demand for fats and oils is now the strongest in more than
20 years. With rising national inco.ie, further improvement in demand in
1942 is expected. This improvement, huwcver, :aay not extend to all classes
of fats. Because of shortages of certain -atorials and possible difficulties
in obtaining skilled workers, residential building activity and the demand
for paint and varnish oils, now at a high level, nay be reduced in 1942-43.

In addition to growing strength in dnoestic demand for food and
soap fats, substantial purchases of lard for shipment to the United Kingdor.
under the lend-lease Fpr.gram are in prospect.

A rough indication of changes in the dor.mestic doriand for fats is
given by the index of inccne of industrial workers. This index, which re-
flects variations in factory, railroad, and nining pE.yr:lls, stond at 138
percent of the 1924-29 average in July and August 1941, the highest level in
23 years of rec.ord. Striking gains in inc ji.ie have occurred during the past
year, with increases of 20 points in the index from July 1940 to April 1941
and 25 points frcm April to July. Industrial activity and income nay not
change much in the naxt few months. But increasing employment in industrial
plants will bring about further gains in inucr.e during 1942.

The effect of higher taxes in 1912 on consunmr demand for fats and
oils is likely to be -.iore than offset by the reduction in supplies of
certain durable goods. Storage demand fir fats and manufactured articles
containing fats probably will continue strong.

Prices Expected to be Much Higher
than in Recent Years

With further improvement in domestic denv.nd '.nd with coi;paratively
large purchases cf lard for expert, prices for fats .wnd oils, particularly
for the food and soap fats, are likely t.j average higher in 1942 than in
1941. Gover.inent action ray be tak.n., h.wcvcr, which would tend to hold
advances from present levels within narrow li.iits.


FOS-56


- 9 -






OCTOBER 1911


- 10 -


Demand for high-protein feeds also may rise in 1942 as a result of
increased livestock feeding and inprovunent in de;.;and and prices for live-
stock products. Recent gains in prices for both oil and neal are being
reflected in relatively high prices f)r dom.cstic oilsecds this season,
particularly for cottonseed, soybean-, and F:anuts. Acc-,rding to present
indications, prices for these oilse,-ds prnb'bhly will average at lost as
high in the 1942-.1-3 season as in the currLn season, oven though th, output
of soybeans and peanuts mlay be substantially increased next ycur.

The average price received by farmers for cottonseed in mid-Septembor,
at $49.83 per ton, was m re than double that of a year earlier and was the
highest n.nthly av-rgc since July 1920. Th- price of soybeans in nid-
September, at $1.61 per bushel, alsL, was t..r than double that of a year
earlier. And thr a., rage price received by firneers fur peanuts in mid-
Septcnber, a.t 4. 3 counts per p-und, ;:was nearly one-third higher than the
average price in mid-S.Iptcnbcr last y "ar. Prices for all peanuts last season
were supported by the diversion Fprgrtm. This se;src.n the diversion program
is being applied cnly tc "quota" peanuts, whLch, h::wcvcr, account for about
four-fifths ,.f the crop.

With the current str..ng denaind for flaxsord, the average price re-
ceived by f1r. .crs for that camn.idity: in :.id-Septe:nbcr, a.t $1.85 per bushel,
was about .10 percent higher than a year earlier. The large surplus of
flaxseed avail-ble in Argentina has had a rastrt'.ining influence on prices
of flaxseed and linseed :il this sea.s.on, and Pr,-bably will continue to have
such an influence so long as inp.rti.nt Eur.opuLn markets reu!.i.in closed to
w:rld tradc and ships .re avril.Ablo f-r carrying flsexsced in needed quantities
from South Arncrica to this c..untry.










COTTONSEED: SALES, PRICE, AND CASH
INCOME. UNITED STATES. 1910-41


0
DOLLARS


1915 1920
CALENDAR YEAR BASIS


1925 1930 1935 1940
DATA FOR '941 ARE TENTATIVEESTIMATES


U S DEPkARMENT Or AGRICULTURE EG 53B63 BuREu LU OF AGRICuLTuRAL ECONOMICS
FIGURE I.- WITH A STRONG DEMAND FOR COTTONSEED PRODUCTS, THE ASEPACE PRICE OF
COTTONSEED IN 1941 MAY BE THE HIGHEST IN 22 YEARS. SALES WILL BE COMPARATIVELY
MALL, AND CASH INCOME MAY BE ABOUT THE SAME AS IN 1925-29. PRESENT INDICATIONS
POINT TO CONTINUED SMALL SALE AND HIGH PRICES FOR COTTONSEED IN 1942. (FOR DATA
SEE TABLE 3.)

PEANUTS. FARMERS' STOCK: PRODUCTION. PRICE,
AND CRUSHINGS, UNITED STATES, 1920-41
POUNDS I I CENTSS
( MILLIONS I I PER
1.600 -- Production POUND
1.600 .. ... .


1.200




800




400


1920 1923 1926 1929 1932 1935 1938 1941
YEAR BEGINNING SEPTEMBER
PEANUTS IN THE HULL. YEAR BEGINNING OCTOBER. 9lP0 .
DATA FOR 1940 ARE PRELIMINARY I941. SEPTEMBER INDICATIONS. PRICE FOR SEPTEMBER I6

U.S. DEPARTMENT OF AGRICULTURE NEG 16611 BUREAU OF AGRICULTURAL ECONOMICS
FIGURE 2.- PRODUCTION GOALS FOR 1942 CALL FOR AN 83-FERCENT INCREASE IN THE ACREAGE
or PEANuTS PICKED AND THRESHED. WITH NORMAL CROP YIELOE, AB uT 1.5 BILLION POUNDS OF
FARMERSI STOCK PEANuTS WOULD BE AVAILABLE FOR CRUSHING iN 1942-43 COMPARED WITH ABOUT
0.3 BILLION POUNDS IN 1941-42 AND NEARLY 0.6 BILLION POuNDS IN 1940-41. A TrO-PRICE
SYSTEM HAS BEEN INTRODUCED THIS SEASON, WITH PRICES FOR "ACREAGE ALLOTMENT" PEANUTS
SUPPORTED BY A DIVERSION PROGRAM, aND WITH PRICE- FOR PEANUTS PRODUCED OuTSIDE THE AL-
LOTMENTS DETERMINED BY THE VALUE OF PEANUTS FOR OIL ANL MEAL. UEMAND AND PRICES FOR
PEANUT OIL AND MEAL ARE NO* RELATIvELY niGH AND PROBABLY *ILL CONTINUE HIGH NEXT SEASON.
(FOR DATA SEE TABLE 4.)












FLAXSEED: SUPPLY. CRUSHING. AND PRICE.
UNITED STATES. 1920-41
BUSHELS
( MILLIONS I


50





40





30





20





10




0
DOLLARS
PER
BUSHEL



2





1


1923 1926 1929 1932 1935 1938
YEAR BEGINNING JULY
* PRODUCTION INDICATED SEPTEMBER I & AVERAGE JULY-AUGUST
DATA FROM A. M. S AND BUREAU OF THE CENSUS


U S DEPARTMENT OF AGRICULTURE


NEG 3867 BUREAU 0i AGrCulTURA ELOhNCOMCs


FIGURE 3.- FLAXSEED CRUSHINGS ARE EXPECTED TO REACH A PEAK
IN 1941-42 AND TO DECLINE IN 1942-43. BECAUSE OF SHORTAGES OF
CERTAIN MATERIALS AND DIFFICULTIES IN OBTAINING SKILLED WORKERS,
BUILDING ACTIVITY AND THE DEMAND FOR PAINT AND VARNISH OILS, NOW
AT HIGH LEVELS, PROBABLY WILL BE REDUCED IN THE NEXT MARKETING
YEAR. PRODUCTION GOALS CALL FOR THE SAME FLAXSEED ACREAGE IN
1942 AS IN 1941, WHEN A NEAR-PECORD CROP WAS PRODUCED. (FOR DATA
SEE TABLE 5.)






o S-56


INDEX OF OUTLOOK CHARTS ON COVER PAGE OF RECENT ISSUES
OF THE FATS AID OILS SITUATION


Date of Issue


Production and Trade-


Production of and net trade in c.nimal fats and
vegetable oils, United States, 1912-40 ..................


Feb. 1941


Utilization-


Fats and oils used in olecmargarine, United Statos, 1922-40

Factory consumption of soybean oil, by classes of
products, United Stctes, 1935-40 ........................

Proportions of principal oils in t'tal volune of fats and
oils used in drying industries, United Status, 1935
and 1940 ...................................... ........

Domestic and imported fats and c.ils, and r-sin,
used in soap, United States, 1922-10 ...................


Mar. 1941


r.pr. 1941



May 1941


June 1941


Prices-


Prices of lard at Chicago and ccttonsced oil at New York,
and spread between these prices, 1929-41 ................

Wholesale prices of fats and oils, by specified groups,
leading markets, 1937-41: Index numbers (1924-2 = 100) .

Cottonseed: Value of products, price received by farmers,
and spread between value and price, United States,
1909-41 ............... .................................


July 1941


Aug. 1941


Sept. 1941


- 13--







OCTOBER 1941 14- 1

Table 2.- Soybeans: Production, stocks, net trade, domestic utilization, and price,'
United States, 1924-41


Year
begin-: : Mill
ning :Froduction: stocks
Octo- : :October 1
her
1,000 1,000
Sbushels bushels


1924
1925
1926
1927
1928
1929a

1930
1931
1932
1933
1934
1935
1936
1937
1938
1939


4,947
4,875
5,239
6,938
7,880
9,308

13,471
16,733
14,975
13,147
23,095
44,378
29,953
45,272
622,729
91,272


2
70

116
494
122
58
26
319
361
223

965'


Net
imnnorts or.
net
*exports(-, I
1,000
bushels

1/ 65
I' 62
i.' Cd
1/ 71
77
64

54
-2,112
-2,437
C
-14
-3,436
-2
-1,365
-4,39.
-10,947


Doe ctic disappearance Average
-p------- -rice per
bushel
Total : Crushings: Otl.er :received
received
: _______ b farmers
1, 000 1, 00 1,000


bushels bushels bushels


5,015
4,939
5,305
7,011
97,87
9,416

13,147
14, ?3

13,1,55
22,7E'8
40,85:
;,c 049
43,8609
.,7706
G0 ,897


307
351
335
55'
P83
1,666

4,069
4,725
3,470
3,054
9,105
25,181
20,618
3.,,310
44,648
36,684


4,708
4,588
4,970
6,452
7,004
7,750

9,078
10,268
9,132
10,131
13,683
1,669


'-,. 51
-,431
13,550
12 ,058
2i,213


Dollars


2.47
2.34
2.00
1.83
1.90
1.87

1.32
.48
.56
.99
1.01
.79
1.28
.84
.68
.81


1940 : 75, 37
1941 :4.411,01?


7 Q
C)..


i -1J 1 79,750 1.'6,000 1 17,750 3/ .79


Compiled as followS:
Production and -rice, Agricultural r"-r-:tin:i Service.
Stocks and crushing-, Bureau of the Ccnr.us.
Imports, October lt27 iecernber iC934, official records of the 'Jntecd States
Tariff Co:urmission.; beFinning Jca,,uar"' 13.,, offic-ial records of the Bureau
of Foreign and D..mestic Col.-rerce IB-urea-u -:,f the Census since Hlav 19 ).
Exports, October 1931 Dlecnrmtr :" fr36, on records of the Bureau of hgricul-
tural Economics Irnspectio.' S-er-Lce; beLinning Janu.ar:,' 1937, ;.Lnthi:l Summnary
of Foreignr Cornerce of th-- iU.;niteor states.
Total domestic 'lisaFpeFr,nce ,cor.putedc fror. dace on production, stocks and
foreign trade.


Partly estim~atd.
Less than 5C0 bushes!.
Preliminary' .
Indicated October 1.


__






FOS-56


- i5 -


Table 3.- Cottonsesd: -Sales, price, and cash income, United States,
*1910-41

Caendr : : Price per ton Cash farm
:r uantity sold : received by :
eannr -n n nOM


1,000 tons

1910 3,805
1911 : 4,302
1912 : 4,376
1913 : 4,480 '
1914 :5,052
1915 : ,259
1916 :4,286
1917 : 3,914
1918 : ,112
1919 3,692

1920 :3,540
1921 3,009
1922 :2,898
1923 :2,948
1924 :4,218
1925 :5,026
1926 :5,709
1927 :4,662
1928 4,660
1929 : 4,731


1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941


4,337
4,556
4,110
3,.54
3,210
3,361
4,259
5,711
4,122
3,711

3,800
3,400


: farmers
Dollars


* 26.06
17.50
18.10
21.85
15.27
28.87
44.99
63.65
65.38
66.02

3C.32

30. 1
hl.09
33.29
32.07
22.39
32.89
33.99
31.48

22.42
9.13
10.26
12.64
32.51
30.78
33.23
19.86
21.51
21.16

21.68


1,000 dollars

99,169
75,300
79,229
97,902
77,174
122,948
192,834
249,118
268,874
243,727

109,106
82,442
87,330
121.133
140,429
161,192
127,834
153,341
158,420
148,943

97,234
41,614
42,180
48,713
104,331
103,458
141,519
113,399
88,670
78,529

82,398


17 Tontative estimate.






OCTOBER 1941


- 16 -


Table 4.- Peanuts, farmers' stocks Production, price, and 6rushings,
United States, 1920-41

Year : Production (picked and threshed) : Averago :
begin-: 0: : :pricor : :
nin: Total :Va.,N.C., :S.C., G':.Ark., La.,:pound rc- !Crushings :as poercnt-
Sept. 2: / : Tonn. :Al.Fa":Okla.,Tex.:ceived by : :production
/ Miss. : farmers ::
Mil. lb. Mil. lb. Mil, lb. Mil. Ibt Cents Mil.-Ib. Percent

1920 : 696 243 388 65 4.8 75 11
1921 : 678 273 333 68 3.9 84 12
1922 : 523 2-7 243 54 5,4 13 2
1923 : 568 310 212 46 6.5 2 /
1924 : 713 264 394 35 5.8 10 1
1925 : 722 381 303 37 4.5 8 1
1926 : 662 371 241 51 4.8 1 I/
1927 : 44 3G2 375 87 5.1 20 2
1928 : g44 3- 342 114 5.0 7 1
1929 : g98 395 h3 96 3.8 29 3

1930 : 697 2-5 344 68 3.6 12 2
1931 : 1,056 4- 94 2.0 9 1
1932 : 94 3?8 443 110 1.5 S 1
1933 : 20 301 397 121 2.8 3 2/
1934 : 1,c01 416 506 38 3.3 159 16
1935 : 1,147 4lS 592 137 3.1 156 14
1936 : 1,253 g18 724 110 3.7 165 13
1937 : 1,224 500 61o 114 3.3 171 14
1938 : 1,306 401 753 151 3.3 260 20
1939 : 1,180 4L6 532 161 3.4 73 6

1940 : 1,734 593 893 248 3.3 1/ 560 32
1941 :5/1,4G 5/ 429 5/ 826 5/ 224 6/ 4.5

Compiled as follows:
Production and price, Agricultural Marketing Sorv'co,
Cruchinge, 1Q20-33, peanuts in the hull, Bureau of tho Census; beginning
193h, farmers' stock peanuts, Agricultural Markicting Service.
1! The marketing. yco;r usnll;- begins in August in the southwostrrn peanut area,
in Soptcmber in the southeoastrn area, and in November in the Virginia-Carolina
area.
2/ Total of unrounded numbers.
SLess thrn 0.5 pcrcert.
/ Prtly estimated.
/ Indicated October 1.
/ Average for Soptombor 15.







Table 5.- Flaxseed: Supply, crushings, and price,
United States, 1920-41

: Su ply___ Average
Year : : : : : price per
beginning : Pro- : Stocks Net : Total :Crashings:bushel re-


: duction :July 1 1/: imports : supply

S1,000 bu.1,000 bu. 1,000bu. 1,000 bu. 1,000 bu.


2/.
27,417
36,913
39,638
46,495
45,661
47,468
48,936
46,782
40,595
32,708
28,087
20,624
26,905
23,506
32,089
34,700
28,289
29,095
35,660
46,326


25,558
23,505
31,062
36,201
40,724
38,037
40,582
43,243
39,595
35,504
27,054
23,700
17,370
23,006
20,720
26,544
30,340
25,870
25,569
30,078
36,645


July


Compiled as follows:
Production, market


and farm stocks, and price,


Agricultural Marketing Service.
Factory stocks and crushing, Bureau of the
Census.


Factory, market, and farm stocks.
Not available.
Indicated Oct. 1.
Average July-Sept.


0os-56


- 17 -


: received by
S farmers
Dol.

2.33
1.65
2.08
2.12
2.18
2.26
2.03
1.92
1.94
2.81
1.61
1.17
.88
1.63
1.70
1.42
1.90
1.87
1.59
1.46
1.41
4/1.75


1920
1921
1922
S1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941


10,900
8,107
10,520
16,563
31,220
22,334
18,531
25,174
19,118
15,924
21,673
11,755
11,511
6,904
5,661
14,520
5,273
7,089
3,152
20,152
31,217
31,825


5,680
1,387
3,498
1,856
3,973
4,713
5,650
4,170
5,019
3,222
2,483
2,900
2,100
2,513
2,181
3,331
3,339
2,199
2,296
3,911
7,372


16,169
13,630
25,006
19,577
13,419
19,354
24,224
18,112
23,494
19,652
7,813
13,849
6,213
17,901
15,332
15,388
26,096
17,861
18,744
13,212
11,198





OCTOBER 1941


Table 6.- Wholesale prices of fats and oils: Index numbers
September 1939 and 1940, July-September 1941


(1924-29 100)
Group : Sept. : 941
: 1939 :_ 1~T0 :Jul : Aug. : Sept.


Eight domestic fats and oils L/ .....:
Eight domestic fats and oils ........

All fats and oils (27 items) ........:
Grouped by origin:
Animal i ts .......................:
Marine animal oils ................:
Vegetable oils, domestic. ..........
Vegetable oils, foreign ...........:
Grouped b. use
Butter ..................... .......
Butter, -djusted 2/ ...............:
Lard ................. ....... ..
Fooi fats, other ...,..............
Soap fats .........................
Drying oils .......................
Mitcelllaneous oils ................:


67 61


116
82

90

79
115
109 .
139 9

78

78
124
10S
112
102


117
83

91

so
114
110O
1141
110
14l

so
82
77
125
108
113
102


124
88

96

S4
f17
122
142

83
82
82
135
116
116
103


1T 1310-14 = 1O.


2/


Adjusted for typical sensonUl variation.

Table 7.- Prices of specified oil-bc.ring materials, September
1939 rmd 1940, July-September 1941


: ': Sept. : 1941
Item : Unit : 19 : Jy :Au. : Sept.
:: Dollars Dollrs 1 ollyrs Dollars Doll trs
: Dollars Dollars3 Dollirs Dollars Dollars


Castor beans, E- 'zilii-n,
ship't., c. & f.,New York .:Long ton
Copra, bngr, f.o.b.
Pacific Copst ............. 100 lb.
Cottonseed,U.S. fnrm price .:Short ton:
Flaxseed, No. : :
Minneapolis ...............: Bu.
Plaxseed, U.S. f-rm price ..: "
Peanuts, shelled,
Runners No. 1, S.E. mills .: 100 lb.
Peanuts, U.S. fnrm price ...: "
Soyboana,.Uo. 2 Yellow,
Chicago ................... Bu.
Soybeans, U.S. farm price ..: "


49.50 70.38 68.40 68.00


2.14
20.56

1.75
1.53

5.25
3.44


1.42
20.32

1.48
1.31

4.90
3.38


3.72 3.98
35.90 36.94


4.06
49.83


1.92 1.89 1.99
1.71 1.68 1.85


1/6.65
4.16


1.50
1.30


6.95
4.29


7.00
4.49


1.57 1.83
1.29 1.61


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


1/ Revised.


- 18 -








Table 8.- Price per ton of specified oilseed meals,
September 1939 and 1940, July-Seotember 1941

Item 1/ : Septmber : 1941
:_ 1959 : 6190 : July : Aug. Sept.
SDollars Dollars Dollars Dollars Dollars


Copra meal, Los Angeles ......:
Cottonseed meal, 41 percent
protein, Memphis ...........:
Cottonseed meal, 41 percent
protein, Chicago ...........
Linseed meal, 37 percent
protein, Minneanolis .......
Linseed meal, 34 percent
protein, New York ..........
Peanut meal, 45 percent
protein, f.o.b. southeastern:
mills ......................
Soybean meal, 41 percent
protein, Chicago ...........


29.55

26.05

32.85

34.50




29.06

33.70


19.25

24.95

31.55

24.45

25.50


20.62


36.20

31.00

36.60

32.00

28. 30


30.60


27.00 33.80


Compiled from records of the Agricultural Marketing Service.
I/ Bagged, carlots, except neanut meal.


Tnble 9.- Production end stocks of butter, lord, rendered pork fat,
cottonseed oil, and nesnut oil, August 1939 and 1940,
June-August 1941
Item Anuust : 1941
________ : 1939 : q940 : June : July : Aug. I/
: Mil. lb. Mil. lb. Mil. lb. Mil. lb. Mil. lb.
Production
Creamery butter ..............: 167.0 165.4 214.3 196.7 171.3
Lard, under Federal inspection: 90.7 90.5 102.7 95.8 87.0
Rendered pork fet 2/ .........: --- -- 13.0 12.6 11.0
Cottonseed oil, crude ........: 46.5 24.1 42.5 26.2 33.8
Peanut oil, crude ............: 2.0 2.0 7.1 4.3 1.9


Stocks, end of month
Butter ..................... .:
Lard .........................:
Rendered pork fat Kj ..........:
Cottonseed oil, crude basis 3/:
Peanut oil, crude basis j/ ...:

Compiled as follows:
Production of creamery butter
ter, lard and rendered pork


172.S
110.4

602.1


134.3
272.3

466.5


120.2
374.7
7.8
449.9
57.2


17S.5
332.9
7.4
343.4


200.2
282.7
5.4
284.0


and peanut oil, and cold-storage holdings of but-
fat, Agricultural Marketing Service.


Production under Federal inspection of lPrd end rendered pork fat, Bureau of
Animal Industry.
Factory production and stocks of cottonseed oil, and stocks of peanut oil,
Bureau of the Census.
/ Preliminary.
SIncluded with lard prior to November 1940.
SCrude plus refined converted to crude basis by dividing by the following
factors: Cottonseed oil, 0.93; peanut oil, 0.94.


37.50

34.45

40.25

33.50

28.10


32.94

36.20


39.60

39.75

45.65

39.00

33.20


38.55

41.4o


FOS-56


- 19 -




UNIVERSITY OF FLORIDA
II IIIIIIIIllllllHlllllI III1111 11
OCTOBER 1941 20 3 1262 08905 158

Table 10.- Oleomargarine: Production and materials used in
manufacture, United States, August 1939 and 1940,
June-August 1l41

: August ~: ~ 19:41 i
Item 1939 1940 June July Augeust

:1u,000 lb. 1,0 lb.1,000 lb. ,1,000 b. 1 1,000 lb.:::
Production:
Colored ......................... : 110 183 300 280 252
Uncolored .......................; 21,481g 21,491 24,783 27,085 24,551
Total 2/ ......................: 21,591 21,664 25,093 27,365 24,803
Materials used:
Oleo oil ........................: 1,060 1,122 1,146 1,305 1,21 1
Oleostearine .................... : 274 23 231 237 162
Lard neutral ....................: 125 313 498 651 53 1
Oleo stock. ......................: 59 98 105 140 132
Beef fat ........................: 20 --- -
Monostearine ....................: --- --- 9 12 10
Total an ial .................. : 1,538 1,g16 1,399 2,345 2,Og
Cottonseed oil ..................: 6,Qb 8,275 l0,816 11,413 10, 12
Soybean oil .....................: 5.574 5,497 5,546 4,912 4,00
Peanut oil ......................: 254 140 159 221 1893
Corn oil ........................: 22 --- 36 55 43
Cottonseed stearine .............: --- 1 -- -- --
Soytean stearine ................: --- --- -- 1 -
Total domestic, vegetable ..... : 12,836 13,913 16,557 16,602 14,3
Coconut oil ..................... 1,763 1,1l 0 1,435 2,474 2, 1
Babassu oil .....................: 1,145 446 -- -
Palm oil ........................ : 247 667 g4 .
Palm-kernel oil .................: -- -- --- --- 2g
Palm stearine .................... : --- -- 28
Total foreign, vegetable ......: 3,108 1,626 1,632 3,169 355
Total fats an. oils ........:..: 17,4S2 1 7 55 20,228 22,116 19,995

Milk 4,315 4,179 4,627 4,919 4,5892l A
Milk...............................14,315 1,179 4,627 4,919 C,562;
Salt and other miscellaneous ....: 1,028 935 937 1,026 932

Compiled from Internal Eevenue records and Internal Revenue Bulletin.

1/ Preliminary.
2/ Total of unrounded numbers.
*'
'""'


"j