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_00073
Classification:
lcc - HD9490.U5 A33
ddc - 380.1/41385/0973
System ID:
AA00005305:00083

Related Items

Succeeded by:
Fats and oils outlook & situation

Full Text















FOS-55


IN THIS ISSUE:
THE COTTONSEED SITUATION


TH E T UAT I ON


COTTONSEED: VALUE OF PRODUCTS. PRICE RECEIVED BY FARRES
AND SPREAD BETWEEN VALUE AND PRICE. UNITED STATES, 1909-41'
UULLARS|
PEit TON
80 ~ /- TotIbal value of products per ran of seed *


60 1





20 .- L
'Farm price of cottonseed
?A. M 8 DATA)


20


60
VALUE OF PRODUCTS PER TON OF SEED

40 0 ~11
Cake and
20a

20

1910 1915 1920 1925 1930 1935 1940
YEAR BEGINNING AUGUST
CO9UITED FROM FOTAL VALUE DF PRODUCTS AND QUANTITY OF SEED CRUSHED AS RFPORTECD OFY
BUREAU DF THE CEAIfl5 DATA FORIP40 AND speIlR AP STIMATED
I FAAR BBOINIYIVDO JULY DATA FOR 1Oef ARE FOR AlLOIST OILY


Y 5DlparturmT OF AICUlILTORE


ar6 30910 BIueauOI seaslCuLruRAL ECOtUMICS


UITH MARKED IMPROVEMENT IN DEMAND AND PRICES FOR COTTONSEED OIL,
MEAL, AND LINTERS DURING THE PAST YEAR, AND WITH A SMALL CROP OF COTTON-
SEED, THE ESTIMATED TOTAL MILL VALUE OF COTTONSEED PRODUCTS PER TON OF
SEED AT THE START OF THE 1941 MARKETING YEAR WAS5 ABOVE THE AVERAGES FOR
ALL SE ASONS SI NCE 1919. THE PR ICE OF COTTONSEED WAS THE HI GHEST SI NCE
THE 1923 season. THE SPREAD BETWEEN THE VALUE OF PRODUCTS AND THE PRICE
OF COTTONSEED WIIDENED MATERIALLY IN 1940-41, LARGELY BECAUSE OF THE SHARP
RISE IN' PRICES OF PRODUCTS FOLLOWING THE PERIOD WHEN MOST MILL PURCHASES
OF COTTONSEED WERE MADE. THE WIDE SPREAD IN AUGUST THIS YEAR MAY BE A
REFLECTION JF INCREASED MARKETING AND PROCESSING COSTS, AND MAY HAVE RE-
SULTED IN PART FROM UNCERTAINTY CONCERNING PROPOSED ACTION TO ESTABLISH
A PR ICE CE ILl NG FOR COTTONSEED I L. (FOR DATA BEE TABLE 3.)


BUREAU OF AGRICULTURAL ECONOMICS
UNITED STATES DEPARTMENT OF AGRICULTURE


.A SEPTET





Castor oil, No. 3 bbl., 11. T. ....................: 8.2 11.2 1.1.1 11.5 11.5
Castor oil, dehyieat d, drum'1s, cirliots, I~i. Y!. ....: --- 14015.3 15.7 16.0'
Cod-liver oil, red~. r:S.P. bb'cl.,1.Y.(dol.perr bbl.): 21.0 67.5 82.5 32.5 Sh.5
Cod oil, I!Lwfoundland,, tbl., idru.rss) r. Y. .......: 6.8 0. 10.5 107.5
01:;e-ri:, S3090(r175 C80 TIreerTt bas~is, thanks, 11. Y'. : 7.8 8.0 3.0i 11.1 1.
Compiled from Oil, pjint and Drug- Repo~rt.- r, 'The! Htional Prov~ision.s, and re~or~ts
of the Agriculturil iar~StinlE Serv.ice 'ind b~urea~ of Labor Statistics. Prices
quoted include excis, tsxes and~ 12ties where arpzirhable. .' 1/ TreP-cent procecssing
tax addlr9 'o v~ic ;1 orivinajllyr \uotedl.


SEPTEMIBER 1941


Table 1.- Pric: car ;:undl of syci~fied fats, oil, 7rnd (1.ycerin,
AuFgut. 1'~ 39 ad 1960,j Juner-A~Ugust 1961


: Aggg~st _: 1961
Item _fO ~_:15.:l'i: Juni: July: Aug.I


Putter, 92-acore, Chicago ........................:
Eutter, '!:-scoJre, !!erv. York .......................:
01ecrasrgarine,, dcm. 'eg., :iicago ................:
C~ompunds (an~ima and- ny;. cook~~ine- fatas.r 'hicag: :
Lard, p~rime~ steam,? tieross, Inica a.' ..............:
Lard, refinedl csrt.an-, Ch~icsc ..................:
01eo oil, extra, tierces, Chicago ................:
01eostearine, bbl., Wd. Y. ........................:
Tallowv, edible, :hicsgo ..........................:

Corn oil, crude, tanks! f~o~b. m~ills .............:
Corn oil, refined, Eli., II. Y. ...................:
Cottonseed oil, cr~ude, tanks, f.;.bj. S.E;. mills ..:
Cottonseed oil, p..y., tank!~ car-s, 11. '. .........:
Peanut oil, crudE, tanks, f.o.t. r~ills ....,.......:
Peanut oil, dom. refined-, i-L1., ii. 'L. ............:

Soybea.n oil, down;, r~uis? 3runs,~j II. Y'. ...........:
Soybean oil, refI'ined,! trumsT, i. 'i. ...............:

Babassu oil, tanks, f.o~.b. mills~, Pacific orat ..:
Coconut oil, crule, tanks:, f.o.b. TScifiC COnSt ':
Coconut oil, edible, !riimsi, :i. Y'. .......
Olive oil, edible, d~rurn, 'i. :. ..................:
Olive oil, inedib~le, drum~s, ii. Y'. .......
Olive-oil foots, primei, dr~ime il. Y'. ......
Palm oil, N~ige~r, cyruce:, di'Lrums, I. YI. 1. ..........:
Palm oil, Sumatra, tanks-, Hi. Y'. 1 ................
Rape oil, refined~, dernatured,, driuss, ;'. i. .......:
Rape oil, blown bbl., Ir. 'I. .....................:
'Tessea oil, crud iroins, i!. i. .................:

Taller, inedible, Chics~o ........................:
Grease, A white, Chicago .........................:
I5 nh:Sei n oil, crude,~~ tsnks, f.,.5. Baltimore~ .....:
Sardine oil, crude, tan':s, Facific Coa= TNhale oil, refined~~, ble~c-l ched nt.er, dl.rum, "I.Y. .:

Linseed oil, raw, rank~ car=, jlinneapolis .........:
Linseed oil, raw~, driums, cajrl ts, II. L' ..........:
Perilla oil, drums, I:. i. ........................:
Oiticica oil, di~rrms, !I. L' .......................:
Tu~LnC oil_, drums, fl. Y'. ...........................:


rents Ce;rts
r3.5 27.0
24.2 27.6




5.6 c.-


L.4 3.8

5.1 5. 3

L.5 L.8
5.5 s.6
5..

.2 1.5
:.$ 5.8
G.7 6;.9


35.6

S5~.0
1S.8
10~.1

l10.5

8.2

11.3
13.9

11.5
S10.3
13.

11.0

3i.8
S.1




13.0









13.3


fents
36~.3
36~.9
15.7
14..3
10I.2
10'.9
10I.1
9.8
8.1

11.9
15.1
10.6


11.8

11.1

9.8
12.3
12.7

13.0


72.7

17.0
9.9

92.5
15.2 ,
17.5 i
22.7
7a.0


Cents
35.03
3>.5
16.5
15.1
10?.1
11.1
10.3
9.3
3.3

11.8


11.9
11.2
15.0
9.5
11.8
12.3

3.2


73.6j

17.0
10.8

15.6
17.5
2L.0

7.7
7.8
7.7

10. 5

10.2
11.3
21.4
21.2
31,.0


;.6

25,1
1S.8
60.8




6.6





i.0


---







23.0
3. S

4.


3. c

a. C


i7.0


?5.8





Bos-55


-3-


THE FAT S A 17 D 0 IL S S ITUrJAT'I 0 ;?


Summrary

The average price of cottonseed for the 1941 marKeting season will

be much higher than in recent years and may be the highest in about 20 years.

This estimate is based largely: on anticipated further increases in demand

for cottonseed products with rising national income, small supplies of such

products, and the prospect for substantial shipments of lard to the UJnited

Kingdom.

The quantity of .cottonseed available for crushing in 1341-42 will be

considerably below average. With reduced oil production and with compara-

tively small oil stocks on! hand August 1, the supply of cottonseed oil is

likely to be 20 to 25 percent less this season that last. Supplies of cot-

tonseed ce.ke and meal, and linters also will be reduced, but not to the same

extent.

Decreased production of peanut oil as well as cottonseed oil is in

prospect this season. Exrpanded production of soybcan oil, lard, and possibly

tallow and greases, however, will more than offset thess reductions.

Because of reduced imports of oilseeds and Oilc resulting from the

shipping: shortage this year, and the possibility th.at imports ma.: be further

reduced next year, the Secretary of Agriculture in announcing production

goals for 1942 indicated the desirability of expcanding. the Acreage of soy-

bean~s for beans by approximately 1.1 million acres anrd peanuts by soproxi-

mately 1.6 million acres. Those increases, with normal crop yields, would

provide nearly 500 million pounds more oil in 1442-43 tha~n in 1941-42.

CommLercial production of castor beans also may be encouraged, rlthiough no

goal has yet been announced for this crop.







SEPTEMBER 1941 4-

During the first, half of 1941, imports of fate, oils, and oilseeds

in terms of crude oil, totaling 825 million pounds, were 10 percent smaller

than a year earlier, with most of the decrease occurring in tung oil, olive

oil, and copra. Exports, totaling 219 million pounds, were about the same

as a year earlier.

Disappearance of primary fats and oils was 19 percent greater in the

first 6 months this year than last. This was an unusually large gain. Part

of the increase is believed to havre been the result of inventory accumulation

of finished goods by large distributors and consumers.

Prices of fats and oils leveled off during July and August. But in

early September, following the withdrawal of the proposal to place a neeiling"

on cottonseed oil, prices of edible fats and oils moved upward. Prices of

oilcakre meals have advanced sharply during the past 3 months, with the rise

continuing in early Septemiber. Prices of cottonseed and soybeans also have

advanced in recent weeks.

-- September 15, 1941

REVIEW OF RECENT DEVELTOPMENTS3T

BACK~GROUND.- Mlainly because of increases in world supplies,
prices of most fats anid oils declined to low levels before
the outbreak: of the present wrar, although difficulties in
obtaining tung oil from China resulted in price gains for dry-
ing oils early in 1939. Prices of all fats and oils advanced
in September 1939. But most of the gains subsequently were
lost, with the declines being especially marked after the clos-
ing of important Eurpean markets and the cessation of lard
imports by the United Kingdom in the spring of 1940.

The shipping shortage and increased shipping rates early
in 1941 restricted the volume of imports and had the effect of
driving a wedge between prices in the United States anid in
surpllus-producing areas, raising the former and lowering the
latter. This influence, together with improved domestic demand
for consumption anrd 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. Further






FOS-55 -5 -

improvement in domestic demand is in prospect, which should
cause prices to rise both here and abroad.

Advance in Prices of Pats Kialted in July and
August, Renewed in Early September

After advancing sharply from February to lacte June, prices of f'ats
and oils leveled off in July and Augst. Because prices were rising dur-
ing June, however, the Jul)- averages in most cases were somewhat hligher than
those for June. Price 'changes in Augulst were moderate. The most pronounced
variations from a month earlier~ were increases of a; to 8; percent in prices
for yalm, tung, perilla, ;;nd t seedd oils, and declines of 4 to 5 percent in
prices for sardine and menhaden oilp.

Partly as a result of a seasonal increase in butter prices, the index
of prices for all fr-ts and oils in AuLgust, at 91 percent of the 1324-29 avcr-
age, was one point higher than~ in July. The index was 31 points (52 percent)
hignEr than in August 1fr40, w~hen prices for most fp.ts and oils w~ere unusua~lly


Speculation in fats and oils on futulres exchang7es, but not legitmate
hedging operations, wass prohitited in an cr~er issued by the Office of Price
Administration or. August 28. At the same timie, the proposal, previously
announced, to place a "csili--gn on the price of cottornseed oil below recent
marKet' levels was withdraw.n. The price of crude cotton~seed oil advanced
more than 1 cent per poun~d in early Septemb~er, and prices of related fats and
oils also moved upward. A small crop of cottonseed and further inljrovement
in consumer buying power were factors in the advance.

Prices o~f Oilcare M~eals and Oilseeds at~ Igih Levels

Prices for oilcake meals remained fairly, stead:. dulringr the spring
but rose sharply during the summer. The ~avrage prica of cottonceed meal at
Memphis, at. $34.45 per tan, was $7.}} hiighrer in Aligust this ;.ear than last.
Price advances in the past 12 months for other high-protein feeds were~ as
follows: Linseed meal, Minneppolis, $9.10; peanut meal, southeastern mills,
$11.00; sojyblan meal, Chicago, $11.60; and coipra me~al, L~os Angele?, $18.25.
These were gains of 27 to 915 pe~rcent. A strong denand for feeds from live-
stock and dairy producers, increased prices for .most feed grains, and re-
duced shippinS space and higher shipping rstes for imported copra and copra
meal were the principal price-raising factors. A record large supply of
high-protein feeds is in prospect this season.

Prices for castor beans an~d flaxseed. ?veraged slightly lower in
Augulst than in July, but prices for other oilseeds were ;lode~rrtelyv higher.
0.ilseed prices generallys were higher in August this yezr than last, with
gains of roughly 25 percent for flaxseed arnd peanuts, 4C0 percent for castor
beans, 75 percent far cottonseed, 90 percent for soybeans, anrd 185 percent
for copjra. (Table 7.)

Plaxseed Loan Program Announced

A 1941 flaxseed loan at rates expected to average $1.70 a bushel on
the farm was announced August 19. The average price received by farmers for








SEPTEMlBER 1941


flazseed in. mid-AugEust was $1.68 per burshel. The loans, which are designed
to stabilize, prices and aid producers in marketing the 1941 crop, will be
made by the Commodity Credit Corporation. The program will be administered
in the field by local committees of the Agricultulral Adjustment Administration.

The loan rate for No. 1 flaxseed will be $1.85 a bushel delivered at
leading terminal markets. The rate will be discounted 5 cents a bushel for
flaxaceed grading No. 2, Only flax~seed grading No. 2 or better will be eli-
gible for loan. ,oan? values at local stations will be determined on the
basis of thie terminal mrker~t rpates less transportation and 4 cents per bushel
handling costs. No storage allowance is made for farm storage. Loans secured
by warehouse receipts will be discounted 7 cents a bushel unless they carry
an endorsement stating that storage charges have been paid through April 30,
1942. Loans will be made through December j1, 1941, and the notes will mature
on demand or on. April 30, 1942.

Implorts 10 Percent Smaller in First 6 MJonths
This Year Than Last

Imports of fats, oils, and oilseeds in terms of crude oil during the
first 6 months of 1941 totaled 825 million pounds, 10 percent less than the
921 million pounds imported in the corresponding period of 1940. Most of
the decrease occurred in imports of tung oil, olive oil, and copra. Imports
of whale oil, flaxseed, babassu kernels, and cottonseed oil also were reduc-
ed; but imports of castor beans, palm oil, and oiticica oil were increased.
Imports of coconut oil totaled about the same as a year earlier. (Table 4.)

Total exports for the first half of 1941 amounted to 219 million
pounds (in terms of fats and crude oils) compared with 218 million pounds
a year earlier. Exports of soybeans and lard were reduced, but exports
(including reexports) of coconut oil and copra were increased. The increase
in coconu oil erao~rts wAas accounted for mainly by the shipment of 25 mil-
'lion pounds to the Soviet Union in February this year. With practically no
shipments of.1lard to the United Kingdon during the first half of 1941, total
exports of this item would have been evsen smaller than they were if it had
no't been for the fairly substantial shipments to Japan and Finland that were
made early in the year. Compairatively~ large shipments of lard to the United
Kingd~om under lend-lease arrangements are likely to be made during the
remainder of 1941 and in 1942.

Disappezrance of Primary Fats up 12? Percent
inl First, Half of 1941

The apparent domestic disappearance of primary fats and oils, exclud-
ing farm butter and lard produced on, farms and in snall rendering establish-
ments, totaled 5,040 million pounds for the first 6 months of 1941, an
increase of 788 million pounds (19 percent) over the corresponding period
of 1940. As indicated in the August issue of this report, this remarkable
increase in consumption is believed to have been the result, at least in part,
of widespread inventory accumulation of finished goods by large distributors
and consumers.






FOS-55


- 7


The most pronounced Eain in consumption occurred in cottonseed oil,
up 237 million pounds (crude basis) from a year earlier. Consumption of
peanut oil, also used largely in shortening, showed a gain of 69 million
pounds, and the consumption of soybean oil showed a gain of 65 million pounds.
Despite a reduction in output, the domestic disappearance of lard was 14 mil-
lion pounds (2 percent) larger in the first half of 1941 than a year earlier.
(Ta~ble 5-)

Consumption of fats and oils used primarily in the manufacture of soap
scored similar markead increases during the first half of 1941, with utiliza-
tion of inedible tallow and greases up 196 million pounds, palm oil 72 million
pounds, and coconut oil 5y million pounds. Consumption of palm-kernel oil
and babassu oil, however, was slightly smaller than in the first 6 months of
1940.

Among the paint and varnish oils, consumption of perilla oil was 14
million pounds less in the first half of 1941 than a year earlier. But the
use of linseed oil was 94 million pounds (3) percent) greater, the use of
oiticica oil was increased 7 million pounds, and the use of tung oil, despite
reduced imports, was increased 6 million pounds. In addition, consumption
of castor oil showed a gain of 28 million pounds (65 percent); most of the
increase in use of castor oil is believed to have occurred in the dehydrated
product which is used as a tung-oil substitute.

Other notable changes in the first half of 1941 include an increase
of 1 percent in the apparent consumption of butter and decreases of !2 mil-
lion pounds in the use of marine animal oils and of 22 million pounds (45
percent) in the use of olive oil. The decrease in use of marine animal oils
reflects reduced production of fish and whale oils during the past season
and reduced imports of fish-liver oil. The decrease in olive oil consumption
was the result of the almost complete disappearance of imports from the
Mediterranean region.

Acreage Goals for 1942 Announced

Production goals for 1942 for virtually all farm products were an-
nounced by the Secretary of Agriculture September 8. In general, the p~roduc-
tion goals reflect suggested or expected production of livestock products
substantially larger than in recent years, expanded production of oil-producing
crops, and a continuation of about the current level of production, or less,
of cotton, wheat, and tobacco.

Increased output of oil-producing crops is suggested because of the
reduction in imports of oilseeds and oils resulting from the shortage of
shipping space this year and the possibility that imports may be further re-
duced in 1942. A large proportion of these imports consist of such items as
coconut oil, palm oil, and olive oil, which are used in part for food pur-
poses. The acreage expansion indicated would come largely in soybeans and
peanuts, and perhaps in castor beans.

The announced acreage goal for so; Deans in 1?42 is 7 million acres to
be harvested for beans compared with an estimated 5,918,000 acres to be har-
vested for beans in 1941 and an average of 3,43),000 acres so harvested in
the 5 years 1936-4o.






SEPTEMBER 1941


- 8-


In the case of peanuts, the announced goal for 1942 is 3.500,000
acres picked and thr1eshed compared wich an estimated 1,908,000 acres to be
picked and threshed in 1941, and a;; average of 1,736,000 acres picked and
threshed in th~e years 1936-40. Of thle total acreatre for 1942, the product
of 1,600,000 acres would be "acreat~e allotment" or "qu~ota" peanuts; designed
primarily for use of the edible trade, but nart of which might be diverted
to oil mills. The product~ from the remaining 1,a00,000 acres would be sold
to oil mills.

NJo change is suggested in thle total flaxneed acreage for 1p42 com-
paredl with 1941. Production of flasseedi is alread: at a comparatively high
level. Acreag~e planted to flaxseed totaled 3,3?2,000 in 19hl compared with
an aveag~e of 2,159,000 acres for the preceding 5 years. Th;e announcement
of an acreege goal for castor beans in 1942 was deferred psnding further
developments in the ocean shipping situation.. iUnder normal conditions, ce~stor
beans produced in the Uinited States cannot compete on a cost basis with beans
produced in semi-tropical areas.

Cotton Crop Estimate Reduced; Estimates
for Other Oi Co aI crase

A 1941 cotton crop of 103,710,000 bales is forecast by the Crop Report-
ing Board on the basis of conditions as of September 1. This is a decrease
of 107,000 bales from the Aug~ust 1 forecast. Wbith app~ro:imately 0.41:4 tons,
of cottonseed produced per bale of cotton, production of cottonseed in 1941
would be about 4,755,000 tons, 15 percent less than. the output in 1940.

The September 1 forecasts for flaxseed, so;beans, and peanuts are
larger than those of a month earlier. Flexseed promduction is now forecast
a~t 31.9 million bushels compared with 31.2 million bushels in 1440. Production
of nearly 32 million lushlel would be the largest since 1902.

The indicated production of soy.beans for 1341 is 110.9 million bushels
compared with 79.8 million bushels in 1940 and the previous record. output of
91.3 million bushels in.1939. The acreage to be harvested for beans is placed
at 5,918,000, a 19~-percent increase over the 4,961,000 acres harTvested for
beans last year.

Th-e production of peanuts picked and threshed is now expected to total
1,499 million pounds, slightly more than expectations a month earlier but 236;
million pounds (14 percent) less than th~e record crop of 1940.

THE COTTOUJSEED SITUATION

Suggrlies of Cottonseed Products to be
Small This Season

On the basis of the production of cottonseed indicated Sept ember 1
and reported mill stocks for August 1, the quantity of cottonseed available
for crushing in the current season probably will total aiboult 3,900,000 tons.
This would be 496,000 to~ns (11 percent) less than the quantity crushed in
the 1940 season and considerablyr below average crushings for other recent
years. (Tabole 2.)






FOS-55


A relatively l~ow oil content is reported for early marketing of cot-
tonseed. The average oil yield for the crop this year may be somewhat less
than the 313 pounds of oil usually obtained per ton of cottonseed of the
basi s grade. Last season 324 pounds of oil were obtained per ton of cotton-
seed crushed. Lt seems likely that production of crude oil from crushing
operations this season will nsot exceed 1,200 million pounds compared with
1,425 million pounds produced last season and an average production for the
10 years 1930-39 of 1,422 million pounds. Production plus stocks of cotton-
seed oil for 1941-42 probably will not exceed 1.5437 million pounds compared
with a total supply last season of 1,493 million pounds. This would be a
reduction of 450 million pounds~ (23 percent) in the available supply of oil.
Mill stocks of crude and Irefired cottonseed oil, on a crude basis, totaled
only 343 million pounds on August 1 this :.ear compared with 568 million
pounds a year earlier.

The combined supplies of cottongeed oil and peanut oil may be about
500 million pounds smaller in 1941-42 than in 1940-41, but this reduction
will be shout offset b:- incrcases in supplies of soybean oil and lard.

Supplies of cottonseed cake and merl, and linters also _ill be smaller
this season than last. 3ut the percentage reductions in supplies of these
items rFrobably will not. "e so Lcerzled as in the case of o~il. Mill stocks of
cottonseed cak~e end meal on August 1 this year were considerable larger than
a year earlier, while stocks of lirnters were only slightly reduced.

Demand Strongest in Several Years

The demand for cottons~ee products in the 1941-42 marketing season
probably wrill be the strar.gest in manly years. Income of industrial workers
at the start of the seenor. was at the highest level in 22 years of record,
and further incr6Rses in income are in prospect during the next 10 mntnhs.
These increases will be reflected directly or in~directly, in prices for cot-
tonseed products, unless action is takren to restrain the advances. In the
case of cotten linters, an agreemert is already in effect whereby oil millers
have undertaken to rax~e 80 percent of the new supply of linters available
for chemical purposes at an average Drice of 3.35 cents per pound, f~o~b.
mills. Prices fcr first-cut linters, however, are not affected by the
agreement, and are now being quoted at complaratively high levels.

Additional supporting factors, in the case of cottonseed oil, will
be substantial Government purchases and shipments of lard to the United
Kingdom, and the shortage of olive oil resulting from the near elimination
of imports. Supplies of othir imported vegetable oils suitable for food
uses also may be reduced in the next several months, particularly if ocean
shipping conditions become worse.

Price of Cottonseed Mbay Be the Highest Since 1919

The average price received by farmers for cottonseed in mid-Au~gust
was $36.94 per ton. Prices have since advanced, and for the 1341 season as
a whole they are expected to average much higher than in recent years and
may be the highest in 22 years. The highest average since the 1?19 season
was $41.23 per ton in 1323-24. The average for the 1940 season was $21.72.
(Table 3.)





see
: d:tilizer :


Comiled as follows:
Production and used on fans, Agriculturasl :.;arketing Se~rvice.
Imo~ortcs, 5;onthly Sumry, of Foreipn Commeirce of the UJnited States.
Stockr and crushings, Bureau of the Census.
Aopar-nt disagea~rance, comcputed from data on production, imports, and
stocks.

Less than 500 tons.
;'ot available.
Indicated bpv cotton crop report as of .September 1, on the~ basis of 0.44Ll
tons of cottonseed per bale of cotton.
t/ Tentative estimate.


SEPTEMBER9 1941


- 10 -


Table 2.- Cottonseed: Su~ppy and dlisposition, United States, 1923-41


: Suppl" Disposition :LShng
Year : Ml-:Total : U!sid on fDems: :rsi
beginning:Produc-: :stocks: apparent : :Frfe:*as per-
August: tion :Lmports~edo~iana- For :n e-Cuhdcnaeo


*p-oduction
1,0001
tons Percent


:period: ance


1,C000
tons

4,503
6,050
7,150
7,939
5,758
6,435
6,590

6,191
7,60 S1
5,78L
5,806
k,282
4,729
5,511
8,426
5,310
5,200


1,000
tons


1,000


1,000
tons

6,538
6,076
7,203
7,338
5,826
6,415
6,610

6,211
7,330
5,8i66
5,805
4,Lc66
4,797
5,491
8,131
5,526
5,3&1

5,504


1,000
tone

619
700
703
604
677
S686
670

607
572
622
432
435
475
536
39 t
389


1,000
ton~s

606
763
932
1,021
495
667
5898


1,r12
619
1,215

506
458
1,411
662
799


1923
1924
1925
1926
192?
1928
1929

1930
1931
1332
1933
1934
1935
1336
1937
1939 ?
1939


qr
36
kg
16


23

1/
1
3
1
51


22
32
23
90
22
l2
45

25
300

223
90
22
42
337
121


3,308
4,605
5,558
6,306
4,654
5,061
5,016S

4,715
5,328
6,6j21
4,157
3,550
3,'118
4,498
6,326
1(,471
4,151


2/2/ 4,396 j
&t/ 3,r900


19Lc0 :5,595
1941 :3_/4,755


-- 131


79














: : : :I : cottonseed
Dollars Dollars Do llars Doll~ars DolIlars Dollars


11 &


ros-55


Table j.- Cottonseed: Value of products, price received by farmers, and
spread between value and price, United States, 19)09-41

: Average price :Mill value of products per ton of : Spread be-
v,, :per ton received: cottonseed crushed :tween total


lear
beginning:
;aUgust :



1909 :


by farmers for :
cottonseed :
weightedd by :
sales) If :
Dollars

24.35
26.11
17.18
18. 36
21.96
15-51
30.15
45.63
64.28
65-23
65.79

25.65

042
1.23
33.25
31.59
22.04
7,4.83
j4.15
30-95

22.05
8.96
10.32
12.89
33.09
30.54
33.41
19.51
21.80
21.20


:: value of
: :products and
Total
:: price of


:Cake
Oil and


Linters Hulls


1.46

1.52
1.os
1.63
1-57
1.06
6.22
10.09
6.26
4.96
3.07
.s6
2.20
6.65
4.62
4.18
2.65

5.49


1*90
1.26
1.28
3*97
6.09
549

2.99
2.74
4.56

rI 5.60
1/ 7-25


16.90 10.99


3.co 32-35


8.oo

8.65
9.51

10.97

12.76
18.48
20.57
20.41


12.81
16.40
23.02

14.48
16.07
18.42
18.28
14.80


10.29

14.05
16.98

17-54
14.03
12.46
1-7.15


34.76
26.69
28.88
32-93
26.44
4c2.91
64.~11
84.85
85.64
87.74

38.46
45.54
53.uk
5J5.j6
52.31
46.07
38.11
53-25
52.41
45-75

35-99
19.25
18.89
26.9i
50.07
43-93
50.95
33.56
34.26
32.35


1910
1911
1912
191
191
1915
1916
1917
1918
1419

1920
. 1921
1922
192)
1924
1925
1926
1927
1928
1929

1930
1931
1932
1933
1934
1935
1936
1937
1938
1939

1940
1941 4}


]
3


19.59
13-53
15.09
16.71
13*93

34.25
51.25
50.75
52.25

20.."0
23.77
26.16
26.63
27-51
24.95
22.56
28;.44
26.46
22.91

19.04
10.80
10.22
11.65
25-87
26.57
27.39
19.21
19.37
18.68

ii21.70 41C


10.g88
10.10
10.ok
12.3*
9 99

16.65
22.90
25-93
29.66

14.33
16.59
18.21
17.~3
17.19

11.49
17.51
17.92
16.41

12-43
6.21
6.38
9-51
15.22
10.15
14.62
9.93
10.56
13.01


2.77
2.01
2*12

1.46
2.94
3.12
4.46
4.00
2.76

2.47
2.98


2.99
2.28
S1.41
2.15
2.50
2.41

2.22
.08
1.01
1.51
2I.89
1.72
2.33
1.41
1.59
2.10

J/2.04


2/21.72
2/36.94


}/12.54
]/10.15


2/20.16
2/20. 46


!/L1.88
5/57.l0


Price of cottonseed from Agricultural Marketing~ Service. 7elue of p-roducts Tier ton
of cottonseed computed from total value of products and quantity of seed crushed,
Bureau of the Census.
1/ Year beginning July. 2/ Preliminary. I/ Estimated. 4/ Aug. Only.






SEPTEMBER 1941 12 -

Table 4.- Imp~orts and exports of fats, oils, and oil-bearing
materials, United States. January-June 1939-41

: Impo rts : Ex~o rt s
Item : 1939 1940 :1941 1/2 19!9 1940 1941 If

Animal fats and oils-:
Butter .....................: .5 .6 1.0 1.0 1.j 1.2
Gre se 2 .. .. .. ... .. .. -- --1.5 3.0 2.2
Lard ...........1.......,.....: -- l 140.7 120.2 106.0
Neatsfoot oil ......,........: --- --- --- .) .) .2
01eo oil .....,...............: --- --- --- 2.6 1.0 .)
01eo stock ............,.....: --- --- --- 1.3 .9 .9
Stearine, anima, edible ....: -- -- -- .1 .3
Tallow, edible .............: -- /1.3 1
Tallow, inedible ......,......: *5 47- / 3.7 .1 .1 .1.
Wool grease ............,.....: 2.1 1.7 .5 --- --

Cod and cod-liver oils ......: .'70.2. 10.7 5/10.3 -- --
Fish oil .....,...............: .4 .2 4.7 .8 3.6 1.0
Marine mammal oil ...........: 2.5 16.8 1.4 -

Total, animal ........... _36.1 31.0 22.3 149.1 1_70.9 11).7

Vegetable oils--
Sabassu oil ................: -- .4 --- -- --
Cashew shell oil ......;......: 1.2 2.6 1.6 -
castor oil ........,..........: /I ] .4 .3 .9 .6
Coconut oil _6J .......~....... 192*5 175.3 176.5 6.3 14-9 42.1
Coconut oil / ..............: i- .9 6,) 1.6
Dorn oil ........,....,.......: 10.0 .4 .8 If .1 .2
Cottonseed oil 6/ ...........: 26*5 6.5 .2 2.6 8.6 10.2
JapaLn wax (tallow) ..........: 1.6 1.1 2.2 --- --
Linseed oil ..,.........,..,..: ]/ } .1 .) 2.3 2.8
Oiticica oil ..........,,.....: 9.0 7.8 14.5 --- --
Olive oil, edible .,.......... 33.4 35*1 6.8 -- --
01ive-oil foots ..,..........: 15.7 12.8 15 -- -
Olive oil, inedible .........: 3.9 4.1 .6 ---- -
Palm-Kernel oil ..............: 1.8 --- ------
Palm oil ....,................: 144.8 .102.4 130.5 7/ 4.5 7/15.1 7/16.4
Peanut oil .......,...........: 2.9 2.3 .8 1/ 2.6 5.3
PerSlla oil ..,......,........: 31 6.0 .4.0 -----
Rape oil .,...................: .0 7.2 7.4 -- --
Sesame oil ...,.......,.......: 2.4 /}/ -- -- -
Soybean oil .................: 1.7 2.8 .g h-5 9-1 9*1
Sunflower oil ...............: .2 1/ 1/ -- ---
Teaseed oil ,............... 3.4 1.4 .8 ----
Tung oil ...............,.....: 39.5 60.3 15.8 /1 2.3 7/ 2.6 1/ 1.9
Yegetable tallown ..........;.. 1.8 .) .9 -- --
Tot al, vegetable -..... .... :' 519-P5 426-7 3.022.9 62.~4 9.
Total, all fats and oils ..: 555.6 459*7 38e-9 ~172.0 193.3 203.8

Continued -







-13 -

Table 4.- Imports and exports of fats, oils and oil-bearing
materials, United. States, January-June 1939-41 Continued

I Impo rts :Expo rt s
Item 1939 190 19 1/i 1"39 1940 1941 1/

:Mil. lb. Mil. lb. Mil. lb. H~il. lb. Mil. lb. Mil.. lb.


Raw materials (oil equivalent)-:
Babassu nuts and kernels:
(63 percent) ..............:
Castor beans (45 percent) ...:
Copra (63 percent) ..........:
Flaxseed (33 percent) .......:
Murumuru kernels (45 percent):
Palm nuts end kernels:
(45 percent) ..............:
Perilla seed (37 percent) ...:
Sesame seed (45 percent) ....:
Soybeans (14 percent) .......:
Tucum ::ernels (45 percent)) ..:


26.6
84.1
178-.0

.5

5-5
---


4o.9
j7.0
133.7



2.9
1.5
1.9
---


33.6
52.6
215.4
146.c
.8

6.8



1.2


1/ 37


7/ 5.0


7/15-'


---


---g


461.6 4!5.7 12.0 24.8 15.

921.3 824.6 184.0 218.2 219.


Total, raw materials ......: 019.6

Grand total ...............* 975.0


Raw materials-:
Babassa nuts and Kernels ....:
Castor beans ................:
Copra .......................:
Flexseed (mil. bu.) .........:
Hempseed 8/ .................:
Mu~rumuru kernels ............:
Palm nuts and Kernels .......:
Perilla seed ................:
Rapeseed 8/ .................:
Sesamne seed .................:
Soyrbeans ....................:
Tucum kernels ...............:


64.r

212.2
10.8
.8
1.8
6.6
4.0

4.2
-- .'


341.9


1.7
15.1




2.6


42;.2
186.9
282.5
7.3
.6
1.1
12.3

2.7


---
77 7-9
---
---
---
---
---
---
---
181.6
---


7/ 5-9


59.3


Compliled from Monthly Siummarl. of Foreign Commnerce of the ULnited States. Totals
computed front! unrounded numbers.
1/ Preliminary.
2/1 Includes "other animal greases and fats, inedible," grease stearin, and "other
animal oils, inedible."
3/' Less than 50,000 lb.
4/Includes 93,000 lb. of "oils, fets, and greases, n.e.s." in.19r40; 4,000 lb. in
1941.
includes 67,000 lb. of "fish-liver oil n.e.s."
/Crude plus refined converted to crude basis, dividing by 0.j4 in the case of
coconut oil, and 0.93 in the case of cottonseed oil.
7/Reexports. Palm oil includes palm-Kernel oil.
Believed not crushed.


ID S-55





:1C
:Mil
:po~


_


SEPTEMBER 1941


CI 14 -


Table 5.- Production and domestic disappearance of specified fats
and oils, crude basis, United States, January-Jllne, 1939-41


: ~Factory Apparent domestic
production 1/ 4 i~sagearance 1/


Item


939 I 1940 1941 2/. 1939 I 1940 1941 2/
Llion Million Million Million Million Million
unds pouds pond pounds pounds pounds

945.0 "i945.6t 1, olo*.3 941. e 919 .3 931.4


Animal fats and oils : t

Lard, including rendered:
pork fat .....,.,...8
Neat's-foot oil ...........I
01eo oil ...,...............:
01eo stock 4( .....,.......:
Stearine, animal, edible ..:
Tallow, edible ............:
Tallow, inedible, and
greases 2/ ,............:
Wool grease ,..............,:


672,1
2.4
36.6
1.3
19.2
4y.$

545.6
2.6


490.5

35.8


45.7


6264.3
1.7
32.8

16.4
41.2


638.3
1.6
4o.5

20.6
40.1


2.0
33.5


41.4


83j2,7
1.9
43 .9
.9
21.7
41.5


733.3 759. 2 502.5 595,0 791 .3
3,2? 7.0 4.4 5-2 7.5


Cod anrd cod-liver oil .....: *7 *5 .7: 38.6 21.8 10.j
Fish oil ..................: 35.5 24.3 214 97.5 101.7 g7.3
Marine mammal. oil .........: 23.9 19.3Z .1 ___J.4 21..6 15.7
Total, animal ..,.,,...,,? 2,j32.8 2,709.8 5 741.3 2 21:-!.2 2,3 81 .1 2,584.7


Vegetable oils
Baibassu oil .....,........,l
Cashew shell oil .....,,..: t
castor oil ...,...........:
coconut oil ...............:
Corn oil ....,.........,....t
cottonseed oil ,..........:
Japan waxr (tallow) ........:
Linseed oil .............:
Murumnuru-kernel oil ..:
Oiticica oil .......,......
Olive oil, edible ....,.....: .
Olive oil foots .,..o......:
Olive oil, inedible r..,....:.
~palm-kernel oil 1/ ........:
Paltm oil ........,..........:



sesame oil L/ .....,......us
Soybean oil ,......,.......:


36.8

35.0 -
141.8
68.8
577.7

264.0
.8




2.9

60.3
1.5


226.8


35.6



82.1
521.6

278.6


1.2


6.8

21.0


4.3
275.0


28.3

66.1
167.3
93.5
660.9

379.6
.5

8.2


5.5




1.9
293.3 .


28.2
1.2
33.3
301.5
79.6
632.5
1,6
275.3
.8
9.0
36,9
13.9
3.7

151.9
38,5
24.8
j.8
3.9
206.5


43.3
312.7
90.9
635.5
1.1
285.9
.8
7.8

9,7
3.6
6.1
79.5
21.8

8.8
4.3
236.3


29.7

71.4


872.5
2.2
379-7
.5
14.5
17.2
8,]
1,7
2.2
151.0
90.8
2.1
5s
3.2
301.4


Continued -



















Vegetable oils contd.
Sunflower oil ,............: --- --- --- .2 8/ 8/
Teaseed oil ,,,.......... 3.4 1 .g
Tucum-kernel oil 6/ ,.......: 1.4 1,2 3.8 1.4 1.2 j.8
Tlung oil ..................: 3.0 .7 S/ 5.0 60.4 32.6 38.6
Yegetable tallow ..,........ 1,8 .) .9
Total, vegetable ..,......: 1 .2 1 568.5_ 1,~-1822.9 1,922.5 1,871.2 2T,455-
Total, all fats anid oils.: 3,7 2.1 4, 178.3 4, 564.2 4,136.7 4,252.3 5, oKo.3
Compiled as follows:
Production, Bureau of the Consus, except butter, Agricultural Marketing Service,
and tung oil Bureau of Foreign and Domestic Commerce.
Apparent disappearance computed from data on production, foreign trade, and
ltocks. Data on tocks were given in the August 1941 issue of The Fats and Oils
Situation. Totals computed from unrounded numbers.

6 Excludes farm butter and lard produced on fa7rms and in small rendering plants.
P/ reliminary.
I Revised.
Exports.
/ Production is computed from reported factory consumption, stocks, and foreign
trade; factory consumption taken to represent total domestic disappearance.
6.Oil equivalent ~of imported ra~w material.
1/Production, oil equivalent of imported raw material.
8 Less than 50,000 pounds.
q/Estimate.


~_


:Io s**55
fable 5.- Production and domestic
crude basis, United States,


-15 -


disappearance of specified fats and oils,
Januanry-Jrune, 1939-~41 Continued


: ~Factory :Apparent domestic
: production 1/ :disappearance 1/
' 1939 i 1940 191g]. 193 .~ j194o 1941 g
:Million Million Million Million Million Million
:pounds pounds pounds pounds pound s pounds


Item












Group


1941
~~June July :~ Aug.


Item


SEPTEdIBER 1941


- 16 -


Table 6.- Wholesale prices of fa~ts and oils: Inder numbers
August 1939 and.1940, June-August 1941


(1924-29 = 100)
: Aug. :
:1939 : 1946 :


Eight domestic fats and oils 1/ ~.....:
Eight domestic fats and oils ........:

All fats and oils (27 itoms) ........:
Grouped bg origin
Animal 1ats .......................:
Marine animal oils ...........~....
Vegetable oils, domestic ......1....:
Vegetabtle oils, foreign ..........:
Crouped by use:
Butter .....,.......................:
Butter, adjusted 2/ .........,.....:
Lard ........................r....:
Food fats, other ........,......,:
Soap fats ....,.....................:
Drying~ oils ,,....................,:
!Ir scella~neous oils ..,,,............:


117
83

91

80
114
110
141

80
82
77
125
108
113
102


116
82

90

81
108
1C6
131

81
88
77
119
105
1"8
96


116
82

90

79
115
109
139

78
84
78
124
10B
112
102


1/ 1 11-14 =I 100. 2/ Adj sced fo tyia easonal ai tin

Table 7.- Prices of specified oil-bearin~g materials,
Alugust 1939 and 1940, June-Augus~t 1411


Au~g. 1941
Uni *1959 : 1946 c : Junle : Jruly : Aug.
: : Dollar1s Dollars Dollars DollarsDlas


Castor beans, Brazilian, :
ship't., c, &3 f., F~ew Yorke :Long ton : ---
Copra, bags, f~o.b. :
Baoif~ic Coast .............: 100 lb. : 162
Co-ttonseed, U.S. farm price :Short ton: 16.24
Flexseed, Fo. 1, :
Mlinneapolis ...............: Bu. : 1 .54
Flaxseed, U.S. farm~ price : 1.35
Peanuts, shelled
kunners Po. 1, S.E. mills .: 100 lb. : 5.38
Pean~uts, U.S. :fare price ...: n n 3.39
Soybeans, Fo~, 2 YellowJ,::
Chicago .....,.......**: Bu. 1/
Soybeans, U.S. farm price ..: : .64


48,00C 71 .25 70.38 6 8.40O


.72
35.90

1.92
1.71

6.70
4.16

1 .50
1.30


3.98
36.94

1.89
1.68

6.95
4.,29


21.16

1,50



3.44

.81


3.75
29j.58

1,87


6.00
4.01

1.39
1.23


1.57


Compiled fron Gil, Paint and L1rug: REporter,- Daily Trade Bullein -(Chicag~o), Da-ily:
Mak~et Record (ilinneapolis), and reports of thet Agricultural I'arketing Service.

1/No quotations.





~3_~ __~


Item 1/ .~~
1939 :1940 : June ~
: Dollars --Dollars' Dollars ~


1941
:Julne


214.3
102.7
13.0
42.5
7.1

120.2
374.7
7.8
449.9
57.2


i:


July :
1939 : 1940 :
111. b. EL. lb.


: lJuly 1/-
Mil, lb.

-190.7
95.8
12.6
26.2
4.3

178.5
332.9
7.4
343.4


~


Item


Compiled as follows:
Production of creamery butter and peanut oil, and cold-storage holdings of butter,
lard and rendered pork fat. Agricultural Mark~eting Service.
Production under Federal inspection of lard and rendered pork fat, Bureau of
Animal Indu~stry.
Factory production and stocks of cottonseed oil, and stocks of peanut oil, Bureau
of the Census.


Included with lard prior to No!cvember 1940.elmnay
Crude plus refined converted to crude basis by dividing by the following
otors: Cottonseed oil, 0.93; peanut oil, 0.94.


- 17 -


708-55


Table 8.- Price per ton or specified oiloake meals,
Augus~t 1939 and 1940, Jur.e-.L~ugust 1941


1941
: July :ug.
Dollars Dollars


Copra meal, Los AngEeles ......:
Cottonseed meal, 41 percent:
protein, Memphis ...........:
Cottonseed meal, 41 percent:
protein, Chicago .,.........:
Linseed meal, 37 percent:
I protein, ?inneapolis .......:
Linseed meal, 34 percent:
protein, New York ..........:
Peanut meal, 45 percent:
protein, f.o~b. southeastern :
mills .....................:
Soybean meal, 411 percent :


24.40

21.15

27CO

28.20

38r20


21,05


19.25


35.80


36.20 37.50

31.00 34 .45

36.60 40.25

32.00 33.50

28.30 28.10


30.60 32.94

53380 3 6.20


27.10 26.50


33.40

24.40

2 6.25


21.94

2 .4.60


32 .4 0

28.20

25.45


24.88

29.70


protein, Chicago ...........: 25.70


Coiled from records of the Agiultural Mare~ting eri~ce.

1/ Bagged, carlots, except pernlut meal.

Table 9.- Production rand stocks of butter, lard, rendered pork fat,
fat, cottonseed oil, anid peanut oil~,
July 1939 and 1940, Eay-July 1941


IEd1. lb.

215.6
125,2
14 .5

17.5

56.8
366.1
7.8
551.3


Pr odu ct ion
Greamery bu~Ztter ..............:
Lard, under Federal inspection:
Rendered pork fat 2/ .........:
Cottonseed oil, crude ........:
Peanut oil, crude ............:
Stocks, end of month
Butter .....................:
Lard ..........,..............:
Rendered pork fat 2/ ..........
Cottonseed oil, cr~ide basis 3/:
Peanut oil, crude basis 3/ ...:


182.2
93.5

22.6
3.5

165.2
139.8

674.3


185.8
104.0

14.1
2.0

123.6
503.2

568.2





_i~_ _I


compiledd from Internal Royvcnue records and Internal R~coveue Bulletin.

IfProlininary.
/Total of unrounded numbers.


SEPEMBnjR 1941


- 18; -


Table 10.- 01eonargarine: Production and materials used in manufacturers,
United States, July 1939 and 1340, May-July 1941


: July : 141 1/
: 139 : 1940 :My :June Juiy
:1,000 lb. 1,000 1b. 1,000 13. 1,000 13. 1,000 lb.


Item


Production::
Colored .....................: 10) 208
~Uncolored ...................: 19,16) 21,812
Total 2/ ..................: 1_9, 266 22,021
Matetrials used::
01eo oil ...,.................: 859 1.123
01eosteazrine ................:. 246 282
Lard neutral ................: 111 318
0Olo stock ..................: 57 96
Beef fat ....................: 12 --
Mdonostearine ........: ----
Total animal~ ..............: 1,285 1,19
Cottonseed oil ..............: 5.522 8.520
Soyboan~ oil .................: 5,625 5.6i02
Peanut oil ..................: 186 65
Corn oil ....................: 18 --


1,382300 '280
26;304 24.783 7,8
27.693 25.083 7#


1,146
231
498
105


1,439
257
635
78


1,3r


13 9 12


6,898 5.546 4,912
167 159 221.
39 36 55


16,bo2?

2.47

~2 8
$16)


Cottonsood stearine .........: --- 1 5 --
Soybean stearinie ............: ----1--
Yegetable stearine ..........: --- 1 ----
Total~ domestic, veget2blo .: 1,5 139 1.54, 1657
Coconut oil .................: 1.560 1,261 1,468 185
Eazbassu oil .................: 1,jj2 595 ----
Palm oil ....................: --- --- 8 247
Palm steerine ...............: --------
Totall foreign, vegetable ..: 2,;;92 1,856 1,LC76 1,62
Total fats and oils....... : 15,523 17.670 22,452 20,228


Milk ........................:
Salt and other misco~llanous.:


3,g70
906


4,264
973


4,627
937


4,919
1,026


5,102
1,050


UNIVERSITY OF FLORIDA

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