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:
AA00005305:00093

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Succeeded by:
Fats and oils outlook & situation

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U. S. IMPORTS OF FATS AND OILS. EIY
AREAS OF ORIGIN, 1938-39
YEAR BEGINNING JULY


TOTAL IMPORTS 1.906 385.000 POUNDS
*FACLUDEM CRUDB OIt LaUIYALI*T OF OFE AB~maG marInemia


gaII111 guDIuh as sourassum


age aests Yleruor a~rye~clines rcomonics


WAR IN EUROPE SINcE APRIL I HAS RESULTED IN THE LOSS OF IMPORTANT MARKETS
FOR LARD, 80TBEANS, AYD *OIL-SEED CAKE, AND IN REDUCED IMPORITa OF CERTAIN EDIBLE
OlI, AND FISH-t.ivER OILS. EXTEN850N OF THE Wr~ TO SOUTHERN EU~ROE AND NORTH
AJAICA WILL LIMIT OUR) SUPPLIES OF OLIVE OIL. BUT D0utsTIC DILS CAN READILY BE
USEb AS SUBSTITUTEs. ToTAE )upeaRs IW 1938-39 WERE LARGER THAN THOSE REQUIIED
.AT TnE PrESENT TIME.


'P~'~7 ~'4td.
..
..... *


Ec T~~r UAT I ON


.BUREAU OF AGRICULTURAL ECONOMICS
UNITED STATES DEPARTMENT OF AGRICULTURE




































































Trade Bulle-tin, Frinneapolis Daily liarket Record, ann
Marketing Service and Bureau of Labor Statistics.
taxes and duties where applicable. 1.} Preliminary.
to price as originally quoted. 3/ Revised.


Provisioner,Chicago Daily


d reports of the Agricultural HI
Prices quoted include excise
2/ 3-cent processing tax added


2- j

Table 1.- Price per pound of specified fate and oils, and oil-bearing materials
May 1938 and 1939, and March-L'ay 1940

Ite: Ma : 1940
Item: 1938 r 1939 : Mar. : Ap4r. = gMhyr


_ __


Fats and oils: ICents
Butter, 92-score, Chicago .......................: 26.6


Center

15.0
6.1
6.4
9.4
7.0
6.1
6.2
8.8
5.9
6.8
6.2
9.3
5.5
8.2


Conta
~II.4
15.0
5.6
6.4
9.5'
7.0
6.d
5.9
8.8
5.7
6.4
5.9
9.2
5.8
8.0


01eomargarine, dom. veg., Chicago ...............:
Lard, prime steam, Chicago ......................:
Lard, refined, tubs, Chiicag~o ....................:
Compounds (animal and veg. cooking fats),Chicago :
01eo oil, extra, tierces, Chicago ...............:
01eostearine, bbls., N. Y'. ......................:
Corn oil, crude, tanks, f.o.b. mills ............:
Corn oil, refined, bble., N. Y............~.......:
Cottonseed oil, crude, tanks, f.o.b. S.E. mi31s .:
Cottonseedoil, p.s.y., tank ca~rs,Nr.Y. ...........:
Peanut oil, crude, tanks, P.o.b. mills ..........:
Peanut oil, dom. refined, bbls.,N. Yr. ...........:
Soybean oil, crude, tank cars, midwvestern mills .:
Soybean oil, refined, drums, N. Y. ..............:

Babassu oil, tanks, NI. Y.. .......................:
Coconut oil, crude, tanks, f.o.b. Pacific Coast 2/:
Coconut oil, edible, tanks, N. Y. ...............:
Olive oil, edible:, bbls. (drums), NJ. Y. .........:
Olive-oil foots, prime, drums, iU. Y. ............:
Palm oil, crude, asks, (drums) I. Y. 2/ ........:
Rape oil, refined, bbls., I:. Y'. 3/ ...,...........:
Sesamne oil, refined, drums, N. Y. ...............:
Teased oil, crude, drums, N. Y. ................:

Tallow, inedible, Chicago .......................:
Grease, A white, Chicsgo ........................:
Menhaden oil, crude, tanks, f.0.b. Baltimore ....:
Sardine oil, crude, tanks, Pacific Coast ........:
1Yhale oil, refined, bleached winter, drums, N.Y. :


14.8
8.1
9.2
10.2
8.1
6.0
7.1
9.6
7.0
8.1
6.8
10.1
5.7
8.6

6.4
6.1
8.4
25.6
8.3
6.5
11.2
10.2
7.1

4.4
4.9
4.7
4.9
9.9


Cants

14.5
6.5
7.5
9.2
7.5
5.9
5.9
8.9
5.6
6.6
5.6
8.9
4.9
7.5

6.3
6.0
7.4
25.1
7.1
6.8
10.8
9.2
9.5

5.0
5.2
4.3
4.3
8.2

8.7
9.0
9.7
11.8
17.8

8.2
20.8
4.3


Cents
"W.5
15.0
5.8
6.5
9.6
7.1
6.3
6.1
8.8
5.9
6.7
6.6
9.6
5.7
8.4

6.2
5.8
7.4
26.0
8.3
7.6
13.7
14.7
12.0

4.6
4.6
4.6
5.0
3/ 9.5


6.2
5.9
7.2
25.3
8.2
7.5
13.7
16.0
12.4


6.1
5.0
7.0
25.9
8.5
7.5

16.0
12.5

4.2
4c2
4r6
5.6


4.5
4.6
4.4
5.1
9.5


Linseed oil, row, tank carIs, Minneapolis ........: 8.9
Linseed oil, rawH, carlots, bbls., (drurrs) N. Y. .: 9.3
Perilla oil, drums, F. Y. 3/ ....................: 10.3
Oiticica oil, drums, N. Y.. ................... ...a 10.1
Tung oil, drum~s, H~. Y. ..........................: 11.4
Castor oil, dehydrated, drums, corlots, N. Y. ...: ---
Castor oil, No. 3, bbls., N. Y. ................ 9.2
Cod-liver oil, med. U.S.P.bbls.,N.Y.( dol.per bbl.) 26.5
Cod oil, Nlewfoundland, bbls., NI. Y'. .............: 6.7
Oil-bearing materials::
Copra, bags~, f~'o~ib. pacific Coast ...............: 1.9
Cottonseed, Dallas (dol. per ton) ...............: 22.0
Flaxseed, Il0. 1, M~inneapolis (per bu.) ..........:186.0
Peanuts,shelled, Runners No. 1, f.o.b. S. E. mills 4.8
Soybeans,No. 2 Yellow, Chicago (per bu.) ........: 91.0
Compiled f'rom Oil, Print a~nd Drug Reportor, The National


10.3
10.7
21.0
19.8
27.4
18.1
12.8
33.5
9,0

1.7
28.2
208.0
5.2
114.0


10.3
10.9
19.9
18.8
25,4
18.1
12.8
48.4


1.7
26.5
211.0
5.2
109.0


10.0
10.6
18.5
17.$
24.8
17.0
12.8
60.0
---

1.6
25.6
197.0O
5.2
100.0


1.9
25.0
183.0
41.9
96.0







FOS-0


- 3-


THE TAIS AN D 0 LSSITU ATI 0


Summer

Prices of most domestic fats and oils, oilseed meal, and oilseeds

declined in May, reflecting the loss of foreign markets resulting from the

German occupation of Dennark, Norway~3, Netherlands, and Belgiun. About 10-15

percent of our total foreign outlets for lard, and more than half of the

export markets for soybeans and oilseed cake and meazl have been adversely

affected by the German and the more recent Italian moves.

United States imports of certain vegetable oils from the N~etherlands,

on the other hand., havNe been cu~t off, as well as fish-liver oils from coun-

tries bordering the North Sea. W~ith the extension of war to southern Euro~pe

and North Africa, our imports of olive oil, which represent about 5 percent

of the total imports of fats, oils, anrd oil-boaring materials, ma7y virtually

cease. The reduction in imports of edible fats from Europe probably will

equal or excood the losses in exports of lard, soybonns, rind other fats.

Immediate prospects for expanzding United States extports of lard and

soybouns to the Uhited Kingdom are not promising. The United Kingdom is re-

ported as having largo stocks of vegetable oils and whale oil on hand, and

Norweogianl whle oil produced in the Antartic during the past season is being

stored in the Western Hamnisphore for future British noods. If the war is

prolonged, however, it is possible that British requirements for American

fazts would become more pronounced, particularly if the oilsood crushing

activity on the east coast of England is reduced by war activities and if

the Mediterranemz route remains closed to Britidb shipping.





FO 5-li0


- 4-.


Although supnlies of fish-liver oils in the Uhited States will be

reduced, and olive oil imports will be virtually cut off, no serious short-

age in the total fat supply cen develop as a re-ult of war whidh is confined

to Europe, Northz Africa, and the~ Noacr East. About 90 percent of our total

imports of fats, oils, and oil-bearig materiajlc nonnnlly originate in the

Far East, Sou~th America, and Wlest Africa. Domestic pr;oduction of fats and

oils, moreover, has nor: expanded3 to the point where it is equivalent to

about S0 porc~nt Of total dOmestic TBq~uiremir.tS. At the present time, a

surplus exists In some lines of edible fats and a deficit in certain in-

ins~trial oils, notable in the case of the qulidk-l-thoring oils for soap, and

the drying oils.

R3VIITY OF REC2HlT 3EVILOPMENTST

Prices of domestic fats and oiled decline in Mgy7,
itemlTs imported from 2alroneC navan'~rce

Prices of most doescsic fats Iand oils dFclineZd 2--10 percent in Mlay,
largely under the influen~c of unfavo7'rable new7s from Etrrope?. Prices of
balasmu, coconut, and imnported d~-;ryig oils a~lso icsclincr. Exceptions to the
gener-l dont-urnr were increases in priesr of monhalo-~ln cad scardirn, oils, and
of imported olive oil, re~pe oil, a~nd cod-li-:0r oil. Except for rape oil,
the last, na:medr items are aobtained mostly frocm Europe.

Prices of lard, tallow, a~nd greases in May wcro 310-15) percent under
those of a year currlier, wh-leo prices of baba~smu ,Id coconut oils wora 3-5
percent lower.2 Pricos of mos~t othir fartn andr3 oil=. ncro equal to or higher
than those in Mayv 1939, with the Ercltest gains being recor~ded for cod-livor
oil, imported drying oils, sesame oil, and r~ep oil.

The price of prime steam lard at2 Chlicago averal.ged 5.6;5 cents per
pound in MayU comp~ared wJith 6.12 cents in April and 6.53 conts in May 1939.
and was the second lowecst since 21 rly 1I934. 'Thet loucst level since 1934,
5.57 cents;, rwer recorded in Aucast last ;ear.

Lard Etocks continue at recordl levels 62 million
pounds purchased for relief distribution

Storage hol-dings of 1lard on June 1, totaling about 2E4 million pounds
were larger than a month earlier, and rscro about 155 million pounds larger
than1 the rJ-yeatr (13-9 vrg olig o ue1 Storr.Go holdings of
lard hae been cons~istentl; above avir.-.e since December lost year, chiefly
because orpoarts hzve failed to keecp pace with1 the marked increase in production








































P~ricos of oilseed nezl accline with loss
of foreig3?n arkets

Pron? Ja~nuary to Augusrt 1939, pr~ices of cottonseed, sayboonu, cnd
peanut neals declined, but during the following 4 months ;,rices advrznced
sharply. Since 3ocombjer, t~he price! of cotton~cood meal at LHoophis, has
fluctuatnd within a ~omprsa:tively n s1row rarS .o t a level appFroximately
one-third higher t~haLrn a yer earlie-r. Put prices of pounu.t an~d soybo~n
meals have ;zgain deccined. Nevertheless, the price of ponnlut noal~ in Mlay
(reflct~ing- thec sre-ll volunoe of rpeanut crashir.gts th-is seoason) wa~s nearly
40 porcont higher~ tha~n rt year co.rlicr, while the pricc of soyboa~n Ua1a was
about 9 percent hi~chr.

As a result of z series of anall donostic crops of flaxsocd in recent
Years, the q1nitrityJ of linaced neal orcila~ble at mid-western nn..rket~s w~s
conparatirvely small in cnrly 1S39. Prices wro h'i;Jh, but the~y declined
modern~tol~y in the l-te winter and spring, a7nd, with ,? un~,ked inicrea?.e in
the flexcscda crop, prices declilned sha~rpl:F last sunno~lr. After adivancing
fron Septou~bor throuffh Decabor, linscoo Inon1 pricoc again. declined, and in
May this year they nore about 20 percent lowecr than a your o-rliar.


that has taken place this year. Domestic consumption of lard has increased
in recent months, but not sufficiently to teke ~up all the slack in the ezM
portable surplus.

As a means of increasing co~rsnsumpionl in this country, the Fedleral
Surplus Commoditiea Corporationl, beginning Inrst 3cceter,~r has purc~hased C;7
million pount's olf lard fojr distribution to cligibl.e low~-income families.
Nearrlyr half of this quantity, or 32 million pounds, was Ilurc~has~ed in MaY-.
In addition, 20 million pounds of salt po0rk, bellies, and fat backs were
purchased for relief dis*ribution durint the3 p3at 6 months.

Tatble 2.- Q~uantityr of lazrd andr other hog fnts purchased for
relief distribution, Decenber 1939-Hay; 19;40

:: Salt pork, bellies,
Year anda month .Lard. n atb~k


FOS-RO


-5 -


Pounds


punch


:
:


1939-


Jan.




Total
Da3ta. furnishe~d by F
to month of purllch c


50,000


581,000


: 4,E91,80 --
: 5,173,0T0 1,861,000
: 9.953,550 1,410,~000
: 14,671,960 1,1S0,000
:~ 32,222z60 li; 205 000
: 6,963,180 20 j7,G000
eiera.jl Surplus Conn.odities Corploraztion. Figures relate
e do not r~cecssarily indicate month of shipment.




FOS-40


- C-


Part of the decl ine in prices of oilseed meals since last December
(which occurred d~esy ib ri~sin~g prices for other feeds) apparently has been due
to events in Europe. The invasion of Denmark and Norway in April, and of the
Netherlands and Belgianl in May out off imlpor~tanlt export markets for such feeds?
The loss wass most severe in the case of linseed meal produced in eastern mills
front? imported flaxseed. Oriinarily~, the m~ajor part of the nleal so prodnoced is
exported to Surope with benefit of tariff drawback. It is possible that in-
creased quantities of ruch meal may be shipped to the United Kingdoh, where
feed supp3lios are reported to b; short; otherwise prices of linseed meal may
be depressed for snrle time to come. This would be a factor tending to restrict
imports of send and to raise the price of linseed oil if it were not for the
fact thait thes price of flaxseed in Argentini, also will be lowered by the loss
of European outlets.

TFable 3.- Price per ton of co ttonseed, peanut, soybean mad linseed
mea.ls, specif'ied markets, January 1939-May 1940


iCottonseed meal~ u mel:o en m ,Linseedmol:i6ed meal.
Yr:4 ':45 percent : 41 percent ':34 percent
ad 41percent pro- B e percent
~nt : tein bigged, : protein, a protein, protein, : protein
mothccerlo ts ,Demph ic :f.o.b. S.E;. : bagrged, bagesd, a bagged
:~ ills : Chicag~o :'4inneonalis : New York
:Dollarss Dolla~:rs D~ollrs DollareP Dollars

1939-:
Jcn. : 22.60 21.50 28.30 40.50 ./42.10
Feb. 21.,50 i0.69 241.70 38.75 1/ 41.30
Mar. : 2.20 20.50 24.45 38.50 40.00
Apr. : 3.20 20.75 24.70 7Y.8.0 40.20
Ma : 23.65 21.15 26.30 37.803 39.15
June : 3.0,5 21.00 25.95 717.40 1/39.00
July :21.55 21.00 241.70 33.10? 38.75
AuE. 21.15 21.05 25.70 28.20 38.20
S-pt. : 26.05 29.061 33.70 34.50--
Oct.: 25.;5 30.25 23.30 35.10 37.00
Nov. :28.;0 34.56 32.70 33.40 34.10
Dec. : 9.50 342.00 34.95 35.50 36.40

1940-:
Jan. : 30.1 0 33. 62 33.90 34;.70 38.00
Peb. :29.80 33.17 29.95 31.25 38.00
Mlar. : 930.25 32.69 30.40 01 35.50
Ap.: 50.80 30.85 29.55 30.70 34.00
Ma;y :29.410 2. 28.65 30. 25 31.60

Agric~ultural MaErke~ting Se~rvice.
1/ 30-32 percent proteir.

Prices of soybeans, flesuseed, cottonseed decline peanuts steady

Reflecting r-eekness in prices for domestic oils and rrenl, and the loss
of Europea~n market~ for Alrgi-ntine flraxsced a~s well acs domestic soybeans, prices





- 7-


FOS-40


of soybeans, flaxseed, and cottonseed declined 3-8 percent in May. No. 2
Yellow soybeans at Chicago, averaging $1.00 per bushel in May were 9 cents
lower than in April mad 16 cents lower than in January, the high month for
the current season. No. 1 flaxseed at Minneapolis, at $1.97 per bushel, was
14 cents under April and 21 cents under January. The average price of cotton-
seed at Dallas in M8ay, at $25.60 per ton, was nearly $1.00 under April mad more
than $4.00 under January. Despite these declines, prices of the oilseeds
enumerated were 4-11 percent higher in May this year than last, reflecting
generally stronger domestic demand conditions.

In contrast to declining prices for other oilseeds, peanut prices were
comparatively stable during the first 4 months of 1940. The average price of
No. 1 Runners (shelled) at southeastern shipping points wa~sS 5.2 cents per pound
in May compared with 4.9 cents in MIay 1939. The demand fbr peanuts for "edible"
uses has been relatively strong this season. Peanut production in 1939, totacl-
ing 1,180 million pounds was the smallest in 5 years. The quantity of farmers'
stock peanuts crushed during the current season has been compara-tively small,
totaling only 46 million pounds through April compared with 184 million pounds
in the corresponding period of the 1938-39 season. On the other hand, nearly
614 million pounds of peanuts were cleased and shelled through April compared
with 572 million pounds last season.

Although the quantity of peanuts cleaned and shelled has been larger
thus for this season than last, the indicated discppearance of suchponnuts
has been about the same. As a result, mill stocks of cleaned and shelled
peanuts (on an unshelled equivalent bsis) w~ere about 30 million pounds larger
on April 30 this year than last. Farmers' stock peanuts available at mills
and in warehouses for both shelling and crushing on April 30, totaling 271
million pounds, were about 15 million pounds larger thnn the 256 million pounds
on hand on April 30, 1939. Unless the rate of consumption of shelled pemnuts,
or of crushings of farmers' stock peanuts, is increased, the carry-over of
peanuts probably w~ill be somewhat larger at the end of the 1939-40 season than
a year earlier.

SOME~ EFFECTS OF THE WARONI THE FATS AN~D OILS SITUAiTION

Extension of war causes loss of export markets

The extension of the war area in April, Masy and early June has resulted
in the loss, for the present at any rate, of foreign markets which during the
first 6 months of war took about 14 percent of our domestic lard exports, more
than half of the soybean exports, and 35 percent of the exports of cottonseed
oil. Export markets for oleo oil, oleo stock, inedible tallow, greases, and
certain other fats and oils also home been reduced. In addition, foreign mar-
kets for about 75 percent of our exports of linseed oake and meal, aid over 50
percent of our exports of cottonseed crake and meal have been lost. These
latter losses, however, may be regained in part by increased exports of oil
cake to the Un~ited Kingdom, where feed supplies are reported to be short.

So long as the war continues, imports of oil-bearsig materials for
processing in Denmmak, Norway, and the Low Countries probrily mill be stopped,
This will have the effect, already felt as a result of the blockade of Germany,
of "backing up" supplies of such materials in primary-producing countries, and
of adding to the free world supply caveilable to the United States.






- 8-


FOS-40


Part of the loss resulting from the virtual closing of many.European
markets may be regained by increasing our exports to countries formerly
supplied by the NIetherlands. Exports of fats and oils from the Netherlands,
which ordinarily imports large quantities of oil-bearing materials for pro-
cessing, have repr sentedi about 15 percent of the total world exports of fatal
in recent years. H~early half of these exports have gone to countries now vir-
tually isolated by the Allied blockade. But about one-third has gone to the
United Kingdom, approximately 10 percent to France, and the remaining 10 percent
to other countries, chiefly Switzerland, the Nothormands East Indies, and the
United States. Increases in exports of fats from the United States to France
and neutral countries formerly supplied in part by the N~etherlands, however,
are not likely to be gre-t enough to offset the loss of northern European mar-
kets. The extent to which our losses in export markets may be? repaired by in-
creased exports to other markets in the next few months will depend largely on
the turn of events in the United Kingdom.

Expansion of exports to the United Kingdom
dependent on war develTopme~nts

The United Kingdom is reported to have large stocks of vegetable oils
and whale oil on hand. The extent of these supplies may be roughly gauged
from unofficial reports that part of the Norwegiani production of oil from
wh1ales caught in Antarctic waters during the past season, most of which has
been sold to the United Kingdom, is being stored at points along the eastern
coast of North and South America for future needs.

In 1937, imports of oil-bearing ma.terirals into the United Kingdom amountL
ed to about 1 billion pounds in terms of oil. In addition, net imports of vege-
table oils and whale oil totaled nore than 600 million pounds. Over 1 billion
pounds of butter w~ere imported, about 16j0 mrillio~n pounds of lord, mad nearly
100 million pounds of other animal fats. Altogether,:r net imports of fats in
1937 amounted to about .3 billion pounds, of' which roughly one-third was in the
form of oil-bearing materials, one-third butter, Fand onc-third animal and vege-
table fats and oils. Th~e major part of these imports was obtained from Emnpire
countries, with the remainder coming mostly from Denmark, the Netherlands,
South knerica, N~onrway, mad Egyplt.

In vie~w of the present large reserves of fats in the United Kingdom, and
the availability of supplies from Empire and other sources which in effect,
are attached to sterling exchange, it does not soomlikely that imports of lard
and other fats from this country w~ill be increased in the near future. Under
certain conditions, however, it is possible that a marked increase in the demand
for Am~erican? fats might develop in the United Kingdoc.

If Gonnany is successful in maintaining a close blockade of the eastern
coast of England and disrupting internal communications, the crushing activities
of British oil mills, muny sf which ar~e located in and about Hull, would be
severely limited. The Moditerranean route for Empire supplies, moreover, has
been closed to British shipping since late April. So long as this route






- 9


FOS-40


remains closed, the importation of norn.al surpplies of butter, vegetable oils,
and oil-bearing materials from EgypIt, India, the East Indies, Australia, and
New Zealand esn be effected only by round-about rjutes, thus imposing greater
demands on British shipping. ~Reduced oilseed crushing activity of British
mills end shipping difficulties involved in importing matearials from distant
Empire sources, together with the cessation of butter and~ ve~geta~ble oil ship-
ments from Denmark andJ the Netherloads, might result in increased shipments
of fats fran the Western H~emi'sphere to thre United Kringdom as reserves in theat
country were depleted. Hence, under a condition of prolonged warfare it is
possible that the British demand "cr edible fnts fron the United States may
eventually be increased. Hojwever, British requirements for armanecnts and
other materials in this country probably would limit the amount of foreign ex-
change that could be made available for fats.

The situation in the event the Allies are defeated undoubtedly would be
som~ediat different. A victorious Gerranny? :*ro~uld be chort of foreign exchange
and probably would mobilize the re~scurcas of" wasctern Eurcpe in an attempt to
bring in needed supplies of foojdstuffs ..nd rawv noterials from colonial areas,
as well as from countries willing to exchange goods on n barter basis. Thus,
aside from the po~ssibJility of some relief shipr.:cnts of foodstuffs from this
country, the European demand for Americ-in 11~rd and other edible fats might be
permanently reduced.

Imports also affected

Prior to the outbreak of war in Europe, the general trend in imports of
fats and oils into~ the Un~ited States wans downwanrd. This was due largely to the
increasing production of lard, taller, grep.ses, soybeans, and flaxseed in this
country. The coming cf vwar in Europe served to receontuate the downward trend
in imports by bringing about higher cos' for oconn shipments of impacted ma-
terials. Wnr in China also tended t:- curtail chipme~nts of certain vegetable
oils, notably tung, teastoed, and pezrnut. During the 6 months, October 1939--
March 1940, imports of fuits, oils, and oil-belaring mate.-ials in teres of crude
oil were about 10 percent wa.liler thnn in the corresponding perioJd aL year
earlier. (table 5.)

The rapid extension of the Eurojpean War during the past 2Q months has
injected a new element into our impo~rt situration. HNrma~lly, about 10 percent
of cur imports of fats and oils aire ob7tat-ined from ELurope and Naorth ALfrica. The
invasion of Denmark end Norway in April cut off our most im~portant source of
supply of fish-liver oils. About two-thirds of the fish-liver roils consumed in
this country in recent years has cone f-com No.rway, Gernany, the U~nited Kingdom;,
and Demmark, countries which probcblyr v411 be un-.ble to export such oils so long
as the war continues. Iceland, Japan', HoCwfounldla~d, and Crnada remain as pos-
sible sources of supply, but in viewI of Allied requirements it is doubtful if
much of the U~wfoundland and Candian supply will find its wary to this country.

The United States normally exports oilceedjs and oil crrke to the Nether-
lands, Belgium and Denmark, while vegetrable oils ordinarily are imported frsm
those countries. Imports 3f fats and oils from those countries in 1938-39,






FOS-40


- 10 -


however, amounted to less than 2 percent of the total imports from all coun-
tries, and consisted largely of items such as corn oil, sesame oil, pounut oil,
palm-kernel oil, palm cil, and rape oil which emn readily be replaced by
domestic fkts and oils or by o~ilseeds rnd oils imported from other countries.

Of greater importance will be the v-irtunl cosscetion of imports of olive
oil from the M~editerranean Basin. Almost rll of our domestic supply of olive
oil in recent ye-rs has been imported fran this region, chiefly from Italy,
Greece, Tunisia, Pnrtugal, Spain, tr~c Southern France. The extension of hosti-
lities to the MEsditcrranean will cut off nost of th!is supply. Imports of olive
oil in 1938-39 represented about 5 percent of our total imports of fate, oils,
and oil-bsuring rr.r-terials. Two-thirdsS of such imports c.,nsisted of edible
grades, writh th3 renair.der being inported mostly for use in soap. But except
for the matter of taste, cliv'e oil can also be replaced by domestic falte and
oils or by oilseeds and oils imported frjrm other countries.

No serious shortage of fats and oils in this country can develop from
hostilities c-onfined to Europe, North Lfrica, rcrnd the Near East. Imports from
this area in 1938-39 mo~untedl to slightl:I more than 200 million pounds. Off-
setting this, the Uniterd States has at? present an estimated canual surplus of
600 million pounds o~f lrd a~vaila'ble for Ca~nostic use or for export, as well
as fa~irly large exportable surpluses oif soybeanss and soybean oil.

Pacific and Soluth ".tlantic most importa t routes
for imported- facs

In 1938-39 approximately 85 percent of United St?.tes imports of fate,
oils, and oil-bearing m~aterials originated In the Far East and South America.
The Philippine Islands alone .ccorunted for 35 percent of our imports. Imports
front the Philippines consisted almost Entirely of csconut oil and copra. Other
Far Eastern countries, malinly the Netherlands Indies, China, and Japan supplied
22 percent of our imports, including nc.st of the palm oil, tung oil, perilla
oil, teeseed oil, peanut oil, andc rope oil. Imp~or~ts of flaxseed from Argentina
a~nd Urug~uay in 1938-39 reIpresented 18 percent osf the total imports for all fat4
whl-ile imports fromn Brnzil supplied 9 pe'rcent o~f the total, chiefly in the form
of castor beans, b.bassu nuts, a~nd c:ottonsceed rend ojiticica oils. Imports from
West Africa, car!sisting entirely of pa1lm oil anc palm kernels, accounted for
about 3 percent of the total.

Production of fats rnd oils from domestic materials in the calendar year
1939 wans equivalent to about 86 percent of domestic consumption. With increased
output of lardJ, soybean oil, road~ linseed oil, domestic production in 1940 may
be equivalent to abjut 90 percent o~f rour ttotl consumptive requi~r~emets.
Certain types of oils, hcwrever, are n--t produeo~d in sufficient quantity in this
country, wvithl the result that fairly large quantities of such oils as coconut,
babassu, and- palm-k~ernel, useful chiefly for the quick-lathering properties
they inpart to soap, and such quicki-drying mad1 other special purpose oils as
linseed, tunE, pe~rilla, citicica sad ca~stejr need to be imported. On the other
hand, ran exportsble surplus exists for certain edible fats and oils, notably
lard and soybean oil.







FOS -40


- 11 -


War to bring certain adjustments in
United States consumption

Although th~e rapid extension of war duriner the past 2-1/2 months un-
doubtedly will result: in a decrease .in exports a" soybeans, soybean oil, lard,
and certain other edible fats and oils, imports of slive, corn, sesame, peanut,
palm-kernel, palm, and rape oils from Europe will be reduced in at least equal
volume. Imports of' certain nonedible fats, such as cod-liver oil, moreover,
will be sharply reduced.

The loss in imports, based on data for recent, years may be somewhat as
follows: Olive oil, 100 rrillicn pounds, other edible oils, 25-50 million
pounds; fish-liver oils, 40-50 million pounds; total edible, 125-150 million
pounds; total, all fats and oils, 165-200 million pounds. Off setting these
losses in imports will be losses of exports totaling possibly 40 million pounds
for lard; 70-80 million pounds for soybeans (i~n terms of oil) and soybean oil,
and 15-20 million pounds for other edible fats and oils; total, 125-140 million
pounds.

Although Portugal and Spain are important olive oil producing countries,
a shortage of supplies already has forced those countries to prohibit exports
of olive oil. Pojrtugal placed an embargo on exports, effective April 25, ex-
cept to Brazil and Portuguese colonies. Exports from Spain have been suspended
since September 6, 1939.

So long as the prosont conflict lasts, it is probable that more cotton-
seed, soybean, and pounut oils of domestic origin wrill be used as salad and
cooking oils, and in salad dressings in this country than would have beon the
case if thoro hlad boon no war, replacing the imported vegetable oils previously
used for these purposes. Somewhat more lard wd11 be used domestically, princi-
pally for food purposes, but possibly to some extent also in soap. The lower
grades of domestic vegetable oils will find a somewhat larger outlet in soaps
replacing inedible olive oil.

With relatively high prices in prospect, the domestic production of olive
oil and fish-liver oils is likely to increase. Freduction of olive oil in
California recently has been increased from an average of about 1 million pounds
annually to 7 million pounds. Domestic consump~tion of olive oil totaled 101
million pounds in 1939. The production of fish-l.iver oils by United States
fisheries in recent years has averaged only 2 million pounds annually, whereas
the annual consumption has been about 60 million pounds. There appears to be
little n-cessity for increased dom~s~tic ou~tput of mother edible fats beyond that
already under wvay, as the present scalc of production probably will continue to
provide a surplus of such fats.

Present situation compared wi-th that in 1414-18

Similarity of price movements.- Followring the outbreak of war in Europo in
1914, prices of fats and oils in the U~nited St-tes first advanced then declined.
The not result in the first ycar was a decline. The pricc index for cight
principal domestic fats in~d oils was reduced from 93 percent of the 1910-14
average in July 1914 to 86 percent in July 1915. Although exports declined







FOS-40


- 12 -


sharply in 1916 and 1917 as a result of the loss of the then important German
market, prices advanced sharply. The price index stood at 161 in July 1917.
Parther advances were recorded in the following 2 years, with the index reach-
ing a peak of 247 in November 1919. Several factors contributed to this sharp
rise, among which we~re heavy European pur~chases of supplies of many kinds in
the United States, a strong domestic demand, and the general rise in commnodity
prices that accompanied the wartime expansion in bank credit in this country.
With the collapse of the business boom in 1920 and 1921, prices of fats and
oils declined to about their pre-war level.

The index of prices of domestic fats and oils in August 1939, at 73 per-
cent of the 1910-14 average, was the lowest, except for the period from January
1932 to May 1934, in 30 years of record. A fairly sharp advance in prices c-
currod in September last year with the outbreak of war in Europo. This advance
was well maintained through January this year, when the prico indox, at 91 por-
cent of the 1910-14 avorago, was at the highest loyc1 in nourly 2 years. Since
January, howerver, prices have tended to declinc. The fall in prices which oe-
curred in Maly as a result of the invasion of the~ Low Countrios and the possi-
bility of further losses of exports with an Alliod defeat carried tho indox down
to 81 for that month.

Production and import trends roversed.- The domestic production of animal fats,
except for as ~lght upward trend, remazm ninot fairly stable throughout the wyar of
1914-18. Production of vogotable oils from domestic materials, however, do-
clined, with reduced out-put of both cottonsood and floxsced.

Cotton and cottonseed production was reduced beesuse of the difficulties
in exporting cotton, low prices of cotton during the first 2 years of the war,
relatively high production costs during the remainder of the war, and low yields
throughout resulting from ball weevil infestation. In 1938 and 1939, cotton
acreage and production'were belowr the averages of the previous 10 years and also
below those of 1909-13, although yields per acre wjere rwell above average. Pro-
duction of cottonseed in 1939 was about 15 percent smaller than the average for
the 10 years 1928-37 and 9 percent less than that for 1909-13. But increased
production of sayboans and peatuts in the U~nited Sta~tes in recent years has more
than made up these difforonces, with the result that the present production of
oilseeds yielding odiblo oils is nowr considerably above the averages of earlier
years.

Flaxusced production during the period 1914-18 was reduced moro sharply
than that of cottonscod, largely because of the unusually strong demand for
wheat, and, in 1917, because of unusually low yio~lds. Tho demand for what dur-
ing the war of 1914-18 incrossed more than the demand for flaxsood, with tho ro-
sult that much land previously planted to flaxscod in tho North Contral States
was planted to whooat. This situation hr-s not bcon repeated so far in tho pros-
ourt war Flaxsood prices still command a substantial premium over what, world
supplies of which aro relatively largo. In 1939, the acrcago and production of
flaxscod in the United Statos were considerably above aevrago, and further in-
croasos are indicated for 1940.









Table 4.- Production of cottonseed, soybeans, peanut, and flaxseed,
United States, specified periods and years

Period : :Peanuts picked: Total, :
and year :Corttonseed : Soybeans : and threshed : three items : Flaxseed
: Mi. b' il. lb. FWil. lb. M~l. lb. Mil. lb.
Average:
1909~-15 : 11,'576 -- 1 ,038
1914-18 : 11,022 /641
1928-37 : 12,272 1,310 989 14,571 669

1938 : 10,620 3,764 1,306 15,690 457
1939 2/ : 10,478 5,245 1,180 18,903 1,138

ioultu~ral Mdarketing Ser~vice.
Not available.
i Preliminary.

To make up the deficiencies in the domestic: production of oilseeds, as
well as to provide for the growing demand for fats and oils for food and soap
with increasing population from 1914 to 1918, imports of coconut oil and copra,
soybean oil (in those years not domestically produced), and peanut oil were in-
oreased sharply. Imports of flaxseed for the paint, varnish, and linoleum
industries also were increased.

With a substantial surplus of lard and soybean oil now available for do-
mastic use, and with a shlarp increase in the domestic production of flaxsood in
1939, the trond in imports generally since last summer has bcon downwarrd. How-
over, thoro have boon somo oxcoptions to the downward movement in imports,
notably in the case of copra, babassu nuts, and castor bouns. Imports of thoso
items have increased. Bothi coconut oil and babaLssu oil are used to give quick
lathoring properties to soap, the domestic production of which cont~inues to ex-
pand. 'The use of castor oil for industrial purposes, including its use as a
substitute for tung oil, also has increased in rocont months.

Consumptichn now much larger than in 1914-18.- Despite some significant changs
in the domeKstic consumption of individual fats and oils during the wanr of 1914-
18, total consumption about kept pace with population glrowth, vrith the result
that consumption per capital remained nearly constant at 61-63 pounds annually.
In the first 2 years of the wjar the consumption of most fats and oils increased
with pronounced gains being made in the consumption of lard, butter, soybean
oil, coconut oil, and inedible tall'ow and greases. The consumption of palm oil
and palm-kernel oil declined.. Further increase occurred in the consumption of
most items in 1917 and 1918. But consumption of butter, linseed oil, cottonseei
oil, and olive oil, declined in those 2 years. Thoso reductions woror more than
offset, however, by further marked gains in consumption of coconut, soybean, ant
peanut oils.


FDS-40


- 15 -







POS -40


- 14 -


Judging from recent production and trade data, it would seem that do-
mestic consumption of fats and oils at the present time is following so~eha-t;
the same trends as in the early years of the last great war. That is to say,
consumption of lard, butter, soybean oil, inedible tallow and greases has shown
a tendency to increase with increased domestic output, whereas consumption of
palm oil and palm-kernel oil seems to be declining. The extension of the war
area to Scandinavia and the Melditerranean. in the present conflict probably will
also bring about a decline in the consumption of fish-liver oils and olive oils
The use of linscod oil seems to be increasing, on was the casc from 1914 to
1916. With our entry into the last war, residonrtial building activity in the
United States was curtailed, and the d~omestic consumption of linsood oil in
1917 and 1918 wras roduced.

Total requirements for f-ts and oils in the United Statcc aro much largot
now than they woro in 1914-18. In those years, total consumption amounted to
sonathing over 6 billion pounds annually. In 1939, over 9.5 billion pounds of
fats worc consumed in the United Statos. Consumption per capital in 1939
amounted to about 75 pounds compared with the, annual consumprtion of 61-65 pound:
per capital in the 1914-18 period.

REVISIONS OF CERTAIN FRICE SERIES, 1934-40

In the August 1939 issue of The Fats and Oils Situation tables wo~re
presented which brought to data the various prica scrics originally published
in Statistical Bullotin N~o. 59. 1/ Cortain price series wrcro rovisod to in-
clude oxciao taxos, cithecr on imports or on. first dore;stic proceasing. Such
taxos woro first 1cvied in 1934.

In making the revisions, it was assumed that the excise taxes were not
included in the weeklyl quotations in trade journals, and other sources, from
which the prices published in this report are compiled, except whfen specifically:
noted. Accordingly, the tax was added where app~licable. It appears that this
procedure me in arror in certain cases. The prices as quoted in the primary
sources apparently include the excise taxes whe~n such taxcs are levied on im-
ports, and also in the case of refined oils (or oils othorwiso troutod) when
the excise taxcs are 1cvied on the first domestic processing. Tho taxos usual-
ly are not included, howo~vcr, in primary quotations for crudo oils subject to
tax on processing.

Five pric-e series havoc boon! reviso~d to climinato wchat in effect amounts
to a. duplication of taxes. The items for which rovisod data are shown in this
report, vrith. tax rat ;s, are as follows:

1/ Fat s, Oils, and 0lecaginous Raw MatCrials --Froduction, Pricos, Trado, Disap-
pearanco in the U'nited States 19r12-315, and Available Data for Earlior Yours.
United States Department of Agricultuzre, Washington, 1937. Copic s of this
bulletin an be obtauined from the. SuperintondintY of Documents, Washington, D. C
Prico 10 conts.










: Excise tax per pound
: offootivo
Itom: MJay 1.0, : Aug. 21, : July 1,
: 1934 : 1936 : 1938
: COnts Conts Conts

Parilla oil, drums, N. Y. ...................: --- 4.5 4,5
Raep oil, refined, bble., N. Y. ...r..........: --- 4.5 4.5
Rapo oil, blowvn, bbls., N. Y. ...............: --- 4,5 4.5
.Sosure oil, refined, drums, N. Y. ............: 3./ 3.0 --- ---
W~halo oil, refined, bleached rinrtor,:
bbls., N. Y. .............................: 3.0 3.0 2/ 3.0


A complete statomo3nt on excise taxosis givion in the A~ugust 1959 issue of The
Fats and Oils situation, p. 15.

STax on first domostic processing. In other cases tax is on imports.
2~Effootive Juno 30, 1939, this tax was mad o pplicablo to all oil from whzalow
oakn by foreign killer boats, whether or not; produced in United Statos facto-
ries ashorG Or afloat.


FOS**40


- 15 -






















































16,124 529,203 438,1 7 85,33) 552,814


Continued -


Table 5.- Foreign trade in specified fats and oils, including the oil
equivalent of raw materials, Uhited States, October-March, 1938r-39
and 1939-40
(Net exports are indicated by a minus sign)

a : :Net im~- : ::Net im-~
Itan f Imports Esports'ports or: Imports: ~EZports:ports or
: :., net ex- : :net ex
: : : Dorts : ::ports


44, 245 138,553 -91i,30 22,110 151, 510 --129,400


_ __


,


- 16 -


FOS-kO


:1,000 lb. 1 ,000I 1 .1000 1b.1 000 lb 1 000 lb.1,000 15.~~


Animal fats and oils:
Butter ...............:
Fish-liver oil .......:
Fish oil ...........:
Greases ..............:
Grease, wool .........:
Lard .................:
Neatls-lfoot oil ......:
01eo oil .............:
01eo stearirse ........:
01eo stock ...........:
Tallow, edible .......:
Tallow, inedible .....:
Whale oil ............:
Total ..............:
Vegetable oils:
Babassu oil ..........:
Cashew shell oil .....:
Castor oil ...........:
Coconut oil 1] .......:
Corn oil .............:
Cottonseed oil 1;/ ....:
Linseed oil ..........:
Oiticica oil .........:
Olive oil ............:
Palm-kernel oil ......:
Palm oil .............:
Peaniut oil ...........:
Perilla oil ..........:
Rape oil .............:
Sesamne oil ...........:


570
31,~336
340
0
1,594
1
o
0
400
0
75
469
9.l60


540
-17,209
552
0
2,220
1
o
0
0
o
o
731
8'j7


.1,Wcs
0
3.504
1,974
0
137,490
348
1,934
153
3,366
78
1,215
0


1,085
0
600
1,04)
o
131,439
383
2,079
19
1,2235
60
620
0


-515


-1,043
1,594
-131,438
-s383
-2,079
381
-1.225
15
-151
9.460


-90s
17,209
-2,952
-1,974
2,220
-137.489
-348
-1,934

-3.3~6
-78
-484
857


427
21,532
24
174,609
589
6,977
5
4,883



118,589

&.529
46
3,637
O
977
54,676
558


427
2.532
-1,106
137,739
735
-7,194
-3,016
4,88)
40,8~6

105,104
-770




0
977
52,000
rS5 i


Soybean oil ..........: 1,419
Sunflower oil ........: 126
Teaseed oil ..........: 6,765
Tung; oil .............: 43,936
Vegetable tallow .....: 1,71
Total .........,.... 545 327


0
610
1
194,941
10,377
36,509

4,,576
4rc,307

161,89)
9,617
21,636
3.751
2,2516


0
0
311
2/5, 26
US
2,121
285
0
0
0
{/2,227
4
0
o
0
3,194
0
o
2/2,108
0


0
610


10,329
34,,788
-257
4,576
44,307

159,666
9,613
21,636
3.751
2,516
-1,745
126
6,765
41,828
1 341


0
0
1,130
2/36,870
154
14,171
3,02I1
0
0
0
2/13,485
2,083
0
o
O
11.743
0
o
2/2,676
0









Table 5.- Foreign trade in rspecified Fats and oils, including the oil
equivalent of rawr materials, Uhit~ed States, October-March, 1938-39
and 1939-40 Continued
(Net exports are3 indlica;tedl b a minus sign)
: 1938- 39 193f9-;r
: : :Net imn : :Not im-
Item i Imports xporporto:prts or: ImporIt s Extor~ts:ports or
: : ~:nret ex* : :not ex-
: : : orts : : ports
31,000 lb. 1 000 1b.1 000 lb.1,000 lb.1,000) 15.1,000 lb.
Raw materials, oil:
eqruival en t:
Ba~bassu nuts .........: 25,222 0 25,222 34,1C29 0 34,429
Castor beans ..,.......: 34,929 O 34,929 50,589 o 50,589
Copra ............... 159,232 8/16,130 143,102 232,616 2/,66 22,960
Flaxseed .............: 199,789 O 199,789 128,843 0 12,4
Palm krernals .........: 5.231 o 5,231 2,439 0 2,439
Perilla seed .........: 370 0 370 0 0 0
Ssesme soci ....,.....: 3.113 o 3.193 3.729 o 31729
So0fbears ..........:/ 0 2,4 2,0 / 0 9,5 9,5
Total .........:47,5 1,7838,8852,4 9,11 35,3

Grand totr.1 ........:1,017.536 193.855 532,683 912,902 334,454 578,404

Compiled from official records of the Bureazu of Foreign and Domestic Commerce.

IfCrude and~ refined; refinedu coverted.~ to crUde basis.
2/Includes rooxport s.
1/ Some soy73ouns are imported, but they appazrently are not used for crushing.


F05-40


- 17 -













































1/Preliminary.
2/Total of unrounded numnbers.


____


_ __ _


Production:
Colored ...................: 134
Uncolored .................! j2,528
Total 2/ ................o 32,662
da~terials used: I
01eo oil ..................: 1,412
01eostearine ..............: 240
Lard, neutral .............: 138
01eo stock ................: 163
Total animal ............: 195)
Cottonseed oil ............e 11 422
Soybean oil ...............r 2,356
Peanut oil ................r 275
Gorn oil ..................r 46
Vegetable gum .............: I---
Soybear; stearine ..........: I---
Total domestic vegetable : 14,099
Gocondt oil ...............s 8,981
Babassu oil ...............: 971
Palm-kernel oil ...........: 560
Palm oil .................. I---
Rice oil ................: SW
Total foreign vegetable .: 10,5 6
Total fats and oils .....: 26.598


1,444 2.0)i 1.956 2.500
7 43 10,200 9,022 18
4,925 8,657 7,169 7,140
178 153 146 113
27 89 87 32
---1 1 -

12.613 19.100 10,.425 15,4711
3,428 1,8 3,0
1,247 770 1526 937
126-- ---


4,801 2.-611 2.991 4.021
18,858 23.747 21.372 21 ,801.


Compiled from In~ternal Revenuea records


708-40


- 18 -1


Table L.- 01eomargar~ines


Production and mat~erilals


used in manufacture, United
April 1940


States, April 1938 sad 1939


,February -


1939 :


1940 1/

Mar.


Apr .


Item


1938 :


Feb.


Apr.


I 1,000
:pounds


1,0~00
pounds

,,6 f


1,000 1,000
poud pon

138 177
62 -03 27 231


1,000


169
~92 09


23_13359

1,032
237
94
81


29,477

1,337
261
~33
105


26.641 27.408


1,317
242
301


1,235
311)
63$
119


5,2,44
1,231C


6,063
1 Wc6


4,561
1,078


5,761
1,332


5,olk
1 166


Milk ........................:
aalt and other miscellaneous :


and Internal Revenue Bulletin.





yerU` Jal." Fesb.' Mar.: Apr.' May : Juno' July' Aug*'8ept.' Oct." Nov.: Dec.:Average


Year, Jan.: Feb.' Mar.' Apr .' My i June: July, Aug.jSopt.: Oct.i Nrov.j Doo. Average
rCento Genta Genta Gents Cents Cents Cents Gents Gents Gents Gents Gento Gents
1936: 8.7 8.7 8.7 8.7 g.0 11.5 u 1.5 11 .6 11.$6 11.5 12.2 10.2
1937r 13.4 13.4 13.2 13.5 3. 14.1 14.3 14.4 14.4 14.6 1. .614.0
19381 1. 14.6 14.6 14.6 14.6 14.6 14.4 14.2142 14.2 14.2 14.2 14.4
19)91 14.2 14.2 14.2 14.2 14.2 1214. 2 14. 2 14.8 16.8 17.2 17.2 15.0
194s 17._2 17.2 17.2 17.2 17.4
Compiled from Oil, Paint and Drug Reporter. Prices include excise ta~ on imports
beginning August 21, 193 .


708-40


- 19 -


REvISED PRICE DATA, 1934-40
(Notes. Table numbers correspond with those in
statistical Bulletin No. 59)

Table 128.- Perilla oil.. Price pell pound, drums, New York, 1936-40
(August 1936-April 1940 revised)

Yearf Janl.f Feb., Mlar., Apr., May I Junei July, Aug.i8ept., Oct., Nov.i Dec.,Average
:Canta Conta Cants Centa Genta Gauts Gents Genta Centa Cants Cents Cents Gents
1936: ") 7.2 7.3 7. ~~]"J 8.5 9.7 9.8 9.9 9.8 9.7 10.9 g.8
39375. 11.6 11.6 11.6 11.9 11.5 11.3 11612.1 13.6 13 12.8 11.5 12.1
1935( 11.3 11.1 10.6' 10.6 10.3 9.9 10.5 10.7 10.2 10.0 9..9 9.8 10.4
a9.8 9.6 9.7 9.7 9.7 10.5- 11.1 12.3 14414.5 14215.4 11.7
a 8220,0 21.0 1.31.
QM'ir~ledz Qrom) 011, Paint and Dug Roporter. Prices include elxcise taxE on iLmporta
b evg~~t kAugust 21, 1936.
~f Based on quotations for.2 wereks.

Table 129.- Rape oil, refineds Price per pound, barrels, New York,
1936-40 (August 1936-April 1940 revised)


Ite~nta
193. 71.4
1937gr 11.3
19381 12.1
1939: 10.8
1911: 13.7


Gents G'ents
7.2 7.0
11.4 11.7
12112.0
10.8 10.8
13.7 13.7


Gents
7.2
12.2
11.6
10.8


Conts
7.0
12.5
11.2
10.8
14.6


Centa
7.3
12.7
10.4
10.8


Gents
8.5
12.8
10.3
10.8


Conia

12.9
10.3
10.9


g.9
12.7

11.5


Genta Gents
g~Jl TE 1.0
12.7 12.3
10.5 10.7
13.5 13.5


Genta
10.5

10.8
13.7


Conta
s.3
12.j
11.o
11.6


Compiled from Oil, Point and Drug Roporter. Prices include excise tarr on imports
beginning August 21, 1936.
Table 130.- Rape oil, blown: Price per pound, barrels, New York,
1936-40 (August 1936-April 1940 revised)





~s Gerrts-Conts
; 4 E 17
,0 12.8 12.8
,0 13.5 14.1
,5 11.5 11.1
,4 10.5 10.5
,2 9.2 10.3


Table 158.- Whale oil, refined, bleached, wRinter: Price per pound, barrels,
New York, 1939-4 (July 1939-April 1940 revised)

Year: Joln." Feb.: Mar~.' Apr.! May : June" July' Aug.:Sept." Oct.! N~ov.! Dec. Average
:Cents Cents C~onts C:ents Cents Cents Cents Gents Gents Cents Cents Genta Gents

1939: 8.2 8.2 8.2 8.2 8.2 8.2 8.0 7.6 9.1 9.5 9.5 .9.5- :8.5
1940: 9.5 9.5 9.5 9.5 9.5 ~

Compiled from Oil, Paint and Drug Report~er. Prices include .arcise taxE on aPyorts
beginning Maoy 10, 1934.


-- 20 .-

REVISED PRICE DATA, 1934-40
(Notel- Table numbers corresponld with those in
Statistical Bulletin No.' 59)

Table 132.- $esome oil refinqd: Price per pound, drum, New7 York,
193j~c4-0 Maya 1934-August 1936 revised)


F08-r0


Your! Jan.: Fob.: Mar.' Apr.~ McFt : June" July: Aug.'80pt.: Det." Nov.: Dear Average
: e ? : I I


.50enta
1934: 9.2
1935! 13.1
1936: 14.8
1937: 13.2
1938: 10.4
19391 10.5
1940: 11.8


Genta
8.5
13.3
13.6
13.2
10.4
9.5
11.6


Genta
s.2
13.5
13.4
13.1
10.4
9.1
14.7


Genrts
8.2
13.3
13.2
13.0
10.2
9.1
16.0


Gents Genlta Centl
8.5 8.8 9
13.2 13.2 13.
13.0 13.0 13.
12.4 11.9 11.
10.2 10.4 10.
9.2 9.2 9.
16.0
Drug Report~er,
1934-August 21,


Cents Conts Genta Genta
11.2 11.-6 12.-6 9.9
13.8. 14.8 15.2 1.
14.1 13.1 13.2 i3.j
10.5 10.5 10.4 i1,9
10.5 10.5 10.5 10.4
---~~, -- 201 9.7

Excise tax on first


Compiled from Oil, Painrt and
domestic processingo, Magy 10,
1/ 1-month a~verage.


Prices include
1936.


















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