The hog situation

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Title:
The hog situation
Physical Description:
32 no. : ; 28 cm.
Language:
English
Creator:
United States -- Bureau of Agricultural Economics
Publisher:
U.S. Dept. of Agriculture, Bureau of Agricultural Economics
Place of Publication:
Washington
Publication Date:
Frequency:
monthly
regular

Subjects

Subjects / Keywords:
Swine -- Marketing -- Statistics -- Periodicals -- United States   ( lcsh )
Genre:
serial   ( sobekcm )
federal government publication   ( marcgt )
statistics   ( marcgt )
periodical   ( marcgt )

Notes

Statement of Responsibility:
United States Department of Agriculture, Bureau of Agricultural Economics.
Dates or Sequential Designation:
HS-1 (Nov. 1936)-HS-32 (June 1939).
General Note:
Title from caption.

Record Information

Source Institution:
University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
oclc - 04752171
ocm04752171
Classification:
lcc - HD9435.U5 A25
System ID:
AA00011234:00017

Related Items

Preceded by:
World hog and pork prospects
Succeeded by:
Beef cattle situation
Succeeded by:
Sheep and lamb situation
Succeeded by:
Livestock situation


This item is only available as the following downloads:


Full Text



UITITED STATES DEPARTMENT 0' AGRICULTURE
Bureau of Agricultural Economics
Washington


HS-18 Anril 18, 1938


.l THE HOG SITU- TION



-.-0--.-- -- -- -- -- -Su-mar .


A seasonal increase in hog marketing is e::pected during M ay and June,

as the market movement of 1937 fall pigs gets underway in large volume.

In view of the prospective increase in marketing and the continued weak

consumer demand, the Bureau of Agricultural Inlomics says that some further

decline in hog prices : .; -s probable in the late spring and early summer.

For the remainder of the present hog marketing year up to Octobor 1,

i938, marketing will be considerably larger than a year earlier, but this

increase will be partly offset by the smaller storage stocks of pork and

lard. It is expected that prices of hogs during the rest of the year will

average considerably lower than those of last year. But a moderate price

advance may occur in late summer when supplies are seasonally reduced.

Hog prices weakened in the last half of March and in early April,

even though slaughter supplies continued relatively small. Inspected hog

slaughter in March was smaller than in Fcbruary or in March last year.

During the first half of the 1937-30 marketing year, which bogan last

October, inspected hog slaughter was about 2.3 million head smaller than in

the first half of 1936-37. It is expected, however, that inspected slaughter

for the entire year, 1937-38, will be about as large as that of a year

earlier.








Exports of both pork aund lard have increased materially since last

summer, a- i imports f porh have bean reducald charply. ubrua.ry pork

imports vwor, ccnsid.,roably smaller than export and cnl, about one-half as

largo as imports in February last y.ar. The incre:aso i lard exports in

1937-38 reflects not only the increased donmstic: production of lard, but

also thu largo su' lics of cottonseed oil availablee frr he r record cotton

crop cf 1937.

REVI'."OF 0iLNT DEVELOPMENTS

U" ND.- After a iarke;d dc-elinc: from late surmicr
through L early winter, hog prices rose moderately ifoM late
January to early March. In the, s-conr.d ,eck of M-rch the
average price of hogs at Chic- .o r-cchod $S4: j cOmFmpq.ed
with $7.75 in mil-Dcocmbcr thu low for th.. .:.intjr
soson.s. In mi -.'..-_ .:t cf last year, ho-vcvewr, the :'ockly
average .rice of ;,ogs at Chic go vwas about $1'.l0. The
rie;c in prices in January and February rcsultad chiefly
frmn some strengthening in storage dc.anduJ and. from a
r:,thor sharp dccroase in sl .u-i~It.r suppiies in the. 1.ttcr
r.o:;th. During thJ fall months the storage dmcrand for if.
p::'cducts was relatively weak.


H,-_ prices decline after onarlr March

Although slaughter suppilics of hogs continued r-latively small in
March, hog prices wvoak.cd soucwh::at during the last half ol' the month and
in' early April. The average price of hogs .:t Chi :.r:. fr t he week andod April9
was about $8.50 compared with $9.40 a month oarlicr. The O.verage price of
o, s. at Chicago during MLarch was $9.12, about $1 lower than in March last year
The decline in hog 'prices d.:r.n-: thu second half of 1,larch and in early April
.-.:ontly resulted from the further ,c::kn ss in consu:aor doiand for L
pro iucts.

Ho.- ":u-htrr roduiced in M.rch

I.:- .cted hog slauzhter in FLarc1 totaled 2,61.,030' head, about
200,000 head small .r than in February and .bout .: :,.:' head : ~. -nr th.n in
March lst year. In tIh first half of the pr ose.t mark ir.io year, which b. ,
last Octcl. r, slaughter in euch '. .t ., xco t January, has be n smaller tha
that cf :c year earlier. Toota. inslocted slau hter of 19.6 million head
for the 6 months front October threu 1 M.rch: 1. os.as nea:rl 2.3 millionn
heI:d, or 11 rco tn s.:llier th:i th3 t of the c. rrc:sponling periodd or 1 -37.
Because v. r-:i: -./eights of ho1. sl i ]t.r c t.. us far t.is s c so: l Hvie tbL:
considerably haavier- than in '9" .-'.'", the c.rcncR. .; dolcr'cas in the total
live f-ei rht of r. .; sla-1-.'. rod undir Fodorl i:-s: t'ion h's bcn: only about
one-half as rit t rc.nt reduction in th* :..:. : sl .' r.rd.


H)S-18








HS-18 -3-



Inspectod slaughter and live weight of hogs, by months, October-
March 1?96-37 and 1937-38

: 1936-37 1937-38
S: Live eight : : Live weight
Inslcctcd I.1 t 1d
Month :l: :Total : Inspected: -Tt
1/ ugh verge. 2/ slaughter. Average.


:Thousands Pounds Mil 1.lb. Thousands Pounds. .Lil.lb.

Oct. .........: 3,492 213 742 2,711 225 611
Nov. ..........: 4,292 211 906 3,295 225 741
Dec .........: 4,681 215 1,003 3,953 .229 906
Jan. ........: 3,519 217 7o5 4,201 234 983
Feb. ...... .: 2,842 219 623 2,333 228 647
Mar. ........: 3,033 220 666 2,610 3/230 600

Total or
average .....: 21,859 216 4,711 19,'-'. 229 4,488


1/ Eur.,:-.u of Anir:il Industry.
2/ Computed from unrounded numbers.
3/ Prolirinary.





..ril 1 storage stocks nuch s:.mller than year earlier

Storage stocks of pork; were rtdu,'cd in hMarch, but stocks of lard
increased slightly. Storage h;cl i:.3:z f both pork and lard rn April 1,
however, were considerably smaller than ths', of a year earlier. Stocks of
pork at the beginning of April :'-ore r.oru than 200 million pounds smaller than
on April 1, 1937, and were the second smallest for April 1 on record.

During the winter months, when hog slaug;.tcr is relatively large,
the novcu.ont of hog products into storage is considerably greater than
the movonomt out of storage, but during the sur.,m:r months, when slaughter
is relatively small, there is a net out-of-storage movOeent. The total
supply of hog products available for consu-ptio.n during the sunx.ier season
is comprised of rcducts derived from hogs slaughtered during the sur:or
and hog products on hand at the beginning of the su.mmer.






HS-18 -4-



Storage holdings of ,ork and lard on the first of the month,
specified months

S5-year avoragc:
1929-30 to : 1936-37 : 1937-73

Month. .. ..... ..
Pork DLard Pork Lard Pork Lard

:Mi.1lb. Mil .!b. Mil1.1. Uil.1b. Mil. 1b. ,il.lb.

Oct. ..........: 530 109 362 102 283 73
Jan, ...........: 565 72 667 146 399 54
Mar. ............: 759 103 776 202 583 117
Apr. ............: 731 105 756 217 1/543 1/.21

_/ Preliminary.





_Ho corn ratio reduced slihtly n inarch

Corn prices rose slightly during March; the -.'.i e price of 3'Y, 3
Yellow corn at Chicago for the morth was 58 cents oer bushel co:.pared with
57 cents in Februaryj. The drop in hog prices along with '.; rise in corn
prices resulted in a decrease in the noho-corn price ratio during the past
month. For the w;ck ended April 2, however, this ratio based on Chicago
prices was 14.7, which is nearly twice a as 1 r- as that of a year earlier
and also considerably greater than the lonrtir.e average ratic of about 11.4.

During the :.Lt 6 months hoa prices have been .-'": com~iared with
corn prices. And this favor-ble- Irico rl-.tionship for hog producers and
the relatively large supplies of feod available have been the chief factors
r. : :.;'ble for the heavier average weights of hogs marketed this year than
last,

Pork ricsstn-ady, lard yricers dccl ini in ?arch

"j: c ,l prices of both fresh and cured -ork wore fairly steady
duri.. Urch, but prices of l.rd. vc:.onecd during the month. As compared
with a yearr crlir, piic.s of :.ios' cuts of fresh and cured pork: in March
v':rer somewhat lower, i!d the .rio. if lIrl :as considerably lower.

Pork. _. 1," increaos ino rts l' reduced

!'t3 of ,ork in F'bru:cry, totIl ,ig about 6.3 million : unds, wore
li ..ty l.1 .r'ur ta in January *d acut 2 r.millio n pounds 1 : .r than in
Fcbri.:;r o ls.t ,. Import of pork, on th!i :t1.r h'~nl, totaled nearly
3.3 million ::.o or o.ly c.bout onu-h~-if as 1; as in F-bruar. 1937. ::r:
rts have b..L reduced ~tbot ,: rc 't since la.-t Cctober, while "or>k
Sorts hve incr s...id by inorc th-.n 40 crccnt during the s-no period.







HS-18


Februar- lard exports much lar er than a year carlicr

Exports of lard in February totaled o.a-proximately 16 million ,'WL.,d,
about 4 million pounds smaller than in Janu':: pounds 1rgcr than in ,.' "ruary last year. i,. the first 5 months of the
current hog marketing year, beginning witi October 1937, about 96 million
pounds of lard were fported frcm the Unit ed States. F.r the cntir. 1936-37
marketing year only about 107 million pounds of lard wure exported. Of
the total shipments abroad from October through February this season about
59 aillicn pounds wore exported to Great Britai;: and about 24 million
pounds to Cuba. The much larger exports of lard this year than last
reflects to a considerable extent the increased c.om(.stic production of lard
and the much larger supplies of cottonseed oil in 1S37-. than in 1936-37.



OUT LOCK

DAC ;c'OTO7UD In the March and February issues of this report the
following .in:.ications were given on the outlook for su rplies and prices of
hogs during the remaindor of the year:

(1) Slaughter supplies of hos during the remainder of
the 1937-7' marketing year will be considerably larger
than those of a year earlier. Most of this increase in
narle:tings will occur during the period from May through
September.

(2) Hog prices are expected to decline during the late
spring and early surmmr as hog marketing increase
s osonally.

(3) Some recovery in hog prices may occur after midsummer,
dependinC partly upon developments with respect to consumer
docn nd for meats. It seems fairly certain, however, that
the average price of hogs for the sur:mer season (May
through Scptumber) will be considerably lower than the
average of about $11.15 last summer.

(4) It is probable that the 193S spring pig crop will be
lar --. than that of last year. This will mean larger
rarketings of hogs in the first half of the 191.-39
rmarketing year, beginning October 1938, than in the first
half of 1937-38.





3H-18


Little chino in h'og c utJlook since February

Dovlcpo-lntc sinco the issuance of Whe February report hare not
been such ca to cause much change in the hog; out lok. It still appears
probable that i.nspectod hog slanughtor for the 19-,'-SC :i.rk'tig year, ending
Septe;:: brc, 30, 711l total about 34 million head, a~c.'.t the serr as in 1936-37.
If this indication proves substantially correct, slaugh-tr during the period
from April through Soltoember will be rioro than 2 nrllion head larger than a
year earlier, Such an increase seems orcbable in vinv.: -f tlhe ex-ectation
th.t ;igs fa:rrowdc- lest fall -vill be marketed largely in t:he lat", spring
and sur.'nr, wherca!i last ,ea.r a lar'g number of fall pi.s vcro ma rketeo
before May and after Sc )tc.iber because of the shortage and hi-ih prices of
foods. HcS rarkcti:-l. duiriig the sun-:nr, hcn;ovcr, v.ill lto covcrncd. partly
by tho prostpcts fcr corn and oth( r feod crips.

Although hog :.:rkctings daring the ir--mindn.r of the present marketingg
your are expected to ]o considi:rubly larger th'i..r those of c yuar oarliir,
total suppTlics f of products availa-ble for thr cstcf the year ray not be
n.uch larger tha- thcsc of last ye ar. The rccsp- active larn-or markctings of
ho:es probabl;, will b:o offset in 1 r-;o p,'rt l:y the reduction frcn the
previous year in storaEo holdings of p.rk acrd lard on A-ril 1. The
decrease in stocks of pork cand lard front Airil 1 last ynr is r'uwhily
equivalent to the products obtaina.blerrc r..bout 1.9 million nhgs of average
market wvight.

C- nS-Licr de.iand for hrg products thi' sur.,:.ir ,:ill b,; much less
favorable than it was last sua::r. This ic evidcnoud by the recent marked
decline in industrial production, th- increase in uncnploylent and the
drop in i.c-):..s of industrial workers generally. Frocsnt eprosects indicate
little, il' any, imqrovenocnt in the consui.or danrnc! fcr m.iats durinC the next
sever-::i .ontihs. It is partly because of th less favorable dor.nand situation
as v:c.ll a.c the expected increase in slaughter sup .ies of hli. that the
prospects rc for lower hog prices during: the re,,minder cf 1938 than in 1937.


HOG PRICES, 1851 1937

The table on the fcllou.vin par, eC sho;s the annual avera:n. prices of
heavy s: 's for the r:;riod 1651-1937. For l.e years 151-59 th prices are
for Cincinnati rand are av-,_'. es of prices riven quartrl:- F-r thL remainder
of the period they arc;. fr Chi.S-ao ndi arc avera.us uf ...::.tly prices The
index numbers of -vhol4eslc prie(s of all coie.oditics also arc -ivrn in the
table. Thoes data arc. so.own graphically in fi: uro 2 of l-hic report. It
v;ill be noted in this fi ;ure tart the broad swings in h r prices corres -"..i
fairly closely :ith -sir ilar r.ovceuonts in prices of all cc.:..odities. As
v;ould be expected the fluctuatians in he, prices are considerably greater
thn'l- fluctuations in the incdx nu:.iters pricr s of all con:,oditics. The
apparent tondoncy for her; pic, s tc ;:.cv in cycles is clearly evident in
fi- .-: 2, '- ..cst i.'-irtal~t ras :i fcr the cyclical cr.. .-es in :h- prices,
of course, has beben tiic ltc(nnc- f.;r cycles in sl h! r z-. plies of h.:,-,
:h.ich "..cvo in o .nsite direction L .':-. thLe .ic cycles.






-7-


Price per 100 pounds of heavy hogs at Chicago, and index numbers of
wholesale prices of al commodities, United St-tes, 1851-1937


: :Index nuf.ubers :: : :Index numbers
:Prices of :of wholesale :: :Prices of :of wholesale
Year : heavy :prices of all :: Yr : heavy :prices of all
: hogs commoditiese, :: : hogs :commodities,
: :1910-14 = 100 :: : :1910-11= 100


: Dollars


1851........
1852.......:
1853.. ....:
1854...... :
1855.......:
1856........:
1857.......
1858. ......
1859.........


1860. ..... .
1861.......
1862.......:
1863....... :
1864 ....... :
186li.. ...
1865.......
1866.......
1867.......
1868.......
1869.......:





1865. ......:
1870........
1871.......:
1872....... :
1873..*....:
1i 74....... ;
1875 .......
1876.......:
1877.......:
1878.......:
1879...... :


3.70
5.14
5.39
3.88
4.90
5.12
6.25
4.41
5.65


5,06
3.54
2.83
4.16
7.91
10.23
8.69
6.24
8.04
9.144

8.46
5.03
4.31
4.53
6.o00
7.44
6.801
u. Un
5.29
3.75
3.70


83
88
97
108
110
105
111
93
95


93
89
104
133
193
185
175

158
151

135
130
136
133
126
118
110
106
91
90


1880........
1681.......
1862. ...... .
1883.......:
184 .......:
1886 ... ... :
1887.......:

1889........

18 0 .......:
1889 ... :
1391.......:
1892.......:
1893.......
1894...... :
1695.......:


18938.......:
1699....... :

1500.......:
1901.......
1902. ..... :
1903.......:
1904.......:
1905...... :
1906....... :
1907.... ...
1903 ..... :
1909.......:


Continued -


HS-18


Dollars

4.85
6.35
7.65
6.20
5.75
4.30
4.30
5.20
5.70
4.30

3.90
4.30
5.o
6.55
5.05
4.35
3.40
3.65
3.S5
4.05

5.05
5.90
6.95
6.co
5.15
5.25
6.25
6.05
5.75
7.45


130
103
108
101
93
35
82
85
86
81

82.0
81.5
76.2
73.0
69.9
71.2
67.9
6 .0
70.8
76.2

81.9
80.7
86.0
87.0
87.2
87.7
90.2
95.2
91.8
93.7








Price -( r 100 pounds 'of havy ho: s at Ci1ica.o, nd inie I- numbers of
wholesale priccs of all comniodclitics, United States, lj1-1937
Continued


:Index r ii: :
:Prices of: f wholcs-le ::
Year : heavy :prices of all :
: hogs :co 3:'oditios, : :
:1910-1 100 ::


: Dollars

1910. .....: 8.90
1- -...... 7 6.65
1912......: 7.55
1 13.....: 8.20
1114 .....: .20
19.15....: .c0


1916.......:
1917 .....:
1918 ...... :
1'19 .......:


1920 ......
19221.....:

1923......


192 .... ..
1926 ......:
1927. ..... :
1932.......:
19289......:
19 29 ...... :


i', )o
15.20
17.50
18.24

14.13
9.41
i.24

7.67
S.51
12.19
12.46
10.16

10.29


102.u
94.7
101.9
99.4
101.5
124.0'
171.5
191.7
202.3

22"5.4
142.5
141.2
1r3.2
4"6. '



141.2
139.1


: :Ir.de numbers
:Prices of:0-o wholesale
Year : heavy :prices of all
: hogs :oir.:oditi eos
: :1910-14 100
: Dollars

1930.....: 9.60 126.1
19 ....: 6.14 106.6
IS 32 3,00 94.6
1933.....: 3.96 96.2
S134... : 5.03 109.3
1 35....: 9..5 116.5
19.': ... : 10.07 118,0
1937.....: 10.44 126.0
1I3.......
1939.....:


Co. piled as follo;:':
I-rice -f hes -


1 1-59, from ";.:.l sal6 Pr ices iWges a.. .ra2.s 1 ort nation, a re ort by Nelson
,'ldric from: the iSenate Coi mltc on Finaco. U. S. Conate Report 1394,
oh 1 53. Prices at Cincinnati.
1.,) -77'_, froni Ai cultural, prices, bh Hiiry .i. "'-. c,.
-]./ "-?::i.r-;y Ii,- froe Chic Drovers' Journal Yearboos.
:.rh .9 '9,- cc;:.'cr 19 7, iurjau c" 1 ricult-ra1 L? e::.r.ic0;
In.a;: cf 1il c!:..od.itics -
1 5il-;, ..' rr:; rL:id l or son.j idox, vcrir'ble group :.'i:;ts.
1 .'1-19 7, ba'zcd on atu. roi t 3lurcau of Labor Statistics.


u-otcd as, f-luoV.:
Price of ine;s -
1'51-5 fair to .,od ?anCi:..
1 ",i-F':cru:*-2y 19 ,19 h,,vy he;s.
? rc!h 1 19-Junic 192, 25 pounds up, .C1 1.iu.: -B.:
-y 19 3-Jun: 1 -:', 2._ -j50 Iounds., c...iui;; rC.
July 19 JO-.cc.mbc r 1 3*, avcr:co !.' uotations
S-350 unds, GooI :tnd Choice.


. Choic 1
: ChcLce.
for 2:0-' J pounds and


---- ---- -- -- -- ------










Supplies of hogs and hog products, specified periods


:: : : Oc .-Set. : Oct.-Fob.
S : Feb,: Jan. :Fob. :Avirige: :
Item :Unit l:977 :1933 :193 :193 -29: 193_-: 1936-: 1],36- 1937-


Sto :
:1932-33:


36 : 37 : 37


Hog slaughter
under Federal
inspection:
Number :Thou-
slaughtercd J/: anrls :2,842 4,201


Live weight:
Average .....:Pound :
Total........ :il 1o. lb
Dressed weight
Average......:Pound
Total......... :il,b.:
Yield of lari
per 100 poIun:~ :
live wei 't of:


hogs...........:Pound :11.6
Production of
lard..........:i!il. 1b.: 72
Apparent
consumption: :
Pork,includ- :
ing lar '. 2/ : do. 404
Lard ........: do. : 48
Exports: 3/
Pork...........: do. 5
Lard ..........: d, : 5
Imports of por: ;/ do. : 6
Proportion of sows
in inspected
slaughter 4/....:Percent: 46.0


2,633


219 234 228
623 983 647


46,363 31,022 34,142


231 232
10,723 7,191


164 177 172 175 175
464 742 485 0,o69 5,4c2


12.9 12.8


221
7,538

164
5,586


15,326 16,998


215
4,045


229
3,083


160 172
3,001 2,909


15.2 12.1 10.9 11.5 119,


127 83 1,630 870 833


513
60


420 7,171 5,124 5,601
49 961 712 756


465 465



2,445 2,459
321 325


211 69
657 101
6 32


45.4 45.9 51.2


51.9 51.1 49.2 47.2


J/ Bureau of Animal Industry.
2/ Represents apparent disappearance of federally inspected
hog fats.


pork plus unrenderod


3/ United States Department of Commerce. Pork includes bacon, haims and shoulders,
and fresh, canned, and pickled pork. Lard includes neutral lard.
/ Includes gilts.





-10-


Prices of hogs and ho, .- .dct,;, sppecified periods

A o ct. -orit. -0ct. -Mar.
a, *,


: Unit :Liar, :Feb. ::.r.r
: 1937 :1938 :1 33


: t32 :
:1 32-33:


1i5-: 7?6-: 136-:19737-
3 : 37 : 37 : 38


:Dollars:
Avorare price: :por :
Seven r':c.t ...... ,pounds : 9.96
Chicago ............ o. :1011
U. S. average ori-c :
rcceivcd by r.':!rs ...: do. : 9.17
Fricos of hog rolucts, :
Chiicago:
Loins, 8-10 lb.....: do. :20.39
Hams ,smoked, rcg.l!:1;
10-12 lb. .........: do. :22.95
Bacon,smokod r,o.1,
dry cured, 6-30 lb...: do. :6.95
Lard, refined,
H. W. tubs .........: do. :13.15
Average price of No*3 :C nt :
yellow corn, Chicago,..:por l!b.: 116


Hog-comn price ratio: 2/:
Chicago ............. :ush :
North Contral States..: do.
Proportion of packing
sows in total -acker
and shilper purchases, :
seven ma rkct; ,/. ... :Percent:


8.7
9.0



4.0


Average weigh; at seven :
markets .... .........:Pound : 2'


8.16 8.90
8.33 9. 12

7.74 S.35


16.95 15i.3

23.38 23.65

27.30 2(6. 5

lu.06 9.95

57 53


14.6 15.,
16.8 15.0


3.0

239


!/ 9,64. 10,23
6.99 9.90 10.49


9.68
9.90


8.47
8,66


6.40 .15 9.66 9.13 8.21


17.07 21.21 22.29 18.73 18,12

20,31 '2,53 24.65 23.33 23.73

23.7 3o0. 6o 23.58 27.29 28.48

9,66 12.65 13.13 13.20 10.54

62 74 115 110 58


11.6 14.1 9,2 9.0 14.9
12.9 15.8 9.5 9.2 17.8


3.0 1/


16.0 15.0 6.0 6.0


243 1/ 241 231


217 237


1/ Not 'vailble.,
2/ Number f suchzcis of corn equivalent in valin to 100 pounds of live h::-.
3/ Monthly fi ;ures cn.nuted from weekly aver',gci.


Item









STORAGE HOLDINGS OF PORK AND LARD ON FIRST OF EACH
MONTH. AVERAGE 1930-34, AND 1936 TO DATE
POUNDS
(MILLIONS)

PORK


800 1936-37 .Average 1930-34




600




400 _


S1937-38


200




0
250
LARD



200


1936-379
200 ------ -- -- -









%

50 67 o 1932-38




0


*PRELIMINARY


U. S DEPARTMENT OF AGRICULTURE NEG. 31410 BUREAU OF AGRICULTURAL ECONOMICS


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