Wheat situation

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Title:
Wheat situation
Uniform Title:
Wheat situation (Washington, D.C.)
Physical Description:
v. : ; 26 cm.
Language:
English
Creator:
United States -- Dept. of Agriculture. -- Economics, Statistics, and Cooperatives Service
United States -- Dept. of Agriculture. -- Economics and Statistics Service
Publisher:
The Service
Place of Publication:
Washington, D.C.
Frequency:
quarterly
regular

Subjects

Subjects / Keywords:
Wheat trade -- Statistics -- Periodicals   ( lcsh )
Wheat trade -- Statistics -- Periodicals -- United States   ( lcsh )
Genre:
federal government publication   ( marcgt )
statistics   ( marcgt )

Notes

Statement of Responsibility:
Economics, Statistics, and Cooperatives Service, U.S. Department of Agriculture.
Dates or Sequential Designation:
WS-1 (Nov. 1936) - WS-254 (Nov. 1980)
Issuing Body:
Issued, 1936- by the Bureau of Agricultural Economics; <Oct.-Dec. 1953>-Feb. 1961 by the Agricultural Marketing Service; Apr. 1961-Nov. 1977 by the Economic Research Service, U.S. Dept. of Agriculture; Feb. 1978- by the Economics, Statistics and Coopertives Servie, U.S. Dept. of Agriculture; <Nov. 1980-> by the Economics and Statistics Service, U.S. Dept. of Agriculture.
General Note:
Cover title.

Record Information

Source Institution:
University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 000349017
oclc - 04015593
notis - ABY6688
lccn - 78643652 //r812
issn - 0364-2305
Classification:
lcc - HD9049.W3 U66a
ddc - 338.1/7/3110973
System ID:
AA00012162:00011

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Full Text


t)? !~ 'L L '. i II


BUREAU OF AGRICULTURAL ECONOMICS
UNITED STATES DEPARTMENT OF AGRICULTURE


4RI1 SEPT.- DEC. 1949


WORLD EXPORTS OF GRAIN AND GRAIN PRODUCTS
FOR SPECIFIED PERIODS
'NG TONS MILLIONSI
0 J 8 10 12 14


urNTELSTATL'

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6. 46 191 .94 S 48 NO 19. 449 193A4 35 7t4A EN0N1 6
SER RC'fl'PI99O JaN. I FOR COARSE GAR4 S
I fEGNIN6 J.1 i.
19.8-.9 INCLUDvO IN 1. L 4 rOws


U c OFr FRT.'E* T W:,f i.ih-L'.'t N


World exports of grain and rain proJucts,
exclusive of rice, for the year ended lune 30,
1949, amounted to 36." million long cons. This
is 4 percent above a year earlier, 30 percent


Bread groins Carse5 grans
(wheat rye) (corn ots -borey)

A/l groins


EG. 1229 OFFICE OF FOREIGN AGRICULTURAL RELATIONS


above the 193i-3S average, but 10 percent below
the all-time record in 1928-29. Exports from the
United States amounted to almost half of the
1948--9' world total.


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FOR RELEASE
DEC. 14, P. M.



SITUATION
















1934-38
(AvERAGEI


1947-48
( ANNUAL )


R'


ALL 0T7ERS
21
AQ'rEnirnii fi'
10 6'.
.0vC
*^r5E;;^ |
io bkiM


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ORIGIN OF WORLD EXPORTS OF GRAIN AND GRAIN PRODUCTS


1948-49
(ANrJNUAL


LL ALL
Oi"ERS U.S. 74 OTHEI
4% 11,6
CANADA
192%
1 1 ARGENTINA
199%
'r +



-*4
AUSTRALIL
10. 1 /.
ARC-ErdrTrA AuS5IRALA
37 8 9.0%

28,248,400 3!
LONG TONS L


5, 319,000
ONG TONS


36,686,000
LONG TONS


U DEPARTMENrT C(F .GRICULTUiE NEO, 1255 OFFICE .jF FOREIGN AGRICULTURAL RELATIOiNS

',iuf ..,,J 'i. '. rii I ... 1i i 1 3 a tral a .n n.i- i i.i lIrnl ir-iL tii t n, l,.r I -:r. r. the I er, large
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DESTINATION OF WORLD EXPORTS OF GRAIN

AND GRAIN PRODUCTS

1946-47 1947-48 1948-49
ANNUAL rirJU/AL APJNr UAL

APRICA A--RIC AFRICA O0MERE
Z 9C ,1rrR 3 1 -- 3 6 0
OTHERS CARIBBEAN G 3 CA IBBE A l
C, La TI. bM 3.4% a LATIN AM.E LA4I M
55% 59% f
0,' ASIA ASi,. &S _,, !
PACIFIC PWCWr. :
14,9% U U

.... .. E EUROPE EUROPE
c '4 2% 659%




28,488, 800 35, 319,000 36,686.000
LONG TONS LONG TONS LONG TONS


J I c. ,g p p y..iE 7 OF AGR TURE


NEG 12 3


i9 were routed mainly to deficit ar .,
, ', ,, ''' 'I tiar iEast. Compared with a year earlier,


4 OFFICE OF FOREIGN AGRICULTURAL RE LA1ONS., .

a ,'Jr u rion in eI'urr, T I I uropr ..a ,. r ln oalsre nI '".


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CANADA
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WS-114


T H.E WHEAT SIT U A T I ON

Approved by the Outlook and Situation-Board, December 2, 1949

SUMMARY

Exports of wheat and products in grain equivalent in 1949-50 will
be smaller than in recent years as the result of an improved supply po-
sition in importing countries following two generally satisfactory crops.
Exports from the four principal exporting countries -- United States,
Canada, Australia and Argentina -- may total about 850 million bushels
compared with 908 million bushels shipped in 1948-49 and 893 million in
1947-48. Other exporting countries, including the Soviet Union, may possi-
bly export 50-75 million bushels compared with about 50 million bushels in
each of the past two years.

Exports of wheat -and products from the United States in 1949-50
are now expected to total about 400 million bushels, compared with 501 mil-
lion in 1948-49. Exports in July-October totaled about 124 million bushels,
considerably less than the record 202 million for the same period a year
earlier. The size of United States exports during this period were affected
not only by the generally reduced demand.by importing countries,but also
by very limited sales to Wheat Agreement countries using ECA funds. The
maximum price under the agreement is below our domestic level and up to
October 28, no provision had been made for subsidizing exports financed
by ECA funds to such countries. The rate of exports is expected to be in-
creased by a program, effective October 28, which provides for CCC payment
of the export subsidy on such shipments. United States sales under the
Wheat Agreement from August 1 through December 1 totaled about 24 million
bushels, or only about 14 percent of the total annual export quota of
163 million.

Exports of grain and products from.the United States in 1948-49
were not only the largest in our history, but also larger than those of
any other one country in a single year. Exports of this enormous size
were made possible by the use of ECA and military funds which, in the case
of wheat and products, accounted for about 75 percent of the total.

World breadgrain production in 1949, now estimated at about 207 mil-
lion long tons, is only slightly smaller than the 213 million tons produced
in 1948, and is a little above the 1935-39 average of 204 million tons.
Wheat production is estimated at 166 million tons (6,185 million bushels)
against 171 million tons (6,385 million bushels) in 1948 and 161 million
tons (6,015 million bushels) in 1935-39.

Wheat supplies in the United States for 1949-50 are now estimated
at 1,432 million bushels. The July 1, 1949 carry-over of old wheat was
306 million bushels and the crop is estimated at 1,126 million bushels.
Domestic disappearance is expected to total about 700 million bushels, so






'. .",.,: ,


-- 3 -




SEPT.-DEC. 1949 4 -

that about 730 million bushels would be available for export in 1949 50
and carry-over July 1, 1950. If exports total 400 million bushels, a-
carry-over of about 330 million bushels would remain. This .compares with
the prewar average of 235 million and the record high of 631 in 1942.

Disappearance in July-September 1949 totaled 304 million bushels,
against 335 million in the same quarter in 1948, 322 million in 1947 and
304 million in 1946. Of this total disappearance, 139 million-bushels
were processed into flour and breakfast food for domestic use and export,
about 32 million used for seed and 83 million exported as grain, which
leaves about 50 million for feed use.

Current cash prices are generally slightly above loan levels,
with the exception of soft red winter, market'supplies of which are large
enough to depress prices moderately below loan rates. Current prices are
considerably higher than early season levels. On July 2 the prices of
hard winter at Kansas City reached a low of 35 cents under the loan.
Very large quantities have been placed under loan. This has greatly re-
duced selling by growers who probably will defer large-scale selling until
they can realize at least the loan plus charges.

About 75 million acres may be seeded for harvest in 1950 if an
allowance is made for the increase in allotments provided for in Public
Law 272 and also for overplanting. With average yields of 15 bushels per
acre, this would result in a crop of about 1,125 million bushels, or
about the same as in 1949, when the acreage was larger but-yields smaller.
Domestic disappearance of wheat in 1950-51 is again,likely to total about
700 million bushels. If exports. should total 400 million bushels, carry-
over on July 1, 1951 would be about 350 million bushels. Prices for wheat
in 1950-51 are expected again to average about the support level. Under
the 1949 Agricultural Act the support for the 1950 crop is unchanged at
90 percent of parity. If we assume a decline of 5 percent in the parity
index from the June 1949 level, the support for the 1950 crop would be
about 10 cents less than the $1.95 national level to growers on the 1949
crop.

Civilian consumption of flour in 1948-49 was 137 pounds per capital
against 140 pounds in 1947-48 and 152 pounds for the 1935-39 average.
Consumption of wheat breakfast foods, in terms of flour equivalent, is
2.9 pounds for 1947-48 and 1948-49 against 3.1 in 1935-39..

THE DOMESTIC WHEAT SITUATION

BACKGROUND.- An abnormal world demand for bread grains
made it possible to move the excess over domestic needs
from five billion-bushel wheat crops produced in 1944-48,
and to minimize the increase in the size of the carry-over
on July 1, 1949 (table 7).


/




.WS-IU 5 -

In 1932-41, the supply of wheat in continental United
States averaged 982 million bushels consisting of carry-in
of old wheat, 235; production, 738, and imports for domestic
use, 9. Total disappearance averaged 721, consisting of
food, 475; feed, 122; seed, 81; and exports and shipments 43.
Carry-over stocks at the end of this period were much larger
than at the beginning.

Net exports from the United States have exceeded
300 million bushels only in 1914-15, 1920-21, and each of the
past 4 year beginning in 1945-46 (table 7). Very small
United States wheat crops in 1933-36 together with drives to-
ward greater self-sufficiency in many importing countries
greatly reduced exports in the 30's and the war curtailed
shipping in the early 40ts. In the 35 years since 1909,
leaving out the years of net imports, net exports averaged
169 million bushels.
Wheat prices to growers advanced from an average of
67 cents per bushel in 1940-41 to a record of $2.81 in mid-
January 1948, and a record season average of $2.29 for the
S1947 crop. From 1938 to late 1944 the loan program, which
reflected the general rise in prices farmers pay, was the
most important factor in domestic wheat prices. From 1942
through 1945 wheat feeding was exceptionally heavy and very
large quantities of wheat were used for war industrial pur-
poses. Beginning in early 1945 exports, including shipments
under various foreign aid programs, became the most important
price factor.

In 1947-48, United States wheat prices reflected the
unavailability of feed grains for export, the additional
world demand resulting from short crops in importing countries,
and the continued rise in the general .rice level. With the
harvest of the near-record crop in 1948 and favorable crops
in importing countries, the loan program again became an im-
portant price factor. The price to growers for the 1948-49
crop averaged about 1 cent below the $2.00 loan level (table 8).

Carry-over July 1L 1950 May Ba
Somewhat Larger than Year Earlier

United States wheat supplies are now estimated at 1,432 million
bushels. This .supply is 52 million bushels less than the 1,484 million
in 1948-49,. but is the fifth largest of record. The July 1 carry-over
of old wheat was 306 million bushels 1/ (revised from 293 million) and
the crop is .currently estimated at 1,126 million bushels, which is the
fourth .largest crop of record. Domestic disappearance in the year
1/ The carry-over July 1, 1949 of 306 million bushels is all old wheat.
The 232 million bushels reported as owned by CCC on that date included
newwheat and it cannot, therefore, be concluded that 76 percent of the
carry-over was CCC owned. Figures are not available on how much new wheat
had been purchased by CCC prior to July 1.




SEPT.-DEC. 1949 6- .. ; :

beginning July 1 may.total about 700 million (Civilian and militaryy food-
485, feed 130, seed 88, and shipments to territories 4).so'that about.
730 million would be available for export in 1949-50 and carry-over July'
1, 1950. If exports total. 400 million a carry-over July' .1950 of about
330 million bushels would remain. This compareswith the prewar average
of 235 million.bushels and the record high of 631 million in-1942.

1949-50 Exports Now Expected to
Total 400 Million Bushels

Exports of wheat and products from the United States"in 1949-50
are now expected to total about 400 million bushels, compared with 501 mil-
lion in 1948-49. Exports in July-October totaled about 124 million bushels,
considerably less than the record 202 million for the same period.a year
earlier. The size -of United States exports'have been affected not only by
the general reduced demand by importing countries but also by very limited
sales to Whaat Agreement countries using ECA funds. The maximum price
under the agreement is below our domestic level and up to October 28, no
provision had been made for subsidizing exports financed by ECA funds to
such countries. The rate of exports are expected to be increased by a pro-
gram, effective October 28, which provides for-CCC payment of the export
subsidy on such s,hipnents. United States sales under' the Wheat Agreement
from August 1 through December 1 totaled about 24 million bushels, or only
about 14 percent of the total annual export quota of 168 million.

The procurement of wheat for export was largely transferred from
CCC to private traders, effective November 1. With the exception of the
occupied zones, and Greece, Austria and Trieste, any country is now per-
mitted to procure wheat through private channels. The areas named will
continue to be furnished by CCC.

Wheat Fed in July-September above
Same Quarter Past Two Years; Total
Disappearance Reduced

Use of wheat for feed, at an estimated 50 million bushels, is above
the corresponding period in the past two years, when it was about 20 mil-
lion bushels, but it is below the large quantities fed in 1942-46. Liberal
feeding of wheat in the past quarter results from there being large quanti-
ties of wheat which were off grade because of moisture damage. ,

The complete picture of supply and distribution in July-September
is as follows: Supplies totaled 1,432 million bushels, consisting of
306 million old wheat carried over July 1, 1949 and estimated production
of 1,126 million bushels. With October stocks estimated at 1,128 million
bushels, disappearance amounted to 304 million bushels. This disappearance
compares with 335 million bushels for the same quarter in 1948, about
322 million in 1947 and 304 million in 1946. Of the 304 million this year,
139 million were processed into flour and break-fast food for domestic use
and export, about 32 million used for seed and 83 million exported as-
grain, which leaves 50 million as a residual as feed use.


..4
A




"-WS-ll4 7

Wheat Stocks on October 1 Equal
to 8-Year Aerage

Wheat stocks on October 1 totaled 1,128 million bushels (tble 11).
This is equivalent to the average October 1 stocks of the nrecodinc. 8 years.
It was exceeded in 4 of those years, but topped the other 4 ;,ears.

The October 1 total include the Crop EGesrting Board's ectmiates of
nearly 460 million bushels on faLrms, 265 million bushels in interior mills,
elevators and warehouses, and 133 million bushels at merchant mills. Also
included are 261 million bushels of commercial stocks at termi-nals, reported
by the Production and Marketing Administrr.tion, and over 9 m llion bushels
owned by the Commodity Credit Corporntion in transit or in storage under
CCC control not otherwise included in the estimates by positions. The off-
'farm portion of the total, 668 million bushels, is the largest since Octo-
ber 1, 1942, and compares with 603 million a year earlier and 398 m. llion
in 1946. Stocks r.t interior mills, elevators and warehouses are lnrgest
of record; terminal stocks the largest since 1942, but merchant mill stocks
are near the isual level.

Wheat Prices Around Loan Levels

Cash prices are generally slightly above loan levels, with the ex-
ception of soft red winter. On December 1 the price of No. 2 Hard W'nter
ordinary protein at Kansas City was $2.22, 2 cents above the loan, No. 1
Dark Northern Spring !t Minneapolis was $2.25, 3 cent above the loan, and
No. 1 Soft White at Portland was $2.22, 6 cents above. Market supplies
of soft winter wheat are relatively large and prices at St. Louis and
Chicago on December 1 were 5 and 9 cents respectively under the loan.
Current prices are considerably higher th:jn urlier in the season. On
July 2, the price of hard winter at Kansas City reached a low of $1.85,
or 35 cents under the loan.

Wheat under loan and purchase agreement from the 1949 crop through
October 31 totaled 281-1/2 million bushels aga-nst 217 million from the
1948 crop a year earlier. In addition, by October 31, 1949, about 4-1/2.til-
lion bushels of 1948 wheat had been resealed. Although the 1949 crop is
162 million bushels smaller than the 1948 crop, the tot.l to be placed
as collateral and under agreement i6 expected to equal or even exceed the
364 million bushels for the 1949 crop. The l.rder quantities to date,
which reflect low early season prices, have greatly reduced selling by
growers. Growers probably will defer larger-scale selling until they can
at least realize the lor.n plus charges. Some increase in marketing of
hard wheats took place when the price rose slightly above the loan in late
September and parts of October. Some wheat was sold in order to make space
for the storage of sorghum grains, the prevrilirn price for which was at
a considerable discount below the support level. In some areas the stor-
age problem wes related to thu need for space for corn '.nd soybeans.

The Outlook for 1950 Wheat--
Brief Revised Statement

Highlights of the wheat outlook for 1950-51 include a slight de-
cline in wheat prices, acreage allotments for the first time since 1943
and a relatively favorable export demand.




SEPT.-DEC. 1949 -- 8r

The national acreage allotment of 68.9 million acres for the 1950
crop announced on July 14 is being revised in line with Publio Law 272
vjhich was signud by the President in August. If an allowance is made for
the increase in allotments and for overplanting, about 76 million acres
may be seeded. '.;ith overage yields of 15 bushels per acre, the resulting
crop would be about 1,125 million bushels

Domestic disappearance of wheat in 1950-51 is again likely to
total about 700 million bushels; If exports total 400 million bushels,
carry-over on July 1, 1951 would be about 350 million bushels. Before
the war, stocks averaged 235 million bushels. The record carry-over was
631 million in 1942,

The 100 million-bushel allowance for export in 1950-51 is, of
course, vary tent:,ti'.e. The quantity Tre ship abroad will depend consid-
erably on the size and distribution of the world crop. In addition, the
financial and political role played by the United States in world affairs
will continue very important in determining the sizo of our export.

If the wheat "ron exceeds the 1,125 million-bushel figure, or if
exports fail to r'.-ach the 00 rillion-bushel level, stocks on July 1, 1951
would rise above the 350 million bushel estimate.

Prieoc for vtheat in 1950-51 are expected again to average about the
support level. TUnder the 1949 Agricultural Act, the support for the 1950
crop is unchFn'.d at 20 percent ofi parity. 2/ If we assume a decline of
5 recent in the parity index from the June 1949 level, the support for
the 1,50 crop would be about 10 cents less than the '1,95 national level
to growers on the 19-9 crop.

Food Consu-ntion of 'Wheat
Continues Dovn-riard Trend

Civilian consumption of flour in 1948-49 was 137 pounds per capital
against 1 0 rounds in 1-17-48 and 152 pounds fbr the 1935-39 average. The
figures for those two yer.rs have been recalculated using revised data pub-
lished by the Bureau of Census following the release of the 1947 Census of
Manufecturos. The revised figures of per capital flour consumption are
about the same as those determined before Census revisions.

Civilian consumption of heat breakfast foods, in terms of flour
equivalent, based on the 19-17 Census of Manufactures is 2.9 pounds for
1947-48 rand l148-41 aZainst 3.1 in 1935-39. In terms of the actual weight
of broOkrfast foods, consumption in 1947-48 and 1948-49 was 3.3 pounds per
capital against 5.4 in 1955-39.

2/ Preliminary calculations involving certain assumptions as to prices
paid, exocrts, etc., appnar to indicate that if this legislation remains
unchanged, oerity for the crops of 1951, 1952, rnd 1953 will continue to
be based on the old formula, while the minimum loan rates may be reduced
somewhat from the present 90 percent level, the extent depending upon the
effectiveness of controls in reducing supplies.






.. ".. :






Table 1.- Wheat consumption, total and specified per capital use
by civilian population I/

i t Total i Per capital consumption 2/
Year civilian i Total s : Breakfast cereals
beginning food use wheat Flour : Cereal In terms
July : weight : of flour
: ilbue Pounds Pounds Pounds Poundl
Average
S19S6.9 4/: 475 220 152 3.4 3.1

1947 : 485 200 /140 V/3.3 2.9

1948 : 479 195 4137 53.3 2.9

SI Includes military personnel eating out of civilian supplies.
/ Includes breakfast food milled outside of the commercial milling
industry.
SCalendar years.
SDetermination recognizes that flour exports were at a longer extrac-
ion rate than was domestic flour.
5/ Comparable to the unrevised 3.5 pounds for 1947-48 (3,7 for 1935-39)
previously used, determinations for which were made by using different
conversion factors than at present and also by making allowance for wheat
used in combination with other grains. No allowance is now made fbr the
latter.

Wheat food use as here used is calculated at the time wheat is pro-
ceased rather than when distributed to consumers because no data on total
flour stocks are available. Flour stocks are usually at a low level on
July 1 and ordinarily do not change materially from one year to another.
The use of wheat for food has been computed as follows Total grind by
commercial mills as expanded by Bure&u of Census from reports received,
plus quantities estimated by the Crop Reporting Board as ground at local
mills for-home use or exchanged for flour, plus estimated breakfast food
produced outside of the commercial flour-milling industry, plus dutiable
imports ot flour, less exports Y/ and shipments of flour aid other wheat
food products, less military procurement.

In estimating consumption for 1939-47 the Bureau of Agricultural
Economics used killings reported to the Bureau of the Census expanded to
represent the output of all mills. The expanded Census figures are now
in process of being re-examined with a view to revision on the basis of
data from-the 1997 Census of Manufactures. During 1944 the adjusted
flour production figures prepared by the Bureau of Census were improved
greatly and beginning with 1945 little revision is expected. On the other
hand, expanded figures on production for 1941-43 may turn out to be too
high.

/ aQorts of flour include quantities milled in bond from both imported
and domestio heat and domestic .flour fed in.





: .. e





SEPT.-DEC. 1949


- 10 -


THE CURRENT WORLD WHEAT SITUATION


.. BACKGROUND.- On July 1, 1943, stocks, of wheat in the four
principal exporting countries--United States, Canada,
Australia and Argentina--were a record 1,737 million bu-
shels, almost four times the 1935-39 average of 458 mil-
lion. By July 1945, however, they were down to 818 mil-
lion bushels, and by July 1946 they were further reduced
to 387 millions. Greatly increased disappearance was
caused by wartime depletion of food supplies in importing
countries and by poor crops in many areas. Stocks in
these four countries on July 1, 1946 were the smallest
since 1938 and were about 16 percent less than the 1935-39
average. On July 1, 1948 those stocks had increased to
536 million bushels, and on July 1, 1949 to 638.million
bushels. While stocks of this size cannot be considered
lar6o, they are 39 percent above the 1935-39 average of
458 million bushels.


U. S. Exports of Grain and Grain Products in 1948-49
Establish All-time Fecord

The aid of United States farmers in relieving shortages of vi-
tally needed grains In deficit countries during the past four postwar
years (1945-46 through 1948-49) constitutes a record that has never been
equaled by any other country. In that 4 -'ear period, world exports of
grain and grain products in terms of grain totaled 129.0 million long
tons of which 59.2 million tons, or almost 46 percent, came from this
country alone. The extent of foreign dependence on the United States
for lightening the burden of postwar shortages is emphasized by the fact
that before the war (1934-38), this country on the average supplied only
7.4 percent of the world's total grain exports.

The 1948-49 season was the peak marketing year of this 4-year
period. During that year, United States exports of grain and gain pro-
ducts amounted'to 17.6 million long tons, or 48 percent of the world to-
tal. This was not only the largest annual export in our history, but
also the largest quantity of grain ever exported by any one country in
a single year.

Wheat and flour in 1948-49 accounted for 77 percent of the total
grain.exports from the United States. 'Exports of this enormous size were
made possible by the use of ECA and military funds. Of the wheat and
flour experts, about 40 percent were financed by ICA and another 35 per-
cent by the military.

World Grain Situation Improved:
Wheat Trade in 1949-50 Faduced

The 1946-49 season as a whole represented a year of transition
from the critical grain shortages of previous postwar years.' Both bread
grains and feed grains were in better supply and a generally easier situa-
tion prevailed. Bread rations were lifted entirely in many countries and


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U- 11 -

improved in others. The year was marked also by; the dissolution of the
International Emergency Food Committee and the activities of its Comnittee
Son Cereals with respect to the international allocation of grains and
grain products; the negotiation and ratification of an International Wheat
SAgreement; and a continuation of the postwar trend toward bilateral trade
Agreements for the purchase and sale of grain.

Origin of world exports of grain and products, 1948-49 with com-
parisons-are shown in table 5. Destination of such world exports for the
,past three years are shown in table 6. Table 4 shows the destination of
U. S. exports of wheat and flour by countries for 1948 49 with comparisons.

As-a result of the improved grain situation in importing countries,
vrld trade in wheat and products both for the United States and for the
s 'world total will be less in 1949-50 than in 1948-49. Exports of wheat and
Flour in 1949-50 from the four principal exporting countries--United States,
SCanada, Australia and Argentina--may total about 850 million bushels com-
| pared with 908 million bushels shipped in 1948-49 and 893 million in 1947-
S48. Other exporting countries,, including the Soviet Union, may possibly
.. export 50-75 *million bushels compared with about 50 million bushels in
Each of the past two years.

World Bread grain Production in 1949
Slightly bqlow 1948 but above Average 4/

World breadgrain production in 1949, now estimated at about 207 mil-
lion long toEs, is only slightly smaller than the 213 million tons pro-
duced in 1948, and is a little above the 1935-39 average of 204 million
tons.

The present estimate of 6,185 million bushels (166 million long
tone) for the current wheat crop (table 2) which compares with 6,385 mil-
lion bushels,.(171 million tons) in 1948 and 6,015 million bushels
(161 million..tons) in 1935-39, is 100 million bushels larger than the
first estimate by the Department issued in September. 5/ In Europe a
number of countries now report crop outturns larger than originally fore-
cast. Prospects for the crop in important producing Southern Hemisphere
countries are also better than early-season reports indicated. An increase
of 40 million bushels in the world rye total reflects larger yields in
Europe than reported earlier (table 3).

The United States crop of 1,126 million bushels is the sixth con-
secutive crop of over a billion bushels against the 1935-39 average of
759 million bushels. The harvest of 367 million bushels in Canada is also
well above the prewar average, though considerably smaller than the level
of production during the war years. Mexico's production was slightly less
than last year's outturn, but it too is above average. Bye production in
North America was sharply below last year's crop and only about 55 percent
of average.

4 From the December World Summary of Breadgrain Production, published by
Sthe Office of Foreign Agricultural Relations, U.S.D.A.
V j''Foreign Crops and Markets September 26, 1949.




.. ..r.... .
S4~1 :t ;~. ~j




SEPT-DECU. 1994 12 -

Wheat production in Europe, excluding the Soviet Union, is now esti-
mated at 1,465 million bushels, compared with the prewar average of
1,595 million. The reduction is attributed principally to smaller acreage,
with yields for the Continent apparently near the prewar level. -Yields
were outstandingly high in the Netherlands, Belgium, Denmark and the United
Kingdom. Very good yields were also reported for Germany and France.
Drought brought the yields in Spain and Portugal well below average, but
even so, outturns were better than anticipated*on the basis of earlier re-
ports. Yields in the important-producing Balkan group were also believed
to be generally below average.


European rye production is now placed at 705 million bushels, an
increase of 40 million bushels over the previous estimate. Better yields
than had been expected in Germany account for a good part of the increase.
The current estimate for the Continent falls midway between last years
poor outturn and the prewar average.

In the Soviet Union, grain yields were indicated to be below the
prewar average. The wheat crop is estimated at 1.1 billion bushels. That
would be about 10 percent below the 1935-39 production, while the wheat
acreage is believed to be about back to the prewar level. Unfavorable
weather during and following harvest, is reported to have caused consider-
able damage. Rye production is placed at 925 million bushels. The above-
average crop was attributed to a substantial expansion in the rye acreage
in recent years.

Wheat production in Asia, estimated at 1,480 million bushels, shows
very little change from the previous figure. Both acreage and production
were about average. In Turkey, the only rye producer of any significance
in Asia, acreage was larger than in 1935-39, but yields were considerably
below average.

In Africa wheat production is still placed at about 156 million
bushels. This is somewhat above average as well as larger than the 1948
crop. Better-than-average yields in French North Africa account for the
above-average harvest. Rye is of little significance in this area, the
Union of South Africafs production of around 800,000 bushels amounting to
about 80 percent of the total produced in Africa.

In South America the harvest of small grains is just getting under-
way. Growing conditions have been generally favorable for grain crops
and present prospects are for a wheat outturn of 275 million bushels.
Such a harvest would be about at the 1935-39 level. The Argentine crop
is expected to be about 210 million bushels against 191 million a year ago.
Conditions have been favorable resulting in above average yields, but the
acreage was considerably below average. In Chile, the second producer of
importance, drought is reported to have damaged the crop. Rye production
for South America is expected to be about average.


Wheat production in Australia is
the 190 million in 1948, which would be
about the same as in 1935-39, but yield


expected to be about'
larger than average.
prospects are better


the same as
Acreage is
than average.


---- --- ---


;" "'"


:I







W5 114 -13-


WORLD PRODUCTION OF GRAINS


ALL GRAINS
LONG TOrJS MILLIONSI
NO. AMERICA
935-39 V- 8 2

1946- 6
194 4 ,.
1948- ',

SO AMERICA
,'935-39 AV- ?J 9

1946 2
1947 ------ 24 9
1948 -
EUROPE:
DANUBE BASIN
*935-39 AV -? 2

946- -- 4
r947- -
1948- -- --

USSR
'935 -39 AV f


1946-----------
1947 9I
1947-
1948.---- -'2

OTHER EUROPE
1935-39 AV- 89.8

1946 -- --72 6
1947-- --- 63.7
1948-- ---e .0


ASIA
.935 -39 4v -- 4S

1946-- -




AFRICA
935.39 v-- 3

1946 ------ 2
1947------13
1948 -3

OCEANIA
'935-39 Av- 5

1946 -
1947 -- 7
1948 -66


LOrNG TONS (MILLIOJNS
100


I I

I II










.EE]





*ss,


U S DEPARTMENT OF AGRICULTURE NEG

The 1948-49 season was important in that it
represented a year in which the critical grain
shortages of previous postwar years were eased.
World production of both bread grains and coarse


.1231 OFFICE OF FOREIGN AGRICULTURE L 4 E.iELTi:N-`

grains in 1948 was considerably larger than in
1947 and exceeded substantially the lo'5-;9
average.


200


Bread grains Coarse grams
(wheat-rye) (corn-oats-barley)



All groins





W5 114


-13-


D


















Table 2. WHET: Acreage, yield per acre, and production in specified countries, year of harvest,
averages 1935-39 and 1940-44, annual 1947-49 1/

Continent Acreage 2/ TYield per acre / l Production
and Ayers : vera-e 2 2 Averae
country : 1935-39 19404 1947 1948 1949 1935-39 1940-44 1947 : 1948 1949 1935-39 : 1940-44 1947 1948 : 1949 /
3 1,000 1,000 t 1,000 : 1,000 : 1,000 : 1 : 1,000 : 1,000 : 1,000 1,000 : 1,000
Sacres a : acres : res : acres : Bus hels : Bushels Bushell : Bushe bushels bushe: : bb ushels : bushels
NOETH AMERICA : : : i : 8 1 :


Canada .....................: 25.595: 22,466: 24,260: 24,106: 27,541: 12.2 18.8 14.1 16.3
Uexico......................i 1,2 1,3941 1,233: 1, s48 1,10t 11.5 : 11.2 : 12.6 : 12.4:
United States...............1 57.293: 14,017: 74,389: 71. 904: 75.s1 112 17.1 1 18.4 17.9


Estimated total 5/.........: 84170:


Albania ..................... 991
Austria..................... 6301
Belgium.....................s 421
Bularia....................: 3,362:
Cse.hoslovakia............ .. 2,1758
Denmari..................... 3191
inland.....................1 230:
France....................... 12,560:
Germany..................... 4,250:
Greece....................... 2,1721
Hugary ..................... 4.091:
Ireland..................... 2251
Italy...................... 12,577:
Luxembourg................... 47:
letherlands.................: 333:
Norway. ....................: 801
Poland..................... 3.260:
Portugal..................... 1,720:
B uanla..................... 6,900:
Spain.............. ...... / 11,2531
Sweden...................... 7
Switzerland................. 183:
United Kingdom............. 1,843:
Yugoslavia................. 5.400:
Estimated total V/........ 78601
(ro and Aa) 1 001
U.S.S.R. (Europe and Asia) 2 104,0002

2 1


99.930:


130:
5301
220s
3,680:
2,140:
60:
420:
9,250:
:

3,100:
580:
11,500:
20:
2121
86:
:
1,680:

9,900:
723:
225:
2,163:
7 1


73,000:


540:



425:
11,1001

2.1051

11, 8601
40:
401
2441
81:
2
1,692:

9,9o0:
780:
2111
2,279:

69.3801


212:
2422:
11,1201
taos







375:
12,100:
422:

256:
76:

1,606:
t
9,800:V/
761:
206:
1,964:

68.800:


77.930:


123:
545t5:
492:
3.330:
2,175:
151:
3221
11,300:
2
2,2501
4,080oso
499:
12,464:
421
352:
108:
I

5.600s
9,3001
700:
225:
2,655:
4.900:
70.020:

2o
e


15.2 4
25.3 t
40.2
20.5
26.2
45.4 =
26.5
22.S
34.6 :
14.0 $
22.3 :
34.2 :
22.1 1
25.9 =
45.7 :
29.9 t
22.7 :
10.7 :
16.2 :
14.0 :
35.6,
33.1 1
33.8::
18.1 1


11.9
t


11.2
21.7
36.2
16.1
23.0
41.5
19.0
21.2
- t
9.6 S
19.5 2
33.5
19.7
22.3 t
35.9
23.7

14.3
11.1
24.0
35.2
36.0

1- .


15.4 :
18.3 3
29.5 1

17.3:
33.3 2
18.1
16.2
- 2

14.8
29.3 2
17.8 3
20.0 :
35.4 3
23.5

7.6 :
- 2
10.4 :
20.3 :
30.5 t
28.8 :



11.6 :


20.4 a
39.1
- 2.
24.2
54.5
24.0
27.0 a
- 2
14.7 2

343
21.1 1
27.5 :
46.0
34.3 :

7.0 t
- I
11.1
33.1
33.9
38.7 9


10.S t


13.4 312,399: 422.559: 341,758: 393.345: 367,406
13.2 : 14,284: 15,624: 15.5011 18372T 17.269
14.9 758.62: 925.984:.3,67.I86ll.288.406l.1261226
- :1.086.000:1.i65.000:1.72.5000:1.700,000:1.511.000


1,5071 1,3812 2,o00o -
25.5 : 15.9421 11,800: 9,700: 11,000: 14,000
52.1 t 16,150: 17,820: 6,500: 15.065: 21,865
- : 69,080: 53,500: : -
27.0 3 57,000: 50,000o 37,000: 52,000: 56.000
52.9 1 14,4702 6.264: 2,0001 9,259: 11,207
22.5 a 6,1oo 6.134S 7.6001 10,2o00 9.500
25.6 286,510: 2,40000: 150,000: 300,000: 285,000
: 147000: : t :
15.2 : 30,425 21,500: : 30,931: 28,094
S 91,210: 79.7C2: 46,000: :
37.3 1 7,6891 16,735, 1700oo: 18,500: 14,000
21.9 278,366 245,8121 205,000: 25O.oi00 265,000
26.7 1,2151 9361 400 1,100o: 1,200
60.6 : 15.217: 12.639. 7,500o 11,2351 15.521
29.7 I 2,3911 2,560: 2,020: 2.719, 2.260
74,0001 : : -
8.1 18,400 : 12.1811 11,8 11 13,035
: 112,000: 80,000: -
11.2 : 157,986: 103.000: 103,000 10,000: 110,000
337 26,351: 16.,u- : 14,660: 25, 80: 25,610
36 : 6,050: 7,929: 6,e60: 7,150: 7,128
4.6 62,361; 95,656: t62.250: sdibl 79, 74l
97.7001 7.000 : l -
1.595.000:1. 0002: 1.00:. 000 1 ,000:1 .5. 000

10.7 :1,240,000o : 50.0o.1,0?5.o000:1, 100.000
: : : a :


95,000: :
95,000: 103,000:
1 2


Z


I I


I


97,540: 104,380:


--












ASIA I
"Iran........................3/ 4,191:
Iraq........................:/ 1,7214
Lebanon.................. .. a
Palestlne.................. 533:
Syria........................t/ 1,363
Triry...................... 8.973:
Chin...................... / 49,000:
U nahuri.................. 2,896:
Indian Union o/.............!/ 25,460:
Pakistan s/................. / 9.305:
Japan....................... 1,735:
Korea...................... 812
Estimated total 5/........: 108.1901
I I


3.28-
1.73
16
45(
1,21
10.211
47,40x
1.,955
24,22
10,02(
2,C41

10582(


I 3 l l

S: QJ/ 17.2
73 2,0001 9271 1,236sY/ 10.7
:= 173, 1731 173: S
I I I I .1
61 2,084: 1,819: 2.300sg/ 14.3 1
4: 9,6581 9,884: 9,150: 15.1:
1: 56,900: 52,818: 52,7171V/ 15.3
5: : : 1 12.4 :
7: 24,4401 20,207: 20,719: 10.3 1
S: 10,0632 9.983: 10,552: 12.6 1
4: 1,428: 1,633: 1.695: a28.8

-I O 7 6 12.l1 -
0) 115.7601 106.-001 107.7101 4
3 1 ; 3 :


16.1 s
8.5 :

13.5
13.3 1
16.5 1
11.7 1
10.5 1
13.1 1
25.6
12.7


6.2 1
11.7
- t
7.1
13.5
16.2

7.4 :
11.6
19.7
I
!


11.9

13.3
14-.7
17.5

9.9
12.2
23.4r
s


- :j/ 72,128: 52,880: 70,737: 70,7311 %,.928
14.6 1 18,1141 14,697: 12,500: 11,023: 18,000
8.7 1 s/ 1 1,572: 2,021: 1.500
- : 3.244: 3,339: : -
8.7 :s/ 19.485: 16,357: 14.838: 24,130: 2O.Orj
10.4 1 135,690: 135,747: 130,000: 145,000: 95,000
15.6 '7/750,000: 782,000: 919,600: 925,000: 825,000
S 36,035: 22,9231 t -
10.3 :./262,300: 253,9411 180,000: 199.5849 213,211
14.1 :l/117,000: 131,369: 116,928: 121,8933 148,773
23.7 : 49,9541 52,228: 28,164: 38,287: 4,160
- : 10.240: 10.203 : : -
- l.499.000:1.501.000.:1.526.000. 1593.000:1,480,000


AFRICA I I I I I I I :
Algeria..................... 4,184: 3.965, 3.700: 3.70 T 3.7003 8.4 1 7.4 : 6.5 10.2 10.5 1 35,201: 29,4423 24,000: 38.500 39,000
gypt....................... 1,464& 1,693: 1,6921 1,652: 1.471i 31.3 1 26.0 a 23.9 i 25.2 1 30.6 1 45,848: 43,973: 40o,500: 1,700: 5.000
French Morocco.................. 3254t 3.5551 3,o000 2,590: 2.475: 7.1 : T.2 1 8.2 1 8.9 8.7 : 23,128: 25.1447: 24,500: 23,000: 21,500
Tanla ..................... 1,950: 1,747: 1,600o 2,170: 2,095: 7.7 6.0 t 6.9 5 5.1 1 9.5 : 14,962: 10,509: 11,0ooo 11,00: 20,000
Union of South Africa ,f-... 1.9263 2.'51a4 2228: 2,400: 2.6914: 8.3 1 6.2 1 8.0 3 7.3 1 6.1 : 16.025: 15.597: 17.770: 17.5431 16.500
Intinated total 5/ ........ 13,850: 14,7101 13.750: 14.5101 14.5601 : : : i.OO0: 14.0006 128.000: 1 7000 156.000
1 1 : : a : : : : ::
SOUTA MAEMTA I : I : : : 1 i : I : : I
Argentina................... : 15,834 13,776: 11,656: 12,000: 12,500: 14.0 : 17.0 1 21.0 I 15.9 1 16.8 I 221,769: 234,585: 245,000: 191,065: 210,000
Brazil...................... 414 677: 92: : 12.0 1 10.2 1 13.5 ,978: 6,935: 12,688: 11,800:
Chile........................ 1,9631 1,9081 2,023: 2,143: 2,062: 16.1 16.7 7 19.5 1 17.8 i 31.562: 31.873: 39.360: 38,238:
Peru....................... 285: 287: 247: 3 11.5 1 12.2 1 14.9 : 3,274 3,504: 3,670: 3.670:
Uruguay.................. 210 45 148: 1280 1189 11.0 10.8 12.5 14.7 13.26: 10.161: 15.562 18.813: -
Estimated total /........ 20490: 18250: 16.6~0: 17.100: 17.540: : : a : : 281.000: 293q.00: 321.000; 270.000: 275.000

Australia.................. 13,128: 10,053: 13.880: 13,021: 13,100: 12.9 1 11.3 : 15.9 14.6 1 14.5 : 169,744: 113.455: 220,116: 189,670: 190,000
New Zealand................. 221: 241: 124: 150: : 32.3 : 34.0 t 36.6 6.7 : : 7.129: 8.199: 4.5391 5.500:
Total......................: 1 9 10,294: 14,004: 1171: 1.275 : : : : 176.g: 121.654: 224.655: 195.170: 19500
i a : : : I : : I : : : : : a
Estimated world total 5/...... 418,910: 387,820: 397,910: 413,200: 429,260: : :6.015.000:5.735.000:5.780.000:6,385.000:6.185.000
/ Tears shown refer to years of harvest in the Northern Hemisphere. Harvests of Northern Hemisphere countries are combined with those of the Southern Hemisphere which immediately
follow; thus, the crop harvested in the Northern Hemisphere in 1549 is combined with preliminary forecasts for the Southern Hemisphere harvests hAich begin late in 1949 and end
early in 1950. g/ Figures refer to harvested areas as far as possible. 3/ Yield per acre calculated from acreage and production data shown, except for incomplete periods.
4/ Revised estimates for Northern Hemisphere countries, for Southern Hemisphere, preliminary forecasts based largely on acreage and weather conditions to date. 5/ Estimated totals,
which in the case of production are rounded to millions, include allowances for any missing data for countries shown and for other producing countries not shown. / Figure for
1935 only. I/ Average of less than 5 years. I/ Estimates for Syria and Lebanon not shown separately during this period. 3/ Estimates for reporting area only. Allowances for
non-reporting area not shown are included in estimated total for Asia. W/ European production only.
Office of Foreign Agricultural Relations. Prepared or estimated on the basis of official statistics of foreign governments, reports of United States Foreign Service officers, results
of office research, or other information. Prewar estimates for countries having changed boundaries have been adjusted to conform to present boundaries.











Table 3. RYE: Acreage, yield per acre, and production in specified countries, year of harvest,
averages 1935-39 and 1940o-44, annual 1947-49 1/

Continent : Acreage 2/ : Yield per acre }/ : Productlon
and t Average : Average Average
co1ntry 1947 I 9g 19249 V:1 1948 1949 Averaae I/:41 1948 14q !L
country : 1935-39 : 1940-144 : 19 : 194s 1949 /: 1935-39 1940-9 1949 1935-39: 1940- 7 9 ; : 1
S1,000 : 1,000 1,000 : 1,000 1,000 : : : : : 1,000 : 1,000: 1.00 : 1,000 : 1,(0
: acres : acres : acre i acres : acres : Bushe ushls els: B l : Bushel s : Bushels b bushels : ouabeus bubhels : ur.hels
NORTH AMERICA : : : : : : : : : : :
Canada....................... 816: 9111 1,156: 2,103: 1,181: 11.3 1i4.5 S 11.4 : 12.0 1 8.5 : 9.191: 13.222: -1,?i: .2.40: 10 1i
United States.............: 3.699: .071: 2.010: 2097: 1.586: 12.1 2 12.2 : 12.9 : 12.6 : 11.9 1 .917: 37.A7: 25.9r 26, 8: 1,Si
Total.....................: 4.i15: .82 166 4200 267 : : : : 4108: 50,769: -.192: 51.728: 2g. 42

EUROPE : :: : : : : : : : : :
Austria.....................: 881: 672: 596: 640: 675: 23.4 t 19.9 1 19.1 3 20.3 1 23.7 S 20,611: 13,400M 1j1,00: 13.000: 16,000
Belgium.....................: 369: 361: 230: 235: 235: 38.8 : 36.5: 3378 37.0 i 43.0 : 14,319: 13,160: 8 .700: 00: 10,106
Bulgaria.................... 635 533 746: : : 17.6 : 11.9 : : : 11,150: 5,372i : -
Csechoslovakia............... 2,350 2,140 2,100: 1.797 1,705: 26.0 I 23.8 : 20.5 24.5 : 28.7 : 61,000: 51,000o: 43,0o0 44.0001 49.000
Denmark .................. : 354: 467: 259: 413: 474: 28.2 32.2 1 27.3 38.1 : 37.0 9.973: 15,032: 7.059 15, 7471 17.519
nland..................... 500: 426: 400: 375 : 24.6 : 18.7 1 21.0 : 22.0 1 12,300: 7,946: .4,001 8.200: 8,000
france................... 1,614: 1,145: 1,170: 1,460 1,320: 18.6 16.3 : 15-1 18.2 : 18.6 30,0131 18,700: 11,100: 26,500: 2.4600
German.................... 7.035 : : 29.1 t 205.000: : : -
Greece.....................: 163: 140: 158: 140: 110: 13.8 1 11.4 t 10.8 I 14.6 t 14.5 : 2,244: 1,590: 1,700: 2,0.71 1,600
Hungary.....................: 1,585: 1,522: 1,210: : 18.5 18.3 14.5 : t 29,354: 27.912: 17.500: :
Italy.......................: 256: 251: 250: 260: 260: 21.8 21.1 17.2 19.2 : 19.2 5580: 5,. '01o 4.300: 5,o0 5.000
Luxembourg.................. 18: 21: 13: 18: 16: 25.7 : 22.3 3 19.8 : 25.5 s 25.0 462: 6 257: 499: 400
etherlands...................: 560 675: 44: 454: 467 36.4 297 : 27.9 3 33.1 41.9 : 20,394: 20,003 12 : 2. : 15.046 19.614
Norssy.....................:. 13 9: 3: 3: 3: 31.2 : 21.9 : 26.3 : 39.0 : 32.7 405: 197: 79: 117: 8
Poland......................: 13425: : : : : 21.2 a : : 284,000: : -
Portugal............ ..... 620o 704: 701: 705: 8.9 8.5 7.3 i 7.8 : 5,~500 : 5,956: 5.1'1: 5-511
Bumania.....................: 640 530: : : 15.6 : 13.4 : : : 10,000: 7,100: : :
Spain........................ / 1,415: 1,550: 1,550: 1,550: 1,600:5/ 13.6 : 11.0: 11.0: 11.6 : 12.3 :5/ 19,205: 17,000: 17,000: I8,000: 19,700
Sweden......................: 495: 5181 285: 395: 335: 30.0 : 26.7 : 19.7 1 32.1 : 32.9 : 14.828: 13,816: 5.611: 12,616: 110.'3
Switzerland.................. 381 34: 31: 30: 29: 33.2 35.0 31.5 34.9 33.8 1,2601 1,190: 976: 1,o47: 950
United Kingdom............. 16: 73: 35: 61: 651 24.9 : 29.0 : 25.1 : 30.8 S 33.1 : 398: 2,120r Stor 1,880: 2,120
Yugoslavia................... .6t: 'I9- : : : : 13.4 : 12.9 : : : : 8q.00: 7.'75: : .
Estimated total 6.......: 33.630: 31.020: 27.5502 30.110: 29.8301 : : : : : 767.00: O 0000: 190.000: 660.000: 70i.000
d : : 0.os 6ooo m
U.S.S.R. (urope and Asia)....: 60,800: 73,000: 73,000: 75,500: 14.6 : : 13.0 : 12.7 : 12.3 : 885,000: 950,000: 930,000: 925,000
ASIA : : 1 : i : : : : :
Tutrkey...................... 939: 1,090: 1,046: 1,070: 9903 15.2 : 13.9 i 14.3 3 14.5 i 10.9 14.301: 15.1171 15.00: 15500: 10.300
: :t : : : : : : : : : : : :
AFRICA : :::: I:
Union of South Africa....... Q/ 117: 140: 200: : :/ 6.8 : 5.9 : 5.0 : : : 794: 30: 1,000: 879 -
S H1 : : :: : : : 1 : : : : : : : : :
SOUTH AMERICA 1 : : 1 : : : 1 : :
Argentina...................: 1,078: 938: 1,731: 1,000: : 9.1 : 10.7 : 11.9 2 9.8 : 10.0 t 9,771: 10,061: 20,515: 9,842: 10.000
:: : : a : : a : : a : : I :
Estimated world total 6/......: 101.230: 194.420: 106.950: 109.8001 110.440 : : : :1.733.00:1i.500. 0: 1.520000:1.665.000:1.6.O O0
I/ Tears shown refer to years of harvest in the Northern Hemisphere. Harvests of Northern Hemisphere countries are combined with those of the Southern Hemisphere .-hic Immediately
follow; thus, the crop harvested in the Northern Hemisphere in 1949 is combined with preliminary forecasts for the Southern Hemisphere harvests, walco begin late n 1949 and end
early in 1950- 2/ figures refer to harvested areas as far as possible. 3/ Yield per acre calculated from acreage and production data shown, except for lnoompiete periods.
4/ Pevised estimates for Northern Hemisphere countries; for Southern Hemisphere. preliminary forecasts based largely on acreage and weather condition to date. 5/ Figure for
195, only by Estimated totals, which in the case of production are rounded to millions, include allowances for any missing data for countries shown and for other producing
couoLries not sho:wrn. J/ Average of less than 5 years.

Office of Foreign Agricultural Relations. Prepared or estimated on the basis of official statistics of foreign governments, reports of United States Fore;wpn 3,-...: officers,
results of office research, or other information. Prewar estimates for countries having changed boundaries have been adjusted to conform to present boundaries.




-114 A 17,

Table '4.- Destination of U. S.,exports of wheat and flour 1/, years.
beginning July 1, two-year prewar average and 1946, 1947 and 1948


:1937-1931 1946g47 947-48
: average
: Wheat and:Wheat a.d:Wheat and:


: flour : flour flour
: Million Million Million


: bushels


tria
ium and
embourg
rk
ce and French
rth Africa
ny
ce
land
land
aly
itherlands
rway
.rtugal
Keden
Fitzerland
irkey
cited Kingdom
.Total ECA
SParticipants

Other Europe
Total Europe


iilippines
ilna
%dia


12.8
---


.3
2.0
1.4


1.0
15.3
.6




2/35.6


bushels

11.8

15.4


12.4
8?). 9
10.3

2.2
35.4
18.6
5.8
.3
.3
6.17

-'I- -


: 70.0 235.2

: .0 17.1
: 7 .0 252.3

: .0 7.1
6.0 5
--- 21.4


pan, Korea, Ryukyu: ---
,her Far East :./---!
tTotal Far East : 10.0

biada ---
itin American
republics 9.6
her Areas 9.6
Total World 103.2

Unpiled from official records o
In grain equivalent, wholly o
SIreland included.
Pakistan included.
Included in other areas.






I : .. ..


36.1

70.2


46.8
25.4
394,7


f the Bure


bushels


20.3

11.6
.9

59.1
133.4
22.8
.1
4.1
49.1
24.2
3.9
6.6
9.1
4.9
.3.
3.4


Wheat
1.L i :


Million
bushels

16.3

15.7


11.1

15.9


50.3
17.4
6.4
10.6

9.1

7.5


352.6 279.1

7.1 1.4
359.7 280.5

4.7 ---
4.0 1.0
15.0 '21.7
45.3 48.1
J/---
69.0 70.8

.8 .5

35.9 14.4
13.5 9.0
478.1 375.2


1948-49

Flour : Wheat anc
Flour
:Million Million
busnels bushels

3.8 20.1

--- 15.7
q-- .--


.9
11.6
6.4
.2
.5
15.1
6.2
2.4
1.G
.1


2.2


12.0
127.2
22.3
.2
3.7
65.4
23.6
8.8
11.6
.1
9.1

9.7


50.4 329.5

.5 1.9
50.9 331.4

7.6 7.6
3.2 4.2
1.8 23.5
16.1 64.2
--- Af---
28.7 99.5

.5

32.2 46.6
13.2 22.2
125.0 500.2


au of tie Census.


if U. S. wheat.


Destination


A


:*




SEPT.-DEC. 1949 18 -

Table 5.- Origin of world exports of grain and grain products, averages
for specified periods, annual for 19!6-47, 1947-48, and 1948-49

Exportin : Bread grains : Coarse grains : All grains
countries : Total : Percent : Total : Percent :Total : Percent
:Th. lon6 :Th. long :Th. long
tons tons tons
1929-33 averaCe :
U. S. 3,418 15.3 639 4.8 :4,057 11.4
C-nada 7,291 32.6 378 2.9 : 7,669 21.5
Australia 3,304 14.8 55 .4 :3,359 9.4
Arger.tina 4,267 19.1 7,011 52.7 : 11,278 31.6
Danute Basin 1,399 6.3 2,695 20.2 :4,094 11.5
Fussia 1,575 7.0 937 7.0 : 2,512 7.0
All others 1,107 4.9 :1,600 12.0 : 2,707 7.6
Total 22,361 100.0 13,315 100.0 : 35,676 100.0
1>34-38 average I:
U. E.: 1,019 6. 1,060 8.4 : 2,079 7.4
Canada 4,945 31.6 464 3.7 5,409 19.2
Australia : ,7)2 17.9 72 .5 : 2, 64 10.1
Argentina 3,*b0 22.3 7,119 56.4 : 10,679 37.8
Danube Basin 1,344 8.6 1,463 11.8 : 2,832 10.0
1ussia (53 4.8 400 3.2 :1,153 4.1
All -thers :1,212 7.8 : 2,020 16.0 : 3,232 11.4
Total : 15,o25 100.0 : 12,623 100.0 : 28,248 100.0
1946-47 : :
U. S.. 10,767 52.1 :4,136 52.9 14,903 52.3
Canad: : 6,214 30.1 543 6.9 6,757 23.7
Austra..lim 1,315 6.4 5 1 .6 1,366 4.8
Argentina 1,707 8.2 2,547 32.6 4 ,254 14.9
Other 663 3.2 546 7.0 1,209 4.3
Total 2: .,oto 100.0 7,823 100.0 : 28,489 100.0
1947-48 /
U.. : 12,864 48.4 2,C19 23.1 4 ,8'.3 42.1
Canada : 5,66 22.0 : 69 3.1 6,129 17.4
Austr::li. : 2,784 10.5 390 4.5 3,174 9.0
Argentina 3,077 11.6 :3,942 45.1 7,019 19.9
Other 2,000 7.5 : 2,114 24.2 : 4,114 -.6
Totil : 26,585 100.0 : 8,734 100.0 : 35,319 100.0
1i4 9 24 /
U. : 13,535 50.6 4,080 41.0 : 17,615 48.0
Canadc. 0,205 23.2 949 9.6 : 7,154 19.5
Austr:.lia 3,36p 12.6 567 5.7 :3,932 10.7
Arcontina 1,687 6.3 : 2,204 22.2 : 3,891 10.6
Other 1,953 7.3 :2,141 21.5 : 4,094 11.2
Total 26,745 100.0 : 9,941 100.0 ; 36,686 100.0
Official records of the U. S. Department of Agriculture.
1/ Years beginning July 1 of previous year for wheat and rye, and January of
specified yeor for corn, oats and barley.
2/ Expcrtc for July-June ye;r for all grains.




US-1J4 19-

. Table 6.- Destination of world exports of grain and grain products, i/
years beginning July, 1946-48


Countries of
destination




gopean
'ibbean & Latin Ame
rican
tatic & Pacific
|C. or other
11 countries


pope an
ribbean & Latin Ame
rican
latic & Pacific
so. or others
All countries


Wheat 2/
Thous.
:long tons


S 13,378
S 2,285
S 309
S 3,987
S 393
S 20,352


S 18,194
S 1,745
S 726
S 3,914
: 584
S 25,163


: : Coarse 3/ :
Pye CoarseTotal
.* : grains
:Thous. :Thous. :Thous.
:long tons long tons : long tons


234 : 4,893 : 18,505
7 : 170 : 2,462
20 483 : 812
11 : 1,743 : 5,741
42 : 534 : 969
314 : 7,823 : 28,489


1,378 6,638 : 26,210
--- 13 1,958
--- : 164 690
9 : 1,326 5,249
35 : 393 : 1,012
1,422 : 8,734 : 35,319


?49-49
Lropean
Lribbean & Latin America
trican
iiatic & Pacific
.sc. or otners
All countries


S 16,669 : 593 : 6,893 24,155
: 1,963 : --- 202 : 2,165
S 856 --- 293 1,149
S ,840 : --- : 1,515 7,355
: 634 10 : 1,038 1,86
: 25,962 : 733 9,941 36,686


fice of Foreign Agricultural Relations, United States department of Agriculture.

Excludes rice.
Includes flour in grain equivalent.
Includes corn, barley, oats, and grain sorghums.



Dtnotes for table 11, page 23:

rminal stocks (Ccmmerclal) are reported by the Production and Marketing Adminis-
ation. Stocks owned by the Commodity Credit Co--poration nct included by position
a reported by CCC; for October 1949 the figure includes about 6 million bushels
ored in Canada. Stocks in other positions are estimated by the Crop Reporting
ard.
October 1 stocks for earlier years as well as for other quarters are shown in
a Wheat Situation, issue of December 1948-February 1949, page 16. 2/ Includes
1 off-farm storage not otherwise designated. 3/ Other wheat owned by CCC, as
11 as wheat outstanding under loan, included in other stocks positions.

i.
li:-. f


:
:
:
:
:
:














91 1,027,220
58 1,051,057


S,522 354
L, 540 7
53,07 10
, 215 153
3,052 15,569


1,177,991
1,254,052
1,131,574
930,118
814,514

808,733
804,768
957,715
1,073,291
991,488


bushels bushels bus el bushels
5 89,864 --- 85,419 678,028
9 83,663 63,865 656,007
2 83,418 -- 28,895 616,605


489,575 81,132
482,830 80,071
492,368 83,760
448,396 78,051
459,089 82,686

472,563 87,479
477,914 95,896
474,644 93,060
481,418 74,225
475,352 72,946


44
51


179, 501
190,240
142,807
102,357
113,485

101,105
115,802
133,484
157,997
115,041


750,208
763,141
718,935
628,848
655,311

661,204
689,663
701,227
713,742
663,428


* -- 141,220
--- 140,354

--- 112,428
-- 122,897
--- 31,866
--- 25,598
--- 10,531

--- 4,207
-- 9,267
-- 100,060
--* 106,645
S 44,868


=291,115
s$12- 505




F Sa14 21-

Table 8.- Average price per bushel of wheat received .by farmers,
SUnited States, 1909-49 /

ea t 1 -- : : : I ." i :Mktg.
eis: a a a :yoar
n. July Aug. :Sept. Oot. NIv. Dec. Jan. Feb. Mar. Apr. May .June a
15 15 i15 15 15 "15 15 15 15 15 15 15
ing& % 1 5 r .. : : age
ly : : : : : : :sales
SsCents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents Cents

09e114.0 101.2 94.9 97.2 99.2 101.0 104.2 105.0 104.8 102.2 98.8 96.4 98.6

10: 97.1 97.4 94.8 921, 89.4 88.4 89.2 87.6 81.6 84.2 85.4 85.3 90.6
11I 83.5 83.8 86.6 90.0 89.4 87.7 89.2 90.6 91.6 96.1 101.2 100.9 86.5
121 94.4 87.8 84.6 83.6 79.9 76.1 78.0 80.2 79.8 80.0 81.8 82.0 79.8
181 79.2 77.1 77.5 77.4 7844 80.4 81.3 82.4 83.6 84.0 84.2 80.6 78.9
14s 76.7 84.9 93.4 95.4 97.9 103.2 118.8 131.8 132.6 135.6 135.6 117.2 97.1
16.1104.6 100.8 93.0 92.0 92.5 97.4 108.4 108.4 100.8 100.6 101.2 96.5 95.6
16b100.0 119.2 133.8 147.4 159.4 155.3 157.6 164.6 172.2 213.0 247.2 234.3 143.0
171224.5 219.3 205.2 200.3 200.4 201.4 201.6 202.0 202.6 203.1 203.0 202.8 204.0
918 203.8 205.0 205.7 205.9 205.1 204,5 206.2 207,8 211.1 222.6 229.8 225.2 205.0
L919:219.6 211.4 207.6 211.4 214.0 223.4 233.8 231.2 230.3 242.6 250.8 256.0 216.0

1920t242.9 225.4 216.5 201.2 165.8 146.4 149.2 148.2 140,4 122.1 119.0 119.8 182.0
1921.108.5 103.0 103.4 99.9 93.4 93.0 95.2 107.0 117.0 119.0 118.8 109.6 103.0
1922: 99.8 92.6 89.2 94.1 99,4 103.2 104.6 104.4 106.0 108.4 108,2 100.8 96.1
1923: 89.6 86.4 91.0 94.2 93.7 94.5 96.7 98.0 98,8 95.8 96.8 98.5 92.3
>924:105.8 116.8 114.2 129.7 133.6 141.1 162.0 169.8 164.0 140.5 149.1 152.7 124.0
1925:140.3 150.4 144.4 136.4 148.8 153.7 158.1 155.5 146.0 142.2 142.1 138.9 143.0
L926P127.7 125,1 117.7 121.4 123.6 122.8 122.2 122.8 120.9 117.2 123.2 130.1 121.0
1927t127.3 123.5 119.2 113.7 111.4 113.9 115.2 116.2 121.6 129.2 144.3 132.0 118.0
19281118.1 95.2 94,4 98.7 97.1 98.2 98.5 104.2 104.7 99.8 90.1 86.8 98.8
1929.101.6 110.0 111.4 110.7 102.8 107.3 107.5 101.3 91.9 93.4 87.5 87.9 103.0

9301 70.6 74.0 70.3 65.6 60.0 61.3 59.1 58.7 58.3 59.2 59.9 51,9 66.3
931i 36.3 35.4 35.7 36.1 50.5 44.1 44.1 44.0 44.2 43.1 42.4 37.3 38.2
932 55.6 38.5 37;4 .34;6 3248 31.6 32.9 32;3 34.5 44.8 69.0 $8.7 37.5
9331 86.9 74.7 71.1 63.6 71.1 67.3 69.4 72.0 70.9 68.7 69.5 78.9 73.6
934: 78.8 89.6 92.2 88.5 88.1 90.6 89.3 87.9 85.5 90.2 87.8 77.3 83.9
935 T16.4 80.8 85.1 94.8 87.5 88.9 92.0 91.1 89.3 85.4 81.6 79.9 82.7
9361 94.1 104.8 104.3 106.8 106.4 114.5 123.6 124.9 123.2 126.6 118.3 108.9 102.0
37:112.8 99.4 93.0 88.7 81.9 83.6 88.6 86.6 80.3 75.0 71.4 69.7 95.9
f38: 60.8 50.7 52.5 52.2 52.0 53.6 57.1 56.9 56.7 57.8 63.0 62,5 55.6
39s 55.7 54.5 72.7 70.3 73,1 82.4 84.5 84.1 85.0 88.9 80.7 67,4 68.6

40: 61.4 60.1 62.6 68.2 72,5 71.5 73.0 67.8 71,8 76.0 79.1 83.1 67.4
411 85.6 88.5 95.8 91.0 93.4 102.2 106.1 104.9 105.1 99.7 99.8 95.7 93.9
:42 94.6 95.4 102.8 103.5 104.4 110.3 117.5 119.5 122.7 122.3 122.8 124.0 109.0
943126.0 127.0 130.0 135.0 137.0 143.0 116.0 146.0 146.0 147.0 147.0 143.0 135.0
44:139.0 135.0 135.0 142.0 14.0 145.0 146.0 147.0 148.0 149.0 149.0 150.0 141.0
:45*146.0 145.0 145.0 151.0 153.0 154.0 154.0 155.0 158.0 158.0 170.0 174.0 149.0
461187.0 178.0 179.0 188.0 189.0 192.0 191.0 199.0 244.0 240.0 239.0 218.0 190.0
47.214.0 210.0 243.0 266.0 274.0 279.0 281.0 212.0 221.0 229.0 222.0 211.0 229.0
48:203.0 196.0 197.0 198.0 204.0 205.0 202.0 194.0 198.0 200.0 200.0 186.0 199.0Z
1182.0 179.0 187.0 189.0 1900
8. nnthl prices are the result of weighting monthly State Ericos by pro-
e Mrkting oar pricoa are tho rosult of (1) wolghting Stateo oithly
Vea by mo salesto o ain State marketing-yoar averages, and (2) weighting
itate marketing-year averages by total sales for each State. g/ Preliminary,




SEPT.-DEC. 1949 22 .. y

Table 9.- Wheat: Prices per bushel in three exporting countries, '
Friday nearest mid-month, Jun.-Nov., Weekly Aug.-Dec'. 1-99 ':

: HARD WHEAT :HAD WHEAT : SOFT WEAT .
:United States: Canada
:No. 1 Dark : No. 2 :United States: United :
Date :Northern : Manitoba: No. 1 : States :Australia-
(Friday) : Spring at : Dark Winter : .No. 1 :...
: 13 percent : Fort : Galveston :Portland: 3/.
: protein at :William: I/ : / :
.. .1 *'.


: Duluth I/
SDollars
Friday mid-month
January 14 2.30
February 11 2.24
March 11 2.33
April 14 : 2.37
May 13 : 2.35
June 17 : 2.32
July 15 : 2.41
August 12 2.22
September 16 : 2.29
October 14 : 2.32
November 11 2.30

Week ended'---


August 5
19
26
September 2
9
23
30
October 7
21
28
November 4
18
25
December 2


-2.18
*2.26
2.23
2.24
2.29
2.28
2.29
2.32
2.34
2.33
2.32
2.30
2.28
2,33


Dollars

2.32
2.18
2.16
2.18
2.13
1.97
2.00
2.04
.2.09
5/2.13
2.12


.2.06
2.03
2.02
2.06
2.08
2/2.12
S2.15
2.16
2.12
2.12
2.14
2.09
2.09
2.05


Dollars llard
Dollars Dollar' Dollara


2.44
2.35
2.42
2.43
2. 42
2.03
2.20
2.20
2.36
2.345
2.335


2.24
2.23
2.25
2.305
2.34
2.34
2.36
2.34
2.37
2.365
2.345
2.36
2.38
2.39


2.225
2.16
2.235
2.22

2;25
2.10
2.07
2.165
2.175
2.205



2.04
2.11
2.12
2.13
2.13
2.165
2.175
2.-175
2.19
2.195
2.20
2.205
2.215
2.215


2.66
2.35
2.35
2.23
2.23
* 2.23
* 2.23


- .---


I F.O.B. spot to arrive.
Fort William quotation is in store.
Sales to non-contract countries.
Quarterly report from Australia delayed. Odd sale to Japan in-late
November reported at $2.28 c i.f.
5/ Ocnverted to U. S. Currency beginning September 23.


7i







Table 10.- Wheat
speci:

i:. .


- 23 -


: Average clostniL prices of December'wheat futures,
fied market~ and datus, 1943, 1949


Kansas City :


Period : ; : :
erio 1948 1949 194 3 i 1,.49
SDollars DollErs : Dollars Dollars :
th
gust 2.26 2.02 : 2.18 2.-3
member :2.25 2.12 : 2.17 2.07
tober : 2.27 2.13 : 2.17 2.10
c ended-
st 6 : 2.26 2.0 : 2.18 2.03
k 13 : 2.26 2.07 : 2.19 2.03
20 : 2.25 2.04 2.18 2.02
27 : 2.25 2.05 2.17 2.02
timber 3 :2.25 2.07 :2.13 2.04
10 : 2.25 2.09 : 2.17 2.05
17 :2.26 2.12 : 2.18 2.07
S 24 2.25 2.12 : 2.17 "2.07
btobe'r 1 :2.25 2.15 : 2.16 2.10
8 :2.25 2.13 : 2.16 2.10
15 : .26 2.12 2.16 2.09
22 : 2.23 2.13 : 2.13 2.10
29 : 2.29 2.14 : 2.20 2.11
november 5 : 2.30 2.13 : 2.20 2.13
12 : 2.32 2.11 : 2.22 2.15 :
"19 : 2.38 2.11 :' 2.27 2.15 :
26 : 2.40 2.15 : 2.27 2.17
S_ *


Minneapulis
1948 : 1949
Dollar Dollars


2.21
2.19
2.20

2.20
2.22
2.20
2.20
2..20
2.20
2.21
2.19
2.18
2.19
2.19
2.22
2.22'
2.23
2.26
2.31'
2.32


2.12
2.15
2.18

2.09
2.11
2.09
2.09
2.11
2.13
2.14
S2.15
2.18
2.. 18
2.17
2.18
2.18
2.19
- -2.20
2.21
2.23


Table 11.- Wheat: Stocks in the United States on October 1,
average 1937-41, and annual 1944-49 I/


M :Average:
Itste position :1 > 41:
i -:1,000


i ........... :378,'777
Weerior m ll1s,
elevators and
*a'rehouess 2.. :183,988
inals ....... :182,9840
irchant mills &
ili elevators.. 138,782
OPdbdity Credit
Iorp. wheat 3/..: "
STotal :8, 387

ie page 19 for footnotes.

I-B


1941 .
1,000
bushels


1945 1946 1947 1948
1,0'00 '1,000 1,000 1,00
bushels bushels bushels bushels


521,12'3 517,823 551,669


198,413
199,475


181,10o 177,351
170,305 103,595


137,813 128,261 114,4673


1,079,19
1,079,194


611,356 r 56,151


203,338
175,069


251,154
219,1ii


135,346" 129,233


22,189 2,184 3,990 3,960
1,019,988 !L9,26& 1,129,099 1,1$9,509


1949
1,000
bushels

459,556


265,18(
261,109

132',852

9,272
1,127,975


,





U. S. Department of Agriculture Penalty for private am *
Washington 25, D. C. payment of postage 00 ''
UrNlER:-TY1 OF FLORIDA
OFFICIAL BUSINESS 1111111 Illl
--..... -. 3 1262 08862 6410
BAE-WS-114-12/49-3 500.... -.-. ...
Permit No. 1001 *: :.
: ._ '.w "* m| : 6,


..-.- -E- T .- ..






Table 12.- Wheat: Weighted average cash price, specified markets
ahd dates 1948, 1949

No 2 No
All classes No. 1 No. 2 No. 2 -
Dark Hard : Soft
*Month and grades WH a r Dark Hard Red : ma ri
Month n g and Hard ,heat
and : sx : Wandar : N. Spring :Amber Durum Winter : heat.'
date markets Kansas Minneapolis Minneapolis St. Louis: Po
.date :Kansas C.ity:
:198 :1949 :1948 :1949 :1948 :1949 :1948 .:1949 :1948 1949 :1948 199.
:Dol. Dol. o. Dol ol. Dol. Dol. Dol. Dol. OlI. :'
MIonth .
.August 2.22 2.18 2.15 2.06 2.32 2.28 2.36 2.27 2.16 1.86 2.18 2.10 .;
.September.2.26 2.25 2.20 2.15 2.35 2.37 2.23 2.26 2.25 2.01 2.18 2.1 5
*October :2.28 2.28 2.23 2.19 2.39 2.43 2.37 2.29 2.26 2.08 2.19 2.18,

Week ended
kAug. 20 :2,24 2.20 2.18 2.04 2.33 2.32 2.37 2.27 2,19 1.84 2.18 2.09
27 :2.23 2.23 2.19 2.06 2.32 2.33 2.36 2.29 2.25 1.90 2.17 2,lai3
Sept. 3 :2.2 2.23 2.20 2.13 2.33 2.35 2.37 2,24 2.25 1.94 2.1a 2.13 I:
10 :2.25 2.25 2.20 2.15 2.35 2.37 2.33 2.25 2,25 2.04 2.18 2.13'.,
17 :2.28 2.25 2.22 2.16 2.38 2.38 2.33 2,27 2.27 2,01 2,18 2.16
24 :2.26 2.24 2.22 2.16 2.34 2.36 2.33 2.27 2.22 -- 2.18 2,16,-..
Oct. 1 :2.23 2.28 2.19 2.16 2.33 2.40 2.32 2.28 2.23 2.07 2.18 2.17".-
8 :2.25 2.27 2.20 2.21 2.35 2.41 2.33 2.29 2=24 2.08 2.19 2.18;
15 :2.27 2.29 2.21 2.19 2.37 2.42 2.34 2.28 2.26 2.08 2.19 2.18 '-f:
22 :2.33 2.28 2.24 2.18 2.43 2.43 2.44 2.28 2.30 --- 2.20 2.130
29 :2.33 2.29 2.25 2.18 2.42 2.48 2.43 2.28 2.28 -- 2.20 2,20%.
Nov. 5 :2.32 2.27 2.24 2.18 2.43 2.43 2.42 2.29 2.32 --- 2.20 220
12 :2.36 2.27 2.27 2.20 2.50 2.40 2.46 2.31 2.36 --- 2.22 :V
19 :2.39 2.27 2.30 2.19 2.52 2.38 2.49 2.30 2.45 --- 2,242
26 :2.39 2.28 2.32 2.23 2.47 2.38 2.47 2.29 2,40 2.16 2225 2

17 Average of daily cash quotations.
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