The livestock and wool situation

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Material Information

Title:
The livestock and wool situation
Physical Description:
52 no. : ; 28 cm.
Language:
English
Creator:
United States -- Bureau of Agricultural Economics
United States -- Dept. of Agriculture. -- Outlook and Situation Board
Publisher:
Bureau of Agricultural Economics, U.S. Dept. of Agriculture
Place of Publication:
Washington, D.C.
Publication Date:
Frequency:
monthly
regular

Subjects

Subjects / Keywords:
Livestock -- Marketing -- Statistics -- Periodicals -- United States   ( lcsh )
Animal industry -- Statistics -- Periodicals -- United States   ( lcsh )
Wool industry -- Statistics -- Periodicals -- United States   ( lcsh )
Genre:
federal government publication   ( marcgt )
statistics   ( marcgt )

Notes

Statement of Responsibility:
Bureau of Agricultural Economics, United States Department of Agriculture.
Dates or Sequential Designation:
LWS-1 (May 1942)- LWS-52 (Dec. 1946).
General Note:
Title from caption.
General Note:
Approved by: Outlook and Situation Board, 1946.

Record Information

Source Institution:
University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 004884702
oclc - 01780425
lccn - 46034600
Classification:
lcc - HD9414 .A121
System ID:
AA00012196:00005

Related Items

Preceded by:
Livestock situation
Preceded by:
Wool situation (1937)
Succeeded by:
Livestock and meat situation
Succeeded by:
Wool situation (1947)


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uhw SITUATION


LWS-7


BUREAU OF AGRICULTURAL ECONOMICS
UNITED STATES DEPARTMENT OF AGRICULTURE

|| NOVEMB


S Nrji'j F FL LIB IN THIS ISSUE:
D"CuMEiFNTS DFPT REVIEW OF MAXIMUM PRICE REGULATIONS
FOR MEATS AND WOOL



U DEPOSITORY AVERAGE PRICES OF HOGS, PORK, AND
LARD, JULY 1941 TO DATE
DOLLARS
PER 100
POUNDS HOGS AND PORK
25 --
-Pork, Chicago*

20o ---- --- ...
Butcher hogs, Chicago




,1-----------
15
10

U. S. average price
received by farmers
5 for hogs


CENTS
PER LARD
POUND Refined.
15 -pound cartons _


10


5 Loose

i

JULY SEPT. NOV JAN MAR. MAY JULY SEPT
1941 1942
*COMPOSITE WHOLESALE PRICE MAJOR PORK PRODUCTS. EXCLUDING LARD


ER 1942


U S DEPARTMENT or AGRlCULTU'E


EEC- *713 BUREAU OF AGRICULTURAL ECONOMICS


CEILING PRICES FOR LARD WERE ESTABLISHED BY THE OPA IN DECEMBER 1941.
PRICE CEILINGS FOR PORK BECAME EFFECTIVE IN MARCH 1942. SEVERAL REVISIONS
HAVE BEEN MADE IN THESE REGULATIONS FROM TIME TO TIME. THE ADVANCE IN
PRICES OF HOGS AND HOG PRODUCTS WHICH BEGAN IN 1940 HAS BEEN RESTRICTED.


P, /'









AVERAGE PRICES OF CATTLE, CALVES, BEEF.
AND VEAL, JULY 1941 TO DATE


DOLLARS
PER 100
POUNDS
20


18


16


.14


12


10


8
22


20


18


16


14


12


10


JULY SEPT.
1941


NOV. JAN. MAR. MAY JULY SEPT. NOV.
1942


NEG. 42714 BUREAU OF AGRICULTURAL ECONOMICS


FIGURE I.- BEEF AND VEAL WERE INCLUDED IN THE GENERAL MAXIMUM
PRICE REGULATION, EFFECTIVE IN MAY, WHICH ESTABLISHED HIGHEST MARCH
PRICES AS THE CEILINGS FOR A LARGE NUMBER OF COMMODITIES. CEILING
PRICES FOR CARCASS BEEF WERE REVISED DOWNWARD IN JULY, BUT BECAUSE
THERE IS CONSIDERABLE FLEXIBILITY IN THE METHODS OF HANDLING AND
SELLING BEEF, PACKERS HAVE BEEN ABLE TO PAY HIGHER PRICES FOR LIVE
CATTLE THAN THOSE WHICH PREVAILED IN MARCH.


U.S. DEPARTMENT OF AGRICULTURE





-3-


rcl --r- -- -~l--------- --------- -~~-
TH' LI V STOCK AND WOOL SI TUAT I ON


Summary

Slaughter supplies of hogs have increased seasonally since late summer

but marketing to date have been smaller than expected on the basis of the

estimated 25 percent increase in the 1942 spring pig crop. Several factors

indicate that delayed marketing have been largely responsible for the smaller

than expected increase in supplies. The exceptionally favorable hog-corn price

ratio and relatively high prices for heavy hogo this fall have offered unusual

encouragement for feeding hogs to heavy weights. Record marketing probably

-will occur in December, but tho peak in the winter hog movement now is not

expected until after the first of the year.

Hog prices have declined since early October, reflecting seasonally

increased marketing and the impact of the meat limitation order and if

the revised pork price ceilings. Under the revised pnrk price regulation

effective November 2, specific dollars and cents ceilings were set for all

major pork cuts, with regional differentials based upon transportation

costs between surplus and deficit pork producing regions. Although the

general level of wholesale pork prices probably has not been materially

affected by the revision, wholesale prices for pork at Chicago are moderately

lower than those which prevailed during October.

Shipments of feeder cattle into the Corn Belt have been substantially

larger this fall than last. It appears that the total number of cattle

fed in the 1942-43 feeding season will be at least as large as a year earlier.

The record corn crop now being harvested and improvement in fat cattle prices

in recent weeks have encouraged the purchase of feeder cattle by Corn Belt

farmers.


LYS-7






NOVEMBER 1942 4

Cattle slaughter has".increased share ly since latIe summer, with co~a

and heifers accounting for a'greater than usual proportion of the total

slaughter. Some markets have reported the largest runs of grassy cows

and heifers since 1934. Current marketing of cows and heifers are not

unduly large, however, relative to the present high level of cattle lumbers.

Marketings of sheep and lambs continued unusually large during October.

Although the 1942 lamb crop was 2 percent smaller than a year earlier, sheep

and lamb slaughter in the 6 months from May to October was about 19 percent

greater than in that period last year. A large part of this increase was

due to heavy marketing of mature sheep. Shortage of skilled labor in the

Western States and relatively high prices also have encouraged heavy market-

ings of ewe lambs which normally would be held back for replacement purposes.

The number of sheep and lambs on farms and ranches on January 1, 1943 is

expected to be smaller than the record number a year earlier, but it probably

will be larger than inr other re6int years.

The number of lambs fed # the Corn Belt this season is now expected

to be about as large as in the 1941-42 season. Feeding operations in

several other important feeding areas, particularly the Scottsbluff, Nebraskaz

and Colorado seotifons, may be materially smaller. Feeder lamb prices have

declined about $1.00 since late summer, and feeding margins ba. d upon current

prices for lambs and feed are more favorable than average.

Domestic wool prices have been firm in recent weeks. Government orders

placed from time to time which require the use of domestic wool are an

important factor in the current price situation. Prices An most domestic

wools appear to be close to ceiling levels. Most of the 1942 clip has been

sold, and stocks still held in producing areas are reported tn be small.

Supplies of wool available in Argentina and Uruguay in the 1942-43 season







which opened October 1 will be considerably larger than last year, due

chiefly to the lnrge carry-over rf wool into the new season. The carry-over

of wool' in Australia and the Union of South Africa also is believed to be

large. AAn yet, United States buyers have imported little new-clip foreign

wools.

-- November 21, 1942

: REVIEW AND OUTLOOK

HOGS

Hg Prices Decline Seasonally but Price
Outlook Continues Favorable

Hog prices have declined in recent weeks from the peak prices reached
in early October, reflecting seasonally increased marketing and the impact
*f the meat restriction order which became effective October 1 and of the
revised pork price ceilings upon the demand for live hogs. The average price
of.butcher hogs at Chicago for the week:ended November 14 was $14.05, about
90 cents lower than a month earlier but $4.00 higher than in mid-November
last year. Prices of packing sows have been unusually high relative to
prices of barrows and gilts in recent weeks. .

Some further seasonal decline in hog price .probably will Wccur during
coming weeks as slaughter supplies of hogs continue to increase. But with
domestic civilian consumption expected to .take all pork production in excess
if lend-lease and military requirements, the decline in live hog prices ,
probably will be much less pronounced than .in other years of exceptionally
large fall amd winter marketing. The Agricultural Marketing Administration
recently has completed plans for the regulation of hog marketing if such
action becomes necessary in order to prevent congested marketing conditions
this winter. This will help materially to prevent a decline in live hog
prices when the heavy run of hogs gets under way in December and January.

Revised Pork Pric Ceilings
Effective November 2..

Maximum wholesale prices for pork were revised in early November by the
Office ef Price Administration. The new regulation (Revised MPR No. 148)
established specific dollars and cents ceilings for practically all pork
products, with regional differentials between surplus and deficit pork
producing areas.

'The regulation divides the country into three price sones: The Central
Price Zone, including Iowa, and parts of adjoining States -- the area of
greatest surplus production; the Chicago Price Zone, including portions ef
Wisconsin, Illinois, and St. LAuis, *Missouri; and all areas outside these two.
The list of specified maximum prices included with the order are the highest


LWS-7


- 5-






NOVEMBER 1942 6 .

prices that can be chaed in the Central Zone Area. Maximum prieen in the
Chicago Zoneoare a flat 25 coas per 100 pounds higher than these for the
Central Zone, while the ceilings outside those e et areas are the Qcntral Zone!
prices plus specified freight differentials. Other provisions of the regu-
lation incltudo allowance for price premiame for locally dressed hogs in the
northeastern part of the country and price differentials based upon methods o
sale and delivery.

One purpose of the revised regulation was the elimination of price
inequalities between regions and sellers which occurred, under earlier regu-
lations based upon highest prices charged in early March. Although the new
regulation probably dUes not affect greatly the general level of pork prices
for the country as a whole, the maximum pricea permitted at Chicagn are
moderately lower than those which prevailed for several weeks prior to
November 2 as shown in the following table.

Table le.- Majnr pork products, wholesale price per pound at Chicago,
week ended October 31, 1942, and specified ceiling prices

S____(Green basis) _
Itemse : W~ck ed :Coiling prices under
S: Oct. 31, 1942 ;Revised MPR No. 148
: Cento Codnt
Regular hams, 12-14 Ib. .....: 25.50 24.75
Picnics, 4-6 Ib. .......... .. 23,8 22.50

Balliec, 10-12 lb. ....,..... 19,12 -18.75

Plat ss clear, 4-6 lb. .......: 10.25 9.50

Lotns, regular, 8-1l2 lb.......; 28.00 27.62

* Bogstou butta, .46 Ib.. ,...... : 30.25. : 27.50

Spare ribo, light ............: 18.50 17.50

Composite price .............: 23.3 22.53
-------, ____ ________________ __
Record 1942 Corn Orp; Ho-Corn Pric"o Ratin
Jnusl fy ~Taorable Thia Fall

The 1942 corn crop is now estimated at a little over 3.1 billion
bushel, K400) million bushels more than laGt years cr.p and the largest mn
record.- The carry-over of old corn on (ctr.ber 1 amounted to about 500 millii,
Sbushele. and the total supply of cira relative to the number lf livestock to
be'fed during the 1942-43 feeding season may be as large an in 1940. Supplies
6f ether feed grains also are.relatively large.

With hog prices continuing at a comparatively high level and earn
prices held..in che k by large feed ,ispplies, the h~og-carn price ratio ha. be'








unusually favorable this fall. Prom early September the rating, based upon
Chicago average prices, has averaged 18.2 compared with l4.7 iant fall and
the long-time average of 11.6. Because the hog-corn price ratio during the
fall breeding season from September through November or December ordinarily is
an important factor affecting the size of the following year's spring pig crop,
the current high ratio is favorable for attaining the 10 percent increase in
next yeer's spring crop recently requested by the Department of Agriculture.

Seasonal Increase in Hog Supplies
Smaller Than Expected

Sleughter supplies of hogs have increased seasonally since September,
but so far this fall the increase in marketing has been smaller than was
expected on the basis of the estimated 25 percent increase in the spring pig
crop this year as com.a-red to last.' Inspected hog slauihter during October
totaled about 4.2 million head, 10 percent more than in September but only
slightly more than in October last y:cr.-, :!r'etings during the first 2 weeks
of November were not much different from last year.

Sevc'ral factors indicate that the comparatively small increase in hog
laughter thlro'ig. rii-November has been due in large measure to delayed
marketing. Because of the unusually favorable hog-corn price ratio and
relatively high prices for heavy hogs, farmers apparently are forcing hogs to
heavier weights than usualI The avcrg-.e live weight of butcher hogs at seven
important markets in early November was about 6 pounds heavier than a year
earlier. Favorable weather for corn picking and the likelihood that many farm-
ers in the Corn Belt may be "hog-inf-off" corn as a means of meeting the
labor shortage also may be tending to delay hog marketing.

The seasonal peak in hog marketing ordinarily is reached in December
or January. Althnugh slaughter supplies of hogs probably will be unusually
large in December, it now appears that the peak movement of hogs this season
will not occur until after the first of the year. With the greatest percent-
,age increase in the 1942 spring pig crop in the western part of the Corn
Belt where most spring pigs are farrowed relatively late -- hog supplies are
expected to be much larger than a year earlier during the late winter and
early spring.

Government Purch-lses of Pork and Lard Small,
Stocks Reduced Seasonally

Purchases of pork for Government ,ccnunt continued at a low level during
October. Purchases. of lard were increased over Septembor, but were still
smaller than in any other previous month this year. October purchase of pork
products totaled 76 million pounds, compared with 65 million in September and
221 million during the pevk month of April. Purchases of lard amounted to 32
Million pnds compared with 107 million during April. In recent months,
purchases by the Federal Surplus' Commodities Corporation have been reduced
sharply to help relieve the domestic shortage of hog products. However,
Government purchases probably will be stepped up considerably in the near
future as supplies of pork and lard increase.

Stocks of pork and lard are now at a seasonally low level. Storage
Holdings of park an November 1 totaled 255 million pounds, about 58 million


7,ws-7


-7-





:,7,.BER 1942 8-

less than a year earlier and 27 million below average. November 1 stbeks of
lard and rendered pork fat were 56.2 i-illionpounds, 121 million less than a
year earlier and 59 million.below the 5-year average o '115 milli-on pounds.
The in-storage season for r.rk and lard ordinarily b'.eghs in November and
extends tihr.-l.':. the late winter or .early spring when hog slaughter is
seasonally large.

CATTLE

Prices of Well-Finished Cattle Advance

Prices of well-finished cattle advanced in early November to the high-.
est level reached since 1937, while prices of lower grades fluctuated moder-
ately below levels reached earlier this year. Tie average price of good grade
beef steers at Chicago for the week ended November 14 was $15,50, compared
with $14. 5 a month earlier and $11.00 a year earlier. The price spread
between the upper and lower grades of slaughter cattle in early November was
wider than at any other time this year, reflecting the reduced supplies of
well-finished cattle and increased marketing of the lower grades since
midsummer.

Feeder .cattle prices strengthened in early November as marketing of
such cattle were reduced and country; demand continued strong. The average
price of feeder steers at Kansas City for the week ended November 14 was
$12.50, .compared with $11.70 a month earlier and $10.90 in mid-July. Recent
advances in fat cattle prices have given strong support to prices of feeder
cattle, However,' the szrcad between feeder and fat cattle prices-has con-
tinued somewhat wider than it was last fall, due to the realization that ceil-
ing prices for beef will prevent any material advance in prices of finished
cattle above current levels.

October Cattle Slaughter
Sets New High Record

Marketings of cattle and calves have increased seasonally since mid-
summer. The fall movement from several of the Range States has been unusually:
large, and some markets have reported the heaviest runs of grassy heifers and
cows since 1934. Slaughter of cattle under Federal inspection during October
totaled nearly 1.3 million head, 14 percent more than a year earlier and the
largest monthly total on record. Inspected calf slaughter during October of
578,000 head was 13 percent larger than-in September and 8 percent-larger
than in October last year,

Average. weights of cattle slaughtered have decreased cbnsiderably in
recent weeks, due to reduced marketing of long-fed cattle and a greater than
usual seasonal increase in the percentage of cows and heifers in total
slaughter. The average weight of all cattle slaughtered under Federal inspec-
tion during September was 929 pounds, 28 pounds lighter than' l July. ~id 26
pounds lighter than in September 1941, but not greatly"below average for the
month. On the other hand,, average weights of calves slaughtered have been
unusually heavy this fall, due in part to increased slaughter of calv~e other
than dairy breeds.








Although the proportion of cows; and heifers in total slaughter has
increased sharply since late summer, tctal marketing of such cattle have not
been unduly large in relation to the present size of the cattle population. In
years when cattle numbers are increasing, cows and heifers necessarily are held
back from slaughter for herd building purposes. But once numbers have been
built up to a high level, the percentage of cows and heifers in total slaughter
can be large without liquidation of breeding stock. Cattle numbers now are at
an all-time high, and it is to be expected that marketing of cows and heifers
will be relatively large.

Table 2.- Slaughter of cows and heifers under Federal inspection and
number of cows and heifers over 1 year on farms January 1, 1920-42

: ows and heifers : Cow and heifer : Ratio of slaughter
Year : over 1 year, : slaughter under : to number
S.Janary 1 : Federal inspection : on farms
SThousands Thousands Percent
1920 : 42,383 4,082 9.6
1921 : 41,805 1,220 7.7
1922 41,816 3,819 9.1
1923 : 41,998 4,392 10.5
1924 : 42,064 4,747 11.3
1925 : 4,164 5,055 12.3
1926 : 39,697- 5,065 12.8
1927 : 38,455 4,684 12.2
1928 : 37,923 4,291 11.3
1929 : 38,591 3,942 10.2

1930 : 39,8441 3,623 9.1
1931 : 41,606 3,380 8.1
1932 : 43,468 3.211 7.4
1933 45,946 3,812 8.3
1934 : 48,647 4,838 9.9
1935 : 5,590 5,412 11.9
1936 : 44,509 5,727. 12.9
1937 : 43.49 5.626 12.9
1938 42,542 ,861 11.4
1939 : 42,767 4,446 10.4
1940 : 44,426 4,481 10.1
1941 : 46,135 4,992 10.8
1942 3f 48,077 5,500 11.4
1/ Preliminary estimate.

Shipments of Feeder Cattle Continue
Large in October

Shipments of stocker and feeder cattle into the Corn Belt'during October
* were nearly 20 percent larger than a year earlier and probably exceeded the
previous record set for the month in 1940. For the 4 months July through


S- 9 -


LWS-7






NOVEMBER 1942


- 10 -


October, total purchases of cattle by Corn Belt feeders also were of record
proportions and substantially greater than a yer earlier. Prices of grain-fe
cattle have strengthened considerably in recent weeks. Together with large
supplies of corn and other feeds, this has given considerable encouragement to
Corn:Belt cattle feeders. Reports from the Western States, however, continue
to indicate a decrease in cattle feeding this year compared with last. The
delay in the beet harvest has tended to retard the purchase of cattle by
feeders in many of the principal feeding areas of the West. There has been a
large movement of cattle to wheat pastures in Kansas and Texas this fall. If
weather conditions continue favorable, some of these cattle will reach slaugh-
ter condition without grain feeding. Others will be finished on grain sorghum
and other feeds of which there is a large supply.

SHEEP AmD AI.'BBS

Lamb Prices Strengthen In Early November

Prices of slaughter lambs declined sharply in late October but strength-
ened again in early November. Lamb prices have fluctuated considerably in
recent weeks, but the average level has not changed greatly since midsummer.
The average price of Good and Choice grade slaughter lambs at Chicago for the
week ended November 14 was $14.70, about 85 cents higher than a month earlier
and $3.50 higher than in mid-November last year. The effect of the exceptinn-
ally large marketing upon lamb prices this fall has been more than offset by
the unusually strong consumer demand for meats.

Sheep and-Lamb Slaughter Continues
Unusually Large

Marketings of sheep and lambs continued at a record level during October!
Slaughter under Federal inspection for the month totaled over 2.3 million head,
39 percent more than a year earlier and the largest monthly total on record.
The 1942 lamb crop was 2 percent smaller than the 1941 crop, but in the first
6 months (May-October) of the current marketing season sheep and lamb slaughter.
totaled about 19 percent greater than a year earlier. Shortage of skilled
labor, particularly in the Western States, and relatively high prices for lamb
apparentlyhave encouraged unusually large marketing of ewe lambs which
ordinarily would be held back for replacement purposes. Marketings of mature
sheep also have been exceptionally large this fall. Inspected sheep slaughter
during September was about 3 times as large as in September last year.

Although sheep and lamb slaughter has been exceptionally large and a cork
siderable liquidation of stock sheep has taken place this year, sheep numbers
have not been materially reduced. The total number of sheep on farms and
ranches at the beginning of 1943 is expected to be smaller than the record
number of a year earlier, but it probably will be as large as the January 1,.
1940 figure and will exceed materially all other recent years.

arge October Shipments of Feeder Lambs;
'eeding Margins Favorable

Shipments of feeder lambs into the Corn Belt during October were the
largest for the month on record, ra~ti ng thVe h-month ,'1ly-.' t.b~ acc~i u.tla'zi






LWS-7 11 -

slightly above the corresponding total of a year earlier. Indications early in
October were that the number of lambs fed in the Corn Belt would be about as
large this season as lest, but that feeding operations in several other
important areas would be curtailed. Delay in the beet harvest has tended to
postpone purchase of feeder lambs in the Scottsbluff area of Nebraska, but
indications there early this month point to a 15 to 20 percent decrease in
the number of lambs to be fed this season compared with last.

Reports from the Western States early in November indicate that lamb
feeding this winter will be reduced materially from last year in all of these
States except California and New Mexico. Shipments of lambs into the principal
feeding areas of Colorado to the end of October and available information as to
lambs under contract point to a reduction of from 20 to 30 percent from a year
earlier in the number of lambs in feed lots on January 1, 1943. Most of this
reduction will be in northern Colorado and the Arkansas Valley. In addition,
there will be a sharp decrease from last year in the number of lambs run on
northern and eastern Colorado wheat pastures.

Weather and pasture conditions in October were generally favorable
throughout the Corn Belt for the development of the lambs brought in for
feeding. Timely rains in western Kansas about the middle of October materially
improved wheat pastures in parts of that area. The excellent wheat pastures
and abundant feed crops in the plains areas of Texas are expected to result in
increased lamb feeding in those areas, but smaller numbers of lambs are likely
to be fed on Oklahoma wheat pastures.

Feeder lamb prices have declined a little over $1.00 since late summer,
and feeding margins based upon current prices for lambs and feed are favorable.
As shown in the accompanying table, feed costs are slightly higher this season
than last, but the spread between feeder and fat lamb prices is wider. Ceiling
prices for lamb will prevent any material advance in lamb prices during the
next few months, so that lamb feeders cannot count upon the usual seasonal
advance in prices from late fall to early spring. But at the same time, the
exceptionally strong demand for "meats is expected to prevent any great decline
in prices for fed lambs.







table 3,.- Average .prices and value of several importnat items
affecting returns'from.lamb feeding, specified periods

:193C-i to: Current
Item : 19412 : 194-41 : 1941-42 : rre
prices
S_____ __ avcrnge : :
SDollars Dollars Dollars Dnllars


Market value at Chicago of Good and :
Choice grade slaughter lambs,
original weight (60opounds) ......,:


5.45


6.25


7.40


S.50


M:.rl~:t cost at Omaha of 60-pound
fe.:dcr lambs ..................... 4.40. 5.20
Margin *.................05 1.05
~r @ree e ee ~ e e .. ,


Sales value of 30-pound weight gain .:

Cost of 2-1/2 bushels of corn .......:


2.70

1.30


3.15

1.35


Cost of 200 pounds alfalfa hay ......: 1.05 .80
Value of gain less cost of
corn and hay .................: .35 100
Total feeding margin ............: .40 2.05


Price per 100 pounds of Good and
Choice grade slaughter lambs,
Chicago, December-April ...........

Price per 100 pounds of Good and :
'Choice grade feeder lambs, Omah&,
ieptember-November ...... .....

Farm price per'bushel 6f corn, North :
'Central States, October-December ..:

Farm price per ton of alfalfa hay,
North Central States,
October-December.,.............:


9.05*



7.30


.520.


10.50


1 Average for the week ended November 7, 1942.
/ October 15, 1942.

WOOL


10.45



8.65


.540


7.80


6.45 7.30
.95 1.20

3.70 4.25

1-55 1.85

.95 .95

1.20 1.45


2.15


2.65


12.30 1/14.15



10.75 1/12.20


.625 2/ .734



9.30 2/ 9.50


Wool prices strengthen at Boston
in Early November


After remaining unchanged for several weeks, prices of medium wools
advanced about 1/2 cent a pound, grease basis, at Boston in early November*
Quoted prices on 3/8 blood combing fleece wools averaged 54 cents a pound
(grease basis) the first week of November, compared with 53.5 cents a month
earlier and 50.5 cents a year earlier. Quoted prices for fine staple combing
territory wools remained unchanged at $1.1S-1.20 a paund (scoured basis),


I 12 -


NOVEMBER 1942






LWS-7 3

compared with $1,11 a pound in the first week of November 1941. Government
orders placed from time to time which require the use of domestic wool are an
important factor in the current demand and firm prices at Boston. Prices of
most domestic wools appear to be close to ceiling levels.

Most of the 1942 clip has been sold and stocks still held in producing
areas are reported to be small. The average price received by farmers for wool
on October 15 was 39-7 cents a pound, unchanged from a month earlier but 3,5
cents higher than year earlier. Prices received by farmers for wool shorn
this year, are the highest since 1925.

Mill Consumption Down in September

Mill consumption of apparel wool .averaged 10.4.million pounds a week
souredd basis) in September. This was 8 percent t lower than in August and was
the lowest since February. The September consumption this year was about
equal to that of September 1941. About 46 percent of 'the wool consumed in
September was domestic wool (scoured basis).

Consumption of rppr rol wool on a greasy shorn and pulled basis totaled
796 million pounds in the first 9 months of 1942 compared with 703 million
pounds in the corresponding months of last year. If this rate is maintained
during the final quarter of the year, consumption in 1942 will exceed 1 billion
pounds, a new record; About 377 million pounds of domestic wool were used in
the first 9 months of the year. The high rate of consumption reflects large
military orders.

Consumption of c-rpet wool in the first 9 months of 1942 totaled 47
million pounds (grease basis), only one third as large as consumption in the
same months last year. Carpet wool is not used extensively for military pur-
poses, and consumption of wool for civilian use is sharply restricted by orders
of the Wtr Production Board.

Relatively Large Stocks of Wool Available
in South America

Supplies of wool available in Argentina and Uruguay in the 1942-43
season which opened October 1 will be considerably larger than last year and
will be larger than in any recent year, due chiefly to the large carry-over of
wool into the new season. Supplies available for export from Argentina in
1942-43 are provisionally estimated at 578 million pounds, compared with 452
million po'n.s last season.' As a result of a sharp decline in exports in, 1942,
the carry-over of wool on October 1 was fully 100 million pounds larger than a
year earlier, Production in the new season is expected. to be about 51S million
pounds, a new record. Production in Argentina has.increased about 40 percent
since 1937. Supplies available for export from Uruguay are estimated at 156
million pounds compared with 120 million pounds in 1941-42. About 45 million
pounds of old clip wool were carried over into the new season on October 1.

The major part of the wool produced in Argentina and Uruguay is medium
and coarse grades, but -these countries also produce considerable quantities of
fine wools. The United States has been the principal buyer of South American
wools in the past two seasons.





IIOYSI.BER 1942


Table 4.- Estimated supplies and distributien-of.:wool in ..
Arge.tina and Uruguay,; 1941-42 and 19142-43. 4

__________ ____________Grease basis
Item : Arentina
_:_i_____ ______ lq12 Ili 4?4 1
Mil. b Mi il .. lb. il. lb,

SStocks, Octoi.er 1 4o.... 46,0 159.0 '. 9,5 44.6
Production ..... ,.. ,,. 494,0 518.0 / 120.0. 123.0

Total F-rly ..O......: 540o. 677,0 129.5 167,6
For domestic mills ...,: 8.0 3990 2/100 2/ 12,0

Available for export ., 452.0 578.0 119.5 155.6

Exports ........2...9: 293.0 '7,/

Com~ilrdi from reports received in the Office of Foreign Agricultural Relati
Argentina estimates from the Buenos Aires Branch of the First National 2ank
Boston.
1/ Preliminary.
2 Provisional estimate,
j Weight of greasy, scoured and pulled wool combined, Not converted to a
grease basis.

Little Foreign Wool ImporteJ at Pr:'sent

Stocks of wool in Australia and the Union of South Africa, as well as
in South America, are large. As yet Unitcd States buyers have bought little
new clip foreign wools for two reasons: (1) Subs'antial stocks cf foreign
wools are hold by manufacturers and: dealers in this country, and (2) recent
Army orders require the use of 100 percent domestic wool. As no further
supplies of domestic wool will be available before late spring, however,
additional supplies of foreign wool will be needed if a high rate of mill
consumption is maintained through the first half of 1943.

REVIEW OF IA.XIImi1.UM PRICE RC-ULATIOUS
'FOR I.ELTS AND WOOL

The Office of'Price Administration was 'star.blished by Executive Order:
early in 1941.' Ceiling prices for several agricultural commodities, notably
hides,.fats and oils, and wool wore fixed under this original authority.
The Emergency Price Control Act passed by Congress'in January 1942 specified
four levels below which ceiling prices for agricultural commodities could nol
be established or naiaintinerL, Those wore:

(1) 11 percent of pairity (or the comparablee prico") adjusted
for _-rad-l, location and seasonal differentials
(2) The market price prevailing on October 1, 1941

(3) Tho market'price prevailing on Decomber 15, 1941, or
(4) The average price during tho 10-year period July 1, 1919
to Juno 30, 1929


-.14 .







Coiling prices for pork, beef and veal were established in conformance with
these limitations early in 194,' and previously issued ceiling prices for
wool were revised slightly. Maximum wholesale prices for lamb were not
established'until'live lamb prices advanced above the July 1919-June 1929
average price late in the summer of i1942.

In early'October an amendment to the Emergency Price Control Act
redofinod the minimum level at which coiling prices for agricultural com-
modities could be. established as the higher of the following:

(1); The parity prico (or comparableo price") adjusted for
gradee location, and seasonal differentials, or

(2) Tho highest prices received by producers between
January 1 and September 15, 1942, also adjusted for
grade, location, and seasonal differentials

The amendment also provided that these limitations might be disregarded in
cases where it is necessary to correct gross inequalities and to allow fair
.and *:quitablo process-ing margins.

So far prices for live animals have been restricted only indirectly
through regulations applying to prices of meats, lard, wool, and other live-
stock products. Ceiling prices for live hogs are-now under consideration by
the Office of Price Administration.

Following is a brief summary of the major price regulations and
amendments applying to meats and wool that have been established by the
Office of Price Administration through early November 1942. Because of
their.complexity, it has not been feasible to include here a detailed
description of all the pertinent provisions of these regulations. Most
of these orders have been discussed from time to time as they .lve been
announced in earlier issues of The Livestock and Wool Situation.


LWS-7


- 15 -






NOVEiLBZ 1942.


Table 5.- PIIC3 REQULATIOISN AND AME.;M-INT S

BRegule.tiin number
aeg d dltin Ceiling level Description and provisions
SDressed hogs and wholesale pork cuts


9Trezryy MP& if., _
Issued 3/r9/71 '
Effective 3/23/42.


Amendment No. 1
Issued 3/20/42
Effective 3/21/42


Amendment To. 2
Issued 3/24/42
Effective 3/25/42

Amendment No. 3
Issued 3/24/42
Effective 3/24/42





Amendment '.o. 4
Issued 3130/42
Effective 3/31/42


Amendment No. 5
Issued 4/6/42
Effective 4/6/42


Amendment No. 6
Issued 4/14/42
Effective 4/20/42


Highest prices
during 5 days
March 3-7, 1942


Highest prices
during March 3-7,
1342; or during
February 23-28, 1942
Flus specified
additions


Highest prices
during February 16-20,
1942 plus specified
additions


Temporary 'Ifreeze" order establish
highest prices charged by packers
ing the base period March 3-7.
Customary price differentials base
upon type of customer, method of
selling, etc., were to be maintain

Permitted sellers an extension of
in which to file their price lists
with the Office of Price
Administration.

Exempted from the price ceilings
certain sales for export made priol
to March 11.

Permitted purchases of pork by the
F.S.C.C. and by the Army and Navy a
prices not to exceed 2 cents above
the base period prices.
Provided specific dollar and cents
ceilings for canned or pacKaged
luncheon meat and spiced ham.

Provided an alternative method of
computing price ceilings based upon
sellers' maximum prices during the
period February 23-28 plus specific
price additions ranging from 1/4 to
1-1/2 cents per pound on eight
different cured pork products.

Allowed packers who customarily soj
dressed hog carcasses on the basis
a percentage of live hog prices to
continue this method of pricing.

Redefined price ceilings as highest
prices charged during period
February 16-20 plus specified
additions ranging from 1/2 to 4 ced
per pound, thereby eliminating price
mark-uos made prior to March 3, in
anticipation of the price ceilings.


Continued -


- 16,-






- 17 -


Table 5.- PRICE aE' AJrlOwS AND Aj.~2TL:ir -Continued

Regulation number Ceiling level Description and provisions
and date
Dresc-e hn 3 and wholesale pork cuts Continued


WR ho. 14-
Issued 5/20/42
Effective 5/21/42


Amendment ho. 1
Issued 6/6/42
Effective 6/9/42



Amendment No. 2
Issued 10/2/42
Effective 10/8/42


Revised MPR No. 14S
Issued 10/22/42
Effective 11/2/42


Highest prices
during
February 16-20,
1942 plus specified
additions


Specific dollars
and cents ceil-
ings for all
major pork cuts
and -roducts


Replaced temporary regulation No. 8.
Provided for the same general level
of ceiling prices as in the amended
temporary order, but reduced the
price premium for products purchased
by the armed forces and for lend-lease
frcm 2 to 1-1/2 cents per -ound above
domestic market p-rices. Also
provided specified maximum prices for
a number of pork products purchased
by these Government agencies.

Permitted certain classes of sellers
who offered peculiar hardships
because of special circumstances to
file petitions for adjustment of ceil-
ings.

Permitted specific additions to
previous ceiling prices for products
to be packed in specified export
containers.

Replaced earlier regulations by
providing specific maximum prices in
the Central Zone Area (including Iowa
and parts of adjoining States) with
regional differentials based upon
transportation costs in other parts of
the country.


Lard


Price Schedule No. 53
Issued 12/12/41
Effective 12/13/41


Amendment lio. 1
Issued 12/31/41
Effective 1/2/42


Highest prices
on ilove-iber 26,
1941


Highest prices
on October 1, 1941,
or 111 percent of
the liovember 26,
1941 price


General "freeze" order covering whole-
sale prices of most fats and oils
sold in tank cars, tierces, etc. liot
applicable to wholesale or retail
prices of refined lard. Normal price
differentials based on type of
customer, method of sale, etc.

Redefined maximum wholesale prices
for unrefined lard to conform with
provisions of emergency Price Control
Act.


Continued -







Table 5.- PRICE REG J dO' i AID AMENDMENTS -Continued

Regulation number ..;Ce.ling. level : Description an.. pr,:.visions
and date ____ _____ _
.Lu.a .- rn J,:Lt


Amendment io. 2
Issued 2/3/42
Effective 2/4/42






Issued 4/28/42
Effective 5/11/42



Price t(ced'.le 'o., 5
Amendment No. 3
Issued 6/j2/-4
Effective 6/8/42


hi l'."est prices on
.c.ctober i, l 'l
. Fice otr.i:ll percent
Sof .th. I-.vember 26,
1941 .price plus
specified additions


l :h.'-r prices
d... ir.n Iarch 1942




Refined lard,
hi-ihest February 1942
price s; unref- i c d,
sprciTi i dollars and.
cents prices


Provided for an upward adjustment in,
lard ceilings by the following
a eitions to sellers previously
determined ceilings:
Cash lard + L.8g~ per lb.
Loose lard + .-74 "
Leaf lard + .4g "

General Maximum Price Reaulation,
c:veriLu a large list of coiaoditie
broa:-ht under control wholesale price
for refined lard, which hrd been
exempt from previous lard regulation

Redefined maximum wholesale prices
for lard in order to ree-t -blish a
more normal relati3r.ship between
prices of the sever-l kinds produced.
The new ceilings vre'e as follows:
Refined lard ri -!est Feb. prices
Loose lard,C.:-ca.oo- 11,?0? per lb.
Cash lard, C:-ic-ao 12.90 "


Amendment Nos. 4-9

Amendment INo. 19
Issued 10/7/42
Effective 10/13/42


Not'applicable to lard prices.


Specified dollars
and cents prices
with regional
differentials


Established specific dollars and cents
ceiling prices for lard at specified
basing points with re-rional
differentials based uoon transoorta-
tion costs. Thes-e revi.-ed ceilings
were designed to eliminate
inequalities between regions and
sellers which existed under previous
regulations. In tne ChicAc-o area
wholesale lard price ceilings w-"re
raised approximately 1 cent per pound.


Amendment Bos. 11-13

Amendment No. 14
Issued 10/26/42
Effective 10/31/42

Amendment Nos.. 15-18


Not applicable to lard prices.


Clarified certain terms used in
Amendment No. 10.


Not applicable to lard prices.


Continued -


:iovE.L.z?- 1942


- 18 -






- 19 -


Table 5.- P.IuE UEGLULAXTI'S AID :Ji.'I~iD1'L '3 -Continued

Re dl action number Ceiling level Description and provisions
and date C
5eef awn VYeal


GITR
Issued h/2 1/L2
Effective 5/11/42







MPR No. l1
Issued 6!2/42
Effective 6/2/42

Amendment :o. 1
Issued 7/24/42
Effective 7/24/42


MPR Uo. 169
Issue. 101i9/42
Effective 7/15/42


Highest prices during
March 1942.








Specific dollars
and cents ceilings


Highest prices
(after adjustment)
during 2 weeks,
March 16-28, 1942


Amendment No. 1
Issued 7/7/42
Effective '/15/42


General "freeze" order for a lirge
list of commodities not previously
under regulation.
Ceillnr. for each seller defined as
highest price nt which he sold the
coiinodity duri:.,' the basa period.
Price different tias Lbsed upon quality,
type of custc.mir, etc. were expected to
be maintained.

Established so-cific price ceilings
for beef products purc'haed by armed
forces and for lend-lease.

Permitted adjustment in delivery costs.
Deferred price ceilings for .meat com-
pore.-it of Arm.' rations until January 1,
1943-


Shortened base period for calculating
ceilings. Provided formula for
eliminating high 50 percent of sales
from sellers' base period prices.
Estailist.ei ceilings by grades for
carcass beef with provision that ceil-
ings for beef quarters should not
exceed comparable whole carcass ceiling,
and ceilings for wholesale beef cuts
should not exceed comparable carcass
ceiling by more than $1.00 per cwt.
Zone system for car route sales
provided.
Special provision for purchases by
Government institutions other than
FSCC or armed forces.

Provision for preventing evasion
through custom slaughterin=.

Sellers who did not sell carcass or
quarter beef durr.in base period not
required to adjust ceilings to whole
carcass level as provided above.
Revised method of calculating car
route ceiling-s.
Specifies that sales made after Julyr 13
to -iSO and armed forces are subject to
MPR 169.


Continued -


!: f?,',





IJOVE-Z.L; 1942


- 20 -


Table 5-- PRICZ REGULATIOIGS AND ,JNDMIITS -Continued

Regulation number
and date : Ceiling lev~l ..- .-. De.crption r.I .'visions
.'.e" -_. V.-_- c ,..f.al d


Amendment ITo. 2
Issued 7/13/42
Effective 7/13/42


Amendment Ijo. 3
Issued 7/28/1h2
Effective 7/2s/2

Amendment No. 4
Issued g/21/42
Effective 8/21/42


Amendment No. .5
Issued 9/15/442
Effective 9/18/42

Amendment No. 6
Issued 9/29/42
Effective 10/./42


" r,


Steer and heifer



Cow


AA 235 per
A 21-1/2 "
B 20
C 18-1/2 "
A 19-1/2 "
B 18-1/2 "
C 17-1/2 "


Steers, heifers, cows,
cutter and canner


Packers having lower ceilings not
allowed to raise their maximum prices
to these levels, however.


Lamb


Temporary MPR To. 20
Issued 8/1/42
Effective 8/10/42


Highest prices
during July 27-31,
1942


Temporary 60 day freeze order estab-
lishing maximum wholesale and retail
prices for lamb carcasses and cuts at
the highest prices charged during the
base period July 27-31.
n'itM rnlld -


Postporud effective date of some items
LunLer- MPR 169 1 week to Jul:.' 20, 1942
Provision made for packers to
calculate ceilirngs for Kosher, hotel
and restaurant trade ceparatel:y from
other sales where more L:ian half of
such sales are of this type.

Additional modific.tlin of ceilings
applicable to hotel, restaurant and
kosher trade.

Permitted addition of special service
costs to ceiling prices for sales of
carcass a.d wholes-le beef to F3CC
and armed forces.

Steps taken to enforce more rigid
grading.


Eliminated a few high ceilings by
establishing absolute maximum prices
above which individual sellers' ceil-
ings cannot be set under MPR 169 as
amended. These maximum ceiling prices
are as follows:






- 21 -


Table 5.- PRICl RETULATI.J.i AND AuLEli2LTrS -Continued

Regulation number : Ceiling level Description and provisions
and date :
Lamb Continued


?R ITo. 239
issued 10/8/4Z.
Effective 10/8/42


Temporary IZR No. 22
Issued 10/3/42
Effective 10/5/42


Highest prices during
July 27-31, 1942


Mutton


Highest prices during
September .28-
October 2, 1942


Replaced -temporary regulation No. 20
,vith but minor changes.



Temporary 60 day "freeze" order
establishing maximum wholesale and
retail prices for a number of com-
modities, including mutton, previous,
exempt from price control action
under the Emergency Price Control Act


Wool and Wool Tops and Yarns


Price Schedule No. L9
Issued 12/17/41
Effective 12/18/41


Amendment No. 1
Issued 1/10/42
Effective 1/10,/42

Amendment No. 2
Issued 1/15/42
Effective.1/16/42

Amendment No. 3
Issued 1/17/42
Effective 1/17/42

Amendment No. 4
Issued 1/20/42
Effective 1/20/42

Amendment Ho. 5
Issued 1/29/42
Effective 1/29/42

Amendment No. 6
Issued 2/2/42
Effective 2/2/42


Highest prices during
October 1-December 6,
1941 '


Specific dollars
and cents prices


Specific dollars
and cents prices


Specific dollars
and cents -prices


Highest prices during
October 1-December 15,
1941


Temporary "freeze" order. Establif.e
price ceilings for each seller at the
highest price charged for a similar
item during the period October 1-
December 6, 1941.

Permitted adjustments in ceiling
prices to cover changes in war risk
insurance and ocean freight rates.

Established temporary maximum prices
for certain South American wools,
ereas;. and scoured.

Established temporary maximum prices
for certain tops and yarns for
military fabrics.

Made minor adjustments in prices for
certain yarns.covered in Amendment 3.


Established specific maximum prices
for domestic pulled wools, both
greasy and scoured.

Changed base period for computing
ceilings on wool and wool tops and
yarns (except where specific prices-
had been issued) to conform with
provisions of Emergency Price Control
Act.


Continued -






NOVEMBER 1942


Table 5.- PRICE REGULATIONS AND AMEINDI.ENTS -Continued..

Regulation number : -
egulation nuber Ceiling level Description and provisions
and dateandoo ops ad Cont
Wool and Wool Tops and Yarnes Continued


MPR No. 106
Issued 2723/42
Effective 2/28/42




Revised Price
Schedule No. 59
Issued 3/27/42
Effective 3/27/42


Specific dollars
and cents prices





Specific dollars
and cents prices
or pricing
formulas


Amendment No. 1
Issued 4/24/42
Effective 4/28/42


Amendment No. 2
Issued 4/30/42
Effective 5/2/42

Amendment No. 3
Issued 5/28/42
Effective 7/1/42

Amendment No. 4
Issued 6/4/42
Effective 7/1/42

Amendment Io. 5
Issued 6/5/42
Effective 6/10/42



Amendment No. 6
Issued 7/16/42
Effective 7/20/42


Specific dollars
and cents prices


Specific dollars
and cents prices


Specific dollars
and cents prices
or pricing
formulas


Established uniform maximum prices for
domestic shorn wools by grade and
staple, clean basis, Boston market.
Prices established in this schedule
were slightly higher than those per-
mitted under Price Schedule No. 58.

Established new or revised dollars and
cents maximums for domestic pulled
wool, wool tops and noils, foreign
pulled wool, wool yarns, and South
American shorn wools. Also provided
a pricing formula for scoured domestic
shorn wools and British Empire wools.

Defined wool for purpose of price
regulation to include fleece of sheep
or lamb, hair of Angora or Cashmere
goat, or of the Camel, Alpaca, Llama
or Vicuna.

Provided that individual sellers
having abnormally low ceilings might
file petition for adjustment.

Established specific maximum prices
for sales and deliveries of 10-1/2 oz.
shirting flannel to U., S. Government.

Provided additional prices for sales
and delivery of 10-1/2 ozs shirting
flannel to U. S. Government.

Established specific maximum prices on
scoured shorn domestic wools, South
American wools scoured in the U. S.,
and on certain grades of processed
noils and wool yarns.

Provided method for determining ceil-
ing prices for deliveries of wool
against futures contracts and formula
for adjusting ceilings on futures
contracts to changes in war risk
insurance.


Continued -


- 22 -









- 2 -


Table 5.- PRICE REGULATIO:!S AIID AiE~DIDl lTS -Continued

iegu.lation number Ceiling level : Descriotion and provisionss
and date .:
Wool and Wool To s and Yarns Continued


.-endment ho. 7
IJsued 3/17/42
Effective .,'22,142


Specific dollars
ani cents prices or
pricing formulas


amendment 11o. 8
Issued 9/24/42
Effective 9/30/42


amendmentt l;o. 9
Issued 10/5/2,/
Effective 10/./142


Rceiscd prices for forEimn pulled v:.
and foreign wools rceured or carbonize
in the United States. Revised pricrin
formulas for yarns of blended wool an-
other fibers.

Provided that after September .0, war
ris.< insurance rates used in adjusting
ma.-imum prices for wool and wool tops
should not exceed the rate offered
b:' the WJar Shipring Administ rat ion.

Provided for maximum prices for wool
and wool tos and y;arns which could
not be determined under Regulation
No. 58.


Raw and Processed Wool Waste Materials


IPR I1Io. 12
s sued 724/42/
Effective 4/28/42


Amendment No. 1
Issued 5/20/42
Effective 5/20/42

Amendment No. 2
Issued 8/15/42
Effective 8/20/42

Amendment No. 3
Issued 11/142
f fective 11/17/42


Specific dollars
and cents prices
or pricing
formulas. Based on
October 1-15, 1941


Specific dollars
and cents prices
or pricing
formulas


Established specific maximum prices
for 2,865 items under six general
classifications of .raw wool waste
materials. Also provided pricing
formulas for processed wool waste
materials which comprise clips, etc.
cleaned and reduced to a fibrous
condition.

Made provisions regarding enforcement
of Regulation No. 123 and licensing of
dealers in waste materials.

Defined processed wool waste materials
to include wool materials in combina-
tion with other fibers

A substantial revision of former price
tables. Reclassifies materials and
adds new classifications. Ceilings
generally will remain at the
October 1-15, 1941 levels.


Continued -


LVS-7


___ __ ~






NOVEMBER 1942


Table 5.- PRICE REGCULATIOI1S AND A !4MIIIEITS Continued

Regulation number C:eiling level : .Description and provisions
and date_ __
Finished Wool Products


GMPR
Issued 4/28/42
Effective 5/11/42
(Wholesale)
5/18/42
(Retail)


14PR No. 157
Issued 4/42
Effective 7/1/42


Highest prices 'during
March 1942






Pricing formulas
based on highest
prices prior to
April 1, 1942


Amendment No. 1
Issued 6/16/42
Effective 6/16/42


Amendment No. 2
Issued 6/18/42
Effective 7/1/42


Amendment No. 3
Issued 7/6/42
Effective 7/7/42

Amendment No. 4
Issued 7/23/42
Effective 7/27/42

Amendment No. 5
Issued 8/1/42
Effective 8/6/42


Amendment No. 6
Issued g/13/42
Effective 8/19/42


Established price ceilings on com-
modities not already covered by.
provisions of other price regulation
at the highest prices charged in
March 1942. Applied to wholesale and
retail prices of finished wool
products.

Superseded GMPR for determining
maximum prices of wool textiles sold
to War Procurement Agencies. Permits
adjustment of maximums for certain in-
creases in material and labor costs
between time of previous sale and
March 31, 1942.

Exempted sales by or to Army canteens,
post exchanges, ships' service
activities from the provisions of
MPR No. 157.

Permitted certain contractors to file
petitions for adjustment of maximum
prices and provided for sales and
deliveries pending apsenls.

Exempted emergency purchases for
immediate delivery from the provisions
of MPR No. 157-

Defines "Textiles, Apparel and Relatec
Products" as used in MPR No. 157.


Limits "Last previous sale" on which
maximums are based to sales made
between April 1, 1941 and March 31,
1 42 and temporarily exempts sellers
who made no sale in above period from
provisions of MPR No. 157 and ;JMPR.

Exempts sales of field jackets sold ta
military agencies from provisions of
MPR No. 157 and GMPR if contract was
made prior to July 27, 1942.


Continued -


- 24 -




r ~ --------------------- ------ -~---- -------


LWS-7 25 -

Table 5.- PhICE REGULATTlC'S AK.D A;.LE ;ITS -Crontinued

Regulation niomoer Ceilin, level : Descrintion ani provisions
and dat e :
Fini d '..l Pro -Ct CorI:tiruedl


" I o. I t T
Issued 16/L/U12
Effective 6/22/42


Sea sonrLal 1r.icing
fo r.nul ac


Amendment i7o. 1
Issued 6/2,?/42
Effective 6/23/42

Amendment H'o. 2
Issued 7/27/42
Effective 7/31/42

Amendment No. 3
Issued 7/28/42
Effective 7/29/42

Amendment No. 4
Issued 9/2/42
Effective 9/8/42


Amendment No. 5
Issued 9/19/42
Effective 9/25/42

Amendment No. 6
Issued 9/24/42
Effective 9/29/42


Pr.'viled formulas for calculating
:Tai Lmum pric- f:o.r ci'vili-a apparrl
fpbric- based on opening. prices of
la't previous selling season plus
percentage mark-uis.

Provided o-tion]l method for deteR-'i..-
in .jobbers' ceilings.


-.adle aiju'-tments in marK-ups permittc
to jobbers and amended certain
definitions.

Provided for sales and deliveries pe:--
ing appeals for price adjustment.


Provided formula for determining
maximum prices for "similar" fabrics.
Provided "standard opening price"
cai--.

Provided that manufacturers' maximum
prices be determined to nearest
2-1/2 cents per yard.

Provided method for adjusting ceiling
prices of jobbers who incur special
expenses in connection with styling at
designing of fabrics.




IOVELRPER 1942


Livestock: Marketings and slaughter statistics, by species,
October 1942, with comparisons

Jan.-Sept. : 1941 : 192


Item U-nit 1940 1941 : 1942

S


Cattle and calves -
Number slaughtered under
Federal inspection:
Steers ......................:Thousand: 3,722
Cows and heifers ...........: : 3,021
All cattle .................: : 7,047
Percent cows and heifers :
are of total cattle .......: Pt. 42.9
Calves .....................:Thousand: 3,953
Average live weight: :
Cattle ......................: Lb. 943
Calves .................... 186
Total dressed weight: :
Cattle .....................:Mil. lb..: 3,643
Calves ...................... 412
Shipments of feeder cattle and :
calves to seven Corn Belt :
States 1/ ................. Thousand: 1,262
Hogs -
Number slaughtered under
Federal inspection ...........: :34,433
Average live weight ...........: Lb. 236
Percent packing sows are of all:
purchases at seven markets ...: Pet. : 13
Total production under :
Federal inspection:::
Pork .......................:Mil. b.: 4,554
Lard 2/ .... ................: 1,085
Average yield per hog: :
Pork ........ ...............: Lb. : 133.1
Lard 2/ ....................; : 30.9
Storage stocks end of month:
Pork ...................... :Mil. lb.: --
Lard 2/ ....................: "
Sheep and lambs -
Number slaughtered under
Federal inspection ...........:Thousand:12,739
Average live weight ...........: Lb. : 86
Total dressed weight ..........:M1i. lb.: 514
,Shipments of feeder lambs to
seven Corn Belt States 1/ .... :Thousand: 2,100
Total dressed weight of live- :
stock slaughtered under
Federal inspection .............:Mil. lb.:10,611


4,059
3,461
7,882

43.9
3,993


4,766
3,944
9,067

43.5
4,205


960 960
191 201


4,153
430


4,758
474


1,029 1,072


32,035 37,878
243 246


- Oct. 'Sept. Oct.


512
551
1,119

49.2
536


515
595
1,159

51.4
513


1,28Q


578


956 929
220 244

578 571
65 70


405 294


4,157 3,843
234 250


11 13 1L 23 16


4,405
1,066


5,297
1,241


138.7 140.9
33.4 32.8


550 558
127 118

132.7 145.6
30.7 30.9


313 270 3/ 255
173 62 3/ 56


13,447
89
560


14,980
89
619


1,907 1,923


11,009 12,849


1,682
85
67


2,223
85
87


2,344


956 720 976


1.435 1,449


I/ Total shipments direct and from public stockyards to Ohio, Indiana, Michigan,
Wisconsin, Minnesota, Iowa, and Nebraska.
SIncluding rendered pork fat.
SPreliminary.


- 26 -






- 27 -


Livestock prices per 100 pounds (e-:cept where noted), by species,
October 1942, .-with comparisons

: 1941 Oct, : 1942
Item annual :1924-29: 1940 194 Aug. :Sept. Oct.
: .vcragfe:averR e : :
: Dol. Dol. Dol. Dol. D Dol. Dol. Dol.


battle and calves -
beef steers sold out of first :
hands at Chicago:
Choice and Prime ..........:
Good .......................
Medium ....................
Common ....................
All grades ................
-ood grade cows at Chicago ..:
Vealers, Good and Choice at :
Chicago ...........:........
Stocker and feeder steers at
Kansas City ................
Average price paid by packers:
All cattle .................
Steers .................... :
Calves ....................:
lons -
Average market price at
Chicago:
Barrows and gilts .........
Sows ......................
All purchases ..............:
Average price paid by packers
Average price No. 3 Yellow
corn at Chicago 3/ ..........
Hog-corn price ratio at
Chicago 4/ ........ ........:
sheep and lambs -
Slaughter lambs, Good
and Choice grade at Chicago .:
Feeding lambs, Good and Choice:
grade at Omaha ..............:
Eves, Good ani Choice grade
at Chicago ..................
Average price paid by packers
for sheen and lambs .........:
Index retail meat prices 5/ ..
Index income of industrial
workers 6/ .................


12.23
11.36
10.02
8.64
11.33
8.43


14.32
12.65
10.44
8.31
-12.04
8.00


12.17 12.70

9.93 1/8.88


9-.14
10.67
10.12



,9.47
9.34
9.45
9.42


7.82

9.72





10.55
10,69


70.4 90.7

13.4 11.9


11.32


13.45

12.92


5.43 5.67

10.16 12.32
92.4 102.8


13.11 11.88 15.77
11.72 11.36 14.87
9.54 10:32 13.38
7.08 8.64 11.27
11.87 11.55 14.87
7.11 8.61 11.29

10.93 13.41 14.88

8.52 9.53 12.05


7.83
10.21
8.00


9.01
10.87
10o.o4


11.52
13.28
12.40


6.35 10.63 i4.74
5.98 9.65 13.95
6.25 10.41 14.37
6.18 10.39 14.28

64.3 69.5, 84.4

9.7 15o0 17.0o


9.34 11.63 14.77-

8.73 10.88 12.94


3.96


8.
85.


127


15.69
'14.63
12.87
10.79
14.84
11.11


16.32
15,07
13.10
10.78
15.21
12.21


11.61 11.83


11.10
13.10
11.85



14.67
14. 18
14.45
14.31

84.1

17.2


14.20

12.89


5.14 6.01 5.95


2/





14.97
15.00
14.98


77.3

19.4


14.32

12.20

5.78


29 10.35 11-87 11.57
2 97.1 111.4 112.4

99 139 182 184 21


1925-29 average; not available prior to 1925.
Not available.
Cents per bushel.
/ number of bushels of corn equivalent in value to 100 pounds of live hogs.
Bureau of Labor Statistics, converted to 1924-29 base.
Bureau of Agricultural Economics, 1924-29 = 100.





NOVvEBER 1942


Wool: Mill consumption and machine activity, United States,
selected periods, 1940-h2


Item


S ___ Aggregate : Weekly average
J _ar_ Sept. Aug.
: 1940 11 Jan.-Sept. Sept. Ag Sept.
11941 1942 1941 l/: 1 2 1429 )
_____:_______ _____:_I_______ I___________ I1.
: 1,000 1,000 1,000 1,000 1,000 1,000 1,000
: pounds pounds pounds pounds pods s pounds pounds


Mill consumption
(revised basis) 4:
Grease basis ^j
Apparel wool- : 639,618 967,685 703,078 796,456 20,125
Domestic .......: 486,756 493,934 343,760 377,045 11,o4i
Foreign
(duty paid) ....: 152,862 473,751 359,31s 419,411 9,034
Carpet wool-
Foreign
(duty free) ....: 138,746 199,453 147,755 46,879 3.931
Scoured basis
Apparel wool .....: 309,163 509,014 372,63) 425,34s 10,441
Carpet wool ......: 98,708 138,917 102,534 33.,657 2,803
: Weekl:, average in hours


21.629 19,90t
11,547 10,71

10,02 9,18g


66s


11,343 10,43
500 60


Machine activity
Hours per available:
machine
Worsted combs ....:
Bradford ........:
French .........:
Worsted spindles .
Woolen spindles ..
Worsted and
woolen looms
Broad ...........
Narrow .........:
Carpet and rug
looms
Broad ..........:
Narrow .........:


55.1
43.5
79.4
37.7
43.2


39.0
13.6


37.9
21.9


86.7
74.9
110.6
61.0
63.


61.4
31.7


85.2
72.8
110.6
-59.8
62.6


60.0
-30.4


50.8 50.4
30.8 30.9


Compiled from reports of the Bureau of the Census.
S4-week period.'
Revised.
5-week period.
New basis adopted by'the Bureau of the Census in January 1942. Apparel wool
includes all domestic wools and all duty paid foreign wools. Carpet wool includes
only foreign wools entered free of duty for the manufacture of floor covering, pre
cloth, knit or felt boots or lumbermen's socks. In this table data for 1940 and
1941 have been adjusted to the new basis.
V/ Total of shorn and pulled wool. Pulled wool, grease basis, is in condition
received from pulleries and is mostly washed.


91.2
78.5
115.4
58.7
74.1


71.1
34.2


41.. 8
23.5


88.2
-77.2
110.3
.63.5
68.6


62.1
S37.9


53.5
30.3


92.0
78.1
118.4
61.9
75.4


71.3
31.6


38.6
19.1


84.2
72.2
107.0
57.7
73.2


69.5
31.4


36.6
18.2


- 28 -







LVWS-7


Average : 1941 : 1942
Item 1939 1940 1941 Oct. : Aug. "Sept. Oct.

: Cents Cents Cents Cents Cents Cents Cents


Boston market-
Territory, scoured basis-
64s, 70s, 80s (fine) staple
combing ....................... :
56s (3/8 blood) combing .......:
46s (low 1/4 blood) ...........:
Bright fleece, greasy-
64s, 70s, SOs (fine) delaine ..
56s (3/8 blood) combing .......:
46s (low 1/4 blood) ...........
Foreign wool in bond
at Boston Lj
Sydney scoured basis
64s, 70s, good combing .......:
Cape scoured basis
12 months, combing ...........
Montevideo grease basis -
Merinos (60-64s) .............
Is (56s) ..................... :
Prices received by farmers,
grease basis, 15th of month ..

Textile fibers:
Wool, territory fine staple 2/:
Cotton, 15/16" Middling / .-.
Rayon ,'arn, 150 denier ....:
Rayon stable fiber /j
Viscose 1-1/2 denier ........:
Acetate 5 denier ............:


82.7
69.3
62.6

32.9
36.2
35.5


96.3
79.7
76.1

38.0
41.2
41.0


58.6 67.9

53.7 62.9


26.1
28.3


31.2
32.4


22.3 28.3


82.7
9.30
51.6


96.3
10.17
53.0


25.0 25.0
46.0 43.0


108.8
91.2
82.3

43.1
46.8
46.5


109.5
95.0
85.2

43.0
49.5
50.0


119.0
101.5
91.5

47.0
50.0
49.5


119.0
103.5
91.5

47.0
53.0
49.5


119.0
103.5
91.5

47.0
53.5
49.5


72.7 70.5 79.0 79.0 79.0

70.9 68.7 76.5 76.5 76.5


40.4
38.6


41.5
39.5


43.0 43.0 43.0
42.2 42.2 42.2


35.5 36.2 39.4 39.7 39.7


108.8
13.92
53.6


109.5
16.49
53.0


119.0
18.57
55.0


119.o
18.72
55.0


119.0
18.0
55.0


25.0 25.0 25.0 25.0 25.0
43.0 43.0 43.o 43.0 43.0


Compiled from reports of the Agricultural Marketing Administration except as
otherwise noted.
Before payment of duty. Compiled from the Boston Commercial Bulletin.
2Scoured basis, Boston market.
/Average at 10 markets.
5/ Domestic yarn, first quality, Bureau of Labor Statistics.
/ F.o.b. producing plants, Bureau of Labor Statistics.


29 -

Prices per pound of wool and other textile raw materials in
the United States, selected periods, 1939-42








AVERAGE PRICES OF SHEEP, LAMBS, M.UTTON.
AND LAMB, JULY 1941-TO DATE
DOLLARS
PER 100
POUNDS L LAMBS AND LAMB

25

C Good grade lamb I
Carcasses, Chicago
20 __-----

P\ood and choice grade
lambs. Chicago'
15



10 M-0. ..E..... :


U. S. average price.
5 received by farmers
f.or ambs



20 -
SHEEP AND MUTTON

15

Good grade mutton, I
Chicago
10
Good and choice gradi
I* l ~ -ewes. Chicago

5I


1941 1942
*NO QUOTATION


U.S. DEPARTMENT OF AGRICULTURE


NEG. 42715 BUREAU OF AGRICULTURAL ECONOMICS


FIGURE 2.- LAMB PRICES WERE EXEMPT FROM REGULATION UNTIL LATE
SUMMER, WHEN PRICES FOR LIVE LAMBS ADVANCED ABOVE THE JULY'1919-
JUNE 1929 AVERAGE. SHEEP PRICES HAVE BEEN BELOW ALL FOUR OF THE
MINIMUM CEILING LEVELS SPECIFIED IN THE EMERGENCY PRICE CONTROL
ACT, BUT CEILING PRICES FOR MUTTON WERE ESTABLISHED EARLY IN OCT-
OBER FOLLOWING AMENDMENT OF THE ACT.



















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