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:
AA00012196:00009

Related Items

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

Full Text
A 3L/+


Ii 4SI UATIONA/1
^i-t^^^ -- -^- SIT UAT ION


LWS 45


BUREAU OF AGRICULTURAL ECONOMICS
UNITED STATES DEPARTMENT OF AGRICULTURE
MARCH AP


'RIL 1946


PRICES RECEIVED BY FARMERS FOR MEAT ANIMALS AND FOR
FEED GRAINS, UNITED STATES. 1935-46
INDEX NUMBERS (1935-39=100)
PERCENT
Meat animals

1751


150 --


125 --
*-*
I' II



I,
100 -- -

800
e%
7 5 ---- F -_ _


5 0 .. ., o 1, ., n .. n i ., ., ., .. .. ... J ,n 1 I d n I i a 1. n i l,
1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946
U.S. DEPARTMENT OF AGRICULTURE NEG.45B91 BUREAU OF AGRICULTURAL ECONOMICS


Meat animal-feed price relationships favored increased meat animal production
during the early years of the war. But feed grain prices rose sharply in 1943 and early
1944, and the meat animal-feed price relationships became less favorable for heavy live-
stock feeding. Prices of meat animals in 1946 probably will average at least as high as
in 1945. But feed grain prices are likely to advance relative to prices of meat animals
largely as a result of the smaller supply of feed grains per animal unit and the unusually
strong demand for grains this year. Some reduction in total output of livestock pro-
duction will occur in 1946, chiefly in milk and poultry products. Production of meat is
ex1Fcted to be close to that of 1945.








MILLIONS

6

4

2

0
THOUSANDS

900

600

300

0

DOLLARS
PER 100
POUNDS


12

9


LIVESTOCK SLAUGHTER AND PRICES
FEDERALLY INSPECTED SLAUGHTER, UNITED STATES*
I -I I I THOUSANDS I- I- I


1,200

800

400

0
MILLIONS

3

2

1


I I I I l 0 1
MARKET PRICES AT CHICAGO
s ES DOLLARS _
PPER PURCHASES) PER 100
I I POUNDS (


JAN. APR. JULY OCT. JAN. APR. JULY OCT.
INCLUDES SLAUGHTER INf "FULMER' PLANTS SINCE 1941, NOT PREVIOUSLY UNDER FEDERAL INSECTION

U. S. DEPARTMENT OF AGRICULTURE NIG. 45881 BUREAU OF AGRICULTURAL ECONOMICS


FIGURE I





j#VSJ45 -3-


THE LIVIS TOCK AND W 0 0 L SITUATI 0 NO


Approved by the Outlook and'Sitdation Board Aprn1 3, 1)4*6



Contents
'-uFI!vue
Psee :

:Summary ........................................... 3
:Livestock Outlook ...................... ..............6
Government Actions .................................. 13
:Subsidy Programs for Meat Animals ................... 15 :
!Wool Situation ...................................... 22 :



SUMMARY

Demand for meat will continue strong through 1946. Government pur-

chases for export will be at least as large as in 1945, and high incomes of

dome-tic consumers will continue. Meat production probably will be close to

the high of 1945. Prices of all classes of meat animals will be at or near

present levels through midyear, but during the latter half of the year will

depend partly on ceiling prices and subsidy programs in effect. Without

ceilings, the retail price of meat in the second half of the e.'er probably

would average 15 to 20 percent above present reported prices, with a somewhat

greater rise taking place on the better grades and mor6 desirable cuts.

Hog slaughter is likely to continue larger than a year earlier throughout

*the remainder of 1946, reflecting 3n part the 12-percent increase in the

1945 fall pig crop over a year earlier, and probably earlier marketing of

the 1946 spring pig crop. Slaughter during the late fall and early winter

of 1946-47 will depend largely on the size of thb 1946 spring crop, which is

not likely to be greatly different from the 1945 spring drop of 52 million

head.





R'L1RCH-iPRIL 1946 4 -

-To.- marketings during the rest of the year will be at lighter weights

than a year earlier, when they were 35 to 40 pounds heavier than avor -e.

The reduction in weights will reflect higher prices and smaller supplies of

corn and other feed rr-.ins than a year ago.

The number of cattle and calves on hand January 1, 1946 was only 3

percent below the peak of l1L4, and the potential sup-oly of cattle for slnurhter

in 1946 is large. However, slaughter-of cattle under Federal inspection

since November has fallen considerably below that of a year earlier, although

total cattle sl1u-hter continues at a high level, While soge decline in

numbers of steers and yearling beef heifers occurred in 1945, most of the 2

million head decline in total cattle numbers was in the reported number of

milk stock. The number of berf cows and heifers 2 years old and over on hand

January 1, 1946 was an all-tine high, indicating that production of cattle

for slaughter in the next 2 or 3 years will continue large. Supplies of fed

cattle for market in the late summer and fall of 1946 are likely to be less

than a year ago, reflecting smaller supplies of feed grains and other concen-

trate feeds and current high prices of feeder cattle in relation to prices

-of fed cattle.

Federally inspected slaughter of sheep and lambs in February set a

new high for the month and in March continued above a year earlier. Priot to

February, Flqui-hter had been running less than a year earlier. Large slaughter

in February and March resulted from the reduction in January when many pckine

houses were shut down and from the h-igher rates of subsidy payments on lambs

effective February 1. Lamb slaughter -nrinn-in- in April is likely to be less

than a year earlier because of a sharp decline in the 1946 lamb crop. The

early spring lamb crop w-s estimated to be 13 p.-rdent less than in 19*45 and

to be the smallest in almost 20 years.







LVIS-45 5 -

The Departrnc t of Agriculture ar-n OPA announced March 2 that ceiling

prices on hrivy hogs would not be lowered boforo September 1. Reductions

had been proposed as a means of inducing farmr;rs to markets hogs at lighter

weights 6o conserve grain. It was anrouncod March 2 that the 50-cent nor

100 pound subsidy paid on certain weights .tnd rice classes of cattle marketed

for slaughter will be terminatc'd June 30, 1946. This subsidy had the purpose

of encouraging grain feeding of cattle.

Government subsidies on meat animals totaled approximately 1.2 billion

dollars fron mid-lP43 through December 1945. Pa:*no:.fs to slaughterers by

Reconstruction Finance Corporatiorn amountoC. to 210 million dollars in 1943,

487 million dollars in 1944, and 471 million dollars in 1945. In addition

direct payments to producers by Commodity Credit Corporation in-1945 amounted

to 14 million dollars on sales of cattle and 10 million dollars on sales -of

sheep and lambs.

Shorn wool production will again decline this year it line with the

8 percent smaller number of stock sheep on January 1, 1946. The probable

1946 production, about a fourth smaller than the record 1942 production of

392 million pounds, will be the smallest production since 1927. Because of

roduco2 sheep slaughter, prm'uction of pulled wool also is likely to be smaller

than last year when 66 million pounds of pulled wool wore produced. Wool

production may decline further in the next yoar or two, but probably at a

rate loss rapid "than that of the past 4 years-




:iARCH-APRIL 1946 -

At the beginning of 1946, .stocks of domestic and fc.roi.n npparol wool

available for commercial use in the United- Statos totaled -797 million pounIs,

grease basis, about 50 million pounds larger than a year earli or.... More *han

half of this total wasi domestic wool hold by the Co-niodity Crodit Cor: ration.

Total mill consumption af.domestic and foreign wool in 1946 is likely to be at

least double domestic 'production, The carry-over of domestic wool into 1947

is likely to bo reduced greatly if Govornment.selling prices remain sufficiently

attractive. In 1945, only about one-fourth of the wool used by United States

mills was of domestic origin..i

Combined exports:of wool from the five Southern Hemisphere countries

this season probably will bo much larger than in any of the past 3 seasons.

But the carry-over in these countries this summer and fall probably will not

be greatly different from the 1945 carry-over of approximately 3.1 billion

pounds, actual weight. The British Joint Wool Organization hold about four-

fifths of the 1945"total carry-over in Southern Hmonisphere countries, and will

hold an equally large proportion of the 1946 carry-over.

OUTLOOK

Demand for Meat to Exceed Supply- in 1946

Total production of moat in 1946 may be close to that of 1945. Exports
are likely to be at least as large. But military procurement is scheduled to
be around one-fourth .of last year, when a reported 3.6 billion pounds of meat
(dressed carcass weight) wore purchased for the armed forces. The supply of
meat available to civilians in 19%6 may be 145 to 150 pounds per person compared
with 130 to 135 pounds per person in 1945. Despite this increase, the supply
of moat will bo insufficient .to noot consumer domr.nd in fu1,. at prosort prices,
at least through early fall. Consumer income and retail prices of commodities
and services generally aro now forecast at higher levels than a few months ago.
It is now estimated that civilians in 1946 would take about 165 pounds per -erson,
at present reported prices. If price ceilings on moat were removed, the average
retail meat price in the second half of the year probably would be 15 to 20
percent above present roportod lovols, and somewhat higher than this for tho
better grades and more desirable cuts.






Fodorally inspected moat output in Januar'--,.rch totaled slightly greater
than a year earlier. Output of pork, a third larger than a yoar ago, more
than offset lower inspoctod production of boof an' veal. '(A largo noninspoctod
slaughter of cattle is reported.) Lamb and mutton*production was slightly
larCoger than a year oarlior. Although civilian supplies of moat aro materially
larger than a year oarlior because of roducod military procuromont, the supply
has not boon largo enough to fill all civilian domnands, at current prices, and
tho effective demand for export.

The Department of Agriculturo has incroasoed set-asidos to aid in the
purchase of moats to fill export roquiromonts. Purchases in tho first 3 months
of the year wore at an annual rate of around 1.4 billion pounds,drossod moat
basis. Allocations for export during the year aro 1.6 billion pounds. Purchases
of cured and frozen meat by the Department increased in Fobruary.and -IIarch over
the low level of January. .Contracts lot for the purchase of canned moat in
March wore substantially larger than those of February.

Commercial and Government stocks of moet aro not largo' in relation to
current output. Holdings of peats and edible offals in commercial cold-storage
warehouses. and mo.t packing plants on March 1 totaled 713 million pounds, com-
pared with 592 million pounds 2. year earlier and the 1911-45 average of 902
million pounds. March 1 stocks this year word only 18 percent creator than
on January 1, although they usually'are 20 to 25 porcont creator. Commercial
stocks of mount usually reoch a seasonal hi-h in early March. With ceiling price:
on moat, which have no seasonal variation, there is not the usual incentive to
store moat in the period of peak production for withdrawal in the period of
seasonally small supply.

Moat Animal Prices To Continue
Close to OP'... XhxiMuMns

Moat-animal prices during the second quarter of the year will continue
close to the maximums permitted by ceilings on live animals and moat. Hog
prices are likely to head to ceilings oven duri* tho peak marketings of fall pig
in late spring. Prices of lowor grade cattle have increased seasonally since
early fall and some further-seasonal increase in prices is likely. Unit re-
turns from sales of lambs are expected to continue nmaterially higher than a year
earlier through midyear, -reflecting continued hi-h market prices and the direct
subsidy payments on sales of !-lau'-hter sheep and lambs.

Each month since January 19415 the average price received by farmers
for hogs has boon $14-1.00 or more per hundrodwoibht. The avorago of 014.20
recorded in November and December 1945 and again in FRbru.-.ry a.nd March 1946, was
the highest since April 19K3. Since midsummer 19'4, virtually all hogs have
sold at ceiling prices, with only a few of lew quality selling bolowv ceilings
for any extended time.

The average price recoivod by farmers for cattle in February and March
was. hi-her than a year- earlier and Ywas higher than the previous record high
pricess in 1943. In February and -arch, prices of feeder stooeers at Kansas City
averaged the highest in 22 years of. record.


LUS-45


- 7 -




AARCH-A.PRIL 1946


Prices received by farmers for lambs in February and ilrch wore almost
as high 'as a year earlier. T"nit returns in February and. hnrch this year
were higher than a yaar earlier by nearly the amount of the direct.subsidy of
$3.15 par 100 pounds paid on lambs weighing ver'90 pounds and 02.50..on
lambs from 65 to 90 pounds.

If present subsidies to slaughtorers and present ceilings continue in
the second half of 1946, prices of hogs and beef cattle probably will continue
ne1r the level of the latter half of 1945. If sheep and lamb subsidy payments
to farmers continue at the same rates as in the pest, returns to producers in
the last 6 months of 1946 probably would be greater thr.n during this period
a year'oerlier.

No.Change in Hog, Ceilings Before September 1, 1946;
Hog Subsidy May Be Reduced

The Government announced arcl 2 that there will be no chac.ve in
ceiling prices for hogs prior to September 1, 1946. However, the Office of
Price Administration has announced that that agency will confer with its
indiAstry advisory committee to consider lowering the ceiling prices on heavier-
weight butcher hogs aLfte-r September 1, and to consider lowering the subsidy
on heavier hogs before Sopteomber 1. Such changes would encourage :n'r:-oting
of lighter weights as a food conserving measure.

More Hogs to be Slaughtered This Year
Than Last But at Lighter Weights

Spring and summer slaughter of hogs in 1946 will oxceeood that of a year
earlier because of markotings from the 12-poroont larger fall pig crop,
Slaughter during the last throo months of the yoar will be determined largely
by the size of the spring pig crop,- which nay be slightly greater than tho
1945 spring pig crop of 51.6 million head. Total hog sl-au -litecr in 1946 nay
be 5 to 10 poroont larger than in 1945. However, slaughter weights are likely
to decline from the record voi4-hts in 1945, chiefly as a result of a tighter
feed situation. Pork production may be no greater this year than lIst.

Supplies of Fed Cattle Loss Than a Year Earlier,
But Total Cattle Slaughtor Largo

W0ith the number of cattle and calves on hand January 1, 1946 the third
largest on roc-rd, those p-tential supply of cattle f.-r slaug-hter in 1246 is
still largo. Vh'l.j somo- decline in numbers of stoors and in yearling beeoof
hoifers occurred in 1945, most of the 2 million head decline in total cattle
numbers was in the reported number of milk stock. The number of boof cows
and hoifers 2 years old and over on Jan1.2.r' 1, 1940 was an all-time high,
indicating that the production of cat-clo for sru'htor in the noxt 2 or 3
years will continue largo. Markotings of grass cattle in the second hulf
of the year nmay be close to tho record markotings in tho latter part of 1945.
Smaller supplies of fod cattle for mar-ket this yoar naro likely to result from
smaller food supplies, higher feeding' costs, and high pribos of foodor cattle*
The number of cattle on food January 1, 1946 was 1 porcort loss then a year
earlier. The withdrawal of subsidies to farmers for the bettor grades of
slaughter cattle Juno 30 may induce foodors to market foodlot cattle somewhat
e-arlior. than usual this year.


f subsidies to farmers for the bettor grades of
slaughter cattle Juno 30 may induce feoodors to market feodlot cattle somewhat
-. arnlior than usual this year.







Lamb Sl_-.':htc-to be Below 1945; Early Lamb
Cr.-- -1.3I Pcrcont Undor Year Ago

Bogi:nl' g in April or May, lamb slaughter probably will be loss than
in 1945. Stock shoop numbers on January 1, 1946, estimated at 3'7.5 million
hT 1, wo:ro ? percent less tha -a year earli-'or and wore .the lowest since early
1'. 6. A sharp drop in the 1946 lamb crop will result from the much smaller
nunmbor of roali owes, which accounrtec1 for most of the decline in' stock
si. iai numbers.

Ti-h early sprii.-, lamb crop of 1946 was estimateo2 to be 13 percent
loss thn.ia yoe.r earlior. The crop was the smallest in almost 20 years.
Howover, slr.ujtor of Imjnbs from April through Juno imay not be reduced as
vmuch as is incicatcd by the sharp, doclirne in the early spring crop this year.
If subsidies on shoop and lambs are not continued boyand -midyear, early
nmrkotin'.-s for slaughter will result. To take advantaghqu of higher subsidy pay-
'nonts on. l'.bcs over those on yearlings, a nuch larger than usual proportion
of ol'-cron Texozas labs will be markotod for slaughter early this year.

SIfat Animal Oitput Limited
S F- ::K Sc. ..rci.ty

Livrostock producers in surplus-fooeed areas generally have adequate
supplies offered grains, but many buyers in other areas are finding it in-
creasr..,ly difficult to obtain food grain or byproduct foods.

Cormnorcial supplies of feed grains and byproduct feeds were irizuffic'iett
in the past few months to mooeet the unusual demand at coilirng prices, although
total siU'.rplios aro fairly large. Competition for available supplies of food.
concentrates, especially high protein feeds, is expected to continue intense
at least for several month;:. Disappearance of food has boon large since Octbar,
resulti-ij; particularly froia the heavy feed requirements caused by lower feed-
ing value af soft and vot corn, the feeding of hogs to heavy weights, the
1 a number .of cattle on feed (although less than L. year ago), high feeding
rates for :'ultry an milk cows and strong demand by grain processors.

"T-ho total supply of corn, oats, and barloy, on farms and at- terminal
markets January 1, and what to be fed in January-Jine 195 was indicated to
be almost 4 million tons smaller than a-year earlier and, with a slightly
largr number of grain-c :2.iu. -i a.7iials to be fed, supplies per animal unit
are smaller, "h por-animal-unit supply of the four grains is estimated
at ,52 tons for tzeo first half of 1045, compared with .55 tone a year earlier
and 46 tons in Jarua-ry-Ju.e 194., when c insiderablc liquidation of hogs
occurro' buoause of feod shortages.


L.;;?- 5


- 9--


e of feed shortages.


L.'i;- 5


- 9--




KARCH APRIL 194L


- 10 -


T.ble 1.- January-June supj.lies of corn, oats, and barley, and wheat
United States, average 1938-42, 1944, 1945 and indicated 1946


Item


: Unit


Average
1938-42


S 1944 ;


1945


Corn, Jrn. 1 stocks 1/
C- s, J-n. 1 stocks J :
B3rle', Jan. 1 stocks g/
Total '
Imports, Jrn.-June :
i-:ert fn.d J.n.-June
Tot'1 sunpi.y 4 grains 2/
Animal units .on farrm.s
Jan. 1
Jrn.-J'Uie, total supply
4 gr-i'ns pr animal
unit


1il. bu.
n n :

II If
tl~tons

N II


Millions


Ton


1,969.0
727.0
1' 7.


1,980.7
.1
720.7
172.6


2,135.1
757.6
166.1


1,942.3
1,035.1
147.3


70.54 71.1 75.89 74.8
.-i ed nr


U
2.26
72. 86

132.6


1.O .
6.28
78.62

171.1


00
3.68
80.45

146.2


.0u)
2.2
76.7

146.5


.46


SStocks on farms and at terminal markets.
/ June 1 stocks of corn, oats, and barley, plus


imports Jan.-June, plus wheat fed.


In contrast to the tight supply situation in feed grains, supplies of
hay are generally adequate for livestock feeding for the balance of the feeding
year. Hay prices are moderately lower than a year earlier. Stocks of hay on
farms January 1 were second only to the 1943 record. (January 1 farm hay stocks
have been estimated only 9 years.)

Ceiling Prices Raised on Feed Grains

Effective March 5, ceiling prices of the feed'grains were increased 2
to 5 cents per bushel. Price increases per bushel were as follows: Wheat, 3 cents
corn, 3 cents: oats, 2 cents; barley, 4 cents; and grain sorghums, almost 5 cents.
Ceiling.prices for rye, which will go into effect June 1, will be increased by 4
cents per bushel. These increases were made to allow for increases in the parity
price index. .

In general, unit returns from dairying, in terms of the usual livestock
product-feed price ratios, were favorable to dairymen during all of 1945 and,
including production payments, are continuing above average even with the recent
increases in grain prices. The hog-cor-n price ratio was above the 1925-44 average
for corresponding months during most of 1945, and during the first 2 months of 1946.
In March, the ratio fell below the average -for that month.


for feed,


1946




- --11 -


Trbie 2.-Livestock-feed price" ratios, United States,
March 1946 h"ith compr'risons

7 Feb ru-ry 7 l_____ _______TTThar~h
Comm)d*ty 144:,5-.I .. -..-; 1246 l1.5-4 -145 i.6
- ,- o 146 in 1945ge -946

Hog-corn 12.6 3- 1.- 12.8 13.0 13.1 12.5
Beef cattle-corn : 11.3 10.9 11.4 11. 11.5
ilk-food 1 : 1.28 1.49 1.44 1.2 1,6 .4
Butt:-rf-t-feed 1/ : 24.6 26.4 28.5 24.4 .2 2.4
: 1935-44 135-44
Average -'ve e ..

Eo.--fe'd 11.7 12.5 10. 8 10:.4, 11.55 10.5
Chicleon-feed : 8.3 8.6 7.6 8.5 8.7 7. 7.6
Turk'e.v-feed 9.7 11.9 10.5 9.6 11.7 -,10.0
______ -__ __ __ ___ '_ / -** -" -
1/ Inclu..-dr:-* dairy prbductioh payments beginning' Octbbet' 1943.

High feed-grain prices, together with the difficulty in securing feed
grains and protein feeds, is likely to be reflected in lighter'.riarket weights..
of hogs thfiough the remainder of 1946 than a nat -,earlit. In"'ebruary the
average slaughter weight under Fe'leral inspection were 14 pounds heavier. than
a year earlier and 28 pounds heavier than the 1935-44 rvcrr-7E. M-rket weights.
of ho;-s were reduced materially in March. Decreased grain fcedinr of cattle for
the.sumrw1er and fall market also is probable.

Lamb Feeding Operations This Season
More Favorable Th-n Year Ago

Returns from lamb fodi in the past gi2-fdiiigseason appear to
have been jmore favorable than ian either of the previduid t'io seasonsn, chiefly
as a result of the direct subsidy payments for. fed lambs. 'The. zq.companyin:
table shows a comparison of average price of f edin.- lambs at Omaha in September-
December and average price of slaughter 'l,ambs t-' Cffc---.TiTn iDecember-March. .The
t eb 1e also 'shows the cost of a typical Corn BetV "fcediL:g ration calculated from
reported average pri.ces. receive'd.by.farriers foi" feed. The cost of the frir'-:-
ration,..consisting of 2- bushes of -corn arrd 200 pOundis of .1falfa hey, for
the past fc-:dinc- season was $4.18 compared with $4.29 in the ,1944-45 -season
and $4.23 in 1943-44. The purchase price of lrmbs.for feeding.was consider-
ably higher than a year earlier,..with the average price of good and choice, are
feeder l-rbs at Omaha -last September-Dechnmber nm'ouilhg'to'$l4.56 per loo
pounds compared with $12.44 in -the samep-riod'of: 1944. 'The average.price ofn l4
good and choice slaughter latbs at Chicago for the 4.montnhs period, December
1945- Mrrch'1946 averaged-$15.12 compared with,$15.93 a.year earlier.. The
margin between the market value-of the fedlPmb and the Purchase Price of the
feeder lamb, plus'the cost of the-fe6ding ration, during the past
cesson was $3.48 compared with $2.75 a year earlier and $2.94 2 years to.

The feed ration and prices shown are fairly representative of feeding
operations in the Corn Belt, but, the prices reported are averages for the
season for all of the North Central States and probably do not coincide with
the experiencoaof individual feeders. Labor costs, overhead, death losses,
purchasing and marketing expenses, costs of other feed in-redients or credits
other than from the sale of the fed lamb, are not included in the comparisons.


e fed lamb, are not included in the comparisons.





MARCH-APRIL 1946


Table 3.-Avera-e -rices and values of important itegs affectinr- returns from lamb
fee'inm, specified periods

SItem 1.941-421 1l42-43 a 1943-44 ol 4-45 nl-46
: Dollars Dollars *i-o1rs. Dollars Dollars


: Price

Price per' 100 prnin -of 70ood and
choice ;rade l9u.-hter lam'bs, .
' Chic 1,"Decembtr-March ........! 12.190 15.8 4


Direct subsidy producers, per :
100 pounds .,..................

Price per 100 -oounds of _-ood and.
choice -yrade fSeder lambs, Omaha
September-Decem'br ..............t


price per
farmers.
States,


bu'she-1 -receiVed by .
for corn, North Central :".
October-MArch.............:


per unit _____



15.67 15.93 15.12


.0 .0


.798. :1.0?8


Price per ton received by farmers :
for-alfalfa hay, loose, North :
Central States, Octotber-.-irch 10.66 11601
-- -t


Market value at Chicago good .. .
and choice -r-re 95--cui.d
slaughter lambs ................. 11.58 15.05
1-rridy credit .... ............. ... : .-.0 0

Market. cost of Oxmaha of 65-sound :
feeder lamb .................. 7.08 8.22
Cost of 2-1/2 'bushels of corn....: 1.69 2.00
Cost of 200 pounds alfalfa hay .. -t 1.07 1.10
Total of.cost items shown 1/ .: 9.8 11.32


S0 -.90


.993


16.64 1_.12
:1 value____


l14.89
.0_


7.72
2.57
1.66
11-95


15.93


15.13 14.36
.0 2.76


8.09 0.46
2.48 2.59
1.81 1.59
12.38 _13.64r


Margin of market value of lamb :
over total of cost items shown
1/ ..........................r 1.74 3.73 2.94 2.75 3,48

/ oesT not include purn-h-1--in- or marketinr- exp nses, labor cost, overhead costs,
*or costs of.other feed in.-r-',ients or ,credits for manure. The feed ration and
prices shown are designed to be fairly representative of ''er--e feeding -=rr rienc.;
in the Corn Belty but probably. do not coincide with the experience of individual
feeders.


- 12 -


1Q.89 12.64


11..87 12.44 14.56





LWs-45 13 -
GOVL 'T' ACII44 S
Meat Ceilin: Prices Increased

Increased wholesale meat and lard price ceilings became effective March
11 and :.- -ch .14 to compensate in p rt for recent wae 'r.'ii salary increases in
the meat packing industry. Increases in retail price ceilings were rrd.-: in
late ::nrch and early April.

In rencral, the incrcr ep to the civilian wholesale trade raniie from -25
to 75 cents per 100 pounds for tincured pork products, and 75 cents-to $2 for
smoked, r.d,-to-eat -nd ccl-d'items. Incrcascs in Cana.dian-bacon price ceiling-
ranged from A5.25 on the fresh product up to $3.75 on ready-to-eat types.

Generally, ceiling prices for beef and veal wholesale carcasses and euts
for sale to the civilian m'rk:et were increased 30 cents per 100 pounds, boneless
beef 70 cents, nnd fabricated beef cuts 50 cents. On cured and cooked, beef items
increases r-rr-ed from 75 cents to $4.75 per 100 pounds.

h'.-lesale ceilir's on lemb and mutton carcasses and cuts increased 50
cents; for boneless cuts the increases range from 75 cents to $1.50.

Allowable increases in wholesale ceilings on meat and lard for sale to
war procuremr-nt 9:r.ci-:s were somewhat greater than those for sales to civilians.

Wholesale price ceilings on lard were increased 50 cents per-100 pounds
on sales -to the Government and 25 cents par 100 pounds on sales in the civilian
market.

Increases in retail meat price ce-li--s, to rccompany the higher wholesale
eeilin-s, average around 1- percent. Increased retail ceilings on pork and
be-.f become effective IL-rch 3l and April 1, respectively. ITew retail ceilings
for sausage, variety meats, lamb.and mutton eca-mne effective at a later dat-.

Meat Set-Asides Increased

Toq. aid in procurement of meat by the Government, set-asides on meat
produced under Fider-1.inspection, suspended September 2, 1945, were rein-
stituted October 14 on beef, veal, rnd mutton. The pork set-aside was reinsti-
tutcd February 10, 1945. Since then the set-aside on pork has been increased,
and other set-asides also have been increased by riecn- the number of Strtes
exempt from the orders and'by brordenin- coverage to include some 100 nonfeder-ll;-
inspected plant.* gextjfed e by..the..Departn.ent of..Agricul.ture. as meeting certain
sanitary standrd.; .

Top grAdes of beef warb' exBmpt, from the :set-asides effective March 31. ITo
change was made ih the set-~s.dias: for: the loveir grades.


*




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- 15 -


Pertrictionm on Purchase ofi Grain
by Livestock Feoders

Widepspr-ad restriction on purchases .and use of grain to obtain bette-
distribution and to conserve supplies, was ordered by the Ddpartment of
SL.riculture April 1.

Under the order purchases of grain or graiT products by a livestock
producer are restricted to an amount which will allow him to feed market
bo-s not to erceed 225 pounds, to finish cattle to not better than the good
i-rade, and to feed during tho period April through Septei iber 1946, hot more
'han :'0 perccn( of the number of po-ltry fed during the corresponding months
of l,45. Th.-: order also imposes various corn and sorghum grain inventory
a-nd use restrictions ap-olisable to feeders, mixed feed, and food manufacturers,
r nd :rocessorr. These restrictions prohibit purchases or delivery of corn
I.;- a livestock feeder if the user's inventory of corn and sor-ghum i-r'ins
exceeds a 45-day supply. Livestock feeders' inventories of oats, barley, wheat,
nr other *t-ains, e-cept corn, for feeders who purchase grain, are hot res-
tricted under the order,

SUBSIDY PRaDR S FOR M1~T ANIMALS

During the past three years, Government subsidy payments have been
made to livestock slaughterers and to livestock producer to hold down the
price of meat to consumers and to maintain or increase returns to producers.
A -third objective was to insure slaughterers and meat processors against in-
curring losses because of Government price controls. Subsidy payments to
livestock slPughterers also were used to implement -'ro.-r-rms to control prices
of live animals (with sl .urhterers being forded to comply with ceiling price
r -.*ntions to be eligible for v,-,..vmcrnts), and to. channel more livestock through
f .derill.r inspected pc':ing plants to aid Government procurement and obtain
better merit distribution for civilians in deficit meat areas. To accomplish
the last objective, subsidy payments to nonfederally inspected alqu'-hterers-
were limited for a time during 1945 to a ojrc.ent- e of the kill in a previous
p- rid, with no limitation of payments to plants operating under Federal
insect lon.

Subsidies to Livestock Slaurhterers

In late June and Eqrly, July Q19C4, ceiling prices for meats were reduced
about 3 cents per pound at retail and about 2 cents per pound at wholesale.
The effect of this "roll-back" on prices of live animals was offset by the
.':-ment of subsidies to livesock slaughterers, to enable them to pay pre-
-."ili.n prices for live animals despite the reduction in wholesale meat prices.


on in wholesale meat prices,




L' :-APRIL 1946 16 -

Payments to slaughterers were made by the Reconstruction Finance
Corpiortion. The initialpayments were 1.1 cents. per -pound, live weight, for
cattle and calves; 1.3 cents per pound for hogs; and 0.95 cents per pound fo
shrep and lambs. Later, subsidies on cattle and hogs were increased, ar.d
special subsidies were paid to non-processing slaughterers of cattle.

In late 1943, the slaughter subsidy pa;,m'n1.s on cattle became an intc
rrrl o rt of the cattle. stabilization plan. This plan was inaugurated primar
*ily to establish ccilin.; prices on cattle, and the subsidy payments were used
to. bring about compliance with the price control features of the general
prg.cs stabilization plan. Maximum and minimum prices for cattle by grades
:wre rstablished for ,-:ir-phical zones in the United States. From the cal-
culEc' d: li-rweight sl u-h-er by grades and specified maximum and minimum
prlccz by e-ch grade, the overall limits for the average cost of cattle to
inrmvidurl slaughterers for a monthly accounting period were determined.

If a slauihtererls.total cost for cattle in an accounting period was
higher than the maximum permnissible cost, or was below the minimum permissible
ccvr, deductions were made from the subsidy payments in the amount that cattle
costswero outside the permissible cost range. As a further refinement,
bcrinnin- in early 1945, subsidy payments for cattle costs within the ran-e
wOre rde on a sliding scale depending upon the cost of cattle in a monthly
period. If th. total cost of cattle (including transportEtion costs) to an
individu 1 slaughterer was at the top of the stabilization cost range,
slu-htt'r payments were -:d at the maximum rates; if the total cost of cattle
was b-lo'-- the top of the stabilization cost range, the payments were reduced.

If a court found a violation of an OPA livestock or meat regulation,
the entire subsidy for the accounting period had to be withheld by RFC upon
certification by OPA. This requirement is still in effect. Effective April
1, 19L6, penalties were increased for livestock sl-'ugihterers whose cattle cost
exceed maximum permissible costs. The RFC will now withhold 10 percent of the
subsidy of a slaughterer whose cattle costs exceed the'maximums by no more
than one-quarter of 1 percent, 30 par-r, will be withheld when .the cost
ranges from one-quarter to and including 1 percent, and 60 percent will be
withheld when the cost rang-es from 1 to and including 2 percent above the
maximum. The entire subsidy will be withheld when the cost exceeds the max-
imum by more than 2 percent. The amount of the .net will be reduced 2
c.nts for very 3-cent decline in the cost of cattle from the maximum to the
minImum of the cost range. Previously the payment was reduced 4 cents for,
each 5-cent drop in cost.

To aid in correcting an undue diversion of cattle, calves, and hogs
from feder-lly inspected to n-)ninF-ected plants, payment of subsidies to
nonlr.E-D(ct.2d slaughterers was limited begirinr-n February 17, 1945. Under
these limit-tions, noninspected slaughterers were limited to claims for sub.
sidy payments on only a percontan-e of their kill in the cc.rrespo-riL'ng account-
ing period a %t-r earlier. These restrictions were later extended to sheep
and la-mb slughterers. The percentages were changed from time to time by the
;'rr Food AdIministration in amendments to WFO-126. All such limitations on
noninsocct4.d sl- .rb-'erors were withdrawn May 23, 1945.


j-h_'Verers were withdrawn May 23, 1945.







L S-14 17 ..

SpcciSl subsidies to slaughterers were paid in the petiod April 1-
Octob-r 7.1, 1'4 to assure that. slrurhterers who operated -profitably before
thr w-r '.*o-ild not be re uiredto operate-at a loss 'urinp 1945. Additional
p;-n.t vere 2-de to livestock slaughterers in fulfillment of the Barkley-
.--t-s A..imnd;.ient to the Price Control Act, to insure slaughterers a profit
on ..ch ppe-cies of livestock killed. Such --yiments were made on cattle,,calf,
sha'p, rrc 1 'nb slaughter during the period Julyl- October 31, 1945.

inble c.-Summary of :rijor -h--nes in the livestock slaughter
-z.ent program of the reconstruction Finance Corporation

Sffectiv; :
n s Prinpip' provisions

vn slaughter payments; $1.10 per 10 pounds for live cattle
Late Jun'- -.r.k :nd c lves, $1.50 per 100 pounds for hogs and $.95 per 100 pounds
e.a.rly July :f.r rheep and lambs. Subsidy payments accompanied a roll-babk of
ID4 :ment prices about 3 cents per pound at the retail level and around
_____:r ec.-.'; per -pound at wholesale. ___ ___ _____
Lubsidy '--t'mnts for cattle on the basis of grade. Additional
:'-. er.'- of $.80 per 100 pounds to noni rocessin.c cattle slaughter-
:er. 'T change in subsidy payment rates on calves.
December 1.:47, Ioductions taken from slaughter payments in the amount that
:J1 irhterers paid more than or less than the maximum and minimum
:-C-rt for all cattle slaughtered each month (including transportation
___ ___ __ :ccs.z) under the cattle stabilization plan. ___ __
Janu r:y Y, : F-ynment rates for cattle changed.
lc24r_ ____ __ ___ ______
Subsidy on hogs increased from 1.30 to $1.70 per 100 pounds.
April 1, I' Cttle subsidy payments on a sliding scale depending on aver-
:_recal-gtle costs. ___ ___ ___ ___ ___ _____-
Y 1, '-* C hinged subsidy rates on cattle.
.r.!-d subsidy rates on cattle.
June 4, I'-R Reduced nonLroceFinr subsidy on cattle from $.80 to $.4C per
.__ ________ l*^__^our.ilc. _____ :____ ______ ___ _____ ______
S Discontinued r-r-;rient of $.95 -oer 100 pounds to sheep and lamb
August r, 1 : A p nil--rers. (Special adjustment subsidies were paid on slaughter
*from.i Aril 1 to october 31, 1945. The -Mnm-r rates were announced
Li '-DeMc'ber 1945 retroactive' to the' earlier npriods). _____
-r.creased amount of s-,iTsidy- withheld from slaughterers whose
mor.thly cattle costs exceed the maximum permissible cost.
M:h n Posts exceed maximum byd Percentage of total subsidy withheld:
March 21, 1 A6. : ; to and including 25 percent 10 percent
'r percent to and including 1 percent 30 percent
1 to and ih-cluding 2 percent 60 percent
Dover 2 percent 100 percent
'hanrF.d the rate of subsidy withdrawal as cattle costs fall below
:t he "AF-ximum permissible v't.





MARCH-APRIL 1946


Tle6.-Summary of cattle subsidy payment rates under the slaughiter
..-i.ment program of Rcon!i-ietion Finance Corpozation, "regular packers."

___ ___ ___ ___ (Dollars per 100 pounds, ivewei.-ht)_ ___
Effective date : Choice : Good : Medium : Other
____ ____ and Prime ___ ___ __ ___ grades

June 7, 1943 1.1!? 1.1C 1.10 1.10

December 25, 1943 1.00 1.45 .90 .50

January 29, 195 : 2.00 1.95 .90 .50

April 1, 1945
Subsidy at maximum: : 2.50 2.45 1.40 1o00
Subsidy at minimmnn: 2.00 1.95 .90 .50

May 1, 1945
Subsidy at maximum: 2.75 2.70 1.65 1.00
Subsidy at minimum: : 1.75 1.70 .65 .00

June 4, 1945
Subsidy at maximum: : 3.00 2.95 1.90 1.25
Su'raidr st minimum: : l.SC 1.75 .70 .25

April 1, 1946
Subsidy at maximum: : 3.00 2.95 1.90 1.25
Subsidy at minimum: : 2.00 1.95 .90 .25



Thlle 7.-Subsidies paid by the Reconstriction Finance Corporation
td livestock slaughterers, June 1-3 February 1946

Date Amount
S 1,000 dollars
June to December 31, 1943 : 210,146
Januarylto June 30, 1944 : 251,731 1944 total
July 1 to Decemler 31, 1",44: 235,692 (4g7,416)
January 1 to June 30,'1945 192,104 1945 total
July 1 to Decermber 31, l-7,: 78,514 (470,618)
January 1 to Feiruary 2g96:ll4,636 ____ _____
lotal 1293,163

Source: Reconstruction Finance Corporation


- 1 -




LWS-45


Direct Subsidy to Cattle Producers

On May 19, 1945, the o1ommodiity Credit Corr oration began the payment
of a f'-cent per 100 pound &ubsidy to *;ler. of slauhter cattle r hi',
800 pr^ic or orre that had been' owned by tL ;eller Pdr at least "0 days,
and which sold for the eivalen+ of 1l.'." per 100 d or 1i :.er at
Chicago.. Payments are v.dc by1 Co i rt Corporation' t1., the
offices of the county omrittees of 1he A ri-:-.1tura? A'ijustr.ent A',r.-n' (now
known as Field Service Branch, FIA). The :'bcidy putid direct to irmer.-1:
offered iomK. :*.':cemrnt for t'1e feedIir'- of' little to h vier wei7tts anc
for fee'xc M rore cattle for nvrket.

Direct .pvPents to farmicrs for cattl2 totaled rl.ost 14.5 million n
dollars in 145 on o.-ver 2.- mi lion head c' cattle, according to records of
the Production arn .arI-ctiPg A* inistrati *:. Thcct records also -ho:. that
subsidies paid on 550,000 cattle i-1 Janruary 1946 totaled 2.8 milior dollars.

Direct Subsidies on Sheep and Lamnbs

A subsidy pro-;ra;i to la: fee-1er: aL, Che.p producers, replacing sub-
sidies to alu'ht'rers, became eff least thrcu; June 1946. Payments arc 'nat i tnrou b KAA col;nty cnoni ttecs
to parsons selling sheep and lar)s for slaughter. The proirai secks primarily
to help farmers and ranchers scet ircr)..d o.,-sts of prcdu t-lr 'ithout
increaain, conunier prices on lar'b '; onutton. The echcdulf of p'y:.-,nts
on lan:bs varies seaisonlly. For 65 to 90-pound lar-.s, the rat s 'ary from
l1.50 to '2.0 rcr 100 pounds. F-or torIs over pounds, pfy' .:'ts r .nrc'
fror )'.15 to .15. P-ayment rat. for -11l other sh ;p .nd lor:b ar e 1.00
per 100 pounds without s osonal v-ri-.P'ion.

The CCC pai. out almost 10 r'11lion dollars in 1945 under the shI-op
subsidy program.


- 19 -





LJ' ."-,-PRIL 1946


Table 8 .- Prices received by farmers for meat animals and for feed grains,
United Stat---s, 1935-46
____~__________(Index numbers 1935-39 = 100)
____________ ______ ____Meat animals / _____ _____
Month: 1935 : 1936 1937 : 1938 : 1939 1940 : 1941: 1942 1945: 1944: 1:45 1946


Jan. : 81
Feb. : 89
Mar. 99
Apr. : 100
May : 102
June : 102
July : 97
Aug. : 106
Sept. 106
Oct. 100
Nov. 94
Dec. 98


101
103
101
104
99
99
97
100
100
96
94
98


107
106
109
110
113
117
121
124
118
110
98
92


96
99
99
97
97
92
91
87
99
97
92
88


.111 159 173 163 171 173
110 145 12 167 176 180
110 150 1C.5 171 177 Il4
116 159 1:5 171 I1'
117 159 162 169 1..2
121 160 179 168 1i2
128 162 176 166 !il
131 166 175 169 17I
138 164 175 16h 174
131 166 171 169 170
126 164 162 1C-. 171
134 165 165 166 171


Feed grains 2/


Jan. 135
Feb. 132
Mar. : 129
Apr. 131
May : 128
June 121
July 113
Aug. : 108
Sept. 104
Oct. 98
Nov. : 80
Dec. 76


77
80
81
81
84
85
114
147
148
141
137
141


150
153
154
170
172
163
160
135
125
86
74
74


84 114 133 178 168 171
84 120 138 179 167 174
86 122 145 10 169 17
92 123 152 1f2 167
96 1IS 155 1&2 167
98 12I 161 1,-I 169
99 122 IC4 i:2 170
100 122 165 178 167
105 121 16P 173 165
98 115 16- 170 169
98 114 167 165 170
105 121 175 1C5 169


I/ Cattle, calves, sheep, lambs, and hogs.
/ Corn, oats, and barley.


- 20" -




LWS-45 21 -


Livestock prices per 100 pounds (except where noted), marketing and
slaughter statistics, by species, February 1946, with comparisons
____________ ____________ PRICES _______ ______
: 1945 : January-February 1945 1: 46
Item :annual : : : : .
1944 1945 1946 Feb. Jan. Feb.
:average: : : :


Cattle and calves :
Beef steers sold out of first
hands, Chicago:
Choice and prime ............
Good ....................... .
Medium .....................
Common ....... .............
All grades .................
Good grade cows, Chicago ......
Vealers: Gd. and ch., Chicago ..:
Stocker and feeder steers,
Kansas City ..................t
Av. price rec'd by farmers:
Beef cattle ................:
Veal calves ................:.
Hogs:
Av. market price, Chicago:
Barrows and gilts ..........:
Sows ........ ........ .....
All purchases ..............
Av. price rec'd by farmers for :
hogs .......................... :
Av. price rec'd by farmers for :
corn 1/ ....................... :
Hog-corn price ratio, U. S. 2/ .i
Sheep and lambs
Lambs,gd. and ch., Chicago......
Feeding lambs, gd. and ch.,0maha:
Ewes, gd. and ch., Chicago.....:
Av. price rec'd by farmers:
Sheep ..................... .
Lambs ......... ............
Index retail meat prices 3/ ....:
Index income of industrial


Dol. Dol. Dol. Dol. Dol. Dol. Dol.


17.30
16.00
14.12
11.73
16.18
14.01
15.12


16.38
15.06
13.19
11.18
14.86
12.27
14.22


16.44
15.38
13.76
11.34
14.92
14.36
15.05


17.64
16.44
14.88
12.09
16.32
13.82
14.68


16.37
15.42
13.96
11.94
15.12
14.52
15.10


17. 81 1
16.51
14430
11.86
16.49
14.01 k
14.78


17.46
16..
14.."
12.32
16.14
13.64
14.99


13.07 12.28 12.70 14.14 13.00 13.56 14.71

12.10 11.40 11.30 12.20 11.60 11.80 12.60
13.20 12.95 13.20 13.75 13.20 1Z.60 13.90


14.76
13 .9
14.66


13 5F.
12.26
13.36


14.74
14.00
14.68


14. 2
14.06
11.74


14.75
14 .00
14.70


14.79
14.02
14.72


14.85
14.10
14.77


14.00 12.85 13.90 14.15 14.00 14.10 14.20


109.7
12.8

15.48

7.69

6.35
13.00
131.1


113.0
11.4

15.2
12.?: '*
8.11

6.34
12.r35
130. F


106.5
13.0

16.12
13.41
C.44

6.37
13.20
130.4


110.5 106.0 110.0 111.0
12.8 13.2 12.8 12.8


15.08
14.98
7.58

6.50
13.15
131.4


16.59
13. '
9.041

6.56
13.503
130.7


14.89
14.46
7.26

6.36
13.00
131.4


15.28
15.50
7.:-

6.64
13.30
131.3


workers 4/ .....................: 276.3 338.4 325.3 --- 324.3 224.7 --
Number slaughtered under Federal inspection and market statistics
:Thous. Thous. Thous. Thous. Thous. Thous. Thous.


Cattle ..........................: 14,538
Calves ..........................: 7,020
Sheep and lambs ..................:21,220
Hogs ..............................:46,960
: Lb.
Av. live weight of hogs,
7 markets ...................... 269
Pct.


-15
1,0
454
3,434
15,219
Lb .


250
Pet.


1,216
501
3,695
8,566
Lb.

248
Pet.


1,013
433
3,636
9,610
Lb.


1,1-9
442
1,622
3,267
Lb.


1,012
440
1, 0L0
4,911
Lb.


264 249 263
Pot. Pot. Pot.


1,015
427
2,196
4,4.1"
Lb.

264
Pct.


Percent paccinry s,-ws ar- of
all purchases, 7 nr t: .......: 9 7 5 5 4 6 5
1/ Cents per bushel.. 2, lumr *:f bushels of corn equivalent i% v -lu' i I'. "..
of live hogs. 3/ BureTu of Labcr Statistics, 1'.5-3. = 100. 4/ l o..-3 = 1C.








WOOL, SHORN: PRODUCTION, PRICE,AND CASH
FARM INCOME, UNITED STATES, 1909-45
PRODUCTION -
POUNDS PRODUCTION AND PRICE (C
(MILLIONS)


\ Production



a 1A



200 4#-

Price received \ *
by farmers


INCOME I
DOLLARS CASH FARM INCOME D
( MILLIONS) (





100





50





o I.LLL1 .LL 1 1.JIJl .LLL. LL..LL LL.II LLLL
1910 1915 1920 1925 1930 1935 1940 1945


U. S. DEPARTMENT OF AGRICULTURE NEG. 38582 BUREAU OF AGRICULTURAL-


PRICE
ENTS PER
FOUND )


40





20




0
INCOME
DOLLARS
MILLIONS)


100





50


ECONOMICS


FIGURE 2.
Cash income from shorn wool in 1945 of 135 million dollars, was 16 percent smaller
than the 1943.record income of 160 million dollars. Prices received by farmers for wool
have not changed much during the past 4 years, but production has declined sharply.
Prices for 1946 will be about the same as in 1945, as the government purchase
program has been extended to November I, but production and cash income will decline
still further.




LWS-45


THE "OOL SITUATION

United States Wool Production
To Be Reduced in 1946

As the number of stock sheep on farms on January 1, 1946 vms 8.3
percent smaller than a year earlier, United States shorn wool production
this year will be smaller than the 1945 production of 321 million: pounds,
continuin ,-thu decline which began..in .1.943.: During the 10 years .1'..75-44,
'the annual number o shop ..horn r-.rn- d from 97.5 to. 100.7 porccht of the
number of stock shuep on farms on January 1 of the same years, averaging
99.1 percent. On the basis of this relationship and average weight per
flecc (1935-44) of 7.98 pounds, shorn wool production this year would
be 290 to 300'million pounds, some 25-pcrcent loss than the 1942 record
production. This would be-the smallest shorn wool production since 1927.
Slaughter of sheep and lambs in 1946 is expected to be smaller than last
year, and production of pulled wool also is expected to be smaller than
last year's production of 66 million pounds.

r0ool production may decline further in the-next year or t;"o, lut the
rato of docliho is likely to be smaller than in the past 4 years. Brceding
sheep have been culled heavily in the past 2 years, and prices of shop and
lambs arc likely to be high relative to prices of beef cattle and some
other competitive farm -t*--rprises in the next yuar or two if price con-
trols are removed. Growers' prices for wool will remain about at present
levels, at least through 1946.

Production of shorn and pulled -ool combined totaled'387 million
pounds in 1945. This was 7 percent smaller than thi 1944 production and
16 percent smaller than the 1l-2 record production of 450 million pounds.

Further Reduction in Farm Income
From .;ool in 1946

The extension of the wool purchase program to November 1, 1946 will
hold growers' prices at 1945 levels. Total farm income from wool in 1946,
however, will be smaller than in 1945 because of reduced production. The
weighted average price received by farmers for wool in 1945 of 41.9 cents
a pound was 0.5 cent lower than in 1944, but-with.the exception of 1944
was the highest annual average price reported since 1920. Cash farm income
from shorn wool in 1945, totaling 135 million dollars, was the smallest
since 1940. The 1945 income was 9 percent less than in 1944 and 16 per-
cent loss than the record 1943 income of 160 million dollars.


-23 -





MARCIIH-APRIL


- 24 -


Table 9.- Stock sheep on farms January 1, number shorn, wool
produced, and cash farm income frr-i sales of wool
United States, 1935-46

Stock : : eight Shorn Price Cash .. plled
Year ; sheep : Shooeep.. per wool per : farm
;on farms : shorn : fleece :production: pound income productionn
SJan. 1 : ___
:1,000 head 1,000 head Pounds 1,000 lbs, Cents 1,000 dol. 1,000 lbs.


1935
1936
1937
1938
1939
1940
1941
1942
1943
1944


46,139
45,386
45,422
45,119
45,710
46,558
47,8604
49,807
48,796
45,232


Average:
1935-44: 46,597

1945 : 40,922
1946 : 37,517


44,991
44,623
44,444
45,030
45,428
46, 645
48,130
49,784
48, 573
44, 324

46,197

40, 337


8.04
7.91
8.04
. 8.02
8.01
8.03
8.11
7.88'
7.91
7.83


7,98

7,96


361,531
352,863
357,454
361,180
363,716
374, 564
390,568
392,373
384,378
347,094

368,572

321,017


19.3
26.9
32.0
19.1
22.3
28.3
35.5
40.1
41.6
42.4


69,613
94; 828
114,234
69,156
81,108
106,174
138,656
157,235
159,953
147, 206


.E6, 0C0C
.C6; 2-C'0
'06, 200
K 5C,'
.'i,500
62,000
G5,.?u0
3e-,700
.5,200
71, w00


30.8 113,816 t., 800


41.9


134,621 66,000


Government Wool Stocks iMay Bo
Reduced in 1946

At the beginning of 1946, stocks of apparel wool held by United States mills
and dealers, and Government owned wool available .to domestic mills total-r1 798
million pounds, grease basis, comparev with 749 million pounds a..year earlier,
and the 1935-c9 average January 1 stocks of about 275 million pounds. In .ddi-
tion to these s*'ocks, about 268 million pounds of British owned wool were :orcd
in this country at the Kgirri.r of 1946. The British ov-ned wool is being. rc.,x-
ported, hoicver, and it is unlikely that any of it will be available for commr-
cial use in the United States.

Stocks of domestic wool -- largely owned by Commodity Credit Corpor-tic.n--
were about 112 million pounds larger at thec beginning of 1946 than a year earlier.
Because of the low rate of consumption of domestic wool, a considerable p;irt of
the 1945 domestic production wnt into Government stocks. United States Governm
stocks of foreign wool, which totaled 114 million pounds at the beginning of 1':94
have all been sold to domestic users, or allocated to foreign countries. Priv-
ately-owned stocks of domestic and foreign apparel wool, totaling 348 million
pounds at the beginning of 1946, were slightly larger than a year earlier. They
consisted dhiefly of foreign wool.. Because 1946 mill consumption of domestic &nd
foreign wool combined probably will be fully twice as large as domestic production.
the carry-over of Government stocks into 1947 is likely to be reduced greatly if
CCC selling prices remain sufficiently attractive.




L.S-45 25 -

Factors' other than price also may be of importance in ieterirAnine- the pro-
portion of domestilc'wool to be used during 1946. In the preparatory strges--
sorting, scouring and combing -- less labor is required for foreign wool because
of its better preparation prior to -marketing, and its higher clean yield. This
is important -whereJ output ..is limited.1y shortage of skilled workers. Commercial
reports. indicate that United States buyers purchased approximately. 400 million
pounds of wool in Australia 'between July 1, ;"-45 and airch 15, 194*6. These
represent orders, accepted-but not as yet completely filled. Shipmr-nts from
Australia to the United States-from July 1 through November 30 totaled only
107 million pounds. Hence lr'e quantities will be.shipped during.the first
half of 1946 if.all of the reported-sales are filled. -United States buyers have
also purchased ,apparel wool in other Southern Hemisphere markets iij recent months
Importation of this wool may reduce consumption of d'om.-stic wool.
STablelO Stocks pf domesti-c and foreign wool in the United States,
beginning of-year, 1945 and 1946 1j

Item 1945 1946
: Million pounds' millionn pounds

Wool available for domestic use
Ai-parel wool '
Privately o'fied
Domestic wool .............. .......: 70
Foreign wool .........................: .229_. .279
Total ............................... ..3 5 :349-

Government owed
Domestic .wobl.CCG).,.. ............... 310 449
Foreicn wool (DSC)....................: 114 --- ___
Total ...........................: _24 449 ____
Total apparel wool...............: 719: 798

Carpet wool, privately owned. ............: 52 110

Wool held for shipment abroad (all foreign) :
Owned by British Government 3/ ...........: 464 268
Owned by U. S. Government ................: -- lo4/ 10

Total all wool ..................: 1,265 11,186,

1/ Reporting dates for commercial stocks were December 30, 1 "L Tnd l-.45.
Privately owned stocks and OCC stocks converted to a grease basis. Stocks of
foreign wool owned by the Defense Surpli-s Corp. anrd by the British Government
are in actual weight but consisted almost entirely of grease wool. Wool on farms.
if any, is not included.
2/ Includes about 2 million- pounds owned by War Asset Corporation.
3/ Wool stored in the.United States for the British Governmcnt is being re-
exported. None of this wool is likely to be available to comm-rcial interests
in the United States. .
/ Foreign wool held 'by Treasury Procurpm Ent but allocated ta foreign c untries.
Based on data froi the Commodity Credit Corp'orition, .lXfense Supplies Corpoiation,
and Bureau, of th':! Cer'sue.


Cor]pfo.tion, !NXfense Supplies rorpoi-antion.
and Bureau, of th': Cer'su. .




MARCH-APRIL


- 26-


- -..Table 11. Stocks of apparel and carpet wool held by OCC, dealers, and
manufacturers, grease basis, United States, 1937-45 1/

Yer ____ ____Apparel -wool __ :
and- ___ Dom ___ : Toreign Total : Carpet
date C Co :Dealers Mills :Dealers : Mills ;apparel: wool
0 2 /. 000 L 3/ 1,000 1
1,000 1,000 1,000 1,000 1,000 1,000 ,000
pounds pounds pounds pounds pounds pounds pounds
Dec. 31 *
1937 134,623 66,037 14.,355 23,213 238,288 59,866
1938 .116,635 82,225 16,036 15,329 230,225 33,524
1939 1 44,051 81,491 20,522 31,227 177,291 37,971
1940 35,055 86,991 23,822 47.973 193,841 35,.291
1941 59,671 110,499 27,511 92.752 ,290,433 44,723
1942 4/ :61,778 146,963 5/62,517 /122,225.5393,483 70,245
1943 41,459 61,063 77,391 128,255 40,168 42,045

By quarterss.
19-44- -
Apr.1 : 184,000 28,4f9 48,697 66,962 142,972 471,110 40,138
July 1 : 233,000 108,458 50,982 73,464 152,549 618,453 33,481
Sept. 30 : 328,000 78,056 43,163 81,310 138,767 669,296 48,904
Dec. 30 : 310,000 39,173 57,079 81,167 147,960 635,379 52,197

1945
Mar. 31 : 292,000 26,559 '"47,292 "56,968 '189;96o 612,779 66,412
June 30 353,000 76,420 39,172 66,697 179,714 715,003 67,379
S- sept. 29 421,000. 59,757 21,596 74,254 188,047 764,654 80,693
Dec. 30 449,000 49.814 *19.711 '99.457 179.987 .797.969 110.034

I/ Excludes wool on ferms and 'ra61ches, Defense Supplies Corp. stocks, and wool
stored for the British Governimenit.'...
?2/ Eeinnirn-' 1943 dealers' stocks include wool held on consignment for appraisal
and purchase by the Commodity Credit Corporation. The figures were obtained by
deductions of 0CC owned stocks (as. shown in preceding column) from tho total
stocks of domestic wool reported by dealers.
31 Includes topmakers. .......
4/ December 26.
/ Includes a small quantity of fine carpet wool.

Compiled from reports of the Bureau of the Census and the Commodity Credit Corp.

United States Wool Imports in Second
Half of 1D45 Much Larger Than a Year
fEarli er

General imports of apparel wool into the UnitedStates from. July through
December 1945-the first #months of the current Southern Hemisphere export
season-totaled 427 million pounds, almost twice as large as a year earlier..In
addition to the 228 million pounds imported, in the latter half. of 1944, however,
commercial interests in the United .States purchased about 110 million pounds of
foreign wool-chiefly'2u'stralian wool-from the Defense-Supplies Corporetion
stockpile. Slightly more than one-third of the Jul1y-Decccmber 1945 imports of
apparel wool were from Australia, and about one-third from Argentina. The re-
mainder came chiefly from Uruguay, South Africa and New Zealand, with small
quantities from other South American countries and Conada..





L:S-t 2


- 27-


Imports of apparel wool from Australia totaled 152 million pounds in
the latter half of 10945. Only 64 million pounds were imported from Australia
in the snme period of 1944, but 104 million pounds of-Australianwoolw ro pirchascld
the Defonwo qpies Corporation stockpile. About 146 million pounds of apparel
wool were imported from Arzentina'in the second half of 1945, compared with
75 million pounds in the corresponding period of 1944. A considerable part--
probably about half-of the apparel wool imported from Argentina in the lat-
ter -:rt of 1945 was wool grading 40's and coarser. Imports from South Africa,
of 28 million pounds, were 3 times as large as a yeYr' earlier and imports from
Tew Zealand of 33 million pounds, were 5 times-a-s large as a year earlier.
Imports from Uruguay of 53 million pounds were slightly smaller than the
July-Deceraler 19)4 imports.

Imports continued large during the early months of 1946. About 130
million pounds of 'apparel wool were received at the 3 le!dinF ports of entry
(Boston, New York and Philadelphia). between January 4 and M-irch 22.

Table 12.-General imports of raw wool into the United States by principal
countries of origin, July-December 1944 and 1945
___ ___ ___ ___ Actual weight 1/ ____ ___ ____
:____ ____ ____ July Docember _____ ____
Country of ori-in : ___ 1944 ___ ___ 45 ___ ___
SApparel : Carpet : Tn : vrel : Carpet ot
___ __ : wool : wool :_____ wool : wool : .otal
:M1il. lb. Mil. lb. Mil. lb. Mil. lb. Mil. lb. Mil. lb.


Arus+rn lir ...........
ArN entin-n ..........:
Ur-Iuruy .......*......
South Rfrica ........:
New Za.il-nd .........:
Chile ...............
Peru ........*........
Canada ,..............
Eire .................
United Kindomn ......:
British India .......


63.6.
74.6
58.1-
8.6
6.6
8.4
1.7
5.6-
.1


2/
6.2
.5

,8



1.1
.7
11.6


63.6
80.8
58.6
8.6
7.4
3.4
1.7
5.6
1.?
.7
11.7


Afghanistan .........: .8 .8
Ira ................: .5 .5
Chiha ...............: -
Other countries .....: .2 ___ .5 ____ .7


T tal ............: .227.6


22.7


250.3


152.1 -
146.3 41.9,
52.9 .53
28.2 .
32.7 2.1
7.7 -
1.4 -
5.4
.2 '2.2
-*- .1 ..7
91.3
1.3
.1 2.2
.2 1.5


___.1 1.0 1.1


427.3


74.5


2J Weight of greasy,scoured and wahedd wool as reported.
2/ Less than 5 :,000 pounds.
Dr.a based on a study of raw wool made thro-irh the war ptriod by the Tariff
Commission for the WPB.


152.1
188.2
53.2
28.2
34.8
7.7
1.4
5.4
2.4
.8
21.3
1.3
2.3
1.7


501.8






LMARCH-APRIL 1946


Domestic Mill Consmuption to Continue
Large in Next Year Or Two -

In the second half of 1945 United States mill onsurpti n of ;pparel
wool was at a weekly average rate of 1C to- 17 million pound:, ,-rcse baci3s,
equivalent to an- annual rate of .;< tely 850 million pounds. This re-
latively high rate of consumi7 -i -* Is likely to be maintained :r cAceeced
during the greater part of 1I ', to ru'].rlish commercial in'.'nttorie- of :ool
fabrics and clothir., and to :. ct stroif civilian demands. Mill cr.. *.pt.on
probably will decline .or::*''X.' fter inventories are built up. S3r:.:. civ.
ilian demand in the ne:.t fc:-y.:rs, ho, pr, is likely to miei i- rill con-
sumption well above thW 13b-?0 ur-areo annual consumption of pr- xir-natcly
590 million poiunus grease basis.

Consumption of apparel wool for 19,'5 as a whole tot:' -%. 1, 'LI nilliop
pounds, gr ase b-sis, 569 million noinds scoured equivalent, but t'he c'rne
as in 1944.. Consumption of wool was .'ell mainta.ined from 1 .t-E 1-*rl until
mid-1945 at a annual rate of slightly more than 1 million p"'r i, lth.u.i
the number 'of workers in the industry declined from a peak -f 191,KC repor'-d
employed in December 191'l to 140,400 in June 1945. wThile +r:tn-l uinul c.-rn-
sumption was fairly constant, conrsuTtion of domestic '-.ool d!i-:r1ed ra-pi lIv
after 1942. In 1S45 conIsuiptian of domestic wool amounted t- cr.l, 2-Cu .i. 1-
lion pounds-- 25 percent of the total used by United Stater'.-i1. I : the
latter half of 1945, only 12 percent of the wool used Ias c.r--'*i; .o 1-.
Use of domiectic wool incre .s d slightly in December, follov'i:. .:v'enh. r '27
reduction inr sales prices -for such '-ool.

Prices of Governrcnt-Ov.-ed Donez'ic
'N1.ol further. Reduced

Further reductions in selling: prices for 'or-nstic '.-..... .rl r-v. 'y
the CCC February 21 to encourage increased 1 -or.'-. tic **-..I .,' ill:.
Prices were reduced an additional cents pur cle:.n pc-'nd jr-r.lj1, 1'.,
and 1946 wools, and 5 cents per clean pound for 19-3 oel. Tfis r:` 'ti .,
combined with the reduction made Iove-mber 27,.brings CCC .ir ;. selling
pricor, for domestic wool-approximatcly '.5 conts per pound, ,.r- basis,
below both the original GCC solling'pri ce and th prices at wl-ich the CCC ispua 1P d
domestic wool. .Prices to gro-ers arc not ,ffecttd by the ch .r.;e in .U.lir
prices, as the CC;' continues to purchase' -: el at prices spt-ci fic.: i,. t-.c
1945 purchase prorr :.2,

Thb reduction ir: CCC selling, price--is designed to :ri;[ prices to
mills to a level : npiti-. e with current prices of duty-paid impcrt.. l.:1.
At present, pric.ces of imported wool are deter-.ined to a larC xtert br
prices at which th.: British Joint 1".:.l 0-; -.izaticn is selling *ocl fr im
Austrailia, New ecala.nd and South Aifrica. Prices of such -;.*o '-ill r.A:in
unchanged until June 30, 1946. Prices of South American w-.r.l, ."'ich is
privately owned, have advanced modorattly in recent months i-. r'-3p:-no.- to
revived European buying. Current prices of fine and mcdiu:. .-.uth AmrLcrica.i
wool appear to be morc or less in line :ith prices of comppr 1.. r British
wool.


-28 -




.-L.-- S-45


Wool Program Propos"d

Tho.Fr ..ident on March 11 *reconbmendac. to Con,:r.;ss s:. program designed
to.plaee prico supportt to wool growcrs Qn basis c.,t'.le with support to
other agricultural, producers. The progr.an. calls for 'egi l',.ti- c -ctior, (1)
to establish a comparable price for wool, in place of the presf.nt parity
price; (2) to authorize the 'Commodity Credit Corporaticn to support prices
to wool growers through purchases, loans, or payments in line "'.ith ihc
Stcagall provisions for suir.-rt of other'a;'ricultural coir oditics; (3) to
prrcvdc for the sale-of domestic wool by:the.CCC a.'prices crmpotitieo with
importedd wool,, irrc-pective of other provisions of laT-; (4) to pr.;--oid for
the use. of ,-.':..ral cusetoris rocipts .to rte. .1,p 1-osnfs in the CCC woIol support
prorr-:r,; (5) to make thosee .iari.';ting Agrcom e.t-Act of 2'737 +ppln c-abl to
wool; '"nd (6) tto provide frr f. research ard development program tj iTarove
Wool quAlity :nd stimulate its use re.- rdless of price.

The StuLgall provisions :'ecifi6d in .point *.2povid for suptirt of
prices cat not los- then 90 percent .f'; the r-.ity-or comparable price for at
least two years. following. -fficial proclam tion of ter:-iration of the -',ar.
Howev.-r, the proposed wool program spcificlly, prov-ides that no -',duction
shall be made in the general level of support.prizes 'ro :: tho 1946 lvlal
until the decline in sheep numbers is halted, except t- corrc inc.'itis,.
It wouldl d further provide that the reduction for ':ny one year sh ll not ex-
ceed 8 percent of the averp.g: support price 2-.or..the -previ'o'us. yc:r. The pres-
ent program which r.;vi-d,:. for 'Governm:ent p.u-rch'se of dimestic v.o at ceil-
ing prices will expire Novemb(,r 1, 194T., un.Ies. e.xtnded. Under this pro-
gram, prices to growerc.-o rar g'. ,4 cents- per. pni.- hi 144 ,-rnd 41.9 cents
--in 1945,

1946 Southern HexAr.disphere Carry-Over cty
SSlightly Exce 1--1.- Carry-.Over.

Wool. exports fr.-r S'' "I.ern Hensiphere countries in the rcarly months
of the 19'5-4~6 season -wert much larger than in the corropon.ding rr.cn+hs of
the provioussis on. I/ Th ireae was chiefly in exports to the United
States and, the United Kin'do.m,, b-t shipment.' to othcr countries -..Isn increased
somevr.hat. Exports from Austral i3, totlied 271 million pounds in th'. first
I :.t'.3 (J..'ulv-ovcmber) o6f the 1945-46 sca.son, compared vith: 181 r.illion
prur.ds yL'.r :rlier. Lxports from Australi ato,'thc United:Stats of 107
milli n p-..n': crc. 56 perc-ent.largor than in the same months'of thi, prev-
ious year 7.x. ri. p -.ts to the .United k'in -.,!, tot taling 135 mdlli.nr pounds,
v;orc 31 p.-rr 'it i'.rg.., than year earlier, .'r, .'tine .xportfi f':,- the first
.' months (Oct-ber-February) of the current cer jn, 250o nilli-n "p.: -s, were
four t i.. "., 1 reC as- for the corrcspooding ecrid A f 1944.45, About 70
percent o' .'.r,.** inc rxp,.rt- wre to the United States,. Shipments fr..m
Sc-uth Afric. ..l..o wore muOh lai- .r frc-r. July .':: November: 1915 tr-.n a
youtr c.-rl.'cr, b,.i t .xports~'.from Uruguvy ,this s acsrn arr; s!rallor;

Althu-i oo:obined exportss front. the 5 0uIthsrn .-1sphe-c countries
this" s"'?:.. p '-'.bly will be much larger than in any of the past 3 seasons,
the 1946 crarry-:-ver in those countries m..y rot ciffor .nuch fr-'n' the 1.745
carry-e-cr of' ippr: x'.atcly 3.1 billion pounds actual vc :ht. ith, ritish
Join.t 'Wo1 Or t-"izati.n held about four-if. 'ths of th= 1945 total c,%rry-over
in Southern U..-.isphcre couVtries, and will'hold an equally large part of the
1946 c.rry-ov-r.

1/ S-a;on bcgin:z July 1 in Australia, New Zealand and South Africa; October 1
in Sc-uth Amer'-c,. .





Prices per pound of wool and other textile fibers, United States, 19i -46
Item : Annual average lni, : 'q
S e___ n 7 : e. nt Jb. :- Ce. l
ents ,er,.Is Ce-nts Cents cents s Cents Cent


Prices received by farmers, :
grease basis, 15th of month :41.6 42.4
Boston market:, /
Territory, scoured basis-
64s, 70s, S0s, staple combing: 117.8 119.0
56s combing ................. 104.2 104.5
Bright fleece, greasy-
P4s, 70s, 0SOs delaine .......: 46.9 47.0
56s coming .................: 54.2 54.5
Forci-: wool, in bond:
Scoured basis-
Australian 64s, 70s good
t- -m r / ..............: 75.9 72.1
Cape, .h.rt combing ........,: 72.5 72.5
Grease basis-
*Montevideo 60-64s 4..........: 4..4 39-4
Montevideo is (56s) ......... 41.4 4b.7
Oi' r textile fibers:
iCotton, 15/16-inch
Middling 4/ ................: 20.6 21.2
Rayon steple fiber 5/
Viscose 1-1/2 denier ........: 24.4 24.g
Act te 5 denier ....... ..._ : 43.o .41.9
omemstic~,oo! oric s ,re from the Production and


41.9 4o.7 40o.2 4o.1 4o.6

117.7 119.0 119.0 107.5 102.5
103.5 104.5 104.5 ?2.5 91.5


47.0
54.0


47.5 47.5
54.5 2.4 4


75.2 74.3
72.5 72.5


4r.0 41.5
48.5 4g,o


75.0 75.5 75.5
72.5 Z/67. !67.5


39.6 39.2 39.2 40.7 41.5
42.2 41.5 41.5 42. 4 42.3


22.6 21.7 21.6 24.7 25.8

25.0 2.o 25.0 25.0 25.)
38.0 J..0 3;.J 38.0 38.0
Marketing Adminir -rt ion: for-


ei-n wool prices are from the Boston Commercial Bulletin excArt nf nctp., andi
are before r .'--nt of duty.
ij Domestic wool prices based on CCC selling prices, 19[L4 to d'te. ,Quotations
from the Production -nd Marketing Administration. 3/ ETr, series beinninr 1946
prices are for Cape 10-12 months superior spinners style, -rin re not strictly
comparable 'ith earlier 4'-. 4/ Average at 10 markets. Ir' F.o.b. dcin


plants


I-


bureau of Labor Stntistics. LJPrIERi TY OF FLORDA
Wool: Mill consumption in the United States, 1943-55 II IIII III III 11
3 1262 08861 8011
: Total W, -kly av r.r-e
tom : 1943 l/ 194944 1 ,4- : 1, 44

1. 1 0 1.000 1000 1 .000 1 OO 1.000


Grease basis: : pounds -ounds pounds pounds rounds rounds
Apparel wool- :
domestic : -430,456 318,595 251.735 6.5,4 1.491 1.597
Foreign : 6 3'0 690,364 761.046 12.6.2 1...222 14.374
Totall :1,061,24 1,00g.959 1,12.71 19.206 I.71 1.91
Carpet wool 43,732 61.166 -76:. 1.2-9 2. 1F.1 2.-
Scoured basis
Apparel wool-
Domestic : 203,580 150,g61 120,357 3.1-4 .77.2 .781
Foreign 3: gg284 426 152 46Sg891 7.6'- 9. 11__ g.- 1
Total 1.... 577.013 .?4 10.3 10.085 _____"?.99
Carnet wool :' ,L ,P -- 1. s.2
Compiled from reports of the Bureau of the Census.
/ 52-week totals based on 'e-kl-r averr"-co: for reporting yer.
2/ Revised P/ 5-week period 2/ 4-week period.


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