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J"1T2D 2 2l-'S .J--...UIT OF -GICUL'2UiL
Y3uraa>! of ..1ric !t:::al Econo..lics I .. --.
'.jasin t : L_ .....*
UiP-11 October 1; -1930 --
,.,0tLD :"J- .JD PO.ri: PhQ03iECTS
'2r. ';o-0LD SIT2UIOII
Hor and *)or:: prices in th:e United States advanced luring tih month of
So-tesmbr. T:ho nua-jer of hogs slarchtered was slisg:tly larger than in Augulst
but average weights were less. Ins ected sla.i:gter for the marketingg year
just ended 7. as 7 ;er cen-t loss t:ean that of t:1o revio-is year. 'Ta relation
of feed prices to hog prices continues unmfvo-able to hlog production. The
foreign de.iaand for the products of the United States continues w'cat.
Inicr askedd :.ar:.etings of hogs in European :.,arkets dirin.g September gave
additional evidence of larger hog n:e.-.bers ir t:.e princil:al Europea:i hoEg ro-
ducing countries. :nfor;.iation av-jilable in ti'-e bureau of .agricultural
Economics indicates t..at the uzr:ar-i tend.e:c"' f -..ar':et su -lies andL the
relatively lov7 livel of hog'"~rices ..lay continue for several i.onths, but recent
shifts in the r-.altion of 1hog rices to feed pricess aill tand to chec:: the
e:_)ansion in Euro'e3 1- hoc' -,ro-:iction.
Lo-.:eri prices prevailed in the 3ritis:. cured pori;c .iar':et during Soptei.i-
ber. Record receil:ts of Danish bacon :ave occurred duringn recent months.
Reports indicate t;.at increased s- .lios of cured .ork frou. Iletherlands to
United iimt&do:. i-.'a be o:pyrcted dining the :-inter months.
Lard -rices advanced in Sopto:nber both at h o.ie an5. abroad. Decreased
:production i-- t:Ih Uz;itdd Stat3s and a .cl.uctio:: in '.:r:!. storage stocks con-
tributed to the advance. Prices arc still belo'., the levels of a yo;r ago
in Euro-ocan :-ar:ots, but the:r are at the :ighlest level since 1928 in the
HP-11 UIITIED STATES
Sla.u.j.tcr supplies of .o.s in the United States were slightly
ina.c-r in S ptui-zer t.l.n in Au ust, but prices averted higher for live
hocs :.nd fresh :'ad c urod pork. Hog -ricos at Chicajo avcra-ed $9.99
for It- first wcek oL t.e month and after advnu.-:ing to $10.17 during
t-e second dwek toey declined during t.he last two weeks, making a
mo.th.l;- -.vc--'Sc of $9.76 as against $9.58 in August ra:d $9.85 in Sop-
tci.-ber 1929. A sharp decline during the first week of October brought
the .eeckly c..cr. c to $8.96 or below t..e low point of last winter. Some
rocovary is ocirn made during the second week of October. An increased
proportion of light hogs was markcted anld a relative scarcity of well
fi.:.ishcd, hcv.;: butUchr hogs prcviled. This chae in the consist of
the supply wa.s largely responsible for.hicavy h'oG selling at a premium
contrary to their market position during recent months and a year aoo.
He-.i-y- hos .t C'.ic-:o aver:.acd about 10 cents p.,r hundred pounds hiher
than li_:t :olsE, as compared wiith a 65 cent disco.int in Au.glust, 1930
and a .50 ccnt discount in Sept-nb-, 1929. Tic avera.,o weight at Chicago
was 244 ou'nds as ainst 255 pou-nds in Au.'ast -"n 259 pounds in Septem-
bcr 1929. Federally inspected siu .hter during September, amounting to
2,773,000 her.d, was 1.8 per cent larger tlh:,.n t',at of Aus ut oad 11 per
cen-t bclow' t:.ic sl.u,-tcr of Serptanber 1929. Tote total slau hter for the
;malketi't :e.r, October 1929 to Stoenber 1930, inclusive, amounted to
45,542,000 -.,-.d as compared with Z,957,000 hc.d Ilau :htcrod during the
1928-29 mr,-:r:ti-' year, a decrcase of about 7 per cent.
W. olcsile prices fo-" fresh pork averaged higher in September
thnui in A-.,tst, with th exception of hexms and light loins which were
lower at C--ica'o and stad:; at iew York. Prices are still under those
of a. ..c.r o, bein- 50 cents to $1.00 lower for the cheaper cuts at
C'-icgo and $3.00 to $4.00 lower for the more valu-,a'bl cuts. 10-12
pound loins at Chice.'o avera;,d $24.78 in September as compared with
$25.60 in A.aust cand $28.34 in September 1929, while 8 to 12 pound
skinned s-':aldors averaged $16.48 as against $15.78 in August and $17.34
in Septc.oer 1929.
W.'olesale prices for most cured pork cuts radio ,?n advance daring
Sept-inber. Bacon prices r,made the rac.tcot advance, avorgring higher
thin. tIose of a year ag.o. iTo. 1 dry cure baco.-, 8-10 pounds at ChicMgo
avora.ed .$31.38 as compared with $29.75 in August a-nd $30.25 in Sep-
tember 1929. Prices for smoked hans and dry salt backs were steady to
moderately .iiher, but remained under the prices of a year earlier.
......... .. .. .. .. -_ ^... ..^ s. *i:* J
The qM:.u.-.tity of cured pork exported duri: .. '..-.: .t was s.r.llr
thin t'-.t of J-.1, 1930, :E.d 'Aus--t 1529. Tot-1 jr-'con ecx orts of
6,900,000 ,pounds were slig.-tly mnore t'.- -,h osa in Jul: but were 48
per cent loss than those of --i.aust 1929. Tkldngs by United Kingdom wore
about 23 pe.a cen.,t xnder thosc of a ; a.ar. earlier rnd Ger'a:'ry purchased
only .bouo-t o:nL-third as r.rach as the 996,000 po-unds tricen in .u.;a.st 1929.
Bacon c::ports to C-ajn were 29 per cent r.orc then those of a yea. c-.rli. r.
Totcl3 exports of L.-nis -d shou.'ldcrs in l-;.ust were about eo-tial to those
of A-auast 1929, but were 22 peca cent lass than t'1.ose of July. TrJ:ings
by United Ki:tldo:.., the principal .orzid.;n o--tlet of Ame-.ican hlc3.is and
sho-udlders, were 23 per cent under those of Jul-:, but total p-rchasos
for ti.s 11 nnt':s ending with i.LauJst were 7.7 per cent larjer than
those of t' corres wording g pi:riod a yca.r earlier.
The outstanding feature of the :.-.rket for pork products during
Sept;-rber was the strongi advance in lard prices. Th; price of refined
lard at C.ica. o avcr-ged $14.25 in Scpt.-nber as co:;'ared wit.i $12.44
in Auj ust and $10.50 in July. It is the hi;ch..st monthly ave.r.gc price
since October 1920. The i.:.--rked redAction in tr-e :-v.rket supply of heavy
hogs, thi. it:nor.,clly sr: .ll stor:.._: .-olJ.i:-_ nJ.'. z. strong cr ra.'cket
abroad were largely responsible for the sharp rise in domestic lard
prices. A price advance usually occurs in Septa:bco;, but the :$.75
advance sin,'e July was much more than the anon.icl seasonal rise. Lard
exports during ; ..Lust 'asointi:v1s to 49,287,000 pno.ds wore 4.6 p:r cent
less than those of July and 11.2 per cent under those of August 1929.
Takidngs by Gern.any, Netherlands, and Cuba were larger than those of a
month earlier, but purchases by United Kincddom decreased about 29 per
Corn prices declined during September. ITo. 3 yellow at Chicg;o
averaged 94 cents as against 99 cents in August a.d $1.01 in Septei.ioor
1929. The corn-hog ratio for the North Central States was 11.1 in
September as col.pared to 10.1 for Augst and 12.7 for the five-year
September average. The relation of wheat prices to corn prices still
permits the feeding of wheat to an advantage in many sections.
United Kin- ;dA .
With he vy supplies almost elizi'natin; the usual seasonal August
price advance in British cured pork markets, vr-luos during Septrember were
again easier in most lines, and generally under last yacr's levels. Danish
Wiltshiro sides, the leading item in the British cured pork trcde, avera.od
about S19.45 per 100 pounds at liverpool for Sc'pt-ember, the lowest gverrze
of recc:.t years "for that m:ont-, accordirj to Acuricultur-l Cor,.-issioner
Foley c.t Lo:.-.do:. A year ago t-",-t line was av3ra,;ing $24.33. Canadivan green
sides dropped about 50 cents from the A- tust a.rr~-.e to reach $19.55 aczinst
Sabot .24.00 last y'e'r, while .mcricrn sliort cut ..reen hn.nms, down to $21.12
for S.JptA.bcer were $2.69 lower ti"-a in September 1929. An -uaasually light
supply v/ts a factor conrtributinL, to the upwxd price movc;me:nt of the past
3 months or A.icricaZ grc.en bellies, the Septer-lber level being around
$20.10 ajr.inst $18.83 a :.ear earlier.
Cured pork stocks at Liverpool on October 1 wore below those of a
rorLt--L e.trlicr, aL:d 40 per ce-t sui.llcr tha'n on October 1, 1929. Total
bacon ir.:jorts for August recachod 84,758,000 po-nds, a slij--t decline from
the July fi uaros but a.'out 3.6 per cent larger th..n .last year. Tot.L
bacon imports for the sesor. October 1 Au ust 31, 1929-30, were 2.2 per
cent lar,er th: n for the corresponding 11 months of the 1928-29 season.
Most of t-ie loadcin sources sent slightly' less bacon in .-wutst th-n in
Jul,. Current receipts from Denmark, however, were over 55,000000 pounds,
a record for that mrnth adid 14.5 per cent. larger than a year nco.. For the
current season to -a -ust 31, imports from Denmn.rk were 11.3 per cent larger
than in 1926-29. .!Augast receipts from Irish Free St.ate, Canada and the Uni-
ted States continued at the reduced levels of recc-et months, "with the
current s.ea.son's total for the matterr co.untr; to the end of August st-Jding
8 per cent below that of last season. 'Hexa imports', -owever, most of which
come from the United States, maintained the larcr :volu'.ie o0 recent r-onths
to reach an I months' total 6.8 per cent larger than in 1928-29.
The sonl;awhat sersonrel advice in foreign lard prices in Septenber
brought Liverpool values- to an average of about 15.16. Th.at figure wc.s 59
cents aoove the July av erage, but slightly below last year's relatively low
aver:-ge; Liverpool stocks on October 1 were ranch -sr.ller thin a. raonth
earlier, ?nr the lowest since April 1, 1927. It appears that the lower
prices prevailing this season have encowr-ged the cons-umption of lard. in
the United Kingdo., since stocks have rera.ined only moderate in spite of
imports h'.vin, more than equaled those of last season. The August irA-
ports were smaller than in either July 1930 or -ast 1929, but the 11
Months' total as of Auuast 31, 1930 was more than 2,000,000 pounds larger
than the corresponding 1528 -29 figure. The current seasons total so far
is 6 per cent larger than the average for the first 11 months of the seasons
1924-25 to 1928-29, -ad 32.8 per cent above the corresponding pro-war
T;. i-ducoil d(iome.tic S'- liue of 'or,. in :;riti!. ia.rh.ti wu -- eon-
ti.:e2 i.to T,:i.. Tr.~l C 'cciet 01 f-At pi,4s ..t ropronc;t..t':e ::.rl:eta
-or tLe 11 :.oIt:.s ci6au ~,ust 31, 1230 .,u 10. per cent z..;.l1ur th-n in
the cori'rc;o:.di:; 1J28-z9 ;;ciod. .At :.o p iod of thL c'rro.,t L;caoon have
tlhe London s-ipylies of .-ritish Lad Irish: fresh purl; equalod the amount
received dirinr. th.e i92-2-1 a o:., and ma.u.t A'i.gur :-re relatively
lor.Ar tl~,, in e-clir :.zonth. u,~sut tI.oC~ of lajt year. TLiL scason'w
total dS~plios up tU Au,.us 31 we 3 21..l per cont sr.ullcr tLha those of
last ,ye'.. Cajsidc~'L.le int'rc.t L:.z bej:a displayed in a recent report of
a commiszian auw.tiAir., thue ritih Loe, i-ndustry A gcai;.g that tariff
protectio.. i esacO.tial to profitable Io; raisin, in Croat ZrittiZ and
Ircl0L:. Ir thv l1.tt.r country th6r0e Lar soL.e sion L of nooe hoz, being
available to ...A..:..tL.i jye.. tLan la.t. -A.e inc-oce, ho..ev is not
cinifiocat, titl..- por tL. ir&aLc pork tr..de or for Irish bacon cu-crs.
Lunsr- jand j.jt;t.lands
additional dv.d3e.cJ of l-:r.-" cr.nti:eintal -urcd pa;r sup.,lio, being
availaLla L'or bLrtish :c-rts is seai. i;i he increased D-niah uexorts for
uUma3t. lrcli-L.inl:r returns ior t.hat monthh on total bLco;. export,, most
of which ;oes to the United i irn~dc", -how un export of 56,1i%,CCO pounds,
one of the largest :-osthly 1-ovcz_ nts or. record, and 14.3 por cant la-gcr
t;.. in auu.at 1920. axportzs or the crriUbnt sueasn to niuat 31 were 11.8
par caat ahead of l:ut sea-oL at t:;. sz; ti-c, ani slightly larger tlan
tLo ueports for tl.. iirst 11 onths of thu 1927-Z,8 cosoa, thz form%_r
record y-.r. in tl-h .ath;rlands the lovJl of exports to the United Kinio:.
ilas be-t f-irly consta:t -ince l1ot J ac and ZLlow lovols of a 3- b a0o.
Other~ A :' pjristc'.t rEports, howv'vor, of additional mn&rLt su;,lies of hcgs
in the lJothsrl:.ndi vicih zL -; b ~xpocttd to ruoult i'n l.avizr curC. pork
-ports durias hoe co:.-ir wintor. Lritish i::port figurosR indicate that
tl. cur--cr.t season's i ports of bacon fror tL-.. otl.rlando to ug-ust 31 wore
-3.8 pAr cent tolow tho=e of thj same icnth of last s,-Lsn.
The curo nt deelino in ,.irojo;.n ho pr'icos incideattal to izncr-aaed
...o numbacrs bro.,tL; the ,;'lia av r-.o price of heavy L.o; down to .13.08
p-r 1CC pounds for S:pto:..ber, according to ag.ieultaral Cor.issian;r Stccre
at Z;rlin. Thi' ur.'e'.t luvel is th'- lovct since I.:ay 1926 aznd r.L2 bejlo
thc Lv,,rL eg o: a y .- r cG o. '"h s .ag'u t 1'30 rv ;....ge .~ac r.52 or 24.3 per
c.nt bloe:: the fiou. for a yc.-. e~.likr. The shurp rice in 2Irman fcLd
prices duri:c .-~,ust bro'';ht feAd potatoo at CZi'slau up to a level 25 par
cent Li;LtTr than l.,t y^r, m::il. b~rl1y prices in Laipzic, ::ro slightly
hi ,hr th.n in -:.u.at 19,2. Loh indicated shift in feed prices has rzsalted
in. intQ:eifyia, .h1a unfavorable 1 ho feed ;ri~-c rolatln,.ip gro.in. oat
of the pro;r-ssivo dzclinis in -.o0 p;icc-s dc-i"; r-" cenzt :.-.oths.
- 6 -
Iio;; rc..ipts at 14 Serman c ur ts during &.;pt -bJr -.intained the
up.ard tendency of th p;ah t f.. months and u7r-c larger than a yoar ago,
accordi.-; to preliminary figure c,.bled by Mr. Storr.. Tha s.ason'u total
receipts to nAUL.ot 31 :t those markets on n 's only slightly below the cor-
rzsp;onding 1928-29 figures. Inspected slaufhtr fi;gues for the currant
Gs-Yon to the same d..te ;.-er 6.3 per cent lo:..r tLhn a year ago in spite
of the fact that since Juno more hogs have been killed this season than
last. Bacon imports iLto Germany, principally from the Nothcrlands, were
lrger in August than a year earlier, continuing the tendency of the
current cacon to date. Dy august 31, the season's total bacon imports
had -l':.ched a l.,vel 59 per cent ullghr than for the first 11 =nths of the
The September upward movement in lard prices resulted in a I-.mburg
avragc. of nbowt 1Z.87 per 100 pounds. That figure representeI at in-
cLs.c 0 o"' nearly 1.OC over the A-,uuot av :... c, and alJnost e-Lualed the
av.r..o for CZeptanbr- 1929. The cur-ant avciage, however, :.as the lowest
for any 2w-pt.mbur of recent y-rs. Light August imports contributed to
t.h Z.ighr Soptember prico level. The totJ.l ..uust impcrt of less than
13,000,00C0 punda, largely from the Unitcd States, ;-zS b.lo- the relatively
smnll figures of both Jul, 1930 and august 1929. It was belor the imports
of w Uy auguot in recent ,yors and smalloi than for ,ny month ir.ce
Decemar 1925. Since Larch 1930, lird imports into Go.amsniy have been
mnillal, th- for most of the corrosponding months of 1229, a reversal of
condition. pr vJlin; t..;-lier- i, the current season. Th- total season's
imports to nuUuat 31, horev-vr, short an advEnce of 1.5 per cent over the
corre.-ponding 11 ionthe of thu 1928-29 season. Indications arc that, in
z*ite of the prevail6rL ldw rice of lard, substitute fatt, especially
thove of v cgtable origin, are offering increasing competition *.ith lard
in the Gr zaan market.
There is a nore eacouragin. outlook for the sale of americaa lard
in Belgiur.., according to a report of early Septembor from american Consul
neineckae t antwcrp. The centt rise i- prices checked for-rard orders
comew.at, but considerable business was done in current supplies. There
.ac a good and,regular demand for .aczric-n lrd duriir -,i-urust. a factor
favoring Ammrics n pure 1. rd is the now; Belgian duty an other edible fats
corning fro. the Ietherllnd.. Competition in other pork p-oducts is be-
coming keener in the Belgian m..rkmt, tko.'Consul report,. ruscia as the
first to catablishl compotiti.n with the moerican products, but Poland is
now sending regularly lsrge quantities of mild cured ',iltscire sides.
During nui-ust the demCnd for most anrrican cured products ':as light. Fat
backs wei-e talmo.t entirely neglected and stocks accumulated. In picnics
also heavy tockls w.e- reported, -nd nc- ord 's of any concequ.nce were
anticipated before tc e end of Coptcb'-r. In Ius, however, the august
trade was brisk with important canned supplies coming from several Zuro-
pe:n countries, especially NetherlandG -nd Dcrnmrk.
OGS .-'D5 ?0.: AhOJUC2CS; Indicos of f orci j- s5_ '_li3s an'. .!.oanr.l
: :___ Oct. u. .: .
: i., : 190-10 : 124--25 : :
: :to 1913-l'-:to 1286-29:1926-27:1927-28:19 8-29:1929-30
. IT.D i:l.. o:- :: :
rat igs, c5rt.in :
ia:;'t 3 ......... :1000' s:
Su.,..lies, : :
d.o:uestic 10-s" : 0CC :
o:)0 :, Lo:r.on ... :c"jic. s:
c-ma-az: .........: ':
Irish '. Stxte... "
U.lite.. St.tSs....: "
}Ka, total ........: :
Lard, total .......: "
jorts : :
3-con .,e.e.s..ss.: "
C...D: : : :
Slayhtie : :
Io^s, infected ..:1000':
-&oJ .e9oi-Its 1 : :
cities ........: "
36 coeito2s ......: "
.r,2orts- : 100C :
3Lco1n, total ......: i'o : .s:
Lard, total .......: "
7"; i 1
S--0 s, in-s 2.ct cd ...:i'v-0' :
EL : ts. : :
Bacon : 1000 :
Uiti- ed i:aT .o .-.... :_o.uc .s
Cuba .s .........: "
Total ........: :
HJa2 s, slo.cl. er s : :
United Lini .o.a....: "
Total ........: :
United .Kin :'-.: ....: :
C-er.iaany ..s......: :
Cuba ..... ......: :
d t T al .......t: :
ave ace :
49,475 : 53,210:- 72,931:- 9,601: 55,142
I7 G, 5438
1265, 0 :
130 "41 :
458 ,29 : 8,792 555,517 497,089:55,858
2, '5 : 2, 92 2,426: 2,219: 1,99
2,93 : '.,0'1: 5,871: J,202: ,04,
3,37 : 3,587: 4,78:: 4,217: 3,99
15,481 : 13,937: 7,756: 9,959: 15,91
2,700 : 40,556: .-,362: -5,853: 412,739
: : : :
w63 ,.. *
S7,782: 40,296: ,969 46,6--2
S6,705: 8,585: 6,820 35,f47
: 1,70' : 17 ,8S1 14,'97: 14,656
:104,207:10,356: 69,-163 96,C52
: 71,941: 75,689: 76,152: 71,359
: 39,618: 01,298: 40,114: _1,34-
: 39,623: 52,491: 56,269: 39,776
: 78,296: 60,049: 62,893: 58,122
: 59,021: 38,045: 21,910: 14,174
: 97,76: 99,768:102,184:109,322
:-- : :
*-.- ; I I~-rru~-;
HOCGS AiD POPKC PRODUCTS: Foreign and domestic aw
per 100 po uids for the month indicated.
stocks at the
UNIVERSITY OF FLORIDA
3 1262 08865 0634
, and ..
end of each month
: Dollars :-
: Dollars :
: Dollars 4
logs, C:'icaio, basis :
p)cic:ers' ar:d shipjprs':
1o. 3 yellow .........:
EHo ,. 5Icvy, ::
Berlin, live weight...:
feecding .............. :
Barley, Lei...zig .......:
Cicago ....... ...*...:
Liver pool .............:
HImbub-rG ****......S .:
Cj"ecrd *ork- -
Livor )ool -
Anerican short cut :
green ilhas ...**...*:
Danish Wilt s:ire :
Canadian green sides :
Haiis, bacon and
sloulLcr s .... ..:
United States -
Processed -or b/.....:
Lard in cold storage..:
/ One week only.
h/ Dry salt cuird and in process of
cure, and frozen.
10.52 : 8.73 : 9.58
1.80 : 1.46 :
18.57 14.29 : l14
.48 : .48 : ..6
2.00 1.78 : "
I ... .. Id
13.56 I 10.50 ;: Ir2b4r
13.72 11.20 : IZ. 1.
14.02 : 11.54 : .2
26.23 24.58 : '
: : C* .
19.61 17.68 : 18&
27.81 19.94 a.nf *
25.36 18.85 i '
1,000 1;000 o1
)ounds o -,)ads
7,396 : 4,963 .
12,871 3,591: :.
'19,400 651,444 : Sv
.80,085 : 118,353 : .s91
cured, and in prooesa'.Si,
1 .. Es
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