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': UNITED S TA S DMPART IT OF AGRICULTU E;
S:uroau of Agricultural economics ""- -
..: .. "',POSITORY
: HIP-25 Decemaber 1 2r -9'1----
02RLD HOG A.D PORI PROSPECTS
flog prices during Liover.iber in both the UnLited States and Europe declined
': to unusually low levels according, to the Burea- of A;griculturail -co:omics.
: Prices of both fresh and cured pork also showed marked declines in domestic and
foreign markets. The seasonal increase in slaughter supl. es during the month
S was, in a large measure, responsible for these lower prices. European lard
prices were lower in Iiovombcsr than in the previous month, but doimistic lard
prices remained near the October-level. In Germany and in aie Unitad States,
-!thigher feed prices, combined vaith the lower hog prices resulted in considerably
..less favorable hog-foed price relationships.
Irmports of pork products by the United K;indon increased during October.
i' ~ con imports were particularly large and baconi rice in the United Kingdo.:i
f declined to a level loss than half that of a year ago. .cos- o0 the incroc.so in
S United Kingdom bacon imports accurrod in the movement fror. Continental
: European countries other than Dfon,.rk. Ilain and lard imports of the Unitel
Kingdom in October ve-ro above those of a month earlier, but ha..I imports were
nl.y slightly larger than a yee.r ago, while lard imports were considter-bly
beow those in October, 1930.
2x;.orts of pork products froci, the United Stat-s increased during October.
Sile the increases wore not lsrgo, it was the first time in s~unr'l r.:onths
r';h exports of the inportan;t pork products exceeded those of the previous ionth.
i : .
The total exports of those products for the month were slightly larger than
those of October, 1930, but they were far below the 5-year October average.
A further increase in the slaughter supplies of ho3s during November
and early December, and the unseasonably warm weather during most of this period
were the chief factors responsible for the continued decline in hog prices.
After declining slightly during the first week in November, prices advanced
during the second week and declined again during the three following weeks,
reaching the lowest level in more than thirty years. The November average price
of hogs at Chicago was -*4.61 per hundred pounds as compared with P5.09 in
October and 'j8.55 in November, 1930. The spread between the prices of the
different weight groups continued to be very narrow, even more so than is normal
for this time of year, During the week ended Ncvember 28, the Chicago price of
180-200 pound good and choice hog's was "4.48, while medium to good packing sows
weighing from 275 to 500 pounds averaged :4.00. The price spread between these
two groups during the corresponding week last year was nearly "1.00.
The increase in market supplies of hogs was "-.bout normal during November.
The number of hogs slau-;htered rnder Federal inspection during the month was
4,2118,000, an increase of 11.8 per cent over October and an increase of 4.8 per
cent over Nove.nber of last oear. This marked the third successive month in
which slaughter exceeded that of the corresponding month a year earlier. The
average weight of hogs marketed during November decreased seasonally from
October and was slightly less than that of November last ye~.r.
The decline in ho0j prices during the month along with an increase in corn
prices, resulted in a r.aterial reduction in the hog-corn price ratio. Based on
Chicago prices, this ratio was 10.8 in November as compared with 13.3 in October
and 12.0 in Novomber last eoar. The decline in the ratio based on 15th-of-thie-
month farm prices was even :reater. The November Corn Bolt hog-corn price rati9i
was 12.1 as against 15.3 on October 15 and 13.9 on November 15, 1C30.
Toholesale prices of both fresh and cured pork cuts show-:ed material j
declines during Nove-mbr, although the price of fresh pork followed the tenancy
of the live hog market in advancing during the second week of the month.
price reduction continued to be most severe in the case of light loins, th prico
of which in November at 1ovw York '.-as ,312.64 per hundred pounds as compared to
$16.49 in October and '13.64 in November 1930. 16-22 pound loins declined
from an average of 13.26 in October to $10.75 in Nov;eber. The average price
of smoked lhams Regular 1 at the same market was ',)17.50 as compared to ,19.41
in October and $24.69 in NJovomber last -ear. The Novw York price of bacon ,] 1
sweet pickle cured 8-10 average was 14.L1 in IIovuinbNr which wv.s 3 decline of
,2.50 from t:e October price and 10.44 from the price in the corresponding
month last year.
L.rd prices wcre fairly stead;/ during, the month. Th-ire. ws a slight
advance during the third veok of the month, which '.:as not fully maintained
during the final week. The price of refined lard at Chica'go avorr.g.d i8.47
per hundred poiuds during November as compared to '8.53 during October and
412.31 in IHove .ber a ,year ag;o.
E::,orts of the principal por': products from the United States incroc.sed
during C.:. Ibr. While the increases ;;ere not large it '.as the first time for
several ._t.khs that exports of all important pork products exceeded those of
the pr v-ious month. The total exports of these products for the month were
slightly larger than those o. October, 1930, but they were far below the
October average of the five years preceding.
Lard exports during October amounting to 43,547,000 pounds w;:ere 15 per
cent larger than the m.iovement in September and :".ere 5 per cent above those
of October a year earlier. Takings by the United Kingdom showed the largest
increase, being; 38 per cent over September but they -.ere 32 per cent below
October of last year. The iaoveiient to Germany was slightly' below that of
September, but was far above the unusuall- lo-; level of the corresponding month
a year ago.
Total bacon exports during October, amounting to 2,944,000 pounds, ''ere
6 per cent above the Soetor-ber exports but ;e:re 9 per cent below the movement
of October last ye .r. Takings by Germany -were 34 per cent above those in
September and !were about si:x ti..ies larger than the small i.iovement in October,
1930. The movement to Cuba in October was about the same as last :oear, but
it was 46 per cent greater than in Soeptember. Exports to t.ie United ICindgor
woro 41 per cent smaller than those of Septoeber, and ,'-re only about one-half
as lar;g as those of October, 1930.
The -otal export movement of hans and shoulders in October ;:-s 12 per
'cent larger than that of September and 7 per cent larder than the movement
in October last year. Takin:;s by the United Tingdom, the principal country
\ importing these cuts, e..'re 12 per cent greater than tnoso of a month earlier
iand a.oro 14 per cent above the exports in Octcbur, 19.30. Cuban takings
. declinedd somouhat from the Soptenber l vel bu.t they wore far above those of
October a year ago.
Storage supplies of hog products decreased sharply during October but
on Nover.iber 1 they jwro still scrao'chat larger tlian the unusually si.all hold-
ings on the corresponding dato in 1930. Stocks of pork on November 1, .-.mo;nting
to 380 million pounds, w:ro 6.4 per cent larger than on that d:.to in 1930, but
wore 12 per cent smaller than the 5-yoor Novombor 1 avjr;4go. Lard stocks,
amouintin; to 40 million pounds, -..wre 9.5 per cent larger than on Novembcr 1
last year, but were 45.5 per cent smaller than the 5-year average.
The weekly prices of bacon hogs at Toronto for the four weeks ended
November 26 averaged only ',5.28 per hundred pounds compared with '.5.74 for
the month of October and ',)11.66 the aver:.-e for October 1930. The decline in
the monthlyy average price since July this year has been ,,3.33 compared with
only 56 cents in 1930. Karkets during the week endei November 26, were very
unsteady according to a Canadian Government report. The average price for the
seale week at 1Iontreal reached the lowest level on record, .5,00 being the
Supplies as indicated by the n-,nber graded at stock ;yards and packing
plants amounted to 277,000 for the four "-:eeks of November compared ..:ith
194,000 during the corresponding period of 1930 since June. Inspected slaughter
for the first ten months of 1931 reached 1,736,000, an increase of 9 per cent
over the same period of 1,30, but was less than for the same period of the
preceding three. years. The pork export trade of Canada t.i-tl Great Britain has
once more been resumed in a fairly regular way, states the Canadian Goverrmont
report. Domestic marketing have boon considerably heavier than last ycar
when the supply was short. Although the Juno 1931 ostir-zte of hog numbers in
Canada is not yet available the numbers in Juno 1930 ..uas the lowest since 1922.
However, repor-ts from many sections indicated an increase in the 1931 spring
Stocks of pork in cold storage on Novembor 1, 1931 reached 21,224,000
pounds an increase of 27 per cent over the same period of 1930 w-hon the supply
was 'unusually low.,
The sharp price decline in British cured pork markets carried the
Liverpool average for Amrirican Sroon bellies during Nov.ember do-wn to '8.,93 per
100 pounds, according to information cabled by Agrcultcrtral Attacho' F.A.Foloy
at London. That figure is one of the lowest on record, and is loss than half
of the values provailin;.- this tine last year. Sterling prices contributed to
the decline but lo.er e:'chango rates figured prominently in reducing current
values. In Danish '.iltshire sides also, t0e Niovenbor avaraGe of ,3.34 establish--,
ed a nor lo-.. level for the past 23 years. The current average represents a i
drop of Q3.00 from te0 October level and is less than half the average prevail-'..
ing in Iovember 1930. In_ Ar..crican short cut greon hams lIso a new low was "
set in November for the period indicated at $12.37, down .3.40 from t1he OctobI'w :i
average and 9(9.30 belo-w. t.eo overn.bor 1930 avorago. The sterling values of tS 1i
above items had a do-:nw..rd tendency but the wesakning exCconrg position in-:
creased the decline in terms of gold. Cured pork stocks at Liverpool on
December 1 stood at 1,864,000 pounds against 94.2,000 pounds last year. .,
Total bacon imports into Groat Brit-in durirg Cctco ,r, the first month
of the 1951-j2 season, increased, to the very l1rgo vol-um of 109,051,000
pounds. i.ay 1931 and Doco.riber 1930 are the only t-.;o months on record reporting%
bacon imports larger than those of October. The current figure represents an
advance of 13.5 per cent over the October 1930 iqm.orbs. Imports from Den.iark,
at 71,154,000 pounds, vere slightly larger than last year's figures and second
only to imports during Dece,.ter 1930. The important increase in the October
1931 imports over those of a year earlier is found in receipts from continental
countries other than Dernnc.r. Such. imports were 55 per cent larger in October
this year than last. October ham imports, while larger than last year were
only moderate at 7,217,000 pounds.
Col.mnenting on the sharp decline in bacon prices on British markets in
October and November, J:r. H. E. Re-.., Foreign Service livestock, meat and .-ool
specialist at London, suggests th : the trade tends to pl .ce greater emphasis
upon variations in continental hcg killings than upon current volumes of bacon
arriving at British m .rkots. Both killings and arrivr.ls during the past six
weeks have been unusually heavy. He auotes trade sources ..iso i'.s pointing
out that a seasonal price decline is usual at this ti,-e of year. The low
levels of this season, ho-:.ever, are much below those of any post-uar year and
also under the pre-war avoraLe. Figures on arrivals of bacon in Grsat Britain
expressed in bales in-icato that about one-third of such arrivals from Den. rr:
are received in London markets. The bulk of the remaining totc-.l arrivals at
London is divided between shipments from SweCon, Nothurli-ands, Poland, and
Lithuania. Relatively insignificant quantities are received weekly from
Estonia, Latvia, Russia, cJnd Gerr.ia;y. I.-portors estimate that bacon represontod
Sby figures on weekly continental killings arrive on the London market within
ton days to t'.o weeks from.i the time such figures are available.
Hogs: Killings i important contilint.&l bacon producing countries,
by wooks, August 1 Octobor 17, 1951 a/
: Dcmrr :U lct':rlan : Poland
: Tunbr : Abor : IUu=b or : Numb-r
.0..Oi 005 .e. es....:
.. ...... ... ..e.e..
Transmitted by H. E. Rood, moat and a wool
specialist at London,
Wiltshire sides: Arrivals at Lcndon from continental countries,
by vwcks, August 15
- October 17, 1931 j/
Vc ok ended
: Diaish .t
: all ports
: Ba.lcs :
: 6,447 :
: 54,4 -06
~ -~` --------~--c-- ---I
- 6 -
.7iltshir. side 3: Arriv-.ls at Louid.o, froi. conti:i...t..l country s,
by \3-cks, August 15 Octobcr 17, 1931 cj Contd
Arrivals fro:n ---
: Lithura:iA. : Eston.ia La.tvic.
: -ria : Is i a
Aug. 15 ........6 :
,2 ... o.... :
Sept. 5 ........
" 12 ........
" 19 ........:
" ... .. :
Oct. 3 ........ :
S 10 .......
17 ........ :
?.0 ........ :
13 ....... .:
Trarsmittcd by H. E.
j/ London Provision Lxchangc.
Bles :3 BaRl3
96 : 35
164 : 217
92 : 0
0 : 541
0 : -6
London, For i-n Agri-
Sid:_s arc rack:d or 6
to the bc.l, according to weight of sides. The most popular bale is that
carrying 4 sides vith the total me-ight rangi._g 220-260 pounds,
The more than seasonal weakness in the British lard market during
November brought the Liverpool average for prime steam western down to the
new low of .,6.21 for 100 pounds, :.lr. .'oley reports. That figure was ;l.16
under the October average and -4.25 below the i;ovember 1930 figure. December
stocks of lard at Liverpool stood at 990,000 pounds against 1,299,000 pounds
a year earlier. Lard stocks have run fairly consistently higher this year
than last, as have imports. October lard imports, while larger than September
figures, reached only 17,329,000 pounds, vhich was about 26 per cent below
the October 193U level, and well under the monthly average for the 1930-31
season. The bulk of the lard im-ports came from the United States.
Seasonally larger receipts of fat pigs at representative British
markets brought the Liovember total to 70,641 head, I.ir. l'oley reports. That
figure was larger than for any November since 1928. British and Irish fresh
pork supplies at London central markets for November at 9,516,000 pounds,
were under the October figures, but larger than those of either of the two
preceding Novoebors. Killings of hogs in Ireland for curing continued this
season's heavier movement to reach 111,402 head for iiovembor.
- 7 -
Con:t-nonta.l Countries Imliort.nt in Eritish. 'I':ket Suppnlios
The 1931-32 shipping season in Denmark opened in October with total
bacon exports 5.9 per cent larger than at the same time last yei.r, according
to prolimiuic.r; reports. Netherlands supplies of eoxort bacon, as reflected
in British imports froL. t-hat source, continue larger than .usual. British
imports of iethOrlands bacon in October were larger than the October imports
of either 1929 or 1930. In Sweden indications are that total hog numbers in
the aut-amnr of 1931 were slightly larger -tan a year earlier, but that there
worre miatrial reductio-ns in brooding stocks and young pigs, according to
-r. 2. Jolhnson of the Ldtoborg consular office. Fiwuros for September 15
showed that the incrc..se over last year's numbers vws l..rgcly in fattened hogs
three months old or more. In Ceneral, hog numbers declined in localities
growing compri.tivoly little grain, whereas numbers increased on farms raising
moroe Gr-in, .Lr. Jolhnson reports. 7There hog numbers declined, the decrease
frequently involved the elimination of hogs from the farln.
The hIavijr rmrkct roczip ts of hogs registered during the 1.;30-31
season :iroe continued into the 1931-32 soc.son, "a total of 319,000 head being
registered at 14 cities during October, according to .gricultural ,ttache'
L. V. Stocro at B.;rlin. '.1rly indications are for a larger total for November
when final fi-ures for that -.:onth are available. The October receipts :.ore
lager than in either 1929 or 1930 during that month. Slaugnitor at 36 centers-
also woro lar-zr in October than in the corresp-onding ..ont:, of the past two
yoc.rs, st.n-din, at 430,000 head. The sharp drop in IHovl;ib-ir hog prices brov lt
the Berlin avera3ge for hoavl hogs dorvn to ';8.94 per 100 pounds, a point voll
below former post-v:ar prices, and also blow the pro-wur avora;o for any month.
In October 1931, the average vwas ..9.60. That figure represented a decline
from the Auogst and S pturi:bor levels, which was accompanied by an upward movo-
ment in feed prices. Leipzig b.rloe prices in Octobur iore still below last
Lyor's level, but hog: prices show..-jd a much quicker relative decline than did
barley. Bruslu potato prices in October *r:ore :.igher then l.st year.
The .iore than se,.sonal sharp drop in lard prices during November brought
the average at Hamburg do.-n to ',8.99 per 100 pounds, .;r. Steere reports.
That figure -was a na-: lo-: for the period 1909-1932. Last iHovember the price
stood at ..?13.32, while in October 1931 it waLs fairly strong at '10.27. -October
i.iiorts of lard totaled 13,739,000 pounds. The October figure -was the largest
since last .-pril cand larger than that of October last year. The proportion of
the total coming from the United States has been reduced in recent months by
larger imports from nearby countries, notably Denr-zarl. The United States,
however, continues to contribute *:-ell over half of the current GOerman lard
imports. Consul L. L. Scbhnare at Hamburg reports tha-t around Iovember 1, .an
easier tendency in prices of Danish lard resulted in a some.-hat keener
coi.petition than that :Lhich existed early in October. The depreciation of
Danish currency is not :1 ving as much influence on the MHamburg market -s mas
zsntidipated, according. to the Consul. It ap)pe.rs that supplies in Denmark
avAilable for export are not regarded as depressing. Bacon imports into
Geria.ny continue to incre-.sa, despite lar er domestic production.
There is practicall-; no business being done in AL-.erican port products
in Belgium, according to Consul :'alter S. Reineck. Heavy domestic production
has reduced activity in the Amnrican products to a low level. Indications
are that Belgian hog raisers are finding little or no profit in the present
prices. Large scale -hog raising, therefore, is being discouraged but
current numbers are great enough to maintain sufficient market supplies for
several months. In practically all parts of the country, there are available
heavy stocks of Belgian lard and fat bacon. Those supplies, together .:ith
easily available lo-;: priced lard from the Netherlands, prevent-the making of
contracts for Americanu l.rd despite the relative lo-; price at ,;lic' the latter
The annual congress of the South Afric n .Agricultural Union, meeting in
SPretoria on October 27, proposed to the Government certain measures for
aiding the South African hog industry. The proposal includes an increase in
the present duties on bcon and hamn lhich now range fromI 3 to 6 cents per pound.
Nowi duties are proposed also for lard and edible meat fats whic'.i no'. stand at
from 2 to I'- cents per pound. Relative small quantities of bacon and ham cre
now being received fro. a the United States. The ai of the no'.; measure is
to make South Africa self sufficient with respect to hog products r:-ther than
to build up an export business in those lines, accordinL to Agricultural .'ttache'
C. C. Taylor at Protoria. It is stated that there acro good possibilities of
increasing hog production, particularly in connection .-iith the expanding dairy
Exports of pork carcasses from Ndo'. Zealand totaled 133,754 for the
twelve months ended Septrember 30, 1931 .s against 133,810 carca.sses for the
preceding t'rolve months, according to Consul Bernard Gotlieb at *.ollington.
Of the 1930-31 exports, 70.9 per cent were shi _.od to London ag-.inst 72.4
per cent in 1929-30. Practically all of the balance -unt to other British ports
in both seasons.
The beginnings of a hol; raising industry have appeared in the .[I.zatalan
consular district, according to Vice Consul E. "J. aton at IL.zatalon, "ioxico.
A few Americans and some natives have .one into commercial hog production in
the last few years with sane success. Prices have been gonorally favorable.
Hogs and Pork Products: Indices of foreign supplies and demand
and :Unit :t
U ~TflfT D KINCOI. f.
Fat pigs, cer-
tain markets :10030's:
fresh pcrk, :1000
Irish F.State : :
United. States "
Others : "
Total ... "
Har, total .. .: "
Lard, total .. : :
DEhiE31LRK: : :
Bacon : "
Hogs, inspected :1000's.
G'1 _T1 Y: : .
14 cities .. "
36 centers : "
Bacon, total :pounds:
Lard, total : "
United Kingdom :pounds:
Total .. "
United Kingdom :
United Kingdom "
Cuba .. ... "
Netherlands : "
Total .. : :
1909-10 : 1924-25 ;
o 1915.-14:to 1929-29: 1928 : 1929 : 1930 : 1931
avere : average : : :
19, S 5:
2,897: 17,329 .
1,728 :a 4,850
14, 564:a/18, 739
2,908:3 14,211 .
41,396: 43,547 f
HP-25 11 -
Hogs and pork products: Foreign and domestic average prices er 100
pounds for the month indicated, ana. stocks at the end of each month
: 1909-1913 :
*; *-l'' -i
__ ------ C
basis packers' and:
shippers' quota- :
Corn, Chicago, To.
3 Yellow .........:
Hogs, heavy, Dorlin;
live eight ......:
Barley, Leipzig ...:
Chicago ......... :
Cured pork -
American short :
cut groen Ihams:
Amenrican green :
Hais, bacon and :
Lard, refined ...:
United States -
Processed pork /:
Lard in cold
Dry salt cured and in
cure, and frozen.
process of cure; pickled, cured, and in process of
---- -----~ '---
UNIVERSITY OF FLORIDA
Slilllllti illlli llli llllBI IIIIDB lilIHID l
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