World hog and pork prospects


Material Information

World hog and pork prospects
Physical Description:
v. : ; 27 cm.
United States -- Bureau of Agricultural Economics. -- Division of Statistical and Historical Research
Bureau of Agricultural Economics, Division of Statistical and Historical Research
Place of Publication:


Subjects / Keywords:
Swine -- Statistics -- Periodicals   ( lcsh )
Pork industry and trade -- Statistics -- Periodicals   ( lcsh )
federal government publication   ( marcgt )
periodical   ( marcgt )


Dates or Sequential Designation:
- HP-83 (Oct. 1936).
General Note:
Reproduced from typewritten copy.
General Note:
Description based on: HP-8 (July 9, 1930).

Record Information

Source Institution:
University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 026660448
oclc - 30588199
lcc - HD9435.U5 A25
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Full Text
- O.4 V 40 OF CL

Bureau tt Agridultural economics L
Washington --EPOSITORY

BP-40 March 15, 1933



The most important developments in the world hog situation during Febru-

7r~ ere the marked increase in the German import duty on lard and the sharp

reduction in slaughter supplies of. hogs in the United States. Hog prices in

boftiUnited States and Europe averaged higher in February than fn January. Prices

ofct on domestic and foreign markets also were higher, but lard prices were

016ly to lower. Largely as an outgrowth of bank holidays, market receipts of
lids in the United States were very irregular during early March and prices were

queyenly higher.

Total bacon and ham imports into the United Kingdom during January were

irger than in December. Bacon imports were considerably smaller than in January

'lst year, but ham imports were materielly larger. Imports of bacon from Denmark

ki*','anuary were smaller than for any month since May 1932, but receipts from

nearly all other countries were larger than in December. Shipments from Can-Ada

were more than twice as large as in the preceding month. The British Quota on

Wton and ham imports, which became effective in late November has been continued

*lit certain changes for a fourth month.

: United States lard exports in JPnuary were the largest for any month

V;itsee December 1929. Shipments to nearly all countries were larger than in the

preceding month. A large part of the increase was due to the increased tckings

" y Gfrmany, *in anticipation of the advance in the import duty. Exports of lard

' tethdt country in January were the largest since August 1924. Total pork ex-

ports for the month were also larger than in december or in Jrnuary 1932.


United States

Hog prices advanced sharply in early February largely i-cause of the
greatly reduced market supplies resulting from storm conditions then. prevailing
through most of the Corn Belt. Prices were higher during the second week in
February than at any time since early October. As weather conditions improved
recei jts increased and prices declined somewhat, but only part of the advance
was lost during the remainder of themonth. The average price of hogs at ChicagoI
in February was $3.46 as compared with $3.12 in January and $3.89 in the corres-
ponding month of 1932.

Largely as an outgrowth of the bank holidays marketing of hogs were very
irregullar during early March and prices were unevenly higher. Most of the public
markets continued operation, but in many instances shippers were advised to de-
lay the movement of livestock to markets in so far as possible. Market trans-
actions have been carried on as usual except that in most cases payment has been
male by check, payable when normal banking business is resumed.

Slaughter supplies of hogs in February were much smaller than in the
preceding month or in February last year, Inspected slaughter for the month,
amounting to 3,647,000 head was 22.4 per cent smaller than in January and 20.6
per cent smaller then in the corresponding month in 1932. Slaughter for ,.te
month was the smallest since February 1927. Part of the reduction as compared
with a year earlier was due to the fact that February this year had one less
day than last year, but the slaughter per market day for the month was 17 per
cent smaller then that of February 1932.

Hog slaughter under Federal inspection during the first 5 months of the
present marketing y-ear (October 1932 to February 1933) amounted to 20,313,000
head, a reduction of 2,680,000 head or 12, per cent from the slaughter tn the
corresponding months of 1931-32. This decrease is largely a reflection of the
smaller 1932 spring pig crop, but-to some extent it may be due to a delay in
marketing in some areas, and to the fact that in nearly all sections a large
than usual proportion of hogs Have beenn slaughtered on farhs and in retail es-
tablishments. Slaughter supplies during March andx.April, the remaining months
of the marketing season offspring pig crop, are expected to be somewhat smaller
than in those months a year earlier.

Average weights of hogs marketed thus far in the current marketing year
have been somewhat heavier than last year, and the reduction in the tonnage of
hogs produced has not been so great relatively as the decrease in the number of
head slaughtered. Although the total dressed weight of hogs slaughtered under
Federal inspection in January was about 5 per cent smaller than in January last
year, lard production was 2 per cent larger. Supplies of pork and lard have
been moved into consumption readily during recent months. Packers have followed-
a very conservative policy this winter withrespect to storage operations. Storage
holdings of pork and lard on March 1 were smaller than those of a year earlier,
and they were considerably below the 5-year average storage stocks for that date.

The advance in hog prices during February was not accompanied by a rise
in corn prices, and the ratio of hog prices to corn'-prices increased. Based on
fann prices on the 15th of the month, the hog-corn price rati- in the North
Central (Corn Belt) States was 19.1 in February as'compared with 16.6 in January
-and 11.2 in February last year. Reports from several section's in the Corn Belt
,. '.

- 2 -

indicate considerable improvement in d,-mand for stock hogs during recent weeks.
Despite the fact that the relationship between hog prices and corn prices nas
been favorable for feeding, the quality of hogs marketed from many areas has
been much below average. Unfavorable weather conditions and the lack of protein'
feeds in the hog ration are probably responsible for this lower quality.

Wholesale prices of fresh pork advanced somewhat during February and prices
of cured pork were steady to higher. Lard prices were fairly stable during the
month. The composite wholesale price of hog products at New York averaged $9.46
per 100 pounds in February as compared with $9.32 in January and $11.92 in the
corresponding month of 1932.

Exports of hog products in January were materially larger than in Pecmrber
or in the corresponding month a year earlier. Total pork exports for the month
were 5 per cent larger than in the preceding moAith and 12 per cent larger than in
January last year. Lard exports to nearly all countries were larger in Janu2.ry
than in December. The total for the month was 57 per cent larger than in Pecember
and the largest for any month since December 1929. Shipments of pork anc. lard
from the principal ports during the 4 weeks ended February 25 were
smaller than in the first 4 weeks of January.

Bacon exports in January amounting to 2,023,000 pounds were larger than
for any month since last July, and they were 9 per cent larger than in January
1932. Shipments of bacon in January to Germany were considerably larger than in
December, but the takings of most other countries were reduced somewhat.

: Exports of hams and shoulders totaling 4,5O,CC'0 pounds were lightly
larger than in December and they were 18 per cent larger than in January last
year. Takings by the United Kingdom, the most important foreign outlet for these
cute, amounted to 3,881,000 pounds, which represented an increase of 2F 6er cent
over the export movement to that country in January 1932. Shipments to Cuba in
January were slightly smaller than a year earlier, but were larger than t hose of
the preceding month.

Total lard exports in January amounted to 79,0'2C,C0O rounds as connarei
with 50,341,000 in December and 60,343,C00 in January 1932. Exports to Germany
and to Netherlands showed the largest increases during the month. Shipments 'c
Germany totaling 28,233,r,'0 pounds were more than twice as large as in rccember
and were the largest for any month since Augiust 1924. Snipments of 1 .rd to
Netherlands in January were about three times as large as in Pecember were
also larger than for any other month during recent years. Experts to Nttr::erlanis
are largely for consignment to other countries, and it seems Frobable te.t :. very
large proportion of the January exports to tnat cotu-try were reexport-r. to Germany.
The phenomena] increase in the movement of lard to Germany' in January was n. inubt
in anticipation of the increase in the German import duty on l from 41.08 tr
$5.40 per 100 pounds, which became effective February 1I, 1933. l. :r. rx-crs to
the UJnit.d Kinbdom and Cuba in January were also considerably l'rge'r t'ha. ii
December, but the increase was not so Lrr-e as that in teP exports to ; rnt:-r-.
Chiefly because of the large export movement of lari in Jrnruary total Vn ted State:
lard exports dirine the first 4 months of :the !presC.t Imar:keting .yerr (Ortobr 193L
to January 1933) were A per cent larger than in thle c orrespondit.; .:'nthR in
1931-32. In view of the nmrked increase In the German itnaert duty' on l:.-.r it is
aex[ ent," that tkirings of lard by Germany will be ,reatl; reduce dtrinj: t:.e re-
maindf-r of the year, and as a res'ilt the total exports of lard .iriar this prrica

- 3 -



- 4-

probably will be s.ailler then during tne srme period ist 'ye-r.

Hog numbers on farms in the United States on January 1, 1933, according
to the estimate of the Crop 'Reporting 3or-rd of the United States Dexprtment of
Agriculture totaled 60,176,000 head, an increase of 2.8 'per cent over the number
on arms on Jrnuary 1, 1932. The number in the Torth Central (Corn Belt States)
on Janu-.ry 1, 1933 Was 42,9C4,000 head, as comp-red with 42,602,C00 head on Jrnuary
1, 1932. The estimates of numbers and values per heed in the United States on
January 1, 1931, 1932 and 1933 for the mr.jor geographic divisions are shown in the
table below. The average value per head for the entire country on J-nuary 1, 1933
of $4.21 w.s the lowest Jpnuary 1 value since 1897. On January 1, 1932 it was
$6.14 and on January 1, 1927 it was $17.19, the nighest value since 1920. The
total value of hogs on farms January 1, 1933 was $255,538,C000 and on January 1,
1932 it was $362,511,000.

United States: Number of swine, including pigs, on f-.rms, and
value per head, January 1, 1931 1933

Georarphic Swine on fans, Janur.ry 1 Farm value per head
division 1931 ; 1932 : 1933 1 93i : 1952 : 1933 1/
:Thousand ousThouds:ousis:nosrnds: Pollrrs : Dollars : Dollars

North Atlantic :1,141 : 1,167 :1,214 : 12.69 : 8.69 : 6.10
East North Central : 11,104 : 12,244 : 13,833 : 1157 : 6.71 : 4.48
West North Central : 28,735 : 30,358 : 29,071 : 12,54 : 5.98 : 4.22
Total North Central : 39,839 : 42,602 : 42,904 : 12.27 : 6.19 : 4.31
South Atl-ntic :3,972 :4,252 :4,365 : 8.55 : 5.88 : 4.11
East and West South
Centritl : 7,114 :8,393 : 9,711 : 7.75 : 5.75 : 3.65
Mountain and Pacific :
(nest) : 2,333 : 2,64 2,522 11.04 : 5.73 3.9Z
United States : 54,399 : 59,C78 : 0,716 : 11.36 : 6.14 4.21

Estimates of the Crop Reporting Bo.rd, Pureau of Agricultural Economics.
1/ Preliminary.


Prices of b.con hogs on Canadian rvnrkets nerve continued to slow the
strengthening tendency which had been in evidence since the last of Janur-ry
according to the latest Canndian Government livestock report, dated archh 2.
That week the price of bacon hogs at Toronto averaged $4.05 (Canadian currency)
per 100 pounds, while for the 4-week period ended March 2, prices made a gain of
40 cents per 1?I pounds. The average price for the 4-week period was $3.84 per
100 pounds compared with the monthly average price of $3.76 for January.' Due to a
depreciation in Canadipn currency (dollars) in terms of American money from 87.46
cents in January to 83.51 cents in February, the price in February was lower than
in January in American currency. For the week ended March 2 the average price of
bacon horc at Toronto in American currency was $3.37 per 100 pounds, while the
average for the 4 weeks ended March 2 was $3.21 compared with $3.29 in Jrnuary.
Last year the average price for the 4 weeks ended March 3 was $4.28' whereas the
monthJy average for January was $4.36.

HP-40 5 -

Gradings at stockyards and packing-plants for the 4 weeks ended March
2 were 243,000 head compared 1ith 254,000 head for Che same period of 1932.
From the beginning of the year up to March 2, marketing amounted to 556,000
head or 8 per cent less thafi during the sane period of 1932. Exports of bacon,
hams and pork during January amounted to 5,049,000 pounds, an increase of over
150 per cent above January of'last year. Of the above quantity 4,126,000 pounds
was bacon, most of which went to the United Kingdom.

Great Britain and Irish Free State

Current developments in British cured pork import restriction plans
are somewhat indefinite. The temporary Quotas are being continued, however,
with a few modifications, and restrictions of a more permanent nature probably
will be put into effect later in the year. Figures on combined bacon and ham
imports into Great Britain from November 23 to January 31, 1932-33, indicate
that most countries working under allotments have kept within the designated
figures. Receipts from' non-allotment sources have been only moderate. There
has been an effort made to reduce the total cured pork import quota by 2.5 per
cent monthly to June 22, but confirmation of that step is lacking.

The smaller supplies of bacon resulting from the limited market opera-
tions of recent months and the clearing of cold storage stocks have given the
market for continental bacon a much better tone, and prices have advanced, Meat
Specialist Reed at London reports. The Liverpool average price of Danish sides,
at $9.78 per 100 pounds for the week ended March 1, was the highest level reached
since late last September, and $1.38 higher than a year ago. The monthly average
for February reached $9.29, an advance of about $1.27 over last year. The price
advance has been retarded somewhat by declining'prices for other meats and low
purchasing power. Prices of American bacon, which is in light supply, were firm
in sterling during February, producing an average gold price of $6.82 for the
month. That figure, however, was $1.59 under the February 1932 average. In
general, factors affecting the demand for bacon nave snown no change during the
past month. Price improvements have followed reduced supplies, and further
advances are expected.

The limited supplies of Americvrn bacon have had to meet sharp cor.mcti-
tion from cheap continental and Argentine middles. Total bacon imports in
January exceeded December figures, but with that exception were the smallest
since March 1931. A feature of the January figures was the large receipts from
Canada and Argentina. The affect of the quota on continental shipments in Janu-
ary w-s most noticeable in the case of Denmark. That country scnt less bacon in
January than in any other month since August 1930, with tne exception of May
1932, when the bacon factory strike curtailed shipments. Poland, Nothcrlndds,
Sweden and Lithuania sent more than in December. Irish shipments declined.
Receipts from the United States were larger than in december, but of minor ir,-
* portance. Total bacon receipts from Octobur 1 to January 31, 1932-33 were 1.6
per cent smaller than in the corresponding 1931-32 period.

Hams havo been in excessive supply in the face of light seasonal dem"..d,
unfavorable weather and low buying power. The price decline in cvideice since
January 1 resulted in a February average at Liverpool of $8.;55 for American
short cuts, That figure was $2.43 per 100 pounds under the February 1933 avtr-
ago. Higher sterling exchange rates partially offset tho 1933 decline in hmr
prices, but low buying power in industrial centers has aided competition from

- 6 -

cheap continental forces and garmons. January ham imports exceeded December
figures and were 54 per cent larger than a year ago. Most of the increase
came from the United States and Canada. Such shipments continued heavy into
February, principally from the United States. Mr. Reed states that such a
movement is lnot unusual and is to be expected in view of the approaching ham
marketing season and the operation of the quota. Total ham imports for the
1932-33 season to January 31 were 4.1 per cent larger than the comparable
1931-32 fiilres.

The co-nsistent weakness of lard prices during January and February
brought the Liverpool average for the latter month on American refined lard'
down to $5.89 per 100 pounds. Lard futures, sensitive to and dependent on
Chicago advices, showed the same tendency. Demand has not been great enough
to move the increasing supplies .without price reductions. January imports
were the largest of any month since last August. While partly seasonal, the
increase no doubt has been supported by the German import restrictions and
advanced duties effective February 15, Mr. Reed states. Total lard imports
to January 31 for the current season were 35 per cent smaller than-the corres-
ponding 1931-32 total. February 1 stocks of refined lard at Liverpool, total-
ing 3,351,000 pounds, were much larger than on January 1 and the largest since
last September, but considerably below the February 1932 figures. The March 1
stocks were down somewhat from the February levels. 1

British domestic hog prices were steady to higher, Mr. Reed reports,
especially for feeders. The advance is partially seasonal, partially a result
of reduced pork imports, and partially a result of quarantines in some areas
on account of foot and mouth disease. Marketings of fat pigs since January 1
have averaged under a year ago. In Northern Ireland a decline in pigs pur-
chased for curing has more than offset an increase in shipments of live hogs
to England. The latter movement appears to be a shifting of hogs to English
markets as a result of Irish Free State import duties. In.the latter country,
the Jsnuary hog purchases for curing were only slightly smaller than last year,
but exports of live hogs were down nearly 70 per cent. February receipts of
fresh British and Irish pork were smaller than in either the preceding month
or a ;,ear ago. Pork prices on the whole have been firm. Fresh offerings
showed a tendency to advance in price, but prices of frozen eased slightly
in this season of relatively high pork consumption. Total fresh and frozen
pork supplies have beenlarger than last year, with increased shipments coming
from Hew Zealand and Canada.

Countries Important in British Market Supplies

Total bacon exports from Denmark during January, at 59,000,000 pounds,
were the smallest of any-month since last May, and considerably under exports
of January 1932 or 1931. From October 1-, 1932, to January 31, 1933, total
exports wer6 13.5 per cent below figures for the corresponding period of 1931-3'
Indica.tions a.r th.t significant efforts are being made to reduce Danish hog
numbers and to find new export markets. It has been intimated that after July
1 next, there may be a still greater shrinkage of the British market for foreign
cured pork. Reports from the Netherlands indicate that substantial numbers of
young pi-s are not being reach the fattening stage in view of the
restricted outlet for pork. It is proposed to limit available earmarks-for
young pi,;s to 1.,800,000 for the first half of 1933. Additional recbactions
are viewed as a possibility. In Poland also the limited output is raising


serious Cucstions with respect to the future of p.rnts and equipment desi--:cd
to produce cured pork primarily for export. Bacot. exports in 1932 aerc slightly
larger than in 1931, but smaller h-m exports reduced slightly the 1932 figure
for total cured pork exports. Values declined sharply in 1932. Consular advice
mention the possibility of shipping 50,000 Polish hogs to Soviet Russia.


Early Ma.rch prices of heavy hogs at Berlin were somewhat lower
the February rcverage of $7.69 per 100 pounds. That price was 33 cents higher
than thi January average, but represented an unusually low figure for Febraary.
A year rco the average was 48.19. Effective February 15, 1933, the duty on
live hogs imported into Germa.ny was raised to $5.40 per 100 pounds ?g.i:st the
preceding rate of $4.32, according to information provided by the Berlin office
of the Foreign Agricultural Service. Hog receipts in February continued at the
reduced levels of recent months aid were considerable below 1932 levels. Fron
October 1, 1932 to January 31, 1933, receipts at 14 markets were 15.6 per cent
smaller tha:- in the corresponding 1931-32 period. Both receipts and slaughter
in January we-re larger than in December but smaller than a year earlier. For
the 1932-33 period indicated, slaughter stood 16.0 per cent below t.i-.t of
October-Jcnuary 1931-32.

Since February 15, 1933, lard imported into Germany has been paying a
duty of $5.40 per 100 pounds. The former rate was $1.08. It is not yet known
to what extent the new rate has hindered the trade in American lard, Around
March 1, however, Hamburg lard quotations, duty unpaid, were down to 35.90 per
100 pounds, $1.72 under the level prevailing before the new duty became effective.
Including the duty, the wholesale price on the basis of latest quotations comes
to $11.30 per 100 pounds against about $9.70 early in February. J-.nunry lcrd
imports into Germany reached 23,524,000 pounds, an unusually 1-rge .onthly figure
for either the current season or a year ago. Since October 1, however, lard
imports hrve been consistently larger than last year, with the total to Jmnu ary
31, 1933, standing 14 per cent above the corresponding 1931-32 total.

Indications are that the German t-riff increases on pork pro3d'cts effect-
ive February 15 did not raise the duty on bacon. Such imports in Janu'ary,
largely from the Netherlands reached 2,749,000 pounds, an unusually .1i : fire
for that ronth, and in excess of imports in either of the preceding .Lonths.
Totnl imports for the current season to Jrnuary 31, however, were 13 per cent
smaller than the comparable 1931-32 figures. Vry little American bncon has
been Germany in recent months. Duty rates on hnms and shoulders were
nearly doubled, simply prepared items advancing to $16.20 per C10 p 1uiiIs from
$8.64, ::id items for fine table use prying $30.25 against the former rate of

Other Countries


Or;,.-izc.tion of the Yugoslav Livestock Export Office h-s r:-..cltLd to
the benefit of hoc producers through securing better prices on tle Aut:ri:r
market, according to Agricultural Attache L. G. Michael at Belor"do. Ex-


- 7 -


port contingents are maintained, of which 40 per cent is allotted to the
cooperatives, 40 per cent to private exporters and 20 per cent to feeders
who export their own hogs. Allotments are made weekly. The allotment of
40 per cent to the cooperatives is regarded as an important point in favor
of producers in view of the large number of producers who are members of
the cooperatives. Private exporters have been forced to pay more for hogs
with which to take advantage of their share of the export contingent. A
few weeks after the export office had been functioning, it was estimated
that the average increased benefit to cooperative hog producers amounted to
about 1.22 cents per pound, live weight.


Commercial hog slaughter in Argentina reached 831,000 head in 1932
against 748,000 head in 1931, according to Assistant Agricultural Commissioner
C. L. Luedtke at Buenos Aires. Killings were fairly equally divided between
private packing plants and the municipal slaughter house in Buenos Aires
where the output is intended primarily for domestic consumption... The latter
killings increased 11.5 per cent over 1931 levels, while packing plant kill-
ings went up 10.5 per cent. There is also a certain amount of farm slaughter
of hogs, for which figures are not yet available. Fork production has been
increasing in recent years, as have exports of pork, although the bulk of
such production continues to be utilized in the domestic market. Total ex-
ports of pork and pork products in 1932 reached.22,721,000 pounds against
21,215,000 pounds in 1931. Of the 1932 figures, 89.2 per cent went to
Great Britain against 95.9 per cent in 1932.

. 8 -

-9 -

Hogs and pork products: Indices of foreign supplies and demand

Oct. Jan.

: :1909-10:1924-25: : :
Country and item : Unit : to : to :1929-301930-31:1931-32:1932-53
: :1913-14:1928-29:
__: :average*:average: : :
U1lTED KINGDOM: : : : :

Production -
domestic fresh: 1000
pork, London :pounds:
Imports -
Bacon -
Denmark ......: "
Irish F. State: "
United States :
Canada .......-
Others .......: "
Total ......: :
Ham, total .....: "
Lard, total ...: "
Exports -
Bacon ........: "
Slaughter : :
Hogs, inspected:1000's:
Production -
Hog receipts
14 cities ....: :
Hog slaughter
36 centers ...: "
Imports : 1000
Bacon, total ..:pounds:
Lard, total ...: "
Slaughter -
Hogs, inspected:1000's:
xprts -
Bacon : 1000
United Kingdom:pounds:

Germany ......: "
Cuba ........: "
Total ......:
Hams, shoulders:
United j:ii.gdom: "
Total .....: "
Lard -
United Kingdom: "
Germany ...... "
Cuba .........: "
;notherlands ..: "
Total ...

25,709: 29,09Y: 31,306: 46,924: 37,294

22,646: 19,368: 11,790: 13,283: 8,904
61,449: 35,479: 20,373: 9,272: 3,481: 1,391
12,520: 28,133: 6,850: 1,624: 3,984: 5,159
14,259: 50,937: 63,176: 86,527:110,329:139,917
28,238: 38,588: 33,497: 28,759: 27,965: 29,123
77,367: 83,626:100,567: 99,377: 86,027: 83,143














7, '49:









31, 654:

.0, 028w
P1,25 :








95, 381:
2? ,1C7 :
1 153:


















:15i7,612:249, 157 : 30r",29I : 1e7,9t44 :204,204 l:21"~, I


- "'



10i IIIIIll iII III II111111I IIIllIII
3 1262 08865 0279
Hogs and pork products: Foreign and domestic average prices per 100.
pounds for the month indicated, and stocks at the end of each month

S Jan. : Jan. ..


: 1909-1913

: Dollars

Prices -
Hogs, Chicago,
basis packers'
and shippers'
quotations .......
Corn, Chicago,
lio. 3 Yellow ....:
Hogs, heavy,
Berlin, live'
weight .... .... 0
Potatoes, Breslau
feeding ..........:
Barley, Leipzig ...:
Lard -
Chicago ..........:
Liverpool ........
Hamburg ..........:
Cured pork -
Liverpool -
American short '
cut green hams .:
American green
tellies ........
Danish .iltshire :
sides ..........:
Canadian green
sides ..........

Stocks -
United States -
Processed pork f/ :
Lard in cold
storage .........




.32 :a/
1.74 :a

* 11.50



: 1925-1929
: average

: Dollars













.34 :b
1.76 :of

6.67 :e

L1.23 :/

'8.87 ad/

8.24 :d/

13.17 : 20.22 : e/_
1,000 : 1;000 : 1,000
poun : ds unds : pounds
-F 57

: C68,5GV : 674,378

: 94,200 : 73,430



S an.

, :




.e6 *


I_~ Ia__ri.






9.16 :J'. 8.60

7.47 :d/

9.60 :d/

8.61 :d/

1,000 :
pounds ;

494,137 :

40,481 :

a/ 4-year average only. g 1 weel. c/ 3 weeks. s Basis imported to;
wholesaler quotations. / ITo quotations received. f/ Dry salt cured,
and in process of cure; pickled, cured, and in process of cure, and frozen,.





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