World hog and pork prospects

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Title:
World hog and pork prospects
Physical Description:
v. : ; 27 cm.
Language:
English
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United States -- Bureau of Agricultural Economics. -- Division of Statistical and Historical Research
Publisher:
Bureau of Agricultural Economics, Division of Statistical and Historical Research
Place of Publication:
Washington
Frequency:
monthly
regular

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

Notes

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

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Source Institution:
University of Florida
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All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 026660448
oclc - 30588199
Classification:
lcc - HD9435.U5 A25
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AA00013004:00031

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Succeeded by:
Hog situation


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Full Text

UNITED STATES IEPARTMET OF AGRICULTURE D ENTS EPT
Bureau of Agricultural Economics ....
Washington -

HP-51 Februar 20_'.' .

WORLD HOG AND PORK PROSPECTS

Quarterly Summary

Hog prices on domestic markets were steady during January, ani a sharp

advance occurred in early February, despite continued large slaughter supplies

:f hogs and other livestock. Prices of hogs in Germany declined during

J auary, but higher prices were paid on Canadian markets. In the United King-

IAm prices of bacon and hams advanced because of restricted imported supplies,

btt British lard prices weakened during the month. Prices of cured pork

and, lard in the United States were steady to higher in January.

Bacon imports into the United Kingdom during the last 3 months of 1933

' bre 28 percent smaller than in that period in 1932, but even with this re-

"i:dtion several important countries shipped larger quantities to Great

SBritain than were allocated to them under quota agreements. Haam imports dur-

1 the same months of 1933 were also reduced, but not nearly so urach as

Were imports of bacon. The total quota for British imports of bacon and

hams which will prevail after March 1, 1934 has not yet been determined.

United States exports of both pork and lard during December were

larger than in the corresponding month a year earlier. For the entire year

1933, lard exports were the largest since 1930, and shipments of Icrd to

the United Kingdom during the year were the second largest on record. Ex-

ports of lard to Germany in 1933 were smaller than in 1932. Pork exports

for the year were somewhat larger thci in 1932, but they were relatively

small compared with most other post-war years.

United States

Despite the fact that slaughter supplies of hogs and other livestock
were relatively large in January, hog prices were steady to l.lgher during
the month. In early February, market receipts of hogs were materially reduced





HP-51 -2-

and prices advanced sharply, the top price at Chicago reaching $4.85, the
highest since last October. A stronger consumer demand for meats and the
relatively large purchases of hogs for the account of the Federal Surplus
Relief Corporation contributed greatly to the higher prices in January and
early February.

The average price of hogs at Chicago for January was $3.41 per 100
pounds compared with $3.25 in December and $3.12 in January 1933. The
average price for the week ended February 10, however, was $4.20 the highest
average for any week since mid-November. The advance in prices in early
February was much greater on hogs weighing under 250 pounds than on heavier
weight hogs. Prices also tended to rise more at Chicago and points east-
ward than at markets west of Chicago. Some adjustment to this uneven advance
both as to weights of hogs and to markets probably will occur before the end
of the present month. The processing tax on hog slaughter, which was levied
in early November 1933 in connection with the hog production control program
of the Agricultural Adjustment Administration, was raised from $1.00 per 100
pounds to $1.50 effective February 1, 1934. A further increase in this tax
to $2.25 on March 1, 1934 has been announced.

Inspected slaughter of hogs in January totaling 5,391,000 head was
14.7 percent larger than that of January 1933, and it was second largest
slaughter for the month since 1925. The increase in slaughter supplies from
December to January, amounting to 861,000 head or 19 percent, also was rela-
tively large. Inspected slaughter for the first 4 months of the current mar-
keting year, October 1933 to January 1934, which amounted to 17,480,000
was 813,000 head, or 4.9 percent larger than in the corresponding months of
1932-33.

Corn prices averaged somewhat higher in January than in December. The
aversae price of No. 3 Yellow corn at Chicago was 49.7 cents per bushel com-
pared :1ith 46.5 cents in December and 23.6 cents in January 1932. The hog-
corn price ratio in the North Central States, ?s of January 15, was 7.6 which
was about the same as the very low ratio reached in December, but it was
much lower than the ratio of 16.6 as of January 15, 1933. The decline in the
ratio as compared with a year earlier has been greater in the West North Central
States than in East North Central States. The advance in hog prices in late
January and early February was not accompanied by a similar advance in corn
prices; consequently the ratio of hog prices to corn prices in early February
was higher than at any time since October, but it was still below average.

Largely as a result of the very unfavorable relationship between hog
prices and corn prices and the short supplies of corn available for feeding
the average weight of hogs slaughtered has declined considerably during the
last 3 months. Average weights of hogs received at the seven principal
markets in January were materially lighter ';han a year ago. The decrease in
weights as been somewhat rj -ter at market: s.,rving Uhe Western Corn Belt
where the hoj-corn price ratio in recent months has been relatively lower
compared with last year than in other oreas.

wholesale prices of fresh pork were steady to lower during January,
but advanced sharply in early February. Smaller supplies of hogs and the
sharp, drop in temperatures in many sections along with increased government
purchases of hogs which greatly curtailed supplies of fresh pork for regular
trade channels were the chief factors responsible for this advance. Prices


AI





HP-51


of cured pork and lard were steady to higher in January. The composite
wholesale price of hog products in New York averaged $11.11 per 100 pounds
in January compared with $11.09 in DeceLmber amd $9.32 in January 1933.

Exports of both pork and lard were larger in December 1933 than in
the corresponding month a year earlier. The increase in pork exports, however,
w-s largely the result of larger exports of fresh and frozen pork, since
cured pork exports in December were not greatly different from those of a
year earlier. The qluantity of such fresh and frozen shipments, however,
remains relatively small. The export movement of total pork in December al-
though larger than in that month in 1932 was 23 percent smaller than in
November.

Shipments of hams and shoulders in December totaling 4,283,000 pounds
were slightly smaller than in December 1932, but they were considerably smaller
than in November. Exports of these cuts during the n.onth to the United
Kingdom, the principal outlet, amounted to 3,325,000 pounds, which was only
about one half as large as in November. Since exports of hams and shoulders
to Great Britain were relatively large in October and November, the quota
restrictions to bacon and ham imports probably made necessary a decrease in
the takings of these products during December from the United States. Bacon
exports during December amounting to 2,250,000 pounds were somewhat larger
than in December a year earlier, but they were smaller than in November.
Shipments of bacon to e.ch of the various importing countries during December
were relatively small; Germany was the lr.rgest buyer.

Lard exports in D-cember amounted to 55,311,000 pounds which was about
15 percent larger than in Novernber and 10 percent greater th-an in December
1932. Nearly all of the increase in lard shipments during December compared
both with the preceding month and with a year earlier was in the movement
to the United KinGdom. Exports to that country in Dece-mber of 31,197,000
pounds were the third largest for any month during the last 10 years. Lard
shipments to Gernany during the month arounteO to 8,790,000 pounds, wnich
was considerably smaller than in the preceding month or in December 1932.
For the 3 months, October to December 1933, exports of lard totaling
153,291,000 pounds, were the largest for those months since 1929, and they
were 6 percent larger than in the corresponding :.LOnths of 1932.

Total exports of lard for the calendar year 1933 amounting to 584,000,000
pounds were about 6 percent larger than in 1932, and they were the larL;cst
since 1930. Lrrd exports to the United Kirngdom in 1933 totaling 297,000,000
pounds were the largest since 1918, and except for 1916, weru the largest
on record. Exports to Germany of 127,000,000 pounds were smaller than in
1932. Pork exports during 1933 were about 22 percent !,rrer than, ii 1932,
but they were relatively small compared with those of most other post-war
years. A figure showing changes in United States exports of pork and lard
from 1900 to d.rte appears on the last page of this publication. Shipments
of pork and lard to nor1-contiouous territories L.avO been i:.cluded witn ex-
ports in the fig-ures used for this figure.

A statistical sunnrr.ry of the hog situation for the first quarter of the
1933-34 hog marketing year, October to December 1933, with comparisons,
appears on paoe 5 Inspected slaughter of ho.:s from October to December
1933, was slightly larger than in that period a year ago, but because of the
reduction in the average dressed weigt, the ttnal production of pork,


-3-






HP-51


incl-iding lard, was about 2 percent smaller. Total storage holdings of pork
and lard declined from October 1 to the end of Decemrber, but the effect of
this net out-of-storage movement on the movement into domestic consumption
was partly offset by the increase in exports of pork and lard. Apparent
domestic consumption of hog products during theOctober to December period
was about 1 percent less than in those months in 1932. Production of lard
pcr 100 pounds of hogs slaughtered was smaller during the first quarter of
t,.e current marketing year than in the same period a year ago, and with a
slight decrease in total live weight, lard production under Federal inspec-
tion was about 3 percent less than last year. Storage stocks of lard de-
clined about 60,000,000 pounds or 8 percent from October 1, 1933 to January
1, 1934. Exports of lard from October to December 1933, were about 33,000,000
pounds larger than in the corresponding months of 1932, but because of the
large out-of-storage movement tne apparent domestic consumption of lard was
increased about 2 percent compared with last year.

Inspected hog slaughter during the winter marketing season thus far has
been sor.ew.at larger than was anticipated earlier, in view of the emergency
slP.uag .tr of some 6,200,000 )igs last summer under the hog production control
progrranr of the Agricultural Adjustment Adniinistration. Because of the short
corn crop and the relatively unfavorable hog-corn price ratio the market move-
ment of hogs during the present winter has been earlier than a year ago, as
indicated by the lighter weights of hogs marketed. With this earlier market
movement and the emergency pig slaughter, it seems probable that the number
as w(ll rs the proportion of hogs from the pig crop of the preceding spring
yet to be marketed is now :mxch smaller than a year ago. A considerable re-
duction in slaiugter supplies of hogs during the remainder of the winter com-
pared with those of last year, therefore, is expected. It should be reoogniz-
ed, however, that marketinas of fall pigs are also likely to be earlier than
usual, and the decrease in slaughter supplies during the next 3 or 4 months
may be less thnc otherwise because cf this earlier movement of such pigs.
Consumer demand for hog products apparently is now much stronger than a year
ago, and/W!it&,tial reduction in slaughter supplies in prospect for the
remainder of the winter season, some advance in hog prices may occur.


-4-






HP-51


United States: Statistical sumjanry of hog and hog products situation,
October-December, 1932-33, with comparisons


Item


: 5-year :
: : average :
:Unit : 1927-28
: : to
: :1 q.931-2 :


Hogs -
Inspected slaughter...: no.
Carcasses condemned...: :
Averre live weight...: lb.
Averrae dressed weight: :
Total dressed weight :1,000:
(excl. condemned) ...: lbs.:
Storage Oct. 1, begin- :
ning of marketing year:
Fresh pork ........... :
Cured porl: ...........: :
Lard .................: "
Total ..............: :


L Imports:
Fresh pork ...........:
Pork,pickled and
preserved ...........:
Total .............. :
Available for consump- :
tion 1/ .............:
Exports:
Pork .................:
Lard ..................
Total ... ........... .
Storage, Jan. 1, 1934: :
Fresh pork ........... :
Cured pork ........... :
Lard ................. :
Total .............. .:
Apparent consumption 2/:
Lard -
Production -
Per 100 lbs. live :
weight .............:
Total ...............:1

Apparent consumption 3/
Hogs, average cost for :
slaughter ............ :d


II

II
II

II
II


1931-32 :
*


: 1932-33 :1932-33
: as per- : as
1932-33 centage :percent-
:of 5-year:age of


: average :1931-32


12,978,731:11,966,494:12,088,645:


35,217
223.30
167.57


2,168,956:


95,107:
412,123:
96,053:
603,283:


565:

1,141:
1,706:

2,773,945:


30,200:
226.17 :
171.01 :


2,041,195:


78,589:
419,664:
70,656:
568,909:


364

932
1,293

2,611,400


S: 48,459: 29,198
" 174,960: 140,543
" 223,419: 169,741
:
132,687: 101,793
440,588: 389,057
62,212: 41,088
u" 635,487: 531,938
: 1,915,039: 1,909,721

lb. 14.50 14.98

lb. : 14.50 : 14.98


420,114:
278,995:

6.95 :


405,470:
294,495:

3.21 :


35,966:
223.12 :
167.84 :


2,022,869:


123,497:
501,940:
192,061:
822,498:

58:

482:
540:


2,845,907:

1: 39,732:
*: 153,291:
193,023:

129,794:
: 497,529:
: 132 297:
759,620:
1,893,264:


* I


14.58 : 100.55

393,169: 93.59
299,642: 107.40

3.80 : 54.c8


i/ Total dressed weight + imports + storage October 1, beginning of


year.
2/ Available for consunpti n (exports + storage January 1, 1934).
Production + storage October 1 beginning year (exports + stora-e
January 1, 1934)


marketing


97.33

96.97
101.75

118.38


93.14 : 101.02
102.13 : 119,09
99.92 : 98.65
100.16 : 98.15

93.26 : 99.10


135.11 : 163.51
121.79 : 119.61
199.95 : 271.83
136.34 : 144.57

10.27 : 15.93

42.24 : 51.72
31.65 : 41.67

102.59 : 108.98

81.99 : 136.08
87.61 : 109.07
86.40 : 113.72

97.82 : 127.51
112.92 : 127.88
212.66 321.98
119.53 : 142.80
98.86 : 99.14


19:',1 -3


*
:*


3


: *
: *
: *





HP-51


United States: Total exports of hams and shoulders, by mon-bhs,
1925-26 to 1933-34


Month :1925-26:1926-27:1927-28:1928-29:1929-30:1930-31:1931-32:1932-33:1933-34

: 1,000 : 1000 : 1,000 : 1,000 : 1,000 : 1,000 : 11,C00 : 1,000 : 1,000
: pounds: pounds: pounds: pounds: pounds: pounds: pounds: pounds: pounds

Oct. ..: 14,494: 10,847: 7,632: 4,747: 7,580: 5,259: 5,628: 5,064: 5,745
Nov. ..: 16,243: 13,105: 7,374: 7,637: 11,656: 10,089: 6,859: 6,202: 7,626
Dec. ..: 19,827: 12,675: 9,905: 8,518: 6,957: 5,825: 4,162: 4,569: 4,283
Jan. ..: 21,000: 9,873: 10,005: 11,187: 9,461: 7,295: 3,881: 4,580:
Feb. ..: 19,105: 9,511: 10,976: 7,680: 9,213: 5,538: 4,025: 3,753:
Mar. ..: 18,117: 9,253: 12,222: 11,140: 10,790: 6,829: 3,884: 5,707:
Apr. ..: 18,059: 10,007: 11,258: 13,857: 12,416: 8,086: 5,459: 7,716:
May ..: 16,682: 13,092: 11,390: 11,246: 13.845: 9,969: 7,516: 6,508:
June ..: 13,218: 13,471: 13,754: 12,571: 12,1568: 9,721: 7,132: 9,619:
July .. 13,512: 13,158: 13,557: 12,621: 13,779: 9,071: 8,310: 9,359:
Aug. ..: 15,972: 8,215: 13,402: 10,849: 10,841: 6,623: 4,123: 7,531:
Sept...: 11,425: 11,123: 6,681: 8,478: 6,432: 5,037: 5,066: 6,152:
Total :197,654:134,330:128,156:120,531:125,126: 89,342: 66,045: 76,760:

Compiled from the Monthly Su .-ralry of Foreign Conmerce of the United States.


United States: Total lard exports, by months, 1925-26 to 1933-34


Month :1925-26:1926-27:1927-28:1928-29:1929-30:1930-31:1931-32:1932-33:1933-34

: 1,000 : 1,000 : 1,000 : 1,000 : 1,000 : 1,000 : 1,000 : 1,000 : 1,000
: pounds: pounds: pounds: pounds: pounds: pounds: pounds: pounds: pounds

Oct. ..: 46,569: 48,547: 52,026: 60,958: 71,814: 42,026: 44,098: 53,840: 50,296
Nov. ..: 40,918: 44,968: 50,894: 69,263: 84,440: 43,568: 36,000: 36,344: 47,784
Dec. ..: 70,669: 54,322: 64,625: 87,528: 81,530: 46,281: 66,732: 50,341: 55,211
Jn. ..: 78,796: 61,395: 72,734: 92,262: 75,187: 69, 25: 60,343: 79,026:
Feb. ..: 66,599: 51,615: 82,448: 67,896: 67,577: 69,559: 67,287: 58,264:
Mar. ..: 65,989: 54,814: 83,496: 72,745: 67,625: 59,420: 43,773: 48,113:
Apr. ..: 64,19: 69,991: 58,625: 60,168: 51,201: 45,605: 36,612: 39,180:
May ..: 59,867: 66,314: 58,255: 65,493: 63,617: 40,513: 41,519: 46,277:
June ..: 57,614: 68,445: 55,495: 68,266: 57,698: 38,395: 45,807: 38,213:
July ..: 47,117: 48,379: 54,752: 66,440: 52,442: 34,697: 35,623: 36,128:
Aug. ..: 55,475: 51,919: 52,284: 57,077: 50,282: 35,278: 35,524: 36,195:
Sept...: 62,866: 61,282: 17,614: 59,737: 38,493: 38,174: -5,123: 49,020:
Total :717,398:691,991:733,268:327,833:761,906:563,361:558,441:571,495:

Compiled from Monthly Summary of Foreign Commerce of the United States.


-6-





HP-51 -7-

Canada

The upward trend in bacon hog prices on Canadian markets continued
throughout January. The average price at Toronto for the week ended February
1, was $9.69 per 100 pounds, American currency, compared with $7.10 for the
week ended January 4. For the 5 weeks ended February 1 the average price
was $8.14 compared with $3.28 for the same period last year and the monthly
average price of $6.52 for December 1933. The yearly average price for
1933 was $5.20 compared with $4.14 in 1932 and $7.23 in 1931. Western markets
made the greatest improvement during the 12 months of 1933.

The price advance of recent months has been brought about by moderate
supplies and the favorable conditions for export of bacon to the British
market. However, the advance is not expected to continue indefinitely,
states the Canadian Government Livestock and Meat Trade Review.

Gradings of hogs at stockyards and packing plants for the 5 weeks
ended February 1 amounted to 311,357 head and were slightly in excess of
those for the same period last year. Hog numbers in June 1953 were reported
at only 3,800,700 head or 18 percent below the number at the same date of
1932 and were lower than they have been since 1920. Gradings at stockyards
and packing plants during the last half of the year amounted to 1,509,000
head compared with 1,644,000 during the first half, a decrease of 10 percent.
There was also a reduction in the last half of 1932 but in 1931 gradings
during the last half of the year showed an increase of 23 percent above those
for the first half of the year.

Notwithstanding the reduced hog numbers in 1933, exports of bacon and
hams have increased and are now considerably greater than in each of the 6
years 1927-1932. The exports of bacon and hams for the year 1933 were over
twice as large as those for 1932, amounting to 73,300,000 pounds, 98 percent
of which went to the British market. In addition 6,000,000 pounds of other
kinds of pork was exported and about 3,000,000 pounds of lard. Both of
these last items were only about half as large as they were last year.

In 1932 pork production in Canada was the largest on record, reaching
1,008,000,000 pounds, 96 percent of which was consumed at home, the per
capital consumption amounting to 91.79 pounds.

United Kingdom and Irish Free State

Reduced supplies rather than any great improvement in demand were
the reasons for the sharp advance in January prices of most descriptions of
bacon, Meat Specialist H. C. Reed at London reports. From December 29 to
January 27, top sterling prices for continental bacon advanced 33 percent.
Expressed in dollar equivalents based on importer-to-wholesaler quotations
at Liverpool, the January average price of Danish Wiltshire sides advanced
to $19.67 per 100 pounds against $8.77 a year earlier. Canadian green
sides were up to $17.46 against $6.99 for January 1933. The advance in
American green bellies was less marked than in the other lines mentioned,
but the current average of $14.52 was more than double the comparable 1933
figure. Sterling prices in January 1934 ranged from about 40 percent above
the January 1933 prices of American green bellies to 90 percent higher for
Latvian Wiltshire sides. Canadian, Danish and Dutch Wiltshires were 77, 57
and 74 percent respectively above the 1933 price positions for sterling.





HP-51 -8-

The overshipping of quota amounts in November and December necessitat-
ed the reduced supplies of continental bacon in January. Denmark and
Lithuania, however, continued to ship over-supplies in January, while the
monor supplying non-quota countries, especially Germany, continued to send
amounts far in excess of those expected. Total receipts from the latter
countiirswere expected to reach only 1,680,000 pounds for the period November
10 February 28, 1933-34. In the 8 weeks ended January 4, actual receipts
totaled 4,455,000 pounds. So far, no restrictive action has been taken.
Further reductions in all continental supplies will have to take place if
shipments are to be kept within the quota for the period ending February 28.
It would appear that the shifting of British hogs from bacon contracts to
the more lucrative pork market, has made domestic supplies shorter than expect-
ed. It is evident that British curers are unable to supply British bacon of
desirable quality in sufficient quantity to make good the deficit in
continental supplies.

The better grades of British bacon have shown a price advance approx-
imating that of continental, but inferior domestic bacon continues to sell
at a discount. The advance in American clear bellies, in short supply, has
not been in keeping with that of Wiltshires. With the recent price advances,
however, the market is very strong, and prospective supplies indicate continued
strength. Total bacon imports in December, at about 67,000,000 pounds, were
unusually small for the post-war period, and would have been even smaller were
it not for the heavy increase in receipts from Canada. Total receipts from
that source for October-December, the first 3 months of the current marketing
season, reached 19,834,000 pounds against only 2,687,000 pounds in the com-
parable period of last season. Total bacon imports from all sources for the
three 1933 months indicated were 26.3 percent smaller then those of a year
earlier.

The upward movement in ham prices during January brought the Liverpool
average up to $19.85 per 100 pounds against $8.16 a year earlier. The advance
over last year in dollar values is based on an advance of 50 percent in
sterling, plus the exchange relationships. Short supplies have been an im-
portant factor in the current price advance. The strong market now prevail-
ing is expected to continue in view of the future supply situation. With the
Argentine quota to February 26 taken up and much of the American allotment
used by January 4, further reductions in supplies may be expected during the
current month. Total imports of ham into Great Britain for the first 3
months of the current season, at about 21,000,000 pounds, were about
1,000,000 pounds under the corresponding figure for last season to December
31.

The British Pig Marketing Board announces that in March and April
the contract price for bacon hogs in Great Britain will be 12 shillings 6
pence per score of 20 pounds, according to Agricultural Attache E. A. Foley
at London. The new price represents an advance of 6 pence over the price
now prevailing, and is equivalent to 15.4 cents per pound at current rates
of exchange. The new rate is to be used in making contracts between hog
producers and bacon curers during the first 2 months of the period beginning
March 1. So far, no information is available regarding the volume of home
produced bacon which may be expected to materialize after larch 1.




- -9- -


The actual quantities allocated to exporting countries for shipment
to Great Britain under the quota cannot be determined until contracts by
British producers are made for the last 10 months of 1934. It is now felt
that a reduction in the number of hogs under contract is to be expected.
Reasons given are (1) the more than seasonal advance in prices of porkers;
(2) the necessity of making additional levies on the farmers' returns in
order to make good the Bacon Board's indemnifying loan to curers, and (3)
the high bacon hog production costs of marginal producers.

United Kingdom: Arrivals of Wiltshire sides at London from continental
countries, by weeks, 1933-34 1/


Danish :
Week : at
ended : all :
: ports :
: Bales :
Season :
1933-34
Oct. 6 : 45,667:
13 : 44,407:
20 : 46,211:
27 : 44,502:
Nov. 3 : 44,164:
10 : 43,761:
17 : 43,852:
24 : 42,868:
Dec. 1 : 42,014:
8 : 41,193:
15 : 50,143:
22 : 32,755:
29 : 31,212:
Jan. 5 : 35,243:
12 : 35,577:
19 : 36,692:
26 : 35,230:
Totals to:
date:
1933-34 : 695,491
1932-33 :1,026,998:


At London : Canadian
: at
Danish Swedish :Dutch : Polish: Lithuan-: all
: : : : ian : ports
Bales : Bales : Bales : Bales : Bales : Bales


25,601:
25,063:
25,709:
24,152:
23,714:
23,299:
23,731:
22,452:
22,238:
22,123:
29,378:
16,984:
16,765:
19,207:
19,239:
19,578:
18,003:


377,236:
565,122:


2,303:
2,040:
1,843:
2,202:
1,986:
3,824:
1,726:
1 542:
1,559:
1,517:-
2,577:
1,522:
1,369:
1,106:
1 ,781:
1,681:
1,352:


31,930:
31,269:


3,333:
4,549:
4,659:
2,893:
3,313:
2,926:
2,847:
3,433:
2,504:
1,983:
2,244:
2,354:
731:
2,553:
1,513:
1,898:
1,954:


45,667:
112,796:


4,607:
4,481:
4,704:
4,545:
5,003:
4,950:
4,372:
4,228:
3,721:
3,768:
4,568:
3,808:
3,267:
1,844:
4,211:
3,280:
3,507:


68,864:
104,922:


3,251:
3,649:
4,861:
4,243:
3,653:
3,335:
2,936:
2,992:
2,957:
2,729:
3,348:
3,496:
3,076:
2,887:
2, 976:
2,479:
2,750:


55,618:
93,875:


5,136
4,049
4,844
5,851
4,889
4,823
5,176
5,141
5,770
5,319
5,196
6,024
6,639
7,372
6,878
6,659
6,459


96,225
14,819


Transmitted by H. E. Reed, Meat and Wool Specialist at London, Foreign
Agricultural Service.
I/ London Provision Exchange. Sides are packed 4 or 6 to the bale, according
to weight of sides. The most popular bale is that carrying 4 sides with the
total weight ranging 220-260 pounds.

Receipts of fat hogs on 41 markets in England and WaLes for the
first 4 weeks of 1934 were slightly larger than for the same period of last
year. Porkers have comprised the bulk of the offerings, trhe heavier receipts
causing porker prices to ease slightly from the high level reached !atte in
December. Baconers have been in very light supply in the open Nmzkrket, but
offerings of feeder pigs have incrc sed in view of the attractive prices now
being paid. January supplies of British and Irish fresh pork: at London
central markets, at about 7,000,000 pounds, wore smaller than supplies of a


I W


HP-51




- 10 -


year earlier. Frozen pork supplies from the United States were materially
increased in January and December, with the latter month's imports at.record
levels despite a reduction in receipts from New Zealand. Heavy supplies of
frozen pork and ample supplies of fresh pork are in prospect for the balance
of the season. Prices have had an easier tendency in view of the supply
situation.

The continued easier tendency in lard prices brought the January average
of American refined lard at Liverpool down to $6.91 per 100 pounds. That
figure is still slightly higher than the dollar value in January 1933, but
the current sterling values are about 35 percent lower than those of a year
ago. Liverpool lard stocks on February 1, 1934, at over 10,000,000 pounds,
were more than thrco times larger than those of a year earlier, and the
largest for any month since May 1929. Since last July, British monthly
imports of lurd have becn consistently larger than imports of a year earlier.
For the October-December period of the 1933-34 marketing season, such imports
reached a total of 74,563,000 pounds against 58,762,000 pounds a year
earlier. The current figures arc second only to the similar months of the
1930-31 season. Certain elements in the British trade have signified their
interest in control over the imports of lard.


United Kingdom: Bacon imports from Denmark, by months,
1926-27 to 1933-34


Month: 1926-27: 1927-28: 1928-29: 1929-30: 1930-31: 1931-32: 1932-33: 1933-34

1 fNN i nnn I f 1 0 I NN 1 0 nnn 1 nnn 1 onn 1 000


pounds
pounds


Oct. :
Nov. :
Dec. :*
Jan.
Feb.
IVr.
Apr.
May
June :
July :
Aug. :
Sept.:


34 557
38,931
40,194
41,803
42,436
47,526
42,993
44,205
51, 795
50,710
46,941
48.143


pounds

50,090
50,257
52,244
54,975
53,942
54,675
52,745
51,109
51,636
44,562
48,924
42. 633


I
pounds

*50,703
48,063
45,580
48,717
41,508
41,985
44,031
46,758
41,886
46,570
48,121
48.350


pounds


47,486
48,525
53,490
48,406
44,439
51,870
46,204
56,206
54,456
55,213
55,066
59.751


pounds


70,906
61,433
81,294
66,819
67,246
65,505
63,224
67,190
66,161
68,704
68,094
67. 893


pounds


71,154
72,521
77,467
73,317
75,213
88,046
76,032
48,717
82,653'
72,174
70,019
67.587


pounds


75,730
70,445
59,332
57,307
50,495
59,092
51,023
59,195
55,517
53,125
53,152
48,558


pounds

47,545
44,588
37,159


Total: 530 234


609. 792


552.272


621 -112


814.469


883. 900 692.971


Compiled from Trade and Navigation of the United Kingdom.


L


Toal 53 23 60 79 55 7,2 1 1 6


HP-51





HP-51


United Kingdom: Total b-con imports, by months, 1926-27 to
1933-34


1926-27:


Month :


1927-28:


1,000
pounds

85,552
79,579
80,679
82,344
85,153
87,041
83,815
88,759
86,387
79,212
86,862
71,796


1928-29:


1,000
pounds

82,378
79,297
76,771
88,092
68,612
68,923
73,126
87,845
71,894
80,360
82,290
73,505


1929-30:


1,000
pounds

72,402
74,868
85,603
74,801
73,721
84,631
75,096
84,615
83,277
85,457
84,758
88,206


1930-31:


1,000
pounds

95,809
86,316
112,267
95,273
99,645
93,406
99,464
108,136
109,080
105,607
106,567
105,978


1931-32: 1932-33:


1,000
pounds

109,051
105,372
109,857
101,159
112,538
125,818
108,150
89,052
111,194
102,004
104,395
101,571


1,000
pounds

114,310
114,458
92,817
96,602
78,231
95,152
85,173
92,804
91,029
67,203
83,361
83,069


Total : 931,011 997,179 933,093 967,435 1,18,28 1280,161 1,114,209
Compiled from Trade and Nuvigution of the United Kingdom.

United Kingdom: Total hum imports, by months, 1926-27 to
1933-34


Month : 1926-27: 1927-28: 1928-29: 1929-30: 1930-31: 1i31-32: 1932-33: 1933-34

1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
pounds pounds pounds pounds pounds pounds pounds pounds

Oct. : 6,929 7,802 6,484 8,105 5,792 7,217 7,497 6,992
Nov. : 8,762 5,836 6,732 8,125 5,755 7,550 7,998 7,932
Dec. : 11,318 7,817 7,339 9,347 10,111 8,596 6,578 6,155
Jan. : 8,807 6,896 8,788 7,920 7,101 4,602 7,100
Fob. : 6,513 9,062 8,232 7,989 6,507 5,146 5,556
Mr. : 6,910 9,26. 6,828 8,601 5,337 6,530 5,981
Apr. : 6,523 7,993 8,981 9,539 7,597 5,764 7,874
May : 9,208 9,334 14,136 12,298 9,204 9,664 10,737
June : 12,410 10,782 10,499 10,983 9,773 8, 66 9,207
July : 12,034 11,404 12,042 14,391 11,165 11,661 13,568
Aug. : 8,282 13,594 12,073 12,024 7,429 9,091 8,489
Sopt. : 8,902 7,505 8,073 7,236 5,613 6,978 9,267

Tot11 : 106,638 107,289 110,257 116,558 91,384 91,265 99,802
Compiled from Tradc and NuvigAtion of the United Kingdom.


- 11 -


1,000
pounds

73,275
76,138
78,867
75,371
69,874
82,487
71,277
76,630
88,348
84,105
74,480
80.159


Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.


1933-34


1,000
pounds

83,272
81,117
66,612


f




HP-51


- 12 -


United Kingdom: Total lard imports, by months, 1926-27 to
1933-34


Month : 1926-27: 1927-28: 1928-29: 1929-30: 1930-31: 1931-32: 1932-33: 1933-34

1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
pounds pounds pounds pounds pounds pounds pounds pounds

Oct. : 21,569 17,360 18,079 21,844 22,897 17,329 19,799 25,407
Nov. : 12,710 21,058 21,551 24,004 27,751 19,234 21,305 25,301
Dec. : 135,772 22,351 17,480 27,160 27,270 21,276 17,658 25,855
Jan. : 21,665 27,794 35,923 27,55V 21,459 28,188 24,381
Feb. : 19,136 28,421 29,752 25,187 32,576 37,323 31,490
Mar. : 20,989 33,840 22,234 24,810 26,608 31,248 31,269
Apr. : 27,032 23,081 21,612 18,218 25,276 11,805 22,788
May : 24,264 24,398 26,479 20,772 23,771 20,565 24,305
June : 28,564 19,596 20,498 21,078 27,586 25,890 25,026
July : 26,006 24,667 25,977 31,801 28,538 22,221 28,673
Aug. : 17,571 21,844 21,204 20,438 25,001 16,477 31,403
Sept. : 221360 13,346 16,899 12,976 17,022 18,556 29,484

Total : 255,638 277,756 277,688 275,847 322,777 270,112 307,581
Compiled from Trade -nd Navigation of the United Kingdom.

Continental Europe

The increased continental production of hogs indicated for 1934
is expected to be especially marked in such deficit countries as Germany
and Czechoslovakia, according to Assistant Agricultural Attache D. F.
Christy at Berlin. In exporting countries, however, further curtailment
of production is anticipated in view of the continued shrinkage of export
outlets. In some of the loss important exporting countries, hog numbers
actually increased during 1953 in view of the inability to export, primarily
as a result of restrictions placed on the British bacon market. In all
exporting countries the governments are faced with the necessity of dispos-
ing of accumulated surpluses. The situation has led to numerous reciprocal
trade ugroements, with the result that a large part of the continental
trade in hogs and pork products is now being conducted along those lines.

Pork production on the Continent now appears to have been about
10 percent lower in 1933 than in 1932, according to available marketing
data. Market supplies of hogs in the exporting countries are expected to
be burdensome during the early prt of 1.34, but probably will show u
reduction during the latter half of the year. In the deficit countries,
particularly Germany, marketing are expected to be larger than in 195533,
with the greatest increase expected after the middle of the year. In
that period, however, hog production programs will be influenced by crop
outturns which are not now expected to be as large as those of 1935. In
general, the outlook for exports of American lard and pork continues
unfavorable. In Germany, one of the important markets for lard, domestic
production is increasing and consideration is being given additional
measures to control imports.






- 13 -


Hogs: Slaughterings or marketing in specified European coun-
tries, annual 1932, and first 11 months 1932 and 1933


Country and description : Year 1932 : First 11 months
: : 1932 : 1933
: 1,000 1,000 1,000
: head head head
Denmark, in export slaughter
houses .......................: 7,841 1/ 4,054 1/ 3,408
Germany, at 36 markets 2/ .........: 4,551 3/ 4,551 3/ 4,192
Poland, at 32 markets .............: 1,065 4/ 909 4/ 853
Czechoslovakia, total .............: 2,781 4/ 3,004 4/ 2,605
Austria 5/ .........................: 1,042 1,042 1,053
Belgium, at principal slaughter
houses .......................: 241 225 262
Holland, export slaughter .........: 1,353 1,233 1,069
Sweden 6/ ......................... : 964 887 862
Norway 7/ ......................... : 281 4/ 216 4/ 242
Lithuania 8/ ...................... : 519 466 384

Total ......................: 21,658 16,587 14,930
Foreign Agricultural Service Division and the Division of Statistical and
Historical Research. 1/ First 6 months. 2/ Constituted about 24 percent
of total inspected slaughter in 1932. 3/ Year. 4/ 10 months. 5/ Hog
marketing at St. Marx and the Grossmarkthallo, Vienna (Formerly includ-
ing only live pigs). 6/ Includes about 50 percent of total slaughterings.
7/ Includes about 90 percent of total slaughterings. 8/ Estimated on basis
of weekly reports from export slaughter houses.

Countries important in British market supplies

The outstanding development in the Danish hog situation is the
forced reduction in numbers resulting from continued curtailment of the
British market outlet. Within 14 months Danish hog numbers were reduced
about 20 percent, the total .s of Dccember 15, 1933 standing at 3,724,000
head. The reduction is evident in all classes of hogs, with an especially
heavy reduction in the number of young pigs. In view of the very probable
further reduction in the volume of British imports, it is unlikely that
Danish hog numbers h.vo been too drastically reduced. Because of the im-
proved prices resulting from British market control activities, hog produc-
tion in Denmark is still u profitable business, since the greater part of
the hogs are raised for export. The pricc trend w.s generally upward in
1933 and early 1934, while feed costs h:.vo been fairly steady.

Measures t-kun to protect domestic cr-in producers involve -n
upward movement in import duties. Somewhat higher grain prices .ru antici-
pated, which may make hog production less profitable. It is anticipated,
however, that grain prices will not be allowed to get too far out of line
with respect to hog prices. Danish exports of bacon reached 647,000,000
pounds in the calendOr year 1933, A reduction of about 27 percent below the
comparable 1932 figures. Lard exports also declined 19 pcrcmnt, amounting
to 43,000,000 pounds in 1933. Exports of live hogs, on the othur h.nd,
reached 73,000 head last year against only 24,000 ht-d in 1932.


HP-51






-14-

Denmark: Number of hogs by classes at various dates, 1929 to 1933


SBoars : Brood sows


nDa p


: 4 :


: months


n: and
Sover
Thou-
: sands


;: In
:farrow

: Thou-
: sands


No t
in
farrow'

: Thou- :
sands :


Total


Thou- :
sands


Hogs : Pigs
4 : 2
months: to
Pnd : 4
over :months
Thou- : Thou-
sands : sands


July
July
Jan.
July
Jan.
June
Nov.
Jan.
Apr.


15,
15,
15,
15,
15,
20,
19,
23,
18,


July 15,
Oct. 14,
DeC. 15,


1229
1930
1931
1931
1932
1932
1932
1933
1933




1933
1933
193S


19 310 124 434 776 1,285 1,104 3,618
24 390 190 580 1,011 1,602 1,655 4,872
27 385 189 574 1,179 1,769 1,632 5,181
31 430 194 624 1,165 1,855 1,778 5,453
355 195 550 1,320 1,932 1,655 5,457
29 336 157 493 1.198 1,688 1,478 4,886
28 321 163 484 1,260 1,659 1,395 4,826
28 308 166 474 1,1-10 1,480 1,421- 4,543
: 26 ,:3 158 461 1,073 1.410 1,414 4,384
: Other ho gs-
: 132 :77 to :Under: Suc'- :
:lbs. &: -132 : 77 :ling :Total
__: over : lbs. : lbs.: igs :
25 278 164 442 826 998 1,064 1,028 4,383
24 24. 161 405 825 951 1,075 916 4,196
23 212 150 362 740 892 974 733 3,724


Division of Statistical and. Historical Research. Compiled from Statistiske
Efterretninger published by the Statistical Department of Denmark, December 29,
1933 and earlier issues.

Government hog control in Notherlands was follo:rod by a reduction of almo4!
24 percent in the export slaughter figures for the first 11 months of 1933 as
against the corres-onding 1932 figures. The reduction resulting in an export
slaughter figure of 1,069,010 head, all occurred in the period August-November
1933. It should bc recalled, however, that export slaughter during the fall and
winter months of 1932 were unusually heavy as a result of the Varkenscontralets
efforts to eliminate the heavy surplus on hand at that time. The price position
of hogs improved steadily during 1933, the advance keeping well ahead of advances
in feed prices through September. In more recent months, however, rising feed
prices have materially reduced the profits in hog raising. Some advance in
retail pork prices also occurred during 1933. Desnite earlier reductions in
numbers, howvovr, hog supplies are apparently still burdensome. There has been
some exporting of hogs to Russia in exchange for grain.

In Poland, a decline in numbers of young hogs as of June 30, 1933
was accompanied by a drop of 10 percent in slaughter for the first 10 months
)f that year against the corresponding 1932 period. There was some reduction
also in the consumption of pork per capital during 1933. Bacon exports in the
first 11 months of the year, practically all of which were consigned to the
British market, reached only 83,165,000 pounds against 110,570,000 Pomig Iy h
the same months of 1932. Ham exports were only about half of the 1932 volume,7

.


HP-i51


Pigs
under
2
months

Thou-
sands


Total


: Thou-
: sands


: Boars : Brood sows





HP-51


exports for the 11-month period totaled only 95,450 head against the com-
parable 1932 figure of 177,860 head. At present, a'somewhat larger outlet
for hogs has been secured in the form of a contingent to Austria of 1,775
head weekly, with Austria also making some duty concessions, the hogs to
weigh not more than 220 pounds. This contingent is in addition to a weekly
contingent of 300 live hogs weighing over 330 pounds admitted duty free.
A weekly contingent of 355 slaughtered hogs at a special duty rate also is
provided for. Since last November, hogs slaughtered commercially bear a tax
of 1.5 zloty (27.36 cents) per head, the money being used to support the grain
market.

In the Baltic States, restricted bacon shipments to the British markets
have resulted in an over-supply of hogs at home. In Lithuania the government
is considering production control proposals, following the encouragement
given producers during the first half of 1933 by the better prices obtained
in Great Britain. Slaughter in Lithuania in 1933 was about 17.5 percent below
the 1932 figures. Russia and Austria are beinL used as far as possible as
outlets for hogs and hog products. A generally similar situation exists in
Estonia. Some products Fre going to Russia, eand negotiations are in progress
with Belgium. Latvia hopes to consummate reciprocal trade agreements with
Czechoslovalia to exchange pork for clothes and cloth.

Germany

The easier tendency of prices of foreign lard in Germany during
recent weeks has been a source of concern to the fat control authorities.
Prices of domestic products are well above those of last year, but the con-
tinued import of relatively large volumes of foreign lard has given rise to
the expectation of closer regulation of s-ch imports. Dollar depreciation
has been an important element in the situation, with wholesale duty-paid prices
of American pure lard at Hamburg falling from 79 marks per 50 kilograms in
the week ended November 1, 1933 to 72 marks for the week ended January 10,
1934. At a retail price in Berlin of 1.69 m-rks per k:ilo, the rate prevail-
ing around January 10, imported lard could compete easily with domestic lard
and butter, and was not far out of line with prices of domestic mar'grine.
During January, prices of American refined l:rd at Hauburg, duty unpaid,
averaged lower in both marks and dollars than in December, the dollar average
being $11.80 per 100 pounds.

The German Government continues to urge self-sufficiency in fats.
As agrjinst a year ago, imports of lard and other edible fats and oils and
oil-producing seeds have been reduced considerably. Domestic lard produc-
tion has been increased through the production of more heavy frt hogs at
well-maintained prices. The acreage of oil-seeds has been expanded. So
far, the efforts to supply all fat needs from domestic production have fallen
far short of the required result. There has been, however, some redaction
in the consumption of fats in Germany. Lard imports in 1933 were 31.2 per-
cent smaller tnan in 1932. The snare of the imports su plied by the U-.i:ed
Statcs, however, increased from 73.1 percent in 1932 to 76.3 percent in 1933.
Imports have tended upward in recent months, and from the consumer's viewpoint
this is a distinct advantage during the winter months of seasonal; hi.:.h
fat consumption.


-15-




H2- 51


Late in 1933 the current policies with respect to fats resulted in
something of a shortage. Butter supplies were especially low as a result
of reduced milk production following curtailment of imports of feed
concentrates. The fat control monopoly relieved the situation somewhat by
buying butter in Netherlands, Denmark and Finland, these purchases being in
addition to the regularly established butter import quotas. It has been
necessary also to increase slightly the monthly output of margarine. Since
it was ordered that, during January and February 1934 margarine must contain
10 percent neutral lard rather than 5 percent, the production of that
ingredient is expected to increase, and with it the demand for fat hogs.
Neutral lard continues to be a relatively expensive product, costing margarine
makers about 2.70 marks per kilo (46.55 cents per pound). Of that figure,
the government pays 1,70 marks, using funds from a tax on sales of edible
fats.

Other countries

COzcchoslovakia has a deficiency in hogs and pork, and is interested,
therefore, in increasing production. Hog numbers increased in 1933, and
indications are that slaughter in 1934 will be larger than last year,
osp-cially in the later months. Imports of pork products wore seriously
curtailed last year, and it appears that consumption was below the level of
recent years, in view of the smaller slaughter in 1933 as against 1932.
Import contingents for January 1934 included about 7,0Q'0 hogs and 2,094,000
pounds of lard. The United States was allotted 220,000 pounds for January;
Hungary, Denmark and Yugoslavia were the chief suppliers, and in the order
named, Netherlands, Rumania and Bulgaria. ranked after the United States.
Reciprocal agreements are involved in most cases. Competition from margarine
has suggested government action in Czechoslovakia to protect lard producers.

Recent re orts from 1Astria indicate an increasing number of hogs.
The official attitude is that hog raising is a supplemental side of farming,
and authorities have practically prohibited any farmer from engaging only in
hog production. No farmer may possess more than 100 hogs without a special
permit. Hog importations are largely dependent upon exchange agreements with
Hungary and Yugoslavia for which Austria exchanges timber, cotton yarn and
other products. Hog slaughter at Vienna in 1933 totaled 1,053,000 head
against 1,042,000 head in 1932.

In Sweden hogs showed an increase late in 1933 which is attributed
to the loss of British outlets for pork products. The government is
concerned with both production regulation and disposal of the present surplus.
Registered killings in 1933 wore about the same as in 1932. In Finland,
pork exports to Great Britain were larger in 1933 than the preceding year,
but the 1934 figures are expected to be considerably smaller. Funds for
the payment of export premiums have boon appropriated but the system has
not yet been -put in operation.


-16-




HP-51


Hogs and perk products: Indices of foreign supplies and demand
: : Oct. Dec.
: : 1909-10:1924-25: : : :
Country and item : : to : to : : : :
: Unit :1913-14:1928-29: 1930 : 1931 : 1932 : 1933
_: ___ : average: average: : : :


UNITED KIJGDOM: :
Production -
Sunplies,domestic : 1000
fresh por., London:pounds


Imports -
Bacon -


Denmark.......... : "
Irish F. State...: "
United States....: "
Canada...........: "
Others ........... : ".
Total ........: :
Ham, total........: "
Lard, total ......: ,.
DENMARK:
Exports :
Bacon ............ : "
CANADA:
Slaughter -
Hogs,inspected.... :1000 s
GERIANY: :
Production -
Hog receipts 14 :
cities........... "
Hog slaughter 36 :
centers .........:
Imports : 1000
Bacon, total......:pounds
Lard, total.......: "
UNITED STATES:
Slaughter :
Hogs,inspected ...:1000's
Ezorts :
Bacon : 1000
United Kingdom :pounds
Gernany ......... : "
Cuba ............: "
Total........: "
Fams,shoulders I
United Kingdom...: :
Total....... : "
Lard -
United Kinrdom...: "
Germany .........: ":
Cuba .............: '
Netherlands......: "
Total........: "


*
*
:
:*
*
*
*
*
*
:*
:*
*
:*


19,897: 24,167: 30,346: 28,710 23,399
: : : :.

59,816:123,760:213,633:221,142:205,507:129,292
17,921: 9,566: 11,377: 7,311: 8,933
44,343: 23,451: .6,440: 2,664: 1,004: 1,910
8,930: 21,557: 1,518: 3,641: 2,687: 19,834
11,247: 38,198: 63,235: 85,558:105,075: 71,132
124,336 224,887:294,392:324,280:321,585:231,001
20,474" 28,045: 21,658: 23,363: 22,023: 21,079
57,050: 57,495: .77,918: 57,839: 58,762: 74,563
123,103: : : :13,968
.: : : ::

:123,103:203,177:226,383:202,657:138,968


498:



907:

1,148:

5,324:
34,322:


12,163:


5,862:
138:
2,081
11,188:

17,03R:
21,173'

65,963:
15,383:
9,265'
4,543:


753:



980:

1, 329:

11,677:
55,766:


13,377:


1,921:
1,105'
2,097:
6,779

9,979:
16,649:

56,281 1
43,759 ;
9,876
8,789.3


707:



799:

1,081:

9,369:
65,992:3


11,967:


864;
372
952:
4,736-

13,108:
15,835:

59,508:
43,035:
1, 9332
8,985:


765



770

1,057

8,500
39,707


12,089


714
1,415
941
7,144

14,910
17,654

75,683
33,6C5
2,757
11,455


450:






: 1,111:

: 8688
54,037:


8,806 :


32,530
: 729:
1,833:
: 45,196 :

30,316:
35,684:

S39,297:
34,485:
8,857:
8, 375
:112,662:1


-17-


738:



812:

1,010:

5,932'
51,197:


L2,538:


L4,570:
2,698:
5,505:
33,236:

30,981:
37,975:

51,5635
43,221
20,237:
10,3131


74,048:129,062 :144,350 139,370:152, 153





HP-51


Hogs and perk products? Foreign and domestic average prices per 100
pounds for the month indicated, and stocks at the end of each month

: 1909- : 1925- : : :
Item : 1913 : 1929 : Dec. Nov. : Dec.
1932 1933 1933
: average : average : 3
: Dollars : Dollars : Dollars : Dollars : Dollars
Prices -
Hogs, Chicago, oasis
packers' and shippers :
quotations.............: 7.50 9.76 3.04 4.04 3.25
Corn, Chicago, 1o. 3
Yellow ................. .98 1.46 .41 .79 .83
Hogs, heavy, Berlin,live:
weight ................ 11.63 15.73 7.80 15.65 15.25
Potatoes, Breslau
feeding ..... ....... .35 Ij .54 2/ .26 .52 3/ .51
Barley, Leipzig ........ 1.70 1/ 2.27 3/1.80 3.05 3.00
Lard 1
Chicago .............. 10.71 14.00 5.28 6.98 6.25
Liver-nool ............: 12.10 13.89 3/6.88 7.14 7.20
Hamburg .............: 11.92 14.54 8.39 14.14 12.07
Curud -or. i
Liverpool :
Amrnrican short cut :
.rcen hans .........: 14.30 25.16 4/9.16 16.79 17.63
Amrrican ,reen bellies 21.27 4/7.47 14.74 14.35
Danish Wiltshire sides 14.10 23.07 4/9.60 17.63 17.62
Canadian green sides : 13.34 1J20,97 4/8.61 15.53 15,58
1,000 1,000 1,000 1,000 1,000
Stocks pounds pounds pounds pounds pounds
United States -
Processed pork 5/.... 555,885 490,850 524,763 627,323
Lard in cold storage..: 62,928 41,088 110,394 132,297


I/ Four-year average only.
2/ One week.
3/ Three weeks.
4/ Basis importer-to-wholosaler quotations.
5/ Dry salt cured and in process of cure, pickled, cured, and in process of
cure, and frozen.


- O -


-18-









HOG-FEED PRICE RATIOS AND HOG SLAUGHTER
UNITED STATES. GERMANY. AND DENMARK
UNITED STATES: HOG-CORN PRICE RATIO AND HOG SLAUGHTER


RATIO
PER CENT OF
AVERAGE

140
120
100

60
NUMBER
THOUSANDS

%4.200
4.000
3.800
3.600
3.400
3.200
RATIO
PER CENT 0
AVERAGE

120
100
so
o60

40
NUMBER
THOUSANDS

1.400
1.200
1.000
800
600
RATIO
PER CENT 01
AVERAGE

100
80
60
NUMBER
THOUSANDS

500


300


1924 1925 1926 1927
U.S. DEPARTMENT OF AGRICULTURE


1928 1929 1930


&eG. 2 R 9 ff BUREAU Of AGRICUUMAUULa nCOoIC


FIGURE I THE RELATION OF HOG PRICES TO FEED PRICES CREATES
CYCLICAL CHANGE IN HOB PRODUCTION IN THE UNITED STATES AND
OTHER IMPORTANT HOG PRODUCING COUNTRIES. CHANGES IN THE HOG-
FEED PRICE RATIO TEND TO CAUSE CHANGES IN HOC SLAUGHTER FROM
ONE TO TWO YEARS LATER, AS INDICATED BY THE SLANTING ARROWS IN
THE ABOVE FIGURE. IN DENMARK THE RELATIONSHIP BETWEEN HOG
PRICES AND FEED PRICES IS NOW RELATIVELY FAVORABLE FOR HOG PRO-
DUCTION, BUT IN THE UNITED STATES AND GERMANY IT IS UNFAVORABLE.


_HOG-CORN PRICE RATIO









IjL
A ,
1v
.......... .







It-INSPECTED StLAUGHTER
70 (IE-MOCNTH MOVING AVERAGE)

GERMANY: HOG-FEED PRICE RATIO AND HOG SLAUGHTER
FII
F __\^ HOG-FEEOD PRICE RATIO
1J
' I'- -------











, ." 1 1 ..
,-o--- ^ ------ -/\^^
INSPECTED SLAUGHTER
(12-MONTH MOVING AVR ragE)



DENMARK: HOG-FEED PRICE RATIO AND HOG SLAUGHTER
M OG-FEED PRICE RATIO
*L A


I I I I I ,, ....... ... l ...... ...I .......1 1 1 1 1 1 1 1l

i1 I o.. o,
", c.ws awd, s v. .. .


INSPECTED SLAUGHTER (12-MONTM MOViG AVERAmGtE)


DAIRY
CATTLE
MILLION
1.5


1.3


1931 1932 1933




UNIVERSITY OF FLORIDA

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