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S 4 2 'ED STATES DEPARTMENT OF AGRI CULTURE
T "i ^ /BUREAU OF AGRICULTURAL ECONOMICS
DIVISION OF CROP AI LIVESTOCK ESTIMATES
J'riday, October 12, 1928.
CATTLE FEEDING SITUATION OCTOBER 1. 1928.
The most noteworthy development in the feeding situation this fall
to date has been the keen demand for stocker and feeder cattle. During
the three months July to September the shipments of stocker and feeder
cattle through. public stockyards into the eleven Corn Belt States have been
over 45 percent larger than during the same months in 1927, and a little
larger than for the same months in 1926 and 1925. The average price of
stocker and feeder cattle for these three months this year was about 35 percent
higher than a year ago, and from 70 to 75 percent higher than for the same
months in 1926 and 1925.
The usual tendency is for the prices of stockers and feeders to decline
from about the middle of the year to the end, but this year prices advanced
steadily from the first of July to the middle of September. A big increase
in supplies the latter half of September, however, resulted in a rather sharp
drop in prices which carried the general average of stocker and feeder prices
nearly to the level prevailing early in July.
Available information as to cattle supplies for the last three months
of this year indicates that the movement of unfinished cattle into the
Corn Belt will not continue to show the big increase over last year that
has taken place from July to September. It hardly seems likely that the
shipments during the three months, October to December, this year will
exceed, if they equal, the movement of last year. Because of the uncertain
--corn situation last year purchases of unfinished cattle were proportionately
very small from July to September and large from October to December. The
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Cattle Feeding Situation. October 1. 1928, continued.
corn and general feed situation this year has encouraged an early movement
of stocker and feeder cattle, and the heavy speculative dealings in such
cattle also apparently further encouraged this early movement.
Although the feeding States east of the Mississippi have a large
increase in corn production this year over the short crop of 1927, the
in-movement of stocker and feeder cattle since July 1 this year has not shown
nearly as large a proportional increase as has the movement into the area
west of the river. The in-movement into the eastern area increased only
about 15 percent while that into the western area increased over 60 percent.
Records of shipments of stocker and feeder cattle from four leading
markets show that for the three months July to September the proportion of
heavy cattle was a little larger this year than it was a year ago. The
proportion of calves was also larger. The larger proportion of heavy cattle
points to some increase in the number of short fed cattle to be marketed in
October and November this year over the number marketed last year.
Information from various States as to the probable number of cattle
to be fed this coming winter compared to last winter, based upon opinions
of bankers, feeders, and others, does not point to much increase in the
Corn Belt and to a decrease in western feeding sections. The feeding situa-
tion, however, has not yet sufficiently developed to make any dependable
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