The Fats and oils situation

i!,C:tC,,'BUREAU OF AGRIC RALL
ip~ ~MI~E.D STATES DEPA M .






OUTLOOK FOR LARD AND OTHER


Tr UAT IO N
L ECONOMICS
.IiP4~L CU LT U RE


II


~Ejb OF LARD AT CHICAGO AND COTTONSEED OIL AT NEW YORK..
:AND SPREAD BETWEEN THESE PRICES, 1929-41


,Lar, prime steam \C-CCC


:i




. 199 9
bsATMN o emuruE


Zii
..d:i


1I


use. assa 1


gunsIu Or AenICUt1unAL scouoIIIce


,-'.. :8ECAUBE OF THE MARKED IMPROVEMENT IMY DEMAND, PARTLY FOR STPORAGE,
A rND.LARGE .0DVERNMENT PURCHASES OF I.ARD SINCEL YARCH, rTre PRICE OF PRIME
t; IBTEAM LARD INCREASED 5.7 CENTS PER POUND (129 PERCENT) AND THE PRICE
.i OF SQl%1-REFIWED COTTONBEED OIL INCREABED 5.6 cCENTs PER POUND (95 anR-
*CENT). PROMl.OELCMBEII 1940 ro Just 1941. DESPITE A REDUCTION IN OUT-
Pair. OF. LARD AND AN INYCREASE IN OUTPUT OF COTTONSEED 01L IN 1941 cou-L
.:iPAREQ WITH .1940, THE PRICE OF LARD HAS CONTINUED LOW IN RELATION TO
~I ~l,;aliH(! .PRICE OFC COTTONSEED DIL, DUE LARGELY TO SHRINKAGE IN EXPORT MARKETS
Ef,-cj~s ea" L1na.


*I


'r
I
h




JULY 1941 2-

Table 1.- Price per pound of specified fats, oils, and ..?
glycerin, June 1939 and 1940, April-Jur.e 1941
: June : 1341
Item :19j39 :1940 :April: May :June
:Cents Cents Cents Cents Cents
Butter, 92-score, Chicago .........................: 23.-6 26.3 32.5 34.7 35.4
Butter, 92-score, H~ew York ........................: 24.1 26.9 33.2 35.5 35.6
01eomnargarine, dom. veg., Chicago .................: 14.5 15.0 14.5 1 5 15,0
Compounds (animal and veg. cooking fats), Chicago .: 9.0 9.2 12.4 13.0 13.8
Lard, orime steam, tierces, C;,icago ...............: 6.1 5.5 8.6 9.5 10.1
Lard, refined, csrtoiis, Chicsgo ...................: 7.1 6.2 9.0 9.8 11
01eo oil, extra, Liercss, Chicago .................: 7.4 7.0 8.9 9.8 10.5'
01eostearine, btl., H. Y. .........................: 5.9 5.8 8.4 9.6 '9.9B
Tallow, edible, Chicago ...........................: 5.0 4.2 7.6 8.2 8.2

Corn oil, cruide, tanks, f.o.b. mills ..............: 5.6 5.5 8.3 9.9 11.3
Corn oil, refined, bbl., II.Y. .....................: 8.8 5.4 10.8 12.6 13.9
Cottonseed oil, crude, thanks, f.o.b. S.E. mills ...: 5.5, 5.1 7.9 9.2 10.1,
Cottonseed oil, p.s..,y., tank cars, M'. Y. ..........: 6.5 6.0 8.6 10.5 1.
Peanut oil, crude, ranks, f.o.b. cmills.............: 5.6 5.7 7.9 9.5 10.3
Peanut oil, dom. refined, tbl., II. Y'. .............: 8.9 8.9 10j.6 12.5 13.9
Soybean oil, Crilde, tank csrs, midwestsern ills ...: L.9 L.7 7.6 8.7 9.6
Soybean oil, dom., crude~c, dr:xurs, T!. Y. ............: 6.3 6.6 9.2 10.4 11. 5
Soybean oil, re3fined,: drumns, [J. Y'. ................: 7.5 7.3 10.0 11.1 11.9

Babassu oil, ta-nKs, f.o.b. mills, Pa3cific Coast ...: --- --- 7.8 9.2 8.8
Coconut oil, crude, tanks, f.0.b. Pacific Coast 1/.: 6.0 5.5 8.1 9.4 9.1
Coconut oil, edible, drumrs, I.r Y. .................: 8.4 7.6 10.4 12.3 13.0
Olive oil, ediL :, dru:1s, i:. Y. ...................: 25.1 --- 53.3 63.7 62.8
Olive-oil foots, primre, drums, Id. Y. ..............: 7.1 9.1 13.2 1L6.8 16.8
Olive oil, inedliiol, drums, II. Y. .................: 11.2 19'.5 35.3 1+7.5 45.1
Palm; oil, iliger, crude, drumrs, Ui. Y'. 1/ ...........: 6.8 7.5 8.3 9.0 9.0
Palmr oil, Sumastrs, builk, NI. Y. 1/' .................: 5.7 5.5 7.8 8.6 8.7
Rap3 oil, esfin3d, dunatured, drums, ";. Y. ........: 10.8 15.0 12.1 12,.2 13.3
Rape oil, blown, bbl., I!. YI. ......................: 1L.2 175 7.5 17.0 16.9
Teass-ed oil, crude,3 dries, UI. Y. ..................: 9,& 12.5 18.1L 18.6 20.2

Tallow, inadible, Chicago ...................,,,,..: h.7 3.8 .8 7.5 7.5
Grease, A Iwhit.e, Cnicapo ..........................: ?. .8 6.9 7.6 7.6
lMenhaden oil, crude, tank-s, f.o.b. B~altimonr ......: 3.7 L.7 6.0 6.7 7.1
Sardine oil, crude, L~!zks, Pacifice Coast ..........: $.3 5.4 7.3 7.3 7.5
Whale oil, ratined, blanch d winter, drLL'n, '-. YI. .: j.2 C:.5 j.8 9.9 9.9

Lin~seed oil, rawN, tank care, ;inn-ocolis ..........: .7.3 .6 9.9 9.8
Linsied oil, res, d~ru~ns, CarlotS, "J. YL. ...........: 9.,31.018 10.9 10.9
Psrilla oil, dru;.s, ii. Y. .........................: 103.5 --- 1.".2 18.6 18.9
Oiticica oil, dIruns, '!. Y. ........................: 13.3 17.517. 19.2 20.2
Tung oil, drur.:n, UI. Y1. ............................: 20c.6 2L.0C 3G.0 31.0 32.0
Ca-stor oil, dahyldratled, drLe::s carlots, ''. Y. ....,: --- 16713.7 15.0 15.3
Castor oilo.3t.,. ............ 3.2 1.1.8 9.9 11.0 11.1
Cod-liv,r il, sad~. 'rS.P. obl.,l!.Y.(doll.p- n bl.) : 21:.5 J6.2 79.1 82.5 82.5
Cod oil, Hewfvrou~ndi~and~, bbl., (druri.;s) `:. '. ........: r,.3 --- 9.8 10010.0
G lycer i n, Loa plye,~ 80 01n bsis, tankIs 71. Y .: 7.8 3.0 ~7.6 8.2 9.0
Compiled fron vai, Pi-nt and~ Drug Reporter, Thi: national Provisioner, and reports
of the Agrtealtural Piarketing Service and Bureau of L~oor Sl, histics. Prices
quoted include excis') taxer: and duties ybare ap3ic~abld. 1 T;:ree-cent ProcoaSing
tax added to pric- as originally quoted. il









~ITHE FATS AND 0ILS SITAITUTI0


S~ummary

Tatal proucumion of fats and oils from domestic materials in the calen-

I:!P~pear 1941 is expected to be slightly larger than the record output in 1940.

eisreases in pro3ductims of lard and greases probably wFill be more than off-

#: ary increased production of butter, tallow, cottonseed oil, peanut oil,

intjlreed oil, and certain other vegetable oils. The increased output of

btgetable oils wrill result partly from the large ca~rry-over of 1940C-crop

oilseeds an Janujary 1. Recent reports indicate that production of cottonseed

and pearuts may be sonewh~at smaller in 1941 than ir. 19'40, but soybean output

sa~y set a new high record. The flaxseed crop for 1941l is forecast at, 30

million bushslsr only 4 percent less than the near-record crop last year.

Ftodnection of lard and greases in 1941 is now expected to be only 5-10

Percent smallerethan the comparatively large output in 1940. Production in

1942 probably wJill be about as large as in 1940. These estimates are based

on the June pig crop report mad on the prospect for a continued high hoG-

corn price ratio. Revised estimates show a 7-percent re~duion in the pig

-orop in 1940 compared wsith that in 1939. The spring pig crop in 1941 is

indicated to haeoe been about the same as that in 1940. Present indications

point to substantial increases La the fall pig crop in 1941 and in the spring

pig erop in 1942.

The ocean shipping situation continues to be highly uncertain. But

unless shipping conditions become much worse than they have been in recent

f.. months, it is ,likely that the total reduction in imports of oilseeds and oils

5111 be Iluch less pronounced than had been anticipated earlier, and may be no

greFa~ter than the increase in domestic prodnxotion of fats and oils. Under






JUJLY 1941 4- -

these circumstances. total stocks of. fats and oils probably will be dooreaset

only to the attent that domestic consumption and exports may be increased tbia

year.

Demand for~ fe~ts and oils continues to strengthen. A sharp advance in

prices of fats and oils took place during the first 6 months of 1941, witbr..

some items doubling in price. Prices of domestic oilseeds and oilcake meal

s~owe~d only moderate advances during this period, although fairly substantial

gains in prices of these products occurred in late June and early July.

-- July 15, 1941

REVIEW OF RECENlT DEVELOPMENTS

BACK!GPOUPDG.- Prices of most fats and oils during the summer of
1939 wr-ere at unusually low levels. Following the outbreak of
war in September of tlhat year, prices advanced approximately 20
percent. Most of this gain was lost durinC: the first 8 months
of 1940, wzhen, the 1?orld demand for fats was greatly weakened
by the~ closing of important European m~arkcets. In response to
improvement in domestic demand and rising shipping costs for
imported oilseeds and oils, prices of most fats again advanced
from August to Decemboer 1940, recovering th~e earlier loss.
Since January 1941, prices of fats anid oils have advanced
sharply; in June 19J41 the general level wras 34 percent higher
than in January anld 48 percent above that of a year earlier.

Price trend continues upzvard

Prices of fats and oils generally continued to move upward in June,
but at a more moderate rate than in other recent months. Towvard the end of
June an upwvard spurt in prices of edible fate and oils took place. This
movement was halted by an announcement by the Office of Frice Administration
and Civilian Supply to the effect that a "coiling" would be set; on the price
of cottonseed oil considerably below the prevailing level Cash prices of
cottonseed oil and related articles declined 1 to 2 cents per pound in late
June and on the first day of July, but muxch of the loss subsequently wIas
regained.

The general level of prices for animal fats and for imported vegetable
oils in June was about 2 percent higher than in May. Prices for domestic
vegetable oils averaged about 8 percent higher than a month earlier. The
most strikint gaine for the month occurred in prices of sulphured olive oil,
corn oil, and cottonseed oil, up 10 to 1.4 percent. Other items showing fair-
ly substantial gains included soybean oil, peanut oil, refined rape oil,
teaseed oil, oleo oil, lard, menhaden oil, and oiticion oil. The price of





PCB-3


- 5-


refined coconut oil at New York was higher in .rune than in May, but prices
o~f rude coconut oil mad babassu oil on the Pacific Coast were lower. This
situati-on apparently resulted from the elimination in late M~ay of the earlier
~advance in rates for shipments of coconut oil and copra. from the Philippines
to the Pacific Coas;t. AverageJ prices of tallow, g~reases, linseed oil,
edible olive oil, and fish-liver oils changed little from )My to June.
(Table 1.)

Prices of tallowr and grease, cottonseed oil, and olive oil in June
were ~about double those of a year earlier, and prices of corn oil, lard, and
soybean oil vere up 80 tJ 85 percent. Substantial gains over a year earlier
were recorded for practioc.11y all other itens. Prices for linseed oil, how-
ever, averaged only about 7 percent higher in June this year than last, while
prices for rape oil and. castor oil were soimewha8t lower than the relatively
high prices prevailing for those oils in June 1940.

The average price received by farmers for peanuts in mid-June was 10
percent higher than a month earlier and 14 percent higher than a year earlier.
The price of cottoDle~ed :raS up 7 an~ 16 percent; respectiveyly and the price
of soybeans 3 and 56 percent. The farm price of flaxseed was down 2 percent
from mid-lay to mid-June, but; was 5 percent higher in mid-June this year than
last. In general, prices of domestic oilseeds have not advanced so much dur-
ing the past 6 months as prices of domestic oils, mainly because prices of
oileake meal failed to make substantial gains, until late inl June, Prices of
oileake meal at 1:wnsas City in late June and! earlyr July advanced 1.3.50 to
$5.00 per ton. Frices of soybeans at Chicago and flaysced at )';reiapolis also
advanced in this period.

The average price of imported castor ~beanS at Tew~ York'] incre-ased 9
percent front. May to Jurne and in the latter nonth~ wams Be percent higher than
a year earlier. Largely as a reflection of the reduction in shippingl rates
in late May, the price of copra at Pacific G~oast nerkets averaged slightly
lower in June than in M~ay. But with a reduced volume of imports, the June
price for ocpra was more than. double the price i~n June 19J40. (Table, 11.)

Improvement in demand and inventory: buying
mainly responsible for p~;r~Tice gi;n's; in
mediate outlook uncertain

Recent issues of this report have indicated that the sharp rise in
prices of fats and oils during the past few months was the result of a marked
impr~ovemente in consumer demand, together with Governmnent purchases of lard
and dairy products, rising shipping costs for imported me~terials, and! some
reduction in the volume of imports due to scarcity of shipping space andr to
disruption of normal economic relations in certain foreign areas because of
war conditions. Th~e considerable volume of forward buying of fats and oils
an the part of dealers and large consumers that apparently has taken place
also should be mentioned.

In the past, sharp price advances over a period of several months, ac-
companied by widespread inventory accunrnlations, generally ha~ve been followed
by a downward reaction in prices of 1 to 3 months duration as a result of the
temporary v~ithdrawral of well-stocked buyers from the macrket and liquidation





JULY 1941 6 -

of some speculative holdings. Despite the possibility of some~ reaction in
prices in the near ,"uture, present indications point to further increases ovrer
a more extended period. This indication, however, would be altered if the
Federal Government establishes maximum prices for fats and oils.

With increasing employment and pay rolls, consumer demand is expected
to strengthen materially in the next several months. No great increseS in
total supplies of fats and oils seems likely so long as ocean shipping space
continues scarce. Although production of fats and oils from domlestio noteri-
als in 1941 probably will be somewhat larger than the record output in 1960,
reductions in imporlts of oilseeds and oils may about offset the increase so
far as total additions to supply are concerned. Total imports of fats, oils
and oilseeds in terms of crude oil, during the first 4 months of 1941, anrounted
to 550 million pounds, 11 percent less than in the corresponding period of
1940.

Reduced oils~ee acreg indicated by
Julyl 1 crop re~port

According to the July cotton report, t~he-acreage of cotton in cultiva-
tion on Ju:ly 1, totaling 23,519,000 acres, was 5.4 percent smaller than the
moreage in cultivation july 1, 1940. W~ith allowrance for average abandonment,
the acreage harvested is indicated to total only 23,102,000 acres, which
would be the smallest cotton acreage harv~ested for all years since 1895. N~o
indication of probable yield per acre is ret available. In 1940, 23,861,000
acres of cotton wrere harvested Ap~razima~tely 469 pounds of cottonseed were
obtained per acre, and the production of cottonseed ar~aunted to 5,595,000
ton~s, the largest since 1937.

The general crop report issued July 10 indicated that the acreage of
peanuts grown alone for al l purposes for harvest in 1941, totaling 2,374,000
acres, ana 0.7 percent smaller than the acreage harvested in 1940, The ever-
age condition of the crop on July 1 was reported to be less favorable than
in 1940, when an unusually high average yield was obtained, but condition o~n
July 1 was slightly above the 10-year average condition for that date.

A change in. th Agricultural Conservation Program, announced June 23,
provdes that a farmer m~ay increase his acreage of peanuts grown as an oil
orop above the farm peanut allotmenrt without incurring deductions in any
Agricultural Adjustment Adlministlration payments except the peanut conserva-
tion payJment. This change, together ":ith the current high prices for peanut
oil, may have the effect of bringing about an increase in the percentage of
peanuts picked an~d threshed at the expense of peanuts hoGged off or harvested
for hay. If weather conditions continue favorable, another large peanut crop
is likely this year, although thie average yield per acre and total prodne-
tionn may not be so large as in 1940.

A reductions. of 5.1 percent in acreage of soybeans growpn alone for all
purposes was indicated byI the July 1 crop report. It was estimated that there
would be 9,990,00;0 acres of soybeans far harvest in 1E:41 compared with
10,528,000 acres harvested in 1940 (exclusive of interplanted acreage). A de-
cline of 7.8 percent: ic indicated for the acreage ir the F'orth Central States,
where most of the commercial soybean crop is grown. An increase of 7 percent
in acreage is indicated for the Southern States, where soybeans are grown
mostlyr for hay.





FOS-53


- 7-


There is some uiincetainty as. to th~e total acrange of soybDeans planted
and the proportion that wrill be h'arvested for bean on account of the changes
in the provrsions of the Agriculltulral Conservation Program! in the N'orth Crntral
States to e courage increased production of so;beans for oil as announced
June 13. T (i~s revision. will enable; Armurs to increase their production of
soybeans by "harvesting a larger ac-range ,'or besars in 1941 than in 1900 Irith-
out. incurrid~ deductions in agricultural conse~rva~ion payments, 'Thile. the
.revision cady somewhat late tc affect the total acrtsge greatly, it ha;s a?-
parently r.esulted in m~ore thacn the usual amount os i-nte pl-antingss on f .mas
where racreage was dvailaole. '!ct fields duringr tie first haElf of Ju.nS, more"C-
ove~r, interfered wNith pleantinlg operations in nuch of commrcr~rrial saywa~n we 3.
The: effect of latl planltings on1 this yea'1r's ac~rel e moCv not be fully reflected
in the July 1 acreesge report.

In view ~f thF change in classification for sayb-?ns harvest ni for
beans under the AEgricultural Conservation: Program, and the prjvaiiilg high
prices for soybeans? a considerE.bly 11.rPer proportion of t~he totnl soyboein
acreag-e pro~bblI wi~ll be harvattedi for bans thlis y~Ear thrn lent. I 9
the total soybanln acreag: hzrvasted for all pulrposes, including Rppro~ximaitelyZ
one half' th-e interplanted acreage, amounted to 11,662,000C acreis. Of this
total, 43 p-rcent, or 1+,961,000 a-cres, waI~s harvested for beans. Assuming thrat
the interplinted scrsasp will change In the same~ proportion ?s the acreage
grown? alone, and that epporoxim.tely 50 nrcsrnt of th~ tout3l ncreay? wrill be
harvested for beans, the 3creageq harvested for bzans in 1941 word be more
than 5T.4 rciLlion across. "iith e. yield on this acraage~ =qual to th~e avjrage: for
the p-ut 5 years, the production of soybea.ns in 19641 wo~uld be bet~wen 95 -.nd
100 million bu~shels, L ne:w highl rc-C rd'. This c?-lculationr Is mad, m~relyr to
indicate possibilities; production in 1941 may turn out to be much less or.
much greater than ths figures Sndichatd, depending on the acrsag-e actually
harvested for bae.nr .nd the avorags :-ield rea~lized.

Large fl,xseed cr22 15. orosct

Production of fl-xs~ee in 1961i is forecast' at. 3p1,018,000C bushels, only
4 percent loss thtn in 194~0. Flax~s0:d production In 194~C~, tot-ling~ 31,217,000
bushels, v .s th l-argest since 1924 .and thej thirrd 1..rgest, in 52 :."-.1"s of re-
cord AccordinF- te the Julyg 1 crop report, the ccrre ge of fin.xseed for n-rvest
in 13$1, st 3,228,000? a-re-s, is nrlyr C.2 percent lesrs r.hanr th:. relativilyr large
acreage harvJested last .year. TIhe- a-,rage ylc]d f;;r 1941, On the ?Bsis of
July 1 condition, is placed\ sat 9!.3 busnola p- acre this .orer comparred with
.the high yield of 3.7 bushels Tsr Core" 'Sbt -ied in 194C.

OUITLGOOK FOR Ll.RD AND'C OTHERS COOYI:.0 F TS

Lard 2Egduction reduced in 19.',1;
incr31ase exnected in 196!2

AccordingE LD the Juno 1961 01.5 cron report, the~ rei''S?(d estiniate for
the spring~ pig crop: in 1940O, totnling7 50.1 million pigs slved, u.'as 6 p7erent
smaller than a yea3r earli :r, ;nd thi revised Jstimqte frr thu: fill rig cr.7p,
totaling 29.4 million pigs sancd, w~s 10 percent smalll.:r thern a year zrrlier.
The combined pig crop in 1940 wa~s 7 percent jmalle-r thanr~ thst in 1939. The
prslim~in-ry estimate for the~ spring pig crsp in 1961l is anproxima~t-l the~ sume
1.s the revised estimate for the spring crop ir. 1960.







J".IY 19L1


- 8-


With allowancea for the unusuallyr heavy mrkretinig of hogs in theiperiod
October-Decedojer 17,U, and for slightlyv hteavier v.eighcs for hogs to be market-
ed in 1961 compr:71rd with 19430, total lard production in th~e calendar year 194).1 :
probably ':ill be P-10 oa~rcent smaller than in 19L0, wh~en approxKimastel 2.3
billion pour.-ls of lard :1-ere producted. Production of lard and rl-r.ered pork
fnt Iund==r Federal insPction. during t'7e first 5 months of 1761', ...$.ng 65i2
million pounds, was 5 pe-rcent sm~ller ithan in the corrrespocnd~inge y. I.d of 1940.
Lard oradu:.:ion Is expected to be considerably smaller thrin a yeasr earlier
during th' summer mon~tns, but mray be nearly equal to that of last year during
thl, frll Ind early winter.

L~ard outpuL probably w~ill b I;creased in 1962. The increase over pro-
duction in 1961, however, is not likely to be rronounced until 1941 fall pigs
reach market beginning about Llay next year. Onr the basis of reports by farm-
er-s on oreed~ing intentions about Jur.<: 1 epnd other cansiderations, the number
of sol:s to "srrowa in theJ f3ll season of 1L61 is Indilcate~d to be 13 percent
lar~pr tha~n th- number farrowed! in the fall set~aso of 1940. H:og prices are
r3o'. HiFh in rlat~ion to corn o~iceJs, ind they ar? e.re~Cte to continued re-
leCivelyJ high throughout thte remainderr of 1041 and in :-arly 1942. Under these.
circeLr;stncs, tho spring pig crop in 19&2 is lik-'ly to be substantially larg-
er tn.n thac, in 1941.

Lar~d sxperts redu --:edl

Expo~rrts of Lord, !xexc~ludng Snipmen~rt" t3 :.'nitad StTateS territories,
tot-aled 7: nillizan pount; during th-e first ?1 _Inth=i .7f 13L1 compared With 93
million ? Ju-ics in the c olrrespon~dingT r?-r-ll Io 191... :::s~t. of the lard ex-
port~ed so falr this year h~s gonf t ,artir. Americn destinations, chiefly Cub.1
and Meixico, although moderate~lyr 1-.rg- quakntities lave 0 ozn shiposd to Japan
and Finlan7d. Statsti.tcs of e~xnorts by countries .:f des~i'tinatin rrre avacilable
onlyr for the first 3 months this year~. During that preri.:5, little lard was~
e-xnort d to the 'Jn~ited Yingdor, norm.lly thie pri7cipnl fcriign outlet f*~.:r
Am-=rican, lard. 3rrwever, substasr.tlel quantitiess of l.d have~ blen ?'lrch~r od
by the D L(F-patrrtm of A-ricultlure. At l-oost part of thes:;. ?ur-h: ec: b .e been
or will be .-xport 4 t? the I'nited Kingdom under lend-lease arrane-.l::?ts.

Storages hellines of lord 3t recori leveli

Stor-g~e holdlings of lard -n1 Iand red park fa~t. -n July 1, totaling 376
million pounds, we~re slir'rtly la.grg tha~n tho~se:~ a month ealrlicr, and were the
1srr st. on Tr-c.,r, exc,-ilin~e holdir.rs onJl2y 1, 1040~ by 69 million pounds
and -xceeding the 5-::-ar (1935-.30)' a-:-~?rae holdida for Juily 1 by 245 million
pond.It wxs ~idic:.t-dc that of ch total q zantity Lf l?.rd in cold storage
on Jly ths yer aproi:.t;ly LL r:'ilin pounds wars owvnedl by the Depart-
ment of Ag~riculure.

Stjrage holdings~ 7f lord =ordinlarily dcin d*.lring the summer and early
f--ll, whean lard orjr ucti:.r. is seas.ally e:nall. it'll l co7nsumption running at
a re~lative:ly hi,1h lev-el ?nd~ with psroucti:n like~ly t. be smaller than a year
earlier during the nsxt fe;w months, th; se?.s'n .1 decline in storage holdings
my'3 be samwht p-re-t..r than usual tnis :;ar.






FOS-T3


-9 -


Fgixd consumption in early 19gl
I-a ;( boe recor~r set in 19410

The apparent disappearance or consumption of lard and rendered pork
i ~~lE~.produced undor Federal in:.pection, totaling 403 mi~llilon pounds, was 10
r Fient larger-du.ring the ficat k months this year than last, Product.ion
.r~biCing this period wlas smraller tIhan a year earlier, but. exports also were
p~.,e age~d and the increase In stocks from Janruary 1 to i~ey ; was about 70O mil-
lionipounds less in 19ic1 than in 1960.

Production of lard~ in 19kO wYas the lar~g-et in ? years. Because of the
loss of several Eulrolpeanr marketsj and reduced takijngs- c~y tLhe United Kingdom,
e''gptorts and shipme;nts o' lard last year -sre equ~i-ralent on~ly to~ ab~ut. 10 per-
ght~t of production, whereas in 19131, wNhenl production :was about th: srlm~e as ir.
1940; approximately 26 percent of the qulantityr prorduci 5 vas shipned abroad.
Adi'a-result of the reduced exports, an unusually large quantity of lard was
fod~ied into domestic consumption a'; lown pric-s. Domestic dispe~3~anrane of
'ih-rd includingf rendesred Dork fat) in 1960, totaling 1,933 million poun~ds,
was the largest for all years of record, 3CO; million ?ounds mo~re than in 1939.

aith incr~easd industrial. activity ind oay-olls, the dema-nd for edible
fats has been subrtantia~lly stranger this year th sn las'., and further marked
improvement in demandn Is in proFspct. Total pro~duction1 of :dlibls fat.-s and
oilss has been slightly larFer so f-:r thi.. yper thin i st~, but this inicr:as;-
has been abo it o~ffset bya reducs d inrorts, pa.rticularly: of coconut oil and
copra. Present indic-ations rcint to 1 continued 1-y -n cnsmntion f Ilrd
during the- remainder of' 196+1. But with redclced rau:.ut, it proba-bly wFill be
~necessary to ri~thdraw csuster.ti 11v I~-rrgr ?uantities of land from st-r-ge
during the nurmmr andl early~ fall. this yea~rl than 1 atr: If e:nsumnpti., is to- be
maintai~cine -?L level n~ear' th-t of a .rcr a rl~ier.

Production and-cojnsumption of other cooklineF
fats affected b trand~rs ini lard

Changes_ini production and con~sum;ptionl of co~:jmpound rd v~egatable cook-
ing fats in the past hacve b-een invnrsely rela-ted to ch:enes;s in th cons~umption
of lard. (T.'btles 2 and 3.) Th~ comoiino-l pr c-.pita cznsurptiion of lord and
other cooking fats has bozn comparratively str.bls jver a period ,f ye~ars.
(Table 4.) BecauseLs lard is ; szmi-perishiable .product, sll that is produicid
must be moved intos consump.tion or exported witnin .5 ralativelyr short tim.ns
And since lard is 2 byp~roduct of the hug indu~stry the prodiuctio~n of lardi is
gove~rned to jnly a slig-ht deg~ree by chs.n-o~s in pricc.

!.'hn 1crgo quasntities Lof lanrd G.pncar on tn ma~rket ?t lawp p~rices, and
Sthe consumrption ojf lard is increased, it ha~s ge~ner-.17I bee~n the: Oractice of
manufacturers to curtail ths output of other coking flto. Thus in 1950, both
production and cojnsumption of campounds andl vegetable cod~linp fats showed re-
ductions of jver 200 million pounds fraim thLe previous year. DurinF the first
quarter of 1941, however, producti n 7f edmcpounds nd, vagatable c .oking rats
was 30 psrcsnt greater then in the first quLeter j' l1940 nd disapvea~rance
was 33 percent greater despite increased cinclumnti\n 'f lard. Thi marked in-
erease in the disaPoe-.rance~ -f lard 'nd ?th-er cc king fats rluring this period






- 10 -


JULY 19c1


apparently was largely the result of inventory buyir~g on the part of dealers
and large consumers. In view of the strong demand situation, however, it is
possible thiat there will oe some increase in actual consumption of cooking
fats in 1941 compared wJitn 194G. Judging from the fact that lard prices have
rison more sharply than prices of other cooking fats during the past 6 months,
and also from the probability that domestic production of edible vegetable:
oils will be larger this year than last while lard production will be smaller,
it seems likely that any increase in consumption for 1961 as a whole would be
in compounds and vegetalbe cooking fats rather than in lard.

U'se of soyrboan oil in cooking fats increased,
use of most other items reduced in 1940

Although production of compounds and vegetable? cooking fats was about
213 million pounds (15 percent) smaller in 1940 than in 1939, the quantity
of soybean oil used in manufacture was nearly 11 million pounds larger. In
1940, soybean oil accounted for about 18 percent of the total fats and oils
usad compsred writh 14 ocrce3nt a yeanr earlier and less than 1 percent in years
prior to 1935. Increased domestic production of soybean oil in recent years
and its adaptation to use in edible products have been chiefly responsible for
the maked gain in utilization of this oil in cooking fats. An increased
quantity of lard also was used~ in the manufacture of compoundrs in 1940, but
lard represented only Ibout I carcent of the total quantity of fats and oils
used in, the! manufacture of mnixed cooking fats in thrt y,ar.

The pzrincipal reductions in utilization of fats and oils in the rmnu-
facture of cooking ists in 1960 Cccurred in cottons:eed oil, down 82 million
pounds; palm oil, d-rwn 80 million pounds; o:anut oil, down 29 million pounds;
and ed~ibjle tallow 'nd~ st-arine;, down 26 million pounds. The deccrease in use
of cottonseed oil, although large in quantity, was proportionately smaller
than that in other fate. Co~tto~nsee~d ?il rccournt? for 69 p-ercent of th3 total
fats and oils us,d in cmix:d coo~kinE fats in 11940 compsared wIith 64 percent of
the total a yrear larllir. (Trables 5 -.nd 6.)

Prices of lard and othlr cooking fats
adv-ance- sharply in first half of 19L1

As indicatedl in tables 7-9, prices of lard and other cooking fats, after
declining for ;aore than 3 years, advranced sharply during the first 6 months of
1941. ~In Juns this year, the wholesale price of refined lard at Chicago, av-
ersging 10.6 cents per pound, was 71 -ercant higher- than~ in JuII~ one 190 andw
at the h~iighest lov:l since N~ovembehr 193~7. The wholesale price of comrpounds
at Chicag~o in Ju~n, verahing 13.8 c-nts per pound, was 50 percent higher tha~n
a year earlier and wa~s the highest since February 1937. Fact rs that have in-
fluenced prices 7f cooking fats duirinq the on.st 6 months, and that wyill affect
such prices during ths balance of 1941 and in early 1942, are essentially the
sam as those influencing 6.13 prices m-ovemsnts for all edible f=.ts and oils
indicated slslewhaer in this reprlrt.
















































Federally insaectud, 1912-36, Agricultural Marksting Sarvice; 1937-40,
Bur--au of Animali Indust~ry.
Other Bureau of' Agricultural Economics.
Foreign trade, Foreign Comr.;erce an~d Navigation of the UJnited Stat3S.
Stocks, Agricultural ...arketing Cservice.
Total applarnt disappiearance co;:outed from dairt- on oraduction, trada- Lnd
stocks.
Totals compulted from~ unro~unsded numberrs.
1/ Preliminary.
2/; Includes rendered porke fat, not, saparlatly report?d. ?Iior to Novem~be.r 196r0:
Production, 35,000,000I pounds; stocks, 7,000j,000 pounds.


I 11. -


s08-53


Table 2.- Lardl, including rendered pork fat: Production, trade,
stocks December 31, and apparent disap7pearance, 1912-40

: -Production ::Ship- :: Cold-
: ::: monts : Total :storage : Total
0:- :Federally::: :to United:e'xports stocks,:apparent
fiM :ispeted: Other : Total :E~xports: States :and De- : disap-
Be., : : : : : terri- : suip- cember :pearance
as :..:.. : : : : stories :ments 31
: Million Million Mbillion! Million Miillion Miillion Eillion Miill~ion
: pounds~ pond pounds pond Domd pord pond po


92 : 959
1913 :945
4914 : 51
1919 :956
191 : 966
1949 :738
;!9~4& : ,160
1919 :1,155
19. '20 :1,207
.1921 : 1,379
1922 : 1,575
1923 : 1,971
94 :1,923
1925 : 1,652
.1926: 1,513
,. 1927 :, 1557
r1928 : 1,750
1929 : 1,763
1930 : 1,521
-1931 : 1,554
1932 : 1,573
1933 : 1,679
1934, : 1,361
1935 : 662
1936 : 992
193.7 : 759
S1938 : 1,031
1939 : 1,272
1960 1/:21,527
Compiled as follows:
Production-


c?
11


680
688
681
713
719
698
7r1
7L9
736
713
708
721
713
681
671
683
682
672
680
726
?79.
768
727
608.
681
658
679
726
769


1,639
1,633
1,535
1,669
1,685
1,636
1,881

1,943
2,092
2,283
2,692
2,635
2,133
2,185
2,240
2,lt32
2,435
2,201
2,280
2,353
2,le8
2,068
1,270
1,676
1,17
1,713
1,998
2,297


553
575
460
487
454
382
555
784
635
893
787
1,060
971
708
717
702
783
866
656
578
552
584
435
97
112
137
205
277
201


4 556 --- 1,083
5 580 --- 1,053
5 464 --- 1,071
5 492 63 1,177
6 460 81 1,208
4 386 55 1,ij76
3 558 104 1,273

k7 642 59 1,304
10 903 48 1,201
10 797 L9 1,484
14 1,074 49 1,618
14 986 61 1,638
11 719 42 1,432
16 733 50 1,4
16 717 55 1,518
18 801 85 1,600
19 866 82 1,572
18 7 51 1,558
23 601 51 1,679
24 576 4 1,787
28 612 133 1,7W,
23 L58 118 1,625
18 115 53 1,220
25 137 16 10
26 162 54 1,347
29 234 107 1,425
34 311 1.62 1,632
31 232 2/ 294 1,933








JULY 1961 1 12 -

Table 3.- Corrpounds and vegetable cooking fate: Production, trade,
stocks December 31, and apparent disappearance, 1912-40


:Factory : imports :: Net :Factory : apparent
Year :odcin:for con- ExPot orts rt :aocks, disapl
aunmpt ion 1/l :December 31:.erae
: 1,0070 lb. 1,000 lb. 1,000 lb. 1,000 lb. 1,000 lb. 1,000 lb.


1912 : 876,927 --- 73,724 73,724
1913 : 1,000,000 2/ 53 63,700 63,647
1914 : 1,136,522 545 63,356 62,811
1915 : 1,075,000 258 63,870 83,612
1916 : 1,027,133 51 49,822 49,771
1917 : 1,173,448 428 49,300 48,372
1918 : '1,146,236 801 43,977 43,176
1919 : 1,352,000 3,046 124,963 121,117


803,208
936,353
1,073,711_
1,011,388'
977,363
'1,124,574
'1,103,060
1,230,883

715,218
762,893
742,450
738,285
807,319
1,126,992
1,122,791
1,160,981
1,129,977
1,208,644

1,207,566
1,167,587
S40,650
949,131
1,202,042
1,541,325
1,586,311
1,594,016
1,504,066
1,400,600

1,189,902


192r
1921
1922
1923
1924
1925
1926
1927
1928
1929

1930
1931
1932
1933
1934
1935
1936
1937
1938
1939


747,255
811,195
784,180
750,522
830,435
1,152,620
1,140,708
1,.78,995
1,143,349
1,220,102

1,211,268
1,171,559
9425,441
952,580
1,2104,331
1,54;6,795
1,586,C41
1,594,929
1,514,028
1,tt03,551


14
5
35
2
83
25
319
250
181
257

92
101
221
189
281
7,94,9
6,235
1,9?9
1,924
1,245

505


32,051
48,207
41,765
17,067
14,371
22,313
18,167
14,420
10,394
9,975

8,791
5,994
3,498
2,602
2,181
1,219
1,623
1,723
2,255
5,237

3,805


32,037
48,202
41,7i30
17,065
14,288
22,2088
17,848
14,170
10,213
9,718

8,699
5,893
3,277
2,413
1,900
/ 6,730
/ 4,612
S186
331
1,992

3,300


15,515
10,689
19,517
22,857
22,926
26,770
29,929
31,669

26,672
24,751
26,265
27,301
27,690
39,890
44,932
46,031
55,662
56,621

53,741


1940 4/: 1,190,322


Continued-







708-53


- 13 -


Table 3.- Compounds and vegetable cooking fats: Froduction, trade,
stocks Decen~ber 31, and apparent disappearance, 1912-40 -Conarr.

4 ,~ipiled as foll~owis:
Production -
.1912, 1914, 1916-18, Supplement to 'Jnited States Department of Agri-
oulture Bulletin IPo. 769; 1913 and 1.915, interpo~lated; 1919, estimate
by Weber and Alsberg, The American Vegetable Shortenin~g Industry,
: p. 330; 1920 and 1921, United States Tariff Consission, Report to
.Congress on Certain Vegetable Oils (Report Iro. 41, Second Series 1232)
pp. 159-60; 1922-40, Bureau of the Censu3, Animal and Vegetabole Fats
and oils.
: ";i Foreig~n trade -
Reports of th~e United States D~epartment of Commerce.
l: St ockij -
Burea~u of the Census, Animal and Vegetable Fats and Oils. Data not
available for years prior to 1922.
Total apparent disappearance compyuted from data on production, trade, and
stocks.

11913-21, include small percentage of lard. Not retorted prior to October

;2J Detober-December.
3 Net imports.
SPreliminary.









JULY 1941 -. lb -

Tabl.e 4.- Fe~r capit~a disappearance of lard, compIounds and vegetable
cookling fats, bu'tte-, and 01leamarLgarine, 1912-401

: : T'l : -~I:- I"- :
: :Compounds: lard and: Total, :
: : and :eompoundls: : 0eo- :butter : Grand


:vaegeable: and :
* cooking vegetablel.
: fat s : cook:inYg :
: : fat-s
r'ounlds Pounds


:and
:oleo-


Year :


:mar gar ine


total


Lard


Eu~ttsr


margarinen:

Pounds Pqunds


:Pounds


Poundp Pounds


1912
1913
1914
1915
1916
1917
1918
1919

1920
1921
1922
1923
1924
1925
1926
1927
1928
1929

1930
1931
1932
1933
1934
1935
1936
1937
1938
1939


11.4
10.9
'109
11.0
12.0
10.5
12.3
11.0

12.2
11.1
13.5
14 .5
14.5
12.5
12.4
12.6
13.3
32.9

12.7
13.5
14.3
13.9
12.1
0.6
11.5
10.4
10.9
12.4


8.4
9.6
10.8
10.1
9.6

10.5
11.7

6.7
7.0
';.7

7.1
9.7

3.7


9.4


7.5
7.6
9.5
12.1
12.4
12.4
11.6
10.7


19.8
20.5
21.7
21.9
21.6
21.4
22.8
22.7

18.9
18.1
20.2
21.1
21.6
22.2
23.0
2,2.5
22.7
22.8

22.5
22.9
21.8
21.5
22.3
21.7
23.7
22.8
225 3
23.1

23.7


16.7
16.6
17.2
17.4
17.5
16.0
13.9
15.3

14.8
16.2
17.1

18.0
18.0
18.5
18.1
17.5
17.4

17.3
18.1
18.2
17.9
16.3
17.3
16.7
10.7
16.9
17.8

17.0


1.5
1.5
1.4
1.4
1.8
2.7
3.3
3,4

3.4
2.0
1.7
2.0
2.0
2.0
2.1
2.3
2.6
2.9

2.6


1.6
2.1
3.0
3.1
3.1
3.0
2.3

2.4


18.2
18.1
18.6
18.8
19.3
18.7
17.2
18.7

18.2
18.2
18.8
19.9
20.0
20.0
20.5
20.4
20.1
20.3

19.9
20.0
19,8
19,8
20,4
20.3
19.8
19,8
19.9
20.1

19.4


-38.0
58.6
40.3
40.7
40.9
40.1
400
41.4

37.1
36.3
39.0
41.0
41.6
42.2
42.5
42.9
42.8
43.1

42.4
42.9
41.6
41.3
42.7
42.0
4.5,
42.6
424
43.2

43.1


1940 : 14 .7


9.0


Computed as follows, usn ouaion figues as
and vegetable cook~inZ fats from total apparent d
tables; butter and 01eomargarine from total disa
1941 issue of The Fats and Oils Situation.


:Lar d anLd- compound


of july 1


disappearance shown in preceding
ppearance shown in the MarEch~








$1 5, ompounds and vegetablee cooking fatse Materials used in
r manufacture, 'United States, 1936-40


liozn '- 1936.- ;. .1937 I 1-938 1939 : 1940

'e : 1,000 ,1,000 1,000 ~1,000 1,000
:pounds pnd pounds pounds pounds
able
tonseed oil ......5 918,866 1,162,596 1,051.32c7 904.950 823.359
Mag~jean oil ..,.....: 113.,897 90, 79 8 13 7.133 201.1599 212,317
Phatnut oil ........: as,47o 58, 141 52,402 51,713 22, ?16
^* i ....... 430 1,611 399 1,453 746
ineed oil .,......1 -- 1.522 6 ---
o,:'j~tal .damestic ....51.121.663 '.1,)14[668 1,241.287 1.159.715 1,058.938
6~m' oil ,.........: 168,808 123,677 115,03 11)j,078 33,22
Cironnt oil ........;, j8,427 12,531. 26,199 20, 659 17,576
Sk ~~same oil ,.....: 33,120 29,269. F5,43j5 724 24
hue i ........:30,572 5,203. 297 37--
:Baba&SSU oil .l......... 5,368 -127 950 '56381
ii ~Palm-kernel 'oil ....: 27 4y 614 266 1,146
"iiii SuinflowRer oil .......:' 208-- -----
Oter1 ........ 15,641 ___] 695 887 T )
Tot~ii ~bal foreign .....: _292,77_1 171,72 15922 136,157 52,383
cimal and me cne:
T~j, .~all~ow, edribe ...... 1 116,908 66,278 74, 251 56, 671 39.595
01s oottearine ..,....:, 36,358 29,664 32,e845 25. 574 16,94o
Lard ...........'.....: 4, 503 915 2, 825 7,398. 16,786
.., O1eo oil ,.....,......: 1,839 242 21470 880
.50ota;l lard, animal : 1T9,608 97, 099 110,212 01) 721
Fish oils ,..........: 40,278 21,284 16,529 20,321 10,902
...Marine mammal oils ..5 --- 66 48 12--
Total fats-and oils:1,al4,32 1,604,841 ,1,9 1,406, 18 1 6,424
eCmpiled from Eurea~u of the. Census, Animal and Vegetable Fats and Oils, D~ata~
fobr earlier years beginning 1912 given in Thea Fats and Oils Situation, May 1q9,9

Includes unnamecd vegetable oils reported as "other A small perce~ntag~e may
ble domestic; arbitrarily placed in foreign group.














:1931 .1932 :1933 :1934 :1955 :1936 '1937 :1938 :l959:'94a
: Per- Per- Per- Por- Pe-Per Per Per PeBrk Fe
: cent cent cent cent; cent cent cent cent conr ~


.72.4 69.3 64r4 1
5.7 9.0 14.~5
s.6 3,5 5.7
.1 1.} .1,

S81,9 81.8 82rS5~

.8 1.7 1.5
1.8 .4 .1
.3 3./. 1

1/1/
-- -- ---
.1 1/ .1
.10.7 9.8 9.7-i~


01eo oil .........: .83 .1 1/ .1 1/ .1 1/ 1 1
Total larnd animarl: \?;.6 7~.2 6.9 8.,1 9.6 9.961 7.3 6.3 i
Marine animal oils:16 1. 10 .9 18 25 1. 11 15
Total fats and oils 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100L0 1004
Computed from dat;a E-iven in reports of the Bureau of the Census. See explana-
tory notes table 5.

1/ Less than .05 percent.


4.1 4.9 4.0 5
1.9 2.2 1,8 1.4
.. .1 .2 .5 1.d


JULY 1341


1 16.L


Table 6.- Compounds and vregetable cooking fats: Pereentage contributed:
by the various ~items to the total weight of fatal sad
oils used in manufacture, United States, 1931-40


-- I


Item


Vegetable:
Cot~tonseed oil ...: 76.9 86.1 87.7 87.2 63,9 56.9.
Soybean oil ......: .9 .5 1/ .2 3,4 7.1
Pearnt oil ..,.....: .5 .4 .3 .7 5.9 5.5
Corn oil .........: .5 .3 .1 .2 .2 If'
Linseed oil ......: --- --- --- --- 1/ ---
Total domestic .: 78.8 87.3 88,1 88.3 73,4 69.5.
Palm oil .........: 2.9 2.3 2.2 1,4 7.- 10.5
Coconut oil ,.,,..: 2.8 .9 .7 .7 2.8 2.4
Sesame oil .r.....: 2.8 .8 .8 .4 2.2 2.0
Rape oil ........:--- -- -- ./' 1.0 1.9
Babassu oil ......: --- --- --- --- --- .3
Palm-kernael oil ..: 1/ --- --- --- .1 1
Sunflow~er oil ....: --- -- .3 .1 .71/
Other ...,,........: 1.5 .1 --- .1 .8 1.0
Total foreign ..: 10.0 .1 4.0 2.7 15.2 18.1
Animal and marine:
Tallowv, edible ...: 5.8 4.7 4.8 6.0 7.8 7.2
01eostearine .....: 2.3 1.8 1.8 1.8 1.7 2.3
Lard .............: .7 .6 .3 .2 .1 .3


OtF

116f
14 iii







~17 -


Table 7.- Compounds (animal and vegetable cooking fats):
; Wholesale price per pound, Chicago, 1936-41

r:~ Jan., Feb., Mldr., Apr.i hlay iJune ,July j Aug.,Slpt., Oct.i lov.i D~ec., Av.

:S"''""~ent~s Cent~t~ Cents Cents Zents Cents Centn Cents Cents Ce~nts Cents Cenrts Cants

:12.4 12.2 11.9 11.8 11.2 11.2 12.0 12.7 12812.5 12.6 3. 12.2
S13.7 13.8 13.71371. 13.4 13.2 12.2 1. 10.2 1. 041.
8: 10.2 10.3 10.2 10.3 10.2 10.2 10.3 10.6 10.2 10.0 9.8 9.6 10.2
9: 9.2 9.2 9.2 9.2 9.2 9.0 8.8 8.8 9.7 9.7 9.5 9 5 9.3
40: 9.5 9.5 9.6 9.4 9.5 9.2 9.2 9.0 B.8 8.4 8.2 8.4 9.1
41 1.310.5 11.1 12. 4 13.C 13.8

cultural ;Larketing Service.


Table 8.- Lard, prime steamr: WhSrolesale price
pzr pound, titrces, Chicago, 1936-41

Year i Janl.i FeS.i bar.i Apr., May Julne iJuly i Aug.i'seat.i Oct.i Nov.i Dec.i Av.
:Cents Cents Cen+,s Cen~s Cents Cents Cents Cen~ts Gents Cents Cents Cents Cen~ts


1i936
1937
1938
1939
1940
1941


11.1

8.3
6.6
6.0
5.2


10.8
12.1
8.6
6.6
6.1
6.2


10.8
12.5
8.8

5.9
7.0


11.0

8.2


11.8
95.5
7.1
6r.1
,.7


8.1


10.3

8.4


11.0
12 .-2
e.9
5i.7
5.8


12.1

8.1
5.6
L.9


1-.7
71.3
7.8


11~. C
10.0
7.4


13.1 11.3
8.3 1.
6.7 3.0
6.2 6.4.
4.1( 5.4


.36.5 6.1
6.1 5.G 5.5
8.6 9.5 10.1


Th~e National Proviso;ner.;


E'Table 93.- Lird, refined: ''holest.le price
per pound, cartons, Ch~icago, 19364j1

Year Jan.: FEb.. .Mar.: Ap~r., LLay :June :Jllyy Aug. Seot.: Oct.: Nov.: Dec.: Av.
:Cents Cents Cents Cents Cents Cents Cents Conts Cents Cents Cents Cents Cents

j ~1936j 12.2 12. 1.9 11. 1..1 1.3 12.1 1281. 261. 13.6 12.2
S19?37 : 14.0 13313.2 12. 6 12.9 13.2 13.6 301. 12.0 11.L 9.8 12.7
1938 : 1.1 10.1 00 9.2 s.L 9.7 9.0 8.9 8.5 '3.3 7.9 9.2
1939 : 7.7 7.5 7.5 7.5 7. ..6 6 .0 ?.2 7.1 7.5
194 :6.8 6.7 6.5 6.lr 6.! 6.2 6.2 6.1 6.5 6.2 6.4 6.2 6.6
191:6.8 6.8 7.3 9.0 9.8 10.6

.grSiicultural ;carketing fiervice. Reported in roubs prior to July 1960.


Ds*$} S





Item


: 1941
: pr. : May :June
SDollars Dollars Dollar)y

58.50 65.60 71.25

3.01 3.90 3.75

25.88 27.67 29.58

1.93 1.87 1.87
1.73 1.68 1.64

5.40 5.50 6.00
3.62 3.65 4.01

1.20 1.32 1.59
1.07 1.19 1.23


JULY 1941


-. 18 -


Table 10.- Wholesale prices of fats and oils: Index numbers,
June 1939 and 19r,0, April-June 1941

(1924-29 = 100)
June :1941- .i
Group *1939 :. 194-0 : Apr. : May : -June


Eight domestic fats and oils ly ......:
Eight domestic fats anid oils .........:

All fats an~d oils (27 items) .........:
Grouped by origin
Animal fats ........................:
)'arine animal oils .................:
Vegetable oils, domestic ...........:
Vegetable oils, ;oreigEn ............:
Grouped by use
Butter ....... ...,.............. ...:
Butter, adjusted 2/ ................:
Lard .............;..................:
Food fats, other ..........,.........:
Soap fats ..... .....................:
Drying oils ........................:
Nliscellaneous oils .................:


104
74


113
80


116
85


558 1 79 87


56
90
64


60
65

63
60
95
101


73
105
84
114

74
78

93
90
105
88


79
107
98
128

79
86
72
111
101
107
93


variation.

aterials,


1/1910-14 100,I 2/ Adjusted f~or typical seasonal ve

Table 11.- Prices of specified oil-bearing me
June 1939 and 1940, April-June 1941


: : June
Unit
: : 1939 : 194C
: ~:Dollars Dollars


Castor beans, Brazilian, ::
ship't, e.&f., FerrYork ..:Long~ ton : ---
Copra, bags, f.o~b.
Pacific Coast ...........: 100 lb. : 1.91
Cottonseed, Dallas ....l.....:Short ton: 22.69
Cottonseed, U.S Parrm price : "' : 22.72
Flaxseed, Mo. 1,::
NiLnneapolis ....;...........: Mushel: 1.81
Flaxseed, U.S. farm price : : 1.61
Peanuts, shelled,:
Runners Wo. 1, 8.E. mills .: 100 lb. : 5.00
Peanets U.S. farn price :" :3.43
Soybeans, No. 2 Yetllow~, :
Chicago .....,...........: Bushel: .93
Soybeans, U.S. farm price .. -.83


51.50

1.56
22.04
25.54

1.78
1.56

4.80
3.52

.81
.i9


Comrpiled from Oil, Paint and Drbug Reporcter, Daily Trade Dulletin (Chicago),
Daily Market Record (Ndinneapolis), and repor-ts of the Agricultural tharketing
Service.





Item 1/


Item


S14


Fos-53


Table 12,- Price per ton of specified oilcakre meals,
June 1939 and 1940, ApFril-June 1941


June


1941
Mlay : Juzne
Dollars Dollars


S19_ :
: DollaLrs


110 :
Dol lars


_Amsr ._
Dollars


Copra meal, Los Angeles ......:
Cottonseed meal, 41 pETOGHL '
protein, Memphis ..........:
Cottonseed meal, 41 percent
protein, Chicago ..........:
Lrinseed meal, 37 percent :
protein, M~linnea~polis ......"
Linseed meal, _74 percent:
protein, New York .........:2/
Peanut meal, 45 percent
protein, f.o.b. souitheastern:
mills ........,,...,..........:
Soybean meal, 41 percent
protein, Chicago ...........:
Compiled from records of th~e Ag~ric
IfBagged, carlots, except peaaul
2/ 0-32 percent protein.


25.co 21.70 j0.SO 35.70 35.80

23.05 24.90 25.20 25.10 26.50

29.10 j1.05 j1.25 30.80 32.4o

37.40 26.25 28-50 27.10 28.20

jg .00 28. 50 26-.60 24.55 25.45


21.00 26.81 24.20 27.28 24.88

25.95 24.4o 27.50 28,10 29.70
:ultural Marketing Service.


Table 13.- Production a~nd stocks of butter, lard, rcrdered pork fat,
and cottonseed oil, May 1939 end 191:0, March-May 1941


:
:
"


May : 71
1939 : 1940 : Ma~r, : Apr. _: May 1/
Mil. lb. Mil. lb. Mil. lb. Mil. 15. Mil. lb.


Production
Creamery butter ..............:
Lard, under Tederal inspection:
Rendered pork fat 2/ .........:
Cottonseed oil, crude ........:

Stocks. end of month
Butter .......................:
Lor1d ..............,........:
Rondered pork fat 2/ .........:
Cottonsoed oil, crude basis /:


192.6 14.9.7
122.0 117.2
-- 12.8
36.4 122.8


16).5
11), I
12 .4
1012.2



321.1

640.1


215.6
125.2
14.5
66.7


56.a

7.a
551.3


197.1
105.7

68.5


84,4 25.5 9.o
139.3 283.9 310.4
--- --- .3
827.1 744.5 710.4


Compiled as follows:
Production of creamery butter and cold-storage holdings of butter, lard
and rendered pork fat, Agriculturail Marketing Service.
Production under Federol. inspection of l,?d and rendersd pork fat, Bureatu
of Animal Industry.
Factory production and stocks of c'ottonseed oil, Burenu of the Census.

Preliminary.
~JIncluded wJith lard prior to November 1340.
21Crude plus refined converted to crude basis by dividing by 0.95.








JUTLY 1981


- 20 -


Table 14.- 01eomargar~ine: Production an~d materials used in
manufrcturre, United States, May 1939 and
1940, Mrrch-MaIy 1941


Item 1411
: 1,00)0 1,00 lC ,000 1,000 1,000
: pounds Dound~S 30ounds pounds pounds
Production::
Colored .......,............: 121 181 291 413 1,388
Unc olored ........:2282 24 523_ 33 589 2/}1,76 26,004~__
Total I/ .........:227) ,70) 3 ),880~ 32,179 21,61 ]
Materials used.::
01eo oil ...,.........,....: 1,001 933 1,561 1,40c2 1,459
Cleastearine ..............: 290 710 282 361 257
Lrrd, neutral .......,.....,: 77 Zc99 899 885 6.35
Cleo stock .......,.........: 73 91 133 Sk 78
Beef fat ..........., ,..., : 22 -- -- ---
01eostearine oil ......,....: es -
Monostearino .......,.......: ---15 14 ly
Total animasl ,..........: 1 463 1, 20 2,890 2,6 2 422
Cottonseed oil ......: 780- 8,i68 13,~142 12,896 11,44
Soybean oil ......,,....,..: 5,568 5,727 9,456 8,422 6,898
Peanut oil ..,..............: 194 1!3 165 159 167
corn oil ....,..............: 24 4s 39 38 39
Cottonseed stearine .......: 1 --1 1 5
Soy~bean~ steairine ..........: 1 1
Total domestic vegetable,: 12}J 1,J 2,0 1]6 1,~524
Coconutc oil ...............: 2,9 4 2,527 1,lc2e 1,382 1,468
Babassu oil *........ 1,j23 962 66 211 -
Palm-kernsl oil .,.........,: 8 --- ----
Pal~m oil .,.....,...........: 1 --- 1 31 8
Total foreign vegetrible ,:-' 36 2 ; 6 _D 14 1,624 1,7
Total farts and oils .....: 1 2 1J0 _27_184 21,886 _j,_j


Mrilk .........,.............: 6,1 8
Salt and other:
miscollan~eous ..,......: 1,053


4,691 6,414 6,016 5, 102

1,074 1,305 1,227 1,050


Comrpiled from Intcrnal Revenue recordso -nd Internr.1 Roycnue Sulletins.

IIPreliminary.
Includes manufacturers' returns not nva-ila.ble for other reports.
Tl otal of unrounde-d numbers.


UNIlVERSITY OF FLORIDA

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