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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 1111111111111111 11 1111 11 |