4 ANNUAL, REPORTS OF DEPARTMENT OF AGRICULTURE. 



self in a relatively fortunate position, but since it is the demand for 

 corn to finish the large numbers of hogs in preparation for the 

 market that creates the relative shortage of corn and makes this 

 price possible, and since not over 20 per cent of the crop will be 

 sold as corn, prices of hogs must always be considered in connection 

 with prices of corn. The past year was characterized by enormous 

 increases in hog production, marketing, and slaughter, and by large 

 increases in domestic consumption and foreign trade in lard and 

 pork. 



The liquidation in the industry that followed the decline in the 

 price of hogs reduced our hog population to a very low point, and 

 this reduction was immediately followed by three bumper corn crops 

 in succession. This resulted in a surplus of corn and a deficiency in 

 hogs and the hog-corn ratio was the highest in many years. As 

 usually occurs after a period of large corn crops, hog production 

 was given a great impetus, and the marketing of hogs for the year 

 ending June 30, 1923, exceeded that for the preceding year by more 

 than 9,000,000 head. As a consequence, hog prices receded sharply 

 and corn fed to hogs is now bringing lower prices than corn sold on 

 the market. 



BAD WHEAT SITUATION. 



The discouraging wheat situation is due in part to increased acre- 

 age in response to patriotic appeals and the extraordinary demands 

 for wheat by the war administration. By similar appeals the war 

 administration reduced bread consumption in the homes and took it 

 off the restaurant table. This has definitely reduced the per capita 

 consumption. The evil results of these policies continue. The world 

 wheat production is too great in proportion to the restricted consump- 

 tion. The great wheat producing areas in the United States, Canada, 

 Argentina, and Australia increased their annual exports 336,000,000 

 bushels. At the present time the exports of wheat from these coun- 

 tries are more than twice their pre-war exports and more than com- 

 pensate the former exports from Russia and the Danube Basin and 

 the decreased Indian exports. 



War has had a marked effect upon the bread grain consumption 

 of some European countries as well as of the United States. The 

 standard of living in some countries has been lowered and cheaper 

 foods substituted for wheat. Wheat has been conserved by " long 



