^a^#» Oidioak ^ f939 



(Continued from page i) 



son, and longer if feed grain production 

 next year is again near average. 



Cattle slaughtered during the coming 

 year will probably be heavier and gen- 

 erally in higher finish. Total beef sup- 

 plies for consumption, however, prob- 

 ably will be somewhat smaller in 1939 

 than in 1938 because there is a tendency 

 to hold back more breeding stock. Im- 

 proved industrial conditions indicate a 

 somewhat smaller demand for meats in 

 1939 than in 1938. The long time out- 

 look for cattle prices is not so good since 

 growers are getting ready to increase 

 total numbers available for slaughter. 



Hogs 



Gintinued expansion of hog produc- 

 tion, larger slaughter supplies and some 

 improvement in consumer and storage 

 demand is the outlook for hog producers. 

 The feeding ratio is quite favorable for 

 hogs at present, and many farmers are 

 feeding them out to heavier weights than 

 usual. Hog slaughter is expected to be 

 larger than in the year 1933-34 although 

 about 15% smaller than the average for 

 the 10 years prior to the 1934 drouth. 

 Changes in consumer incomes during 

 the next several years will be a major 

 factor in hog prices. The number of 



f)igs raised in 1939 is expected to be 

 arger than at any time in recent years. 



Sheep 

 More sheep and more wool is the out- 

 look for the next few years. Feed con- 

 ditions are favorable both on the western 

 range and in the corn belt. The num- 

 ber of feeder lambs purchased up to 

 mid-October were somewhat smaller than 

 during the same period last year. As a 

 result feeder lambs have been selling at 

 low prices compared with some other 

 years. Prospects favor further advances 

 in wool prices. The 1938 Iamb crop, 

 the largest on record, was 5% larger 

 than that of last year. Some improve- 

 ment in consumer demand for meats 

 and in wool prices is expected during the 

 coming year. 



Horses and Mules 



Prices reached the highest peak in 17 

 years during 1937, but during the latter 

 part of 1937 and during the first 8 

 months of 1938 prices dropped 10 to 

 15%. The number of horses and mules 

 on farms January 1, 1938, was about 15 

 million less than in 1915. The produc- 

 tion of 832,000 colts during 1937 was 

 Still about 400,000 head short of the 

 number that would replace the 1937 dis- 



appearances of work animals. The de- 

 velopment of small tractors is tending 

 to replace more and more horses and 

 mules. It seems probable that the num- 

 ber of horses and mules of work age will 

 continue to decline for several years. 



Dairy 



Large supplies of feed indicate con- 

 tinued high average of milk and butterfat 

 production. Price improvements will de- 

 pend on more employment and increased 

 purchasing power in the cities. The out- 

 look is for an increase in the number of 

 milk cows. A large number of heifer 

 calves were saved in 1938 and the num- 

 ber of heifers one to two years old on 

 January 1, 1939 will probably be about 

 5,100,000 head or 20.3 heifers per 100 

 cows which compares with the 1920-34 

 average of 19.5. 



Poultry and Eggs 



The feed-egg ratio is favorable from 

 the poultry producers' viewfwint, there- 

 fore a larger hatch is expected in 1939. 

 The outlook for fall and winter broilers 



appears to be less favorable. Poultry 

 storage stocks in the year 1939 will be 

 larger than in 1938, turkey production 

 is higher this year than in last year, and 

 a further increase is expected in 1939. 

 Egg marketings next year are expected to 

 be heavier than in 1938. 



Apples and Peaches 



Low consumer buying power has been 

 a drag on the price of apples but prices 

 this fall were substantially higher than 

 those of a year ago chiefly because of a 

 33% decrease in the crop. Increased con- 

 sumer income will do a lot for the fruit 

 grower and will strengthen prices all 

 along the line. The planting of apple 

 trees has been considerably below normal 

 and production 10 to 15 years hence will 

 be materially lower than it now is. Peach 

 production in the next five years is ex- 

 pected to be somewhat larger than the 

 1933-35 average. The outlook for 

 peaches to be marketed as fresh fruit 

 appears to be favorable for 1939-43. If 

 planting continues at an equal or greater 

 rate than in recent years, supplies five to 

 ten years hence may be excessive. 



Soybeans 



The price outlook is largely dependent 

 on soybean oil and meal. This year soy- 

 bean production reached a new record 

 (Continued on page 52) 



L A. A. RECORD 



