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V which would tend to make them more receptive to pressure by labor 

 ' unions to increase wages. Even though profits were restricted, if 

 wages were increased rapidly, that would tend to be inflationary. 



I am inclined to believe that a serious effort will be made 

 to prevent a runaway inflation of the type that we had during the first 

 World War. However, I do not expect any definite ceiling to be put 

 upon wages, and I should expect weekly earnings of industrial workers 

 to tend to rise eind workers' ability to bi;iy farm products to increase. 

 I should not anticipate cuiy restriction upon the prices of agricultural 

 products below parity and the feirmer is practically guaranteed ^5 per 

 cent of parity. ' 



In President Roosevelt's latest request for between 5 ^md 6 

 billion dollars for additional lease-lend activity, Secretary of Agri- 

 culture Wickard indicated that at least 1 billion dollars of that 

 amount was needed for payment for foodstuffs to be sent to England 

 under the lease-lend act. 



What can be expected of soybean prices? Although a great 

 deal of information concerning future developments would be required 

 to estimate very closely the price of soybeans, and these future 

 developments are particularly difficult to forecast at the present 

 time, it would seem that in the light of past relationships, an average 

 October to May price of $1.75 * bushel at Chicago for No. 2 yellow 

 soybeans would be a conservative estimate. The fact that this price 

 is now being paid in Chicago for soybeans would suggest that the esti- 

 mate might be too low. However, it is entirely possible that farmers 

 may not be able to store a large fraction of the bumper crop of soy- 

 beans that is in sight in the commercial besin-producing area, and 

 because of the congestion in terminal storage facilities at the present 



