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Graln Prices - Grain prices have declined during the week 

 to the lowest levels reached during the past month for corn, soybeans 

 and barley, and to the lowest for the past two weeks for v/heat, oats 

 and rye in the futures markets. The decline in corn and soybeans is 

 an adjustment to the new-crop supply situation. The very heavy rains 

 during the past week will delay harvesting of soybeans and may there- 

 fore tend to prevent as much decline in price during the next v/eek or 

 two as would have occurred had good weather permitted a more rapid 

 harvest. This may tend, however, to aggravate the situation in 

 November and December if these beans come to market in large quantities. 

 Processors have been contracting for local elevator storage space, a 

 considerable amount of which is available. This is in contrast to 

 the terminal situation where the elevators are full of wheat. It is 

 unlikely, however, that the market will be able to absorb the large 

 quantity of beans which farmers may v/ish to dispose of at harvest time 

 without further price declines. 



Fundamentally the demand for feed grains is strong. 

 ■ Wheat is not likely to decline very far, as there is no 

 great disposition for farmers to sell their wheat at any considerable 

 discount under the loan price. It is reported that the quota allotted 

 I to Canada fo^ v;heat exports to the United States has been filled, so 

 there is no danger of pressure from that direction. 



Livestock Prices - The top price for hogs at Chicago diiring 

 the past week was ^ll.ij-5. This price was reached Monday, but since 

 that time prices have declined. The top on V7ednesday was $11.20. The 

 top price of choice steers was $12,^5« Both the prices of steers and 

 hogs are following rather closely the usual seasonal pattern. Prices 

 of choice steers usually hold up well during the fall and early winter 

 months, but hog prices usually decline from September to December as 



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