^^^-^ / /"^ DM HALL 



-^-^"/z^^l^ lOlNEIAGR 



<^'^, /^ WEEKLY MARKET REVIEW AND FARM OUTLOOK 



^ • By Q-. L. Jordam \ 



Professor, Agricultural Economics 

 University of Illinois 

 College of Agriculture . ^, 



(Prepared October 23) . . . ^ 



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In general, prices of farm products recovered from the 

 drastic decline suffered Thursday, October I6. The rebound in prices 

 of soybeans and grains was substantial but not sufficient to indicate 

 that the downward trend has been broken. The prices of livestock and 

 livestock products declined less than grain. They too, for the most 

 part, are back to the level existing before the collapse of last week. 



Trend of sensitive commodity prices : 

 Longer-time trend: Downward. 

 Intermediate trend: Downward. 

 Short- time trend: Downward. 



The price-depressing Influences that have been at work during 

 the past few weeks are still effective for the most part. The war 

 situation has not become worse nor can we say that it has improved. 

 The new Japanese cabinet is dominated by military elements, but the 

 Russian forces seem to have checked temporarily the drive on Moscow. 



Leon Henderson, director of the Office of Price Administra- 

 tion, in releasing a portion of his report to the President, indicated 

 that we "need price legislation and need it fast." Secretary Wickard 

 went on record as favoring price control, but did not favor price 



ceilings on agricultural products bejLow 110 per cent of parity. The 



( 

 Secretary's stand was interpreted favorably by the grain trade, and 



prices recovered substantially on thfe' day the statement was made. 



Although fixing a ceiling at 110 per cent of parity gives no assurance 



that prices of any given commodity will go that high, yet permission 



