Weekly Market Review And Fairm Outlook - page ^. 



^ that was caused by the fact that farmers were unable to harvest their 

 beans early this month because of heavy rains, and it means that 

 more beans will come to market during November and December. Under 

 these circumstances the price of cash beans is likely to decline 

 still further until the harvest is pretty well over or until it 

 becomes apparent that farmers are going to store more beans on the 

 farm than is nov/ expected. This week the U. S. Department of Agri- 

 culture announced a loan of $1.05 a bushel on soybeans stored on the 

 farm. The rate will be 7 cents a bushel less if stored in approved 

 warehouses off the farm. Unless demand conditions should change 

 drastically, it is not likely that the loan will become effective as 

 a price influence for the reason that the demand for both soybean 

 oil and soybean meal should be sufficiently strong to prevent soy- 

 bean prices from declining to $1.05 during the current crop year. The 

 federal government is buying some soybeans for export under the lease- 

 lend program. Under date of October 2, the Surplus Marketing Adminis- 

 tration annoiinced a purchase of 3,300,000 pounds of soybeans. 



Other grains - Ttfheat prices recovered 10 cents from the low 

 of October 16. If enough farmers take advantage of the loan, wheat 

 prices are likely to make a further substantial recovery in price. 



Corn and oats prices regained in one day almost the full 

 amount of the decline last week. The demand for feed grains is likely 

 to be very strong throughout the year, and further recovery in prices 

 may be expected. Feed supplies are ample, however. 



Livestock products - Hogs continue to come to market in 

 relatively large numbers, and the price declined during the week, but 

 Wednesday the top price at Chicsigo at $10.^5 was only kc cents under 

 the top price of the preceding Wednesday. Top price for beef steers 

 on the other hand was 10 cents higher at $12.35. 



