price. It is worth examining the supply situation in connection vj-ith 

 any forecast of likelihood of agreement with, or variation from, 

 usual seasonal movements. According to the December report, the 19^1 

 spring pig crop of the North Central States was 2 per cent above the 

 15^0 spring pig crop. The Illinois figures were ^ per cent higher. 

 This increase in production would have suggested a corresponding in- 

 crease in receipts during the fall and v.dnter months. However, re- 

 ceipts of salable hogs at 12 markets for the early winter season, 

 October to December inclusive, were almost 1^ per cent smaller than 

 for the comparable period of 19^0. December receipts were down 1.7 

 per cent, but for the week ending January "}, the receipts were I5 per 

 cent above the comparable week a year earlier. This would suggest 

 delayed marketing associated with heavier weights per animal, which 

 might tend to prevent a rapid seasonal advance during the next few 

 weeks. However, the demand for pork and lard is strong, and hog prices 

 have been helped by the recent increase in the ceiling price for lard. 

 Exports of lard to Mexico were substantially higher in 19^0-^1 than in 

 1939~^0 and exports under the lend-lea-se can be expected to be main- 

 tained at a high level. 



Cattle receipts at 12 markets for the season beginning 

 December 1 . have been 25 per cent higher than a year earlier. For the 

 week ending January 3> receipts were ^.6 per cent higher than the pre- 

 ceding year. Receipts of calves for the month of December were up 17 



per cent, 



/and for the week ending January 3> down 3 per cent compared v/ith a year 



earlier. This increase in calf receipts in December was contrary to 

 the trend during earlier months. Choice and prime steers mF.de up ^0.^ 

 per cent of total beef steers received at Chicago during December, in 

 contrast to only 21.6 per cent classifying as choice and prime a year 

 earlier. A much smaller percentage of medium grade is being received. 



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