5 ^ y-, / -" 



r a 



WEEKLY MARICET REVIEW AND FARIvI OUTLOOK 



By G-. L. Jordan 

 Professor, Agricultural Economics 

 University of Illinois 

 College of Agriculture 



(Prepared January l6) 



Commodity Prices at Chicago 



xx. 



JAN ] 7 1942 



AC* 



*^^'''^- w. ,[:t 



i .■ ? ■• ■ ' , 



Cash 



-Thursday 

 January 15, 19^2 Week ago 



May futures 

 i Close) 



Thursday 



Week ago 



Wheat (No. 2 soft red 



Thursday, the United States Department of Agriculture announced 

 new goals for corn and placed special emphasis upon the need for in- 

 creased production of oil bearing crops including peanuts, soybeans and 

 flaxseed. The corn acreage goal was raised from SO million to 95 million 

 (5*5 pel" cent) (10 per cent for the co.mmercial corn area); peanuts, from 

 3-2 million to 5 million (^3-0 per cent); soybeans, from 7 -dlli-n to 9 

 million (22.5 Per cent); and flax from about 3-^ million to ^.5 million 

 (33.6 per cent). Other goals set for 19^2 Included the follovyring: eggs, 

 ^.2 billion dozen (up 5 P^r cent); hogs for slaughter, 23 million head 

 (up ^.7 per cent); and substantial increases in canned peas, canned 

 tomatoes, and dry beans. The new loan rate for soybeans is 5l»6c a 

 bushel, farm ba.sis, for "No.-* 2 yellow beans or recognized varieties 



