-2- 



of high oil content. This compares with the previous loan rate of 

 $1.05 a bushel. Prior to the announcement of these new goals soybeans 

 had risen in price 6 to 7 cents a bushel; wheat about 2^ cents; corn 

 1 to 2 cents; butter a fraction of a cent; and eg,^s ij cents. Top 

 prices for hogs and beef cattle had declined fractionally. This is the 

 season of the year in which choice and prime steers tend to decline 

 somewhat in price, with the low price usually being reached in May. 

 That is not true for good, medium and common steers, however. Ordinarily 

 prices of these grades, particularly of the lower g-rades, tend to remain 

 steady to strong during late winter and spring months. Although the 

 peak of movement of hogs to market is usually over about this time of 

 year, the situation this year is somewhat different than usual because 

 of the hold-back of hogs on the farm and feeding to heavier weights 

 as indicated in last v/eek's market review. According to opening prices, 

 Friday, the new goals caused no very substantial change in prices. No 

 weakness was a.pparent in any case. There v;as some strength in the 

 prices of soybeans and hogs. 



Pork and lard . Cold storage holdings of oork January 1, 19^2, 

 were ^69 million pounds compared to 656 million pounds a year earlier. 

 Cold storage holdings of lard have also been greatly reduced, current 

 holdings being 1^0 million pounds, compared to 2a7 million pounds a 

 year ago. Pork holdings are now considerably below tho 1937-"^! average, 

 and lard holdings are not excessive. The improvement in domestic 

 demand and lend-lease activities has made possible this liquidation of 

 our excessive stocks of both -oork and lard at favorable prices. This 

 will be a conetructive factor as the flov; of hogs to market increases 

 greatly in 19^2 over 19^1. 



Dairy situation . Cold storage stocks of creamery butter 

 January 1 were II5 million oounds , compared to ^1 million pounds a 



