-4- 

 ments is csiDCCirlly strong. There is no surplus; most soybean processing 

 mills arc out of the mrj?ket for January and Februpj?y deliveries, in 

 spite of the fact that production has been at capacity; and stocks arc 

 quite low. However, the reduction of Cp2.50 in asking price for soybean 

 meal indicates not only that the usual ser.sonal decline may soon set in, 

 but also that protein supplement prices cannot stay out of line with 

 corn prices indefinitely. 



The corn-hog ratios at Chicago for the week ending January 10, 

 was 13.0 compared to 11. 3 fo^ "the same week last jeoT. This is a result 

 of a more rapid increase in the price of hogs than in the price of 

 corn. Prices of most animal products have increased more rapidly than 

 the prices of feed grains as a result of the greatly improved demand 

 situation. The strength in -orices of hogs and milk have been the 

 principal factors in supporting the current high orices of protein 

 sup elements. 



World prices . The following table compares wholesale prices 

 of k-0 basic cominodities in principal countries where such statistics 

 are available. The comparison is for January 3^ 19^2, relative to 

 December 6, 19^1. During this four weeks* period, based upon pre- 

 liminary figures, prices declined in only one country, New Zea.land, 

 and remained constant in one country, Sweden, and increased in all the 

 other countries. The greatest increase occurred in the United States. 

 The only other substantial increase was in Mexico. 



