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production, as most of the crop has Just been planted and a substantial 

 acreage remains to be planted* Prices of soybeans have been very weak 

 as a result of an extremely weak cash market for soybean meal and the 

 surprising development of soybean oil price quotations below the ceil- 

 ing. G-ood pastures, plenty of corn and other feed grains and the threat 

 of the sale of large quantities of wheat at feed prices have tended to 

 depress soybean prices. The cash article has been selling at a sub- 

 stantial discount under the July futures, 



A very large increase in the production of all oil seeds is 

 anticipated. Recent developments indicate that the total supply of high 

 protein feeds for 19^2-^3 ^^y ^e more than 7 million tons, about 25 per 

 cent greater than the supply this year. The price of soybeans next fall 

 will depend upon a number of factors which are unpredictable at this 

 time. Most important will be the yields of oil seeds including soybeans, 

 peanuts, cottonseed and flaxseed, but competition with wheat for feed 

 and war developments will have a great deal to do with determining the 

 price. Of course, the farmer is pretty well protected through the pur- 

 chase and loan program for soybeans that is now in effect. 



Livestock . Beef cattle continued to be received at the central 

 markets in numbers considerably in excess of receipts a year ago, €^tle 

 receipts at 12 public markets for the months of March to May, inclusive, 

 were 1^ per cent above a year ago; for the month of May, k- per cent 

 above, and for the week ending June 6, 20 per cent above the comparable 

 period a year ago. Calf receipts in May were down 7 per cent and for 

 the week ending June 6 were about the same as a year ago. No liquida- 

 tions of breeding herds is in prospect. The ceiling price on beef 

 places an effective ceiling on the price of beef cattle. However, with 

 the abundant pasture, hay, feed grains and concentrates, it is likely 



