-3- 



until the loan price is reached, but there will be considerable free 



wheat marketed and the>wheat loan is about ^5 P^^ cent of parity, not 



full parity. Under these circumstances no run-away prices are 



anticipated. 



Feed . The supply in 19^2-^3 of the four principal feed grains 



including feed wheat, is now estimated to be a little larger than in 



19^1-^2. Livestock numbers are expected tc h3 10 per cent larger, and 



feed per unit of livestock, six per cent smaller than in 19^1-^2. 



Bumper corn, hay, and oilseed crops are in prospect. Supplies of high 



protein feeds are expected to be about ^0 per cent larger than in - - 



19^1-^2. Feed grain prices are expected to average higher in 19^2-^3 



than in 19^1-^2, but large supplies of feed available and the feed-wheat 



program will limit the increase. As hog prices are held down by price 



ceilings, maximum production of hogs may be stimulated by a cheap-feed 



program. Several hundred million bushels of wheat might be diverted to 



feed to hold down the cost of feed. Feed-wheat prices under the 



present wheat-f or-f eed program are lower on a cents-per-pound basis than 



prices of corn or oats in nearly all sections of the country except in 



some areas of the corn belt. The government had difficulty keeping the 



hog-corn ratio high enough during World War I to induce heavy livestock 



production. The price of No. 3 yellow corn averaged ^2.21 a bushel for 



the month of November 1917- The Chicago hog-corn ratio for that month 



was 11.^ compared with l6.2 now. The November-October average hog-corn 



ratios for the war years were as follows: 



19li|-15 9.1 1939-^0 9.4 

 1915-16 11.1 1940-ifl 13.3 

 1916-17 9.9 19^1-^2 16.1 (Est.) 



1917-ig 10. g 



Illinois farm income . Cash incomes from marketings in 

 Illinois from January to June, 19^1-^2, increased as follows: crops, 

 +61 per cent; livestock, 44^^- per cent; crops and livestock, +^g percent. 



