• 



Weekly market review and farm outlook 



By &• L. Jordan 

 Professor, Agricultural Economics 

 University of Illinois 

 College of Agriculture 



(Prepared May 7) 



(Highlights of the Weekly Market Review and Farm Outlook are broad- 

 cast each Friday from 12:^^ to 12:55 p.m., as part of the Illinois 

 Farm Hour, Station WILL, 5^0 kilocycles.) 



Commodity Prices at Chicago 



6ash 

 THursday 

 May 6^ 19^3 Week ago 



July futures 



rcToseT 



Thursday Week ago 



Wheat (No* 2 hard red 



winter) 

 Corn (No, 3 yellow) 

 Oats (No, 2 white) 

 Butter (92 score) 

 Eggs (current receipts) •'}5i 

 Hogs (top price paid) l^l-.SO 

 Cattle (top price paid) ly.OO 

 Ho^corn ratio, Chlcagc^ 

 .April 30 ■13*9 



1.05-1. 06i 

 .66i 



1.06-1.06-1 

 .62^*69 



, .35i-05-J- 



1^.75 

 17.00 



lii.i- 



$1.^5 1/^ »l»^3 7/g 

 1.05* 1.05* 



.6li ■ ^ .6ii 



^ Celling prices 



Orain prices were steady to strong this past week. The 



^^reatest strength was shown by rye. Livestock prices were steady. 

 The top price for lambs Thursday was $l6.25- The hog-corn ratio con- 

 tinues to decline. The prospective feed supply for l^k'yk-k is 10 per 

 cent less than last year in the face of a 12 per cent Increase in 

 livestock numbers. 



Corn. Because of the slow movement of corn to market and 

 to deficit areas to satisfy an extremely strong demand, the govern- . 

 ment took steps this week to control Inventories and corn purchases 

 and called corn loans except those on the 19^2 crop. Without goln^g^^i. 

 into detail, the provisions Include restrictions on the amount of 

 time elevators and other dealers can hold corn and the amount of corn • 

 that can be kept on hand. Farmers cannot buy corn if they have more 

 than 90 days' supply on hand. This will mean that even the 19^2 crop 

 under loan will be redeemed by farmers if they- need more corn for 

 feeding. It might even be necessary to call these loans later on. 

 Only 59 million bushels of corn from the 193^-^1 crops are under loan. 

 It is doubtful if this limited supply will relieve the shortage, par- 

 ticularly in the deficit feeding areas. One suggestion was made that 

 instead of moving corn to Texas and other southwestern areas, lives- 

 stock should be shipped from those areas and be fed in Illinois and 

 Indiana, inasmuch as they would eventually come north anyway for mar- . 

 keting. No action has been taken on this suggestion. i 



