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WEEKLY MARKET REVIEW AND FARM OUTLOOK 



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By G. L. Jordan 

 Professor, Agricultural Econcmics 

 University of Illinois 

 College of Agriculture 



(Prepared June 10) 



(Highlights of the Weekly Market Review and Farm Outlook are broadcast each Friday 

 frc3Di 12:if8 to 12:55 p.m., as part of the Illinois Fana Hour, Station WILL, 580 kilo- 

 cycles.) 



Commodity Prices at Chicago 



Cash 



Wednesday. 

 Juno 9, 19^3 Week ago 



(close) 

 Wednesday 



July futures 



Week ago 



Wheat (No. 2 hard red winter) $ -- 

 Corn (No. 5 yellow) 

 Oats (No. 2 white) 



Butter (92 score) ,kl* 



Eggs (current rocoipta) .57i 



Hogs (top price paid) I^i-.IO 



Cattle (top price paid) 17.50 

 Hog- corn ratio, Chicago, June k 15.5 



.37-37^ 

 1^.35 

 17.35 

 15.5 



$1.^5 1/8 

 1.05* 

 .66 5/8 



^IM 5/8 

 1.05* 

 .63 7/8 



♦Ceiling prices 



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Grain prices strengthened further during the past week. Oats showed the 

 most strength. The "butter quotation was reduced 5 cents because of the roll -back, but 

 the farmer still gets the previous coiling price. 



The now Vheat loan will average $1.22 at the farm for the country ae a whole-- 

 8 cents above last year. The new rate is 85 per cent of a $l.kh parity. 



More wheat for foed . The House and Senate have passed a resolution permit- 

 ting the sale of an additional 50 million bushels of wheat by the Commodity Credit 

 Corporation. At the recent rate of sales, this amount of wheat would bo disposed of 

 by the end of June. Because appropriation bills now ponding for the fiscal year be- 

 ginning July 1 bar sales at less than parity of all CommodJty Credit Corporation com- 

 modities, there is no assurance that the food whoat program will continue after 

 June 50. It is well known, however, that the food situation is likely to becomG 

 critical, and somo congrossmon have forecast that this restriction will be eliminated 

 from the appropriation bills. 



In reviewing the national food situation, the U. S. Itepartment of Agricul- 

 ture this week again points out that feed shortages in 19^14- will result unless the 

 rate of feeding is reduced or the output of some classes of livestock 1b curtailed. 

 Stocks of grains at the end of May were estimated to be slightly larger than a year 

 earlier, but relative to the record production of 19^2, stocks are small. There 

 Lias been a very rapid disappearance of feed grains. Prospects for winter wheat are 

 most unfavoriable in most areas, indicating a crop 27 per cent below 19^2. There 

 will also be less rye, but in some areas the oat acreage has been increased. 



