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Cooperative Extension Work in Agriculture «uid Home Economics 

 University of Illinois College of Agriculture, Urbana, Illinois, 

 and U. S. Department of Agriculture cooperating 



WEEKLY REHIEW AND FARM OUTLOOK LETTER 



By G. L. Jordem 

 Professor, Agricultural Economics 



University of Illinois m tiof^^HY of the 

 College of Agriculture ^ ,^. .g/^^ 



(Prepared March 2, 19kk) ^ vr-^^s'T^' cf 'U'no'.^ 



The new regulation controlling the price tjf soybeeuis of the 19**^5 crop that 

 are to be processed for oil permits a maximum of 6 cents storage charge over the pre- 

 viously announced support price. The present ceiling for producers of No. 2 yellov 

 and green soybeans with ik percent moisture is $1.86 per bushel. The maximum is $1.92 

 for the highest grade. The ceiling price on 19i-2 crop soybeans remains at $1,66 j>er 

 bushel. It is not possible to hold beans from one crop year to another and get the 

 higher price allowed on the later crop beans. 



The President has signed the bill extending the life of the Commodity Credit 

 Corporation until June 50, 19^5, without any restrictions on subsidies. 



Preliminary statistics indicate that total meat production in February set 

 a new all-time record for that month and was substantially above the same month last 

 year. Cattle receipts at Chicago were Isirgest for any February in 17 years, and hog 

 receipts set a 12-year record for the month. However, sheep and lamb receipts at 

 Chicago were the smallest for any February on record. As a result of these large re- 

 ceipts, the storeige warehouses are almost completely filled, and the government is 

 taking special steps by means of lowering point values of meat to relieve the storage 

 situation. 



The U. S. Department of Agriculture fears too much liquidation and stresses 

 the fact that hog producers are guaranteed a price equal to 90 percent of parity for 

 a period extending two years from the first January after hoBtilitles cease and that 

 they have a definite promise of a temporary support price of $12.50 for 200- to 270- - 

 pound good and choice butcher hogs at Chicago for the 19^1- spring pig crop. 



Prices received by farmers in the United States on February 15 were 115 per- 

 cent of parity. The general level of farm prices declined one point during the past 

 month but was still 11 points above February 15, 19^5 • 



The Frazier-Lemke farm mortgage moratorium law has been extended for two 

 years until March k, 19k6, The extension of this law is mentioned only to remind us 

 that "hard times" have existed in the past emd very likely will plague us in the 

 future. 



Deliveries of food and other agricultural products for export under the 

 lend-lease act in 19^3 totaled almost 11^ billion pounds, about double the quantity 

 delivered in 19^2. Russia received the bulk of these shipments. 



Mr. Lee Crowley, Foreign Economic Admlnietrator, said that only one out of 

 QYe-ry one hundred ships carrying war goods to Russia in 19^3 was lost. 



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