• 



* 



I -2- 



any restrictions on sulDsidies. A memlDer of the House Banking Caramittee has indicated 

 that an antisutsidy rider will "be attached to a till soon to he considered to extend 

 authority for price controls. 



Hor<, marketings continue heavy . Preliminary statistics indicate that total 

 meat production in February set a new all-time record for that month and was suh- 

 stantially ahove the same month last year. Lamb and mutton were thf onlj'- items that 

 didn't participate in this heavy increase. Cattle receipts at Chicago were largest 

 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 receipts, the storage warehouses are almost com- 

 pletely 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 toe much liquidation and is etreee- 

 ing the fact that hog producers are guaranteed a price equal to 90 percent of rarity 

 for a period extending two years from the first January after hostilitieB cease and 

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

 270-poiuid good and choice butcher hogs at Chicago for the 19^U spring pig crop. Par- 

 ity prices for hogs on February 15 were $12.40 at the farm. With livestock numbers 

 at extremely high levels, farmers cannot be blamed for reducing numbers to a more con- 

 servative level. However, if the war in Europe should continue two years more, we 

 shall doubtless find our meat ration substantially reduced. The authority to use 50 

 million pounds of lard in the manufacture of soap has Just been granted. 



Canada Is making special efforts to meet their contract with respect to 

 shipment of meat and animal products but has found it possible to liberalize and in 

 some cases remove meat rationing restrictions at home, 



February 1^ prices of farm products . Prices received by farmers in the 

 United States on February 15 were 115 percent of parity. The general level of farm 

 prices declined one point during the past month but was still 11 points above Febru- 

 ary 15, 19^+5; according to the U. S, Department of Agi-i culture. The United States 

 average prices and parity prices are listed below fo^r February 15 



Commodities February 15 price Parity price 



Wheat $ 1.14-6 bu. $ I.50 bu. 



Corn * 1.13 bu. I.09 bu. 



Oats .786'bu. .673 bu. 



Kye 1.11 bu. 1.22 bu. 



Cotton .1993 lb. .2108 lb. 



Potatoes 1,39 bu. 1.22 bu. 



Apples 2.9U bu. 1.62 bu. 



Hogs 12.90 cwt,, 12. UO cwt. 



Beef cattle ■ 11. 80 cwt, 9.21 cwt. 



Veal calves 13.10 cwt. 11. 50 cwt. 



Lambs 13.20 cwt. 10.00 cwt. 



Butterfat .509 lb. ,k^Q lb. 



Milk, wholesale 3-35 cwt. 2.79 cwt. 



Chickens .237 lb. .09^ lb. 



Eggs .395 doz, .318 doz. 



