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WEEKLY MAEKET KEHM AND FAEM OUTLOOK 



By G. L. Jordan 

 Professor, Agricultural Economics 



(Prepared May 25) 



(Highlights of the VJeekly Market Review and ^arm Outlook are broadcast each Friday 

 from 12:kQ to 12:55 p.m., as part of the Illinois Farm Hour, Station VjLL, 58O kilo- 

 cycles.) 



Commodity Prices at Chicafio 



Cash 



Wednesday 

 May 2^, 19^^ 



(close) 



September futures 



Week ago Wednesday 



Week a^o 



Wheat (No. 2 hard red winter) 

 Com (No. 2 yellow) 

 Oats (No. 2 white) 

 Butter (92 score) 

 Eggs (current receipts) 

 Hogs (top price paid) 

 Cattle (top price paid) 

 Hog-corn ratio, Chicago, 

 May 20 



$1.71 7/8*** 

 1.16*** 



.85^*** 



M* 



.29 

 15.75**** 

 17.15 



11.1 



$1.71 7/S*** 

 1.1^*** 

 .85i*** 

 .i+1* 



.29 

 13.75**** 

 17.05 



11.2 



$1.59-^- 



.71 3A 



$1.6li 



2 

 _-♦♦ 



.71 3A 



*Ceiling prices. 

 ♦♦Trading in com futures is not permitted. 

 ***Bids— no offers. Ceiling prices. 

 ♦♦♦♦Government support price. 



Cattle mai'kets . Beef steers made a new high price for the season at Chicago 

 at $17.15 Wednesday. The market continued strong, although top grad.es were not always 

 available. The general consensus of opinion is that fed steers will continue to bring 

 present or higher prices. Less than the usual number of cattle entered the feedlots 

 and they have been marketed freely as short fed steers, with the result that more feed- 

 lots are empty this year than usual. The recent strength in fed cattle prices will 

 have a tendency to encourage longer feeding by farmers who have com and steers on 

 hand. 



r 



Althou^^h we have record numbers of cattle on farms and ranches, a large frac 

 tion of them are on the ranges. Ordinarily these cattle would not come to market unti' 

 September. Because of the recent relationship between com and cattle prices, it was 

 anticipated that there would be few cattle marketed during the sumrrjer and a very heavy 

 marketing from tlie ranges in the fall. If present prices hold, it may be that some of 

 these range cattle will come to the com -belt feedlots to be given a short feed for 

 late summer marketing. This would be a constructive development from the standpoint 

 of both the farmer and the consumer. 



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Grain pr:ces . All grains are in demand for immediate delivery at approxi- 

 mately ceiling prices. However, substantial weakness has developed in the futures 

 markets for wheat, oats and rye. Wheat futures are now 12 to Ik cents below the ceil- 

 ing price. A big crop of wheat is about ready to harvest in the southwestern states, 

 ' and both winter and spring wheat are making good progress in practically all wheat- 

 growing areas of the United States and Canada. Wheat and rye prices are so for above 



