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33^.1 Exteneion Service in Agriculture and Home Bccnomice 

 ~TJiCL2ur Unlveraity of Illinois College of Agriculture, Urbana 



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WEHXLY RE7I5W AND F/J?M OOTLOOK LETTER 



V • ; . By G. L. JordanTHE UQ2m Of M ^ . ' ; : ; ' i 



\ .:-^;:--y' --W. ',["'■, -r'.-r-^^: "^oTeBBor, Agricultural Ecpwanlc^ ^q- ^. v . 



•; ■^'.:^ ;V;:;',-..-;^^' ',■.■"'" "''' (Prepared July 6) ■';•'■" '■'":■'' y. .■./"^., "y 



Wheat prices declined during the past week largely as a result of optimiEni 

 concerning the new wheat crop and the feeling that nothing definite will be done in 

 the near future to carry out the provision of the price contr6l bill that orders the 

 President to ueo all lawful means to obtain parity prices. A sharp recovery Wednes- 

 day resulted from government buying, -.^ ; .^ 



During the last few days of Jime there was a slmrp rise in the prices of non- 

 government-weight hogs at Chicago. That was followed by a high of $13.85 Monday, 

 July 3, the first time since April that hogs at Chicago sold above the supper?: price. 

 It is the general consensus of opinion that hog prices will continue to improve. 



J'or the month of June the outstanding development in the movement of live- 

 stock to market was the fact that calf receipts were 65 percent above June receipts 

 of 19if3 at 12 public markets. On the other hand, receipts of hogs at these markets 

 in June were only Ik percent above June I9U5; and cattle receipts were up 2k percent. 

 In MaJ" receipts of feeder and stockor cattle at four markets were 3^ percent below : 

 May 19^3> but for June they wore down only 9 percent. 



The beef cattle situation promises disturbances of the same nature as oc- 

 curred with hogs. The goal for cattle slaughter is 36 J million head by the end of • 

 19kk, During June cattle receipts were a little higher than a year ago, but the rate 

 of increase is not enough higher to reach 3^ million head without considerable ac- 

 celeration in marketings. The War Food Administration hopes to prevent a pillng-up 

 of beef cattle such as occurred with hogs. Professor Stico, in another section of 

 this report, makes some sugGostions to those having fat cattle. 



There has been a reduction in feeddr cattle prices recently which has in- 

 duced more shipments to com -belt feedlots. The demand has been limited, but seme of 

 the larger feeders have started buying. It is generally boliovod that with the 

 spread widened between stocker and feeder cattle and good fed stuff there will be a : 

 rather heavy movement to the feedlots as soon as a good com crop is assured, "* 



The Office of Price Administration announced price ceiling* on alfalfa hay. 

 For the area that includes Illinois, the ceiling price to the producer will be as 

 follows: May to October inclusive, $20.50; November, $21,00; December, $21.50; 

 January to April inclusive, $22,00, 



In looking ahead to the postwar period, the major effort of the government 

 will be to take such steps as will be necessary to prevent a collapse in employment, 

 payrolls and prices. It is expected that the federal debt will approximate $250 bil- . 

 lion and that the annual federal budget will have to be approximately $20 billion. 

 Taxes on individual Incomes probably will not be greatly reduced except for the 5 per- 

 cent victory tax, at least for a year or two after the end of the war. 



Cooperative Extension Work in Apiculture and Home Economics: University of Illinois 

 College of Agriculture and tho United States Dopartment of Agriculture cooperating. 

 H. P. Rusk, Director, Acts approved by Congress May 8 and June 30, 191**^. 

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