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WEEKLY MARKET REVIEW AND FARM OUTLOOK 



By G. L. Jordan 

 Professor, Agricultural Economics 



(Prepared March 15) 



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

 from 12:i+8 to 12:55 p.m., as part of the Illinois Farm Hour, Station WILL, 58O kilo- 

 cycles.) 



Conmiodity Prices at Chicago 



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The livestock markets were characterized by small receipts of hogs and in- 

 creasing supplies of cattle. Hogs bring ceiling prices emd buyers are unable to get 

 anyways near as many as they wish. Cattle prices have remained steady considering 

 quality of receipts. Short-feds dominate the receipts and substantial premiums are 

 paid willingly for high-quality steers. The demands for all meats are so strong that 

 slaughterers take practically everything that has enough flesh to kill. This has a 

 tendency to run up the price of feeder stock and discourages replacement in the feed- 

 lots. This will eventually reduce the total tonnage of beef. 



The wheat market has been exceptionally strong and this strength has been 

 reflected in other grains. In spite of the favorable war outlook, the wheat market 

 is dominated at the moment by the inability to obtain boxcars for shipment of privately 

 owned grain. The transportation situation is improving only slightly, if at all. This 

 keeps practically all grains at ceiling prices in the cash market and has caused a 

 substantial increase in prices of both the May and June futures. The September future 

 has not responded for the obvious reasons that if wheat cannot be marketed during the 

 next few months, it will have to be marketed later and the new crop is coming along in 

 fine shape. This may mean congestion at the time of the new crop harvest. We may 

 have some difficulty finding an outlet or storage space for all the wheat at that time. 

 Feed grains have not been as strong as wheat. 



Another factor that affected the wheat market during the past week was the 

 vote to continue the Commodity Credit Corporation and greatly expemd its borrowing 

 powers. That means that it will have funds to support the meirket for farm products. 

 This news caused a substantial Improvement in the grain futures prices Tuesday, March 

 15. Another factor of importance was the action taken by Canada Saturday, March 10, 



