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Extension Service in Agriculture and Home Economics 

 University of Illinois College of Agriculture, Urbana 



■ WEEKLY REVIEW AHD FARM OUTLOOK LETTER 



By G. L. Jordan 

 Professor, Agricultural Economias 

 (Prepared July 19) ' '' -' " 



Prices of grain futures and securities tumbled Tuesday as a result of a 

 rumor that Japan might soon surrender. The action of prices this week reflects the 

 complexity of the current situation in grains. Offerings of feed grains are very 

 light. The demand is very strong, and the July 1 crop report Indicated a severe drop 

 from last year's production of com. On the other hand we shall have a new high rec- 

 ord output of wheat; pastures are excellent; we have fine crops of hay and alfalfa, 

 and the oats crop is good. 



Civilians will get about 5 percent more of the total production of the three 

 top greides of federally inspected lamb as a result of a reduction by the Department of 

 Agriculture in the set-aside of lamb for government purchase. The over-all set-aside 

 of army-style beef also has been reduced from the current 50 percent to an average of 

 25 percent of the total quantity produced by federally inspected slaughterers. 



On July 1 the number of hired workers employed on farms was the lowest on 

 record for that month, but farm wage rates climbed to new peaks. Farm employment was 

 down 2 percent from a yeajr earlier, but average monthly wage rates were up by i>Q.30. 

 Farm wage rates on July 1 were 351 percent of the 1910-1^ average. 



It is expected that, when the figures are all in, cash receipts from farm 

 marketings in June may amount to about 1.5 billion dollars, 5 percent above May and 

 slightly above June 19^14-. Receipts in July from all sources may be from 5 to 10 per- 

 cent higher than in June; then in August the cash receipts may rise as much as 10 per- 

 cent over July and somewhat above August 19^^. Increasing costs may result in some 

 reduction in net income from agriculture in 19'*5 compared with 19^. 



The following table shows the ranking of the various exporting countries in 

 food exports for the three years 19*4^2 -19i»-i4- as a percent of preweir and percent of total: 



It would be logical to expect exports from the predominately agriculture 

 countries of Argentina, Brazil, Australia and New Zealand to dominate a greatly re- 

 stricted export market for farm products after the war. 



-0- 



'iooperative Extension Work in Agriculture and Home Economics: University of Illinois 



College of Agriculture and the United States Department of Agriculture cooperating. 



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



