!t;^3 



WEEKLY MARKET EEVIEW AND FARM OUTLOOK 



By G. L, Jordan 

 Professor, Agricultural Economics 



(Prepeured September 2?) 



'N 



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

 from 12:143 to 12:55 p.m., as part of the Illinois Farm Hour, Station WILL, 580 kilo- 

 cycles.) I 



• C<^mmodity Prices at Chicago 



^^ 



Wednesday 

 Sept. 26. 19^5 



Week ago 



December futures 

 (close) 



Wednesday 



Week ago 



Wheat (No. 2 red) 

 Corn (No. 2 yellow) 

 Oats (No. 2 white) 

 Butter (92 score) 

 Eggs (current receipts) 

 Hogs (top price paid) 

 Cattle (top price paid) 

 Hog-cora ratio, Chicago, 

 September 22 



$1.76 lA** 



1.18 1/2* 

 .67 1/2 

 .1+1* 

 .32-. 35 

 1^.75* 

 18.00* 



12.3 



$1.71 1/2-1.72 Iv^ 

 1.18 1/2* 

 .6k 5/8-. 67 5/8 

 .1+1* 

 .30-. 33 1/2 

 1I+.75* 

 18.00* 



12.2 



$1.71 7/8 $1.68 1/8-1/1+ 

 1.16 1/2 1.16 7/8 

 .65 .62 1/8-1/1+ 



\ 



*Ceiling prices. 

 **Nominal. No cash sales. 



Grain prices maintained the upward trend of the past two or three weeks. 

 Tuesday, September 25, all deliveries of wheat on the Chicago Board of Trade advanced 

 .to new high prices for the season. Com receipts have been light, and industries have 

 had difficulty obtaining all the com they needed. However, it is expected that if 

 a heavy frost holds off until the middle of October considerable com may come to mar- 

 ket in November and December. Recent prices of grains have been influenced by very 

 large purchases of wheat by the government in August and news of large export sales of 

 Canadian oats. The Government also forecast a disappeareuice of rye this season of 

 about 37 million bushels, or nearly 10 million bushels in excess of the 19^5 crop. 

 This would leave a very small carry-over of rye next July. Conmercial stocks of all 

 grains except oats on September 25 were substantially below commercial stocks a year 

 earlier. Holdings of both com and rye are at exceptionally low levels. 



The demand for well-finished cattle was strong, and a broad demand moved a 

 record number of high-quality cattle at the ceiling price of $l8 Monday, September 2l+, 

 at Chicago. Tuesday choice cattle continued to be in strong demand in Chicago, but 

 dullness developed in the markets for poor grades. Lambs were weak Monday but made a 

 slight recovery Tuesday. 



Long-time versus short-time outlook . Price movements during the past few 

 .^jj/eeks could easily leave the impression that the future of agriculture is extremely 

 ^bright. We have an unusually large crop of corn in prospect, but prices hold at the 

 ceiling. Wheat futures have advanced to a new high level for the season, and choice 



