t) 



WEEKLY MAEKET REVIEW AND FARM OUTLOOK 



By G, L. Jordan 

 Professor, Agrlcultiiral Economics 



(Prepared October 11) 



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

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

 cycles . ) 



Commodity Prices at Chicago 



Cash December futures 



Wednesday (close) 



October 10 » 19^5 Week ago Wednesday Week ago 



Wheat (No. 2 red) $ I.80 i/2^m^ $ 1.77 5A** $1-77 5/8 $1.75 5/8 



Corn (No. 2 yellow) I.I8 l/2** I.I8 l/2»« 1.18 l/2» I.I6 7/8 



Oats (No. 2 white) .71 l/^ .70*» .67 l/h .65 



Butter (92 score) ,kl* .Ul* 



Eggs (current receipts) .36-. 39 .36-. 38 



Hogs (top price paid) 1^4-. 85* l'+.75* 



Cattle (top price paid) 18.00* 18.00* 

 Hog- com ratio, Chicago, 



October 6 12.0 12.3 



♦Celling prices. 

 **Nomlnal. No cash sales. 



Cash wheat etnd com bring ceiling prices. Com has been scpLrce, but an ac- 

 tive trade is reported for new com for deferred shipment. With corn at the ceiling, 

 a great deal of interest has been shown in oats during the past few weeks, and oats 

 prices have risen considerably. The strength in wheat prices has been maintained by 

 the strong demand from millers, distillers, and for export and by the inflationary im- 

 plications of the Pace Bill. If the Pace Bill becomes a law, parity and support prices 

 will be raised substantially. 



The hog price ceilings at Chicago and other markets were raised during the 

 past week. New ceilings at Chicago are $li^,85 and $1^.10. The demand is so strong 

 that all hogs sell at the new ceiling prices. Feeder cattle prices have also risen 

 during the past two weeks. In a special section of this report. Professor Stice shows 

 the movement of feeder cattle prices. Market analysts point out that the market for 

 stocker and feeder cattle was strengthened by the excessive September rainfall follrjwed 

 by cold weather in the com belt and by frosts which prevented the maturity of much of 

 the late -planted com. However, the October 1 crop report forecasts a com crop in 

 excess of three billion bushels. Appeirently many farmers who were waiting for lower 

 prices on replacement cattle have decided to get into the market even though prices of 

 feeder cattle are rising counter to the normal seasonal trend. On the other hand, 

 slaughterers are not bidding as competitively for medium grade steers as they were 

 several months ago. One of the uncertainties in the outlook for cattle feeding Is the 

 .possibility of the withdrawal of subsidy payments on slaughter cattle, including the 

 jO-cent payment to producers and the payments to slaughterers which range up to $3.00 

 per 100 pounds. 



