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Extension Service in Agriculture and Home Economics 

 University of Illinois College of Agriculture, Urbana 



WEEKLY REVIEW AND FAEM OUnWK LETTER 



By G. L. Jordan 

 Professor, Agricultural Economics^ 



(Prepared November 8) i-^*?:* - . 



During the past week the demand for all grains has been especially strong. 

 Tuesday, November 6, the advance on the grain futures market was spectacular. All 

 grain futures rose sharply to new high levels for the season. All corn and the dis- 

 tant deliveries of rye reached the ceiling and near-by rye deliveries advanced the 

 full permissible limit of five cents for one session. New com sells at ceiling 

 prices on the spot market and cash oats are in brisk demand. 



Receipts of hogs at Chicago have increased rapidly during the past four 

 weeks but are still far below last year. It is reported that packing plants located 

 in Iowa and southern Minnesota came closer to matching last year's output last week 

 than those located in other regions, indicating that direct movement is increasing 

 faster than salable receipts at public markets. Ceilings were raised five cents in a 

 number of terminal mcurkets to offset this trend. More hogs arrived at Chicago on Tues- 

 day than any other day since January 23. However, demand continues just as strong as 

 ever, and practically all hogs bring ceiling prices. 



Receipts of salable cattle at 12 markets in October were up 7 percent for 

 the year, calves were up Ik percent and sheep and lambs down l8 percent. Sales of 

 feeder and stocker steers at four markets, Chicago, Kansas City, Omaha, euid St. Paul, 

 were down less than one percent for October compared with a year earlier. For the 

 month of September the number of stocker and feeder cattle and calves received in eight 

 corn-belt states was down 8 percent. The number of stocker and feeder sheep and lambs 

 received in these states was up 21 percent. 



Wheat stocks on October 1 in the United States were about h percent smaller 

 thsui a year earlier. Stocks of com were up kO percent. Oats reserves were up Uo 

 percent; barley, down h percent; rye, down 58 percent. 



As of October 15, farmers received on the average llU percent of parity for 

 products sold. The general level of prices received by fsmners was 199 percent of the 

 August 1909 to July 191^ average. We have listed prices received by Illinois fanners 

 on October 15 as percentages of the average of 1955-1939 Illinois prices for these 

 commodities. The most vulnerable items appear to be milk cows, soybeans, oats and 

 eggs. A little later it is likely that wool and wheat will Join the vulnerable list. 



Illinois farm prices as a percentage of 1935-39 average 



^ Chester Bowles, price administrator, told the House Agricultural Commit- 



tee that the War Food Administration is considering a poultry price support program. 



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Cooperative 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*4- 



