r 



WEEFCLY MARKET REVIIW AMD FARM OUTLOOK 



By G. L. Jordan 

 Professor, Agrlcultiiral Economics 



(Prepared November 29) 



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

 from 12:hQ to 12:55 p.m., as part of the Illinois Farm Hour, Station WI'^X, 58O kilo- 

 cycles. ) 



Commodity Prices at Chicago 



♦Ceiling prices. 

 **Nominal. No cash sales, 



# 



Grain prices have remained firm during the past week with practically all 

 receipts at Chicago being applied on previous commitments. Bookings of com at 

 Chicago exceeded 600,000 bushels Monday (November 26), and were the heaviest in some 

 time. Tuesday receipts of com at Chicago were I96 cars, which was considered fairly 

 large for a Tuesday. Of the yellow com inspected, 12 cars graded No. 5; 27 cars 

 No. k, 80 cars No. 5 and 70 cars sample. The government announced Monday that it 

 would entertain offers for No. 1 and No. 2^^©ilow com to fill export demands. Few of- 

 fers were submitted. There is no accumulation of com at terminal markets. On 

 November 27 commercial stocks of com In the United States in store and afloat at do- 

 mestic markets totaled 6,854,000 bushels. A year ago the comparable figure was 

 11,831,000 bushels, and the 1950-39 average for December 1 was 28,265,000 bushels. 

 Comparable figures for other grains on November 27 and the 1950-59 average (in curves) 

 were as follows: Wheat, 128 million bushels (l40 million bushels); oats, U5 million 

 bushels (29 million bushels; and rye, k million bushels (lO million bushels). 



Hogs brought 25 cents under ceiling prices first at interior Iowa and south- 

 ern Minnesota points, then at Chicago as receipts at terminal markets increased. Re- 

 ceipts at Chicago stockyards, direct and salable, totaled 55*000 head Tuesday, 

 November 27. This represented the leu?gest number to be unloaded on €iny one day since 

 last December l4. There is a prospect that, because of the laxge receipts, a bottle- 

 neck will develop in slaughtering facilities and hogs will continue to bring less 

 than ceiling prices at Chicago. Cattle receipts are relatively leurge, but choice 

 steers, yearlings and heifers continue to sell actively and fully steeuiy at the high- 

 est prices of the yeeir, considering quality. More than 50 loads of fed steers and | 

 yearlings, scaling 950 pounds upward, brought the $l8 ceiling Tuesday, November 27. I 

 Pecelpts of slaughter lambs have declined recently, as many producers are uhdoubtedly 

 plannir^ to market after December 1 in order to benefit by the 50-cent boost in sub- 

 sidy payments on weights of 65 pounds and over. Slaughter lamb prices have held 



