32 AGRICULTURAL PRICES 



While the author personally recommended to the commission 

 appointed by the Food Administration to investigate cost of pro- 

 ducing hogs, a slightly different weighting, yet nevertheless we 

 will use here the weighting recommended by that committee. The 

 committee assumed that the corn going into the making of a hog 

 was distributed over twelve months; that during the first month 

 2 per cent of this corn went into the hog or its dam; the second 

 month, 2 per cent ; third month, 2 per cent; four month, 3 per cent; 

 fifth month, 4 per cent; six month, 6 per cent; seventh month, 

 5 per cent ; eighth month, 9 per cent ; ninth month, 1 5 per cent ; tenth 

 month, 20 per cent; eleventh month, 17 per cent, and twelfth month, 



1907 1908 1909 1810 1911 012 1313 1914 1915 1316 1917 1918 1913 



Illustrating the departure of actual Chicago hog prices from the ten-year stan- 

 dard ratio, corrected seasonally. 



15 per cent. Securing composite corn values by this kind of 

 weighting, we find that as an average of the ten-year period, 1907- 

 1916, the January ratio was 11 bushels; February, 11.6 bushels; 

 March, 12.4 bushels ; April, 12.7 bushels ; May, 12.3 bushels ; June, 

 12.1 bushels; July, 12 bushels; August, 11.8 bushels; September, 

 11.8 bushels; October, 11.8 bushels; November, 10.6 bushels, and 

 December, 10.4 bushels. 



For sake of example, determine cost of producing hogs for the 

 Chicago market for the month of April, 1918. Corn values month 

 by month, beginning April, 1917, were as follows: 144.9 cents, 



