Types and Market Classes of Live Stock 



379 



Monthly variations in hog prices. — The accompanying table' 

 shows that yearly average prices for hogs at Chicago steadily and 

 rapidly increased from 1915 to 1918 and 1919, and then declined to 

 the amount of $9.20 during 1920 and 1921. This was due to inflation 

 of prices during the World War and to severe depression or reaction 

 following the war. 



Highest monthly prices are printed in bold-face type. These are 

 scattered widely, though most of them occur in the three months from 

 July to September inclusive. These are also months of low receipts. 

 The last column at the right shows that the prices during these three 

 months average highest for the ten years. 



Monthly and yearly average prices for hogs at Chicago for ten years 



Lowest monthly prices are enclosed in parenthesis. Five of these 

 occur in December and five in January, the months of largest receipts. 

 The ten-year averages show a continued rise from December to April, 

 a very gradual decline during May and June, then a rise to the high 

 point in July, followed by a steady decline from July to December. 

 Between the July and December average prices for the ten years the 

 difference is $2.00. 



Greater uniformity would occur in the highs of the various years 

 had it not been for the fact that the very marked rise in price from 

 1915 to 1919 largely superceded the seasonal variations in establishing 

 prices within these years. The same statement applies to the drop in 

 price during 1920 and 1921. ^ That there are nevertheless marked 

 seasonal variations in hog prices is shown by the monthly averages for 

 the entire ten years. These monthly averages are illustrated and ex- 

 plained in Fig. 140. 



Hog prices as related to supply. — That the price of hogs varies 

 directly in relation to supply is shown in the accompanying chart 



'Compiled from Drovers Journal Year Books of Figures. 



*A steadily rising market would leave a trail of January lows and December 

 highs, and vice versa. 



