Pork Exports and Corn Belt Prosperity 65 



duction. Exports dropped off during September, October and No- 

 vember, but this is a customary seasonal occurrence, and there is 

 noAV the prospect of a resumption of a tremendous exportation of 

 hog products during the winter and early summer. 



The two charts printed herewith indicate the very close con- 

 nection between pork exports and profits in corn raising. The 

 chart giving the profits and losses on the average acre of corn for 

 the past forty-five years is re-published from Wallaces' Farmer of 

 May 17, 1918, the profits for the j'ears 1918 and 1919 having been 

 added since. It will be noted that the other chart gives the exports 

 of hog products in pounds from the United States year by year. 

 The exports are in fiscal years, ending on June 30th. It will be 

 noted that in a broad, general way, there is a considerable relation- 

 ship between the two charts. When pork exports have been less 

 tl'an normal for a year or two, there is a decided tendency for corn 

 to become unprofitable, and vice versa. Note how the big hog 

 exports, starting in 1877 and continuing thru 1881, were accom- 

 panied by a period of unusual corn profits. Note how the falling 

 off in hog exports, starting with 1882 and continuing until 1890, 

 was also accompanied by unprofitable corn crops. Then there was 

 a temporary turn for the better in both corn and hog exports in 

 1890 and 1891, and a sag in both until 1897, when hog exports 

 picked up and continued to pick up to a very marked degree for 

 several years, tlie diange in hog exports being slowly reflected in 

 corn profits. Generally speaking, pork exports seem to lead the 

 way, and corn tags along behind. During the war years, how- 

 ever, corn seemed to move just about as fast as hog exports. The 

 first year of really heavy hog exports was the year ending June 

 30, 1916, and tlic first corn crop to sell unusully high was that 

 harvested in the fall of 1916. The corn crops of 1916, 1917, 1918 

 and 1919 have all been extraordinarily profitable, and the pork 

 exports during these same years have been unusually heavy. Un- 

 questionably, there is a very close relationship between hog exports 

 and the general level of corn prices. We do not mean to say that 

 there is a month-by-month relationsliip, or even a year-by-year 

 relationship. We do mean to say, however, that it is impossible 

 for the United States to export an unusual volume of hog products 

 without sooner or later raising corn prices. It may take a 3'ear 

 or two for the effect to be felt by corn, but sooner or later the in- 

 fluence seems to be inevitable. 



Heavy hog exports make for higher corn prices, and higher 

 corn prices make for higher values in corn belt farm land. With- 

 out much question, the fundamental cause of .corn land rising so 



