CORN AND HOG CORRELATIONS 41 
not so close as might be expected. It is considerably less close for 
example than in the case of corn. The correlation between summer- 
pork production and summer prices is —0.63 and between winter- 
pork production and winter prices is —0.68. These figures corre- 
spond to 40 per cent and 47 per cent determination, respectively. 
By taking into account the pork production of the preceding season 
as well as the current production, these figures become 45 per cent 
and 47 per cent, respectively. By combining the current with the 
following season, they become 44 per cent and 54 per cent. Thus 
neither the supply of the past season nor the actual future supply 
raises the percentage determination to anything approaching com- 
pleteness. 
The price figures apply to exactly the same hogs as the slaughter 
figures. It is probable, however, that the former are more repre- 
sentative of the average price throughout the country than are the 
latter in relation to the total slaughter. The curious fact that both 
western summer and winter prices are more closely correlated with 
eastern pack than with western ( — 0.70, —0.56 as compared with 
— 0.59 and —0.44) seems at first to support the view that the rela- 
tively low degree of determination of western price by western pork 
is due to the unrepresentative character of the latter. This is doubt- 
less true to some extent, but in the case of the correlations between 
western price and eastern pack, another interpretation is more proba- 
ble. Instead of an important influence of the rather small eastern 
supply on price, there is probably an influence of price on eastern 
receipts. Cheap hogs determine heavy eastern shipments and high- 
priced hogs mean light eastern shipments. Such shipments would 
have some tendency to reduce the price-supply correlation in the 
West, but not a very great one because of the relatively small fluctu- 
ations in the eastern slaughter. 
The highest correlations shown by summer and winter prices are 
with the price of the preceding season ( + 0.76, +0.69). These are 
higher than the correlations for pork production in successive seasons 
( + 0.24, +0.63), which indicates that prices are more stable than 
supply. Summer price is determined 70 per cent by summer pork 
and preceding winter price combined. Winter price is determined 
61 per cent by winter pork and summer price combined. 
Next to preceding prices, the highest correlations with preceding 
conditions are with summer weight (Table 8). Summer price is 
correlated —0.68 with the preceding summer weight. Winter price 
is correlated —0.63 with the second preceding summer weight. 
These correlations doubtless indicate largely the relation between 
price and supply, summer weight being, as previously noted, an 
indicator of the amount of breeding. They are of about the same 
magnitude as the correlations with current pork production. 
The correlations between hog price and corn crop are not very 
high (maximum —0.47 summer, —0.29 winter). Summer price is 
determined only 22 per cent by the preceding corn crop and not 
appreciably more by all previous crops taken together. Winter 
price is determined only 8 per cent by the preceding, 17 per cent by 
the two preceding, and 24 per cent by the four preceding crops. The 
correlations with corn price, however, are much higher (maximum of 
+ 0.66 summer and +0.56 winter). Summer price is determined 50 
per cent and winter price 55 per cent by preceding corn prices. 
