FACTORS AFFECTING THE PEICE OF HOGS 
49 
making their effects felt by way of those of the variables considered 
with which they are correlated. In addition, the relation between 
NET REGRESSION OF HOG PRICES ON FOUR FACTORS 
HOG PRICES 
PER CENT 
DEVIATION 
FROM TREND 
+ 1 
■10 
■20 
+ 1 
-20 
H 
•I 
-2 + 2 + 4- 
CORN-HOG DIFFERENTIAL, IN DOLLARS 
III 
B-WEIGH7 OF HOGS, LAGGED II MONTHS 
C-PRICES OF INDUSTRIAL STOCKS 
LAGGED 6 MONTHS 
-8 -4 +4- +8 +12 
AVERAGE WEIGHT IN PER CENT DEVIATION FROM TREND 
I 
-30 -20 -10 +10 +20 +30 
CORN PRICE, IN PERCENT DEVIATION FROM TREND 
Fig. 30. — Net regression of hog price (in percentage deviations from trend) on four other factors. 
These curves show the functions used in making the forecast of hog prices 
the corn-hog differential at one time, and the resulting price at a later 
time, is a very complex function between the two almost pure sine- 
curves which appear when the corn-hog differential and the smoothed 
