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THE~ ~o~ _ +~ SITUATION BUREAU OF AGRICULTURAL ECONOMICS
UNITED STATES DEPARTMENT OF AGRICULTURE
__ Fo_s_-_6_7 ____________ «~B SEPTEMBER 1942
IN THIS ISSUE: PRODUCTION AND PRICES OF SOYBEANS,
1933-42.
SOYBEANS HARVESTED FOR BEANS: PRODUCTION AND AVERAGE PRICE RECEIVED BY FARMERS, UNITED STATES, 1933-42
BUSHELS (MILLIONS)
200
150
100
50
0
Production { ~ Other States • 10 N. Central States
Price~
1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 *PRODUCTION, SEPT. 1 INDICATION; PRICE FORECAST
DOLLARS PER
BUSHEL
1.60
1.20
.80
.40
0
U.S. DEPARTMENT OF AGRICULTURE NEG. 42581 BUREAU OF' AGRICULTURAL ECONOMICS
EXPECTED PRODUCTION OF SOYBEANS FOR BEANS IS INDICATED TO BE 98 PERCENT GREATER IN 1942 THAN IN 1941. WITH MINIMUM PRICES OF $1.40 TO $1.60 PER BUSHEL GUARANTEED BY THE G'OVERNMENT, DEPENCING 0 N TYPE AND OIL CONTENT, THE AVERAGE PRICE RECEIVED BY FARMERS PROBABLY WILL BE AT LEAST AS HIGH FOR THE 1942 CROP AS FOR THE 1941 CROP. THE DEVELOPMENT OF SOYBEANS AS A COMMERCIAL OIL CROP HAS OCCURRED ~OSTLY SI~CE lq33, MAINLY IN THE CORN BELT.
Table 1.- Wholesale prtce rer pour.d of fats and oils at specified markets, nwnbers of p.c1.ces, ;.u•;ust 1')1,0 ~nu l')L.l, Jw1e-Au.;ust 1942
r:nc;;s Item
Butter, 92-score, Chicago .. , ...................................... : Butter, 92-sccre, New York .................................... ; ..• : Oleomargarine, dom. veg., Chicago , . .. .. .. • • ........ , ............. : Compounds (animal and veg. cooking fats), Chicago •••.•.•..•.•••••• : Lard, loose, Chicago ................................. , , .... , .. , , , , : Lard, prime steam, tierces, Chicago ................... ~ •............. : Lard, refined, cartons, Chicago , ..... , ..... , ...................... : Oleo oil, extra, tierces, Chicago •.•.•.....•••.. , .• , ....•......... : Oleostearine, bbl. , N.Y. • •••. , ••••.•. , .......• , ••••..•..•...••..•. : Tallow, edible, Chicago •••••••••••..••.•••..•...•...............•• :
Corn oil, crude, tanks, f,o,b. mills .............................. : Corn oil, refined, bbl., N.Y ..................................... : Cottonseed oil, crude, tanks, f.o.b. S. &. mills .................. : Cottonseed oil, p,$,y., tank cars, N.Y ............................ : Peanut oil, crude, tanks, f.o.b. mills ............................ : peanut oil, dom. refined, bbl., N.Y ............................... : Soybean oil, crude, tank cars, midwestern mills •.......•.•..•..•.. : Soybean oil, dom., crude, drums, N.Y .............................. : Soybean oil, refined, drums, N.Y. .. ............................... :
Babassu oil, tanks, f.o.b. mills, Pacific Coast ................... : Coconut oil, Manila, crude, tanks, f,o.b. Pacific Coast!/ .•...... : Coconut oil, <.!anila, crude, bulk, c.i.f. N.Y.!/ .................. : Coconut oil, Manila, refined, edible, tank cars, f.o.b. N.Y. !/ ••• : Olive oil, edible, drwns, N.Y ..................................... : Olive oil, inedible, drwns, N.Y ................................... : Olive-oil foots, prime, drums, N.Y ................................ : Palm oil, Niger, crude, drums, N.Y. !/ ............................ : Rape oil, refined, denatured, drums, N.Y. .. ................. , ...... : Rape oil, blown, drums, N.Y ....................................... : Sunflower oil, tank cars, f.o.b. N.Y •• , ........................... : Teaseed oil, crude, drums, N.Y. , , ................................. :
Tallow, No.1, inedible, Chicago ............. -·····- ............ : Grease, A 'fJI1llite, Chicago ........................................... ; Menhaden oil, crude, tanks, f.o.b. Baltimore ...................... : Sardine oil, crude, tanks, Pacific Coast .......................... : Whale oil, refined, bleached winter, drums, N.Y ................... :
Linseed oil, raw, tank cars, Minneapolis .......................... : Linseed oil, raw, drums, carlots, N.Y ............................. : Perilla oil, crude, drums, N.Y. • .................................. : Oiticica oil, dl"'l.lms, N.Y. •••••••••••••····························: Tung oil, drums, N.Y .............................................. :
Castor oil, No. 3, bbl., N.Y ...................................... : Castor oil, No. 1, tanks, N.Y ..................................... : Castor oil, dehydrated, drums, carlots, N.Y ••••••.•.•••...•..•••.• : Cod-liver oil, med. U.S.P. bbl., N.Y .............................. : Cod oil, N<;>wfoundland, drums, N.Y ................................. :
Eight domestic fats and oils Eight domestic fats and oils ...................................... : All fats and oils (27 items) ...................................... :
Gr:lmtl~a~~i~~~ .. • ........ ' ....... • .... • .. • • • • .• • • • • • • •• •' ••• • • •: Marine animal oils ..................... , .................... , •.• : Vegetable oils, dolll8stic .......................... , ............. : Vegetable oils, foreign ......................................... :
A.ur:ust 1940 1941 Cents Cents 27.0 27.6 14.8 9.0 4.6 1,.9 6.1 7.0 5.2 3.11
5.3 7.9 4.8 5.6 5.3 8.7 4.2 5.8 6.9
5.3 5.8
31.6 20.0 8.7 6.8
15.0 17.5
12.5
3.2 3.2 4.7 4.9 9.5
7.9 8.8
17.7 18.0 25.8
11.2 10.9 14.0 29.3
60
56 87 58 85
35.0 35.5 16.5 15.1 9.8
10.1 11.1 10.3
9.8 8.3
11.11 11+.n 10.9 11.9 11.2 15.0
9.5 n.e 12.3
9.2 9.3
?) 10.4
73.6 52.3 17.0 10.8 15.6 17.5
24.0
7.7 7.8 7.4 7.7
10.5
10.2 11.3 21.4 21.2 34.0
11.5 11.0 16.0 36.7 10.5
117 83
91
8C 114 110 141
and in:iex
1942 ,Jtme Cents 3b.2 36.8 19.0 17.0 11.8 12.6 14.5 13.0 10.5
12.7 15.0 12.8 13.8 13.0 17.0 11.6 13.0 14.2
10.5
66.3 56.7 19.5 12.0 15.5 18.2
9.6 8.9 8.9
11.1
12.8 14.0 24.6 25.2 40.2
13.8 13.0 18.6 36.4 12.0
130 92
100
87 127 128 156
July Cents "S'T:b 38.2 19.0 17.0 11.9 12.~
14.5 13.0 1C.5
9.9
12.7 15.5 12.8 lL..O 12.9 17.0 11.2 12.8 14.2
10.8
61.6 56.7 19.5 12.1 15.8 18.2
30.0
8.4 9.0 8.9 8.9
11.1
12.6 13.8 24.6 25.1 39.6
13.8 13.0 18.6 36.4 12.0
133 94
101
89 127 129 148
Aurust Cents 40:'9 41.4 19.0 17.0 11.9 12.9 14.5 13.0 10.5
9.9
12.8 15.5 12.8 13.9 12.9 17.0 11.4 13.0 14.2
11.0 11.4
'2/ 12.8 60.4 55.5 19.4 12,1 16.0 18.2
y 14.3 30.0
8.4 8.8 8.9 8.9
11.1
12.5 13.6 24.5 25.0 39.0
13.8 13.0 Hl.6 36.4 12.0
139 98
105
95 127 128 147
Grouped~~: Butter ................. ., ....................................... : 62 8C 83 86 93 Butter, seasonally adjust.ed ........ , ....... , .................... : 64 82 90 92 96 Lard ............................................................ : 38 77 96 97 98 Other food fats ...................................... , •••••.•••. : 61 125 138 136 135
All food fats ............ , ............. , ...................... : 58 87 94 96 101 Soap fats ....................................................... : 54 108 128 120 119 Dryine oils •••••••••••••••••••••••••••••••••••••••••••.• , ••••••• : 87 113 138 136 135 Miscellaneous oils .................. , ........................ , .. : 92 102 116 116 117
All industrial fats and oils .................................. : 69 110 131 126 125 Prices compiled from OH, Paint and Drug Reporter, The National Provisioner, The Journal of Commerce (!lew York), and reports of the Agricultural !!arketing Administration and Bureau of Labor Statistics, Prices quoted include excise taxes and duties where applicable. Index numbers for earlier years beginning 1910 are given in Technical Bulletin No. 737 (1940) and The Fats and Oils Situation beginning December 1940.
!/ Three-cent processing tax ~dded to-price as originally quoted. ?) Tanks, N.Y. '2/ Quoted in drums.
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FOB-67 -3-
--------~---------------~----------~------------~ THE FATS AND OILS SI~UATION ~-~-------~-------------------------------------~
Sur::_mary
Prospects· for the cottonseed, soybean., peMut, and flaxseed crops ii:l
proved further during-August. If September 1 indications are borne out, the
potential output of oil fron the 1942 harvest of these crops uould be about
4,400 Dilii~n pounds~ co~~ared with about 2,600 million pounds from tho 1941
harvest.. :But with a production of so;;'b-eans in the North Central States
greatly in excess of the annual crushing capacity of mills i~ the region,
e actuaJ. prod~ction of oil from th8 4 crops during the crop year 1942-43 may
not -exceed 4 billion pounds.
..
On this basis, prod~ction of fats ar-d oils from donestic materials in
the 1942-43 crop year probably will total close to 12 billion po,xnds, over 2
billion_noro than in 1941-42. This increase would be about sufficient to off-
set increases in lend-loe.se exports ~.md decre£>,ses in ir.1ports~
Prices of nost fats and oils were little changed in August, although .,
butter prices averaged 9 percent higher then in July. This rise was more than
twice the normal seasonal advance and apparently resulted largely fron in-
creasing consuner purchasi~_g power.
The Comnodity Credit Corporation recently announced a series of con-
tracts to be entered into with crushers and refiners as p~rt of an overall
prog~am to facilitate production of vegetable oils fron th~ large 1942 oilseed
crops, to support prices to farmers, ~d to preserve ~rice ceilings. The pro
g~am establishes minimun prices to farmers for oilseeds Rnd miciffiQ~ prices to '
crushers for meal and crude oil. The nininun prices for crude oil are the sRme
as the maxiL;um prices set by the Office of Price A~~inistration. To permit
41t: werkab~ margins for manufacturers un0er ceiling prices on vegetable oil
SEPTEMBER 191~2 ~4-
products t ~he prG-gr8l!l also· _pr9vides for resale of crude soybeal'l.t peanut, and. '_e. cottonsee~ oil· by Commodity Credit 9orporation to refiners P~d other processors
at l/2 cent per pound under ceiling levelso
-~ September 21 0 1942
_REVIEW Oli' RECENT DEVELOPMEJ.\fTS
BACKGRO~TD.- Prices of fats ~d oils, which were tmusually lot7 in 1939 and 1940, advanced sharply in the first half of 1941, reflecting a tight shipping situation for imported materials, marked-improvement in domestic demand, ~~d Govern• mont purchases of lard for export" In the first q~arter of 1942 further advances were oade, notably by lard and linseed oil. Max:imur:1 wholesale pr:i.ces for fats and oils 1 except but ... ter, were. first established on Deconber 13, 1941, with-subsequen:. rcvisionso Effective May 18• 1942,· ceilings wore t
established on reteil prices of ffl,ts and. oils, except butt~r and_ linseed oil, at highest prices charged during March 1942,
Butter Prices Advance; Flax~rices D~cline
Reflc~ting a major advance in butter prices, the index of yholesale prices of 27 leading fats and oils ros~ in August to the h~ghest level since February~l929• At 105 percent of the 1924-29 averago1 the index was 4 points higher thP.n A. 1'!10nth earlier and 14 points higher than a year earlier", At. Chicago 92-score butter advanced fron 39·5 cents per pound August l to 41.5 cents on August 31 and averaged 40a9 ~ents for the month, 9 percent higher than in July. As the nornal sep.sonal incree.se fron July to August is only a little over 4 percent, a largo part of tho rise apparently was duo to pressure of increasing spending poner in the hands of consuners.
Soybean oil prices wore slightly higher in August th~ a month earl1er but prices of cottonseed oil declined :with the beginning. of the new crushing season. In late Aug~st and early Septenber, crude cottonseed oil at Southeastern nills was quoted at 12.5 cents per pou..'1d, 0.'25 cent under the CQiling level, while prine sunner yellow oil, tar~ cars, New York, at around 13•7 cent~ per pound, was o.6 cent un~er the ceiling level~ The price of linseed oil d.eclinod sharply in the last week of August~? Prices of other fats and oils were no~tly unchan~ed, renaining at or ~ear ceiling levels.
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With the new crop of flaxseed ~e~inning to move to naxket in volume after the middle of August, quotations for No.· l flaxseed at Minne.apolis reached a low point of $;;.28 per bushel, e.bout 20 cents undor quotations early in the month. However, flaxseed prices ~ic~~y r€covered most of the lo~t ground upon conclusion of arrangements between Commodity Credit norporation and flaxseed crushers for supporti"ng prices of the seed at $2.40_, Minneapolis. basis. , ·
Prices of linseed meal at New York rose nearly $2 per ton i~ August.-· ~ beconing unusually high for recent years in re~ati_on to Minne-apolis prices.
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FOS-67 - 5-
The price of- 32-percent ~epl at New York, aver~~ing $35.60 for tho month, was 85 cents per ton over tho price of 34-percent neal in M~nnoapolis, compared with $1.65 under in July Rnd with $5.~.0 under in .A.ugJ.st 1941. This chango in the relatio:J.ship of meal prices apparently results fron the large supply of flaxseed and soybeans in prospect in the Midwest in conjunction with a snaller ,supply of ir:ported flaxseed, upon v;hich East Coast mills depend.
Price' Ceili~£:1 £..!!. Vitamin .A Oils Lowered
New :maxinUIJ prices for vitanin A natural oils and concentre,tes, effective .A.ur;ust ~0, nero established in Maxinum Price Regul.ation Noo 203 issued August 15 o~' the Office of Price Adninistration. The new ceilings, stated in dollars end cents, are substantially lo0er thRn the ceilings which were in effect unC.u~ Revised Price Schedule 53 11 They are designed to be high enough, however, to ;;erni t 1941 average operating margins and prices for fish livers. An extraordinary increase occurred in the prices of,vitaTJin A bearing
.oils during 1941.
Control Over Oilsc·c:::ls and Oilseed Products Vested in Co~~~ity-6redit Corporation
Directive Uoo 7, issued August 15 by the War Production Board, delegates authority to Connodi ty Credit Corporp,tion to direct the crushing of 1942-crop cottonseed, peanuts, soybeans, and flaxseed, ond to control purchases, sales and storage of these oilseeds and their _productso Coonodity Credit Corporation is also authorized to allocate to itself all or any part of the production of the· oilseeds or their products, for resale on such terns as it deems q,ppropriate. Products arc defined as oil,.neal, Rnd linters. The directive was effective Septenber 1 w~th respect to cottonseed, poenuts, and flaxseed, and beconos effective October 1 with respect to soybeenso It continuos in effect for 1 year unless sooner revoked by the Chairnan of the War Production Board. Purpose of the action is to place in the hends of a single Governoent agency the powers necessary to deal with problons of pricing, transportation, storage. and crushing that are expected to ari so in connection vri th the :oarketing and proce,ssing of the lp,rge 1942 crops of oilseeds.
Under authority of the directive; Connodity Credit Corporation is developing an overall progran, chiefly through contrncts with processors, with the prinary purposes of (1) protecting prices to farners end inplenenting the price supports announced by the Departnent of Agriculture last winter as an inducement to farners to increase the production of oil crops to meet wartine-needs; (2) pre~erving'the ceiling prices of the Office of Price Adninistration on vegetable oil products as pext of the GoverrJ.Jent effort to keep down the cost of living, and (3) facilitating the rrocessing of the large 1942 oilseed crops and the narketing of their products. The progran will
- nlso make oil meals and oil cli.lee e"vailable to. livestock producers and feeders at reasonable-prices to induce increased production of neats, nilk, and eggs, .and to conserve supplies of corn and other feed gr~.i::J.s ..
Cottonseed Crushine Progran Arillouncod
• Connodi ty Credit Corporation announced August 28 thr-ct it is prepared to offer contracts to cottonseed crushers under which it will Ftgree to support
SEPTEMBER 1942
prices of cottonseed products and crushers in turn agree to :purC?hasa.·· co'fi:ton- a seed at not less tlw>n specif-ied }Yrlces. The mi~inwn priee··w be -paid ·by · 'W proce'ssors for cottonseed is $49 per ton for b['.sis grE~.d~ seed at· tins tn _ Texas, O,klcl:tona.t a:nd lk::r r~:e:lri.co, ~nd $50 in all o·ther States~ ·Prices Will include diffcrenti£tls 1('-:-- gr,:-de in a!'eas wb.ere the offici~l grading system is used. I!l. other areas, to be designated. by Ccunodi ty Credit Corporati<in, the price wi:.l be 102 perceut of the basis grade price. · ·
On tb.e basis of these support prices, taking into consideration av,erage quality preniuns and discounts and average giru1ers' na.rgin of not nore than $3 per ton~ prices to growers :we expected ,to average approJ;:imately $47.50 per ton. l'rices actuallY received by growers will, of, course, vary fron tine to tine and by o.reas according to th;s qurui ty of seed being :W...'l!"kotede prices being paid by nills, and the ginners' ma~gin. Weather during the harvest period ~ill affect the qu~lity of the seed; wet weather, for e~~ple, would tend. to increase noisture co_ntent and decrease the value of the seed,.
Coi:lrlodi ty C:;:oedit Corpo!'Cl.tion will purchA.se linters not otherwise _allocated by the Wa1· Productj C~l :Board. Thl3 Corporation will also purcho.se e.t the Office of Pri -·c. .?~c.lr1inistration ceiling prices all cottonseed oil pa.nufactured. fron tho l~,.:J.2 crop that contracting pr-ocessors arc unable 'Co· sell at such prices efttJr m..:.dng every effort to do so.; Oil' purchased by the Corporation .is to be stored by the processors without change.
_ Under tho terns of the contract being offered~ the nini:r.n.un trade price of bulk cottonseed: cakt: will be $31.50 per ton·f.o.b. r.1ill for cake with a protein con~ent of 41 percent, Septe~wer delivery, and will rise seasonally up to $33 per ton fQr Febru~ry to July de~ivery. Minimun prices for bagged meal and C~{e will average about $3e50 ~er tori above the price/for bulk c~e. The seasonal rir>e in prices will nake it proli table for purchasers to !llove the oaterial pro~tly to fA.rns or plants. C9~odity Credit-Col~oration will purchAse, e.t $1.00 to $L.50 u.nder nininun trade prices, all cottonseed cake and neal offered by contracting mills, providing satis~actory exrangenents· have been nade for storage. -
' Flars~ r.rush~ !liGibl~
for Loe.ns on Linseed Oil --- -- -------CoDr.:lodity Credit Corporation also announced 'August 28 that contr&cts
were being nade with flaxseed crushers providing fo~ non-recourse loans on linseed· oil up to lw percent of production from the. 1942 crop' of domestic flaxseed, conditioned on the paynent of $2.40_per bushel for No. 1 flaxseed, MinneP..polis basis. Loans A.re being nade at 12 cents per pound on pure r~N linseed oil, usue.1 good quality,. stored in Zone 1 (Min;toapolis, inciuding , Chicago); 12.2 cents in Zone 2 (Detroit. Cleveland, Buffalo·); e.n<l 12.4 cents in Zone 3 (New England, including New York and New Jersey). The c~ntract provides also that linseed r.1eaJ. shall not.,be sold at_.'less than $30 bulk~ f.o.b. p~~nt basis. It was announced that the movenent·o! flaxseed to East Coast Mills for c~~shing will be h~dled by ·s~pplenentary agreenent.
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,FOS-67 7
Alternative Contracts Offered Soybean Crushers
Provisions of contracts bGing, off erect processors of 19lt-2 crop soybeans were announced Septenber 10. The contracts specify nininu;-.1 prices to -De paid farners or elevators for soybeans and ninir:ru...D prices at vrhic:1. oil and neal are to be sold. In the case of plants whic;h cenno-: operate wi t:1out loss under
·ceiling prices for oil and ninir.1W1 prices for ne.:1J., Coranodity Credit Coryoration agrees to buy fr.on the processor all soybe_ans except those to be used for the Banufacture of products other than crude soybea-TJ. oil and. neal. These bea..'1s will be resold to the processor at "net processor valuG'' be,secl upon average yield of oil fron beans gro1m Jn the area where the pl!:·nt is located and on the average product valu~n ba:o:od on the support prices to tho processor for crude oil and r.1en.l 9 v7i th the deduction of a stipulated nargin of fron 22
· cents to 29 centu per -bushel depending upon size Pnd t;y]le of plant ..
In ei t4er case the processor agrees to buy soybeans of u. s. Grade No. 4 or better el t~1.er directly fron producers at not less tl1an support prices, ninus applicable ·::;. ;;couD~~G~ or fron c;;)untry elevators on the sane "basis, plus elevator- handli:>G ch;~:csos of not l·ess than 3-1/2 cents per bushel.. The support prices at producer11 ~ nornal deli very points ra."l.ge fron $le60 per bushel for grE)en and yellow varieties to $1.40 per bushel for -brown ::,na. black varieties .. with low oil content. Specified discounts are to be applied to soybeans gradi ~g loner than U. S e Gre,de No o 2. ' ·
Ten rroducing areas are.set up in the contracts to evoid unnecessary use of transportation facilities, Each processor, unless otherwise authorized by Connodity Credit Corpo~ation, will confine his purchases of soybeans to the area in which his plant is locate~o
Sellers'. prices for crude oil are at ceiling levels as follous:
At Midwestern and Southern l\iills - 11-3/4 cents per lb. feooba plant
At pla..TJ.ts in Michigan, Ohio, Virginia, North Ce,rolina, and north nnd east thereof 11-7/8 cents per lb. f.oobo plent
At plents in California, Oregon, and Washington -12-1/2 cents per lb. f.o.b. plant
If the processor cannot sell the oil to the trade at ceiling prices, Coonodity Credit ~vill b1.{y it at 1/8 of a cent per pound below the ceiling level.
The nininun selling price for soyoean necl is $30 per ton bulk, nills, plus M increase of 25 cents per ton on the first day of ee,ch nonth fron Novenber 194? to June 1943• Price differentials ~pply on neal delivered i~ carload and less- than carload lots, as rrell as on bagged r::wal and pellets. Connodity Oredit Corpora:tion also agrees to buy neal fron crushers at $1.50 :ger ton less than the basic p~ice of bulk neal, plus $3 for bagging, plus freight.
Peanut Crushers Offered Contracts
Terns of a Connodity Credit Corporation contract being offered to peanut oil mills were announced Septenb.er 11.. Th.e contre,ct specifies certain nininu.tl prices for pe~1ut oil, neal &'1d cake. Peanuts will be sold to crushers by designate~ cooperative producers ~ssociations (see peanut narketing progran below) •
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The basic selling :prices for. crude peanut oil (basis 5 percent refining ~ loss,) f.o.b,. mill, are at c~~l,ing levels as followsl Mississippi 'IT~lley and. ·• Southeastern mills, 13 cents per pou:nd: ~exa.s and Okla..lo:l.oma., 12-7/S cents per -- , pound. Usual or normql location differentials apply within these areas~· prices in other areas are based on these pr·ices 'With usual or normal· location q.ifferentials.. Tbe crugher is expected to make every effort to sell peanut_ .oil through usual trade t!hannels but if he cannot sell the bil,- Commodity Credit Corporation offers to buy it at the stipulated b!3-sic prices,._ ...
Minimum trade prices are established for the v~riGUs tYPe~ and-·grades of peanut cake and meal. The minimum for prime quality. meal., 45-47' percent t -'f'
protein, bulk, f.o.b., mill, is se·li at $31.50 per ton for September delivery, rising 30 cents each month to $33.,00 for February-July del~.very. Mini:rnu:ni prices t for sacked meal are $3.00 per ton higher than the corresponding minimum bulk prices. The crusher is expected to make every effort to sell peanut cake and meal, but if he cannot do so at minimum support prices, Commodity ~redit Corpora-tion will purchase cake at $1.50 p.er ton under the applicable minimum trade ' price, and meal, ro~rdless of protein content, at $1.50 per ton less than ~ the minimUJtl ~.c=tde price for meal of 45-57 percent protein content •. '-
Refiners to Ge~; Crude Oil lli Cent Unier Ceilin:gs
.. On September 8, the Department of Agriculture announced terms of a con
tract being offered to refiners of cottonseed, peanut, and soybean oils by Commodit.~r C:::.d:i.t Corporation. Under this contract, refiners \'!ill-purchase c~ude oil at Office of Price Administration ceiling prices from ~rushers who are partici:pating-in.the over-all program to facilitate proc~ssing of this yearts record oil crops. Refiners will then sell the oil io'the Corporation at the same prices they paid for it and buy i·t back at a reduction .of 1/2 cent a pound,. .
The contract provides for the optional purchase of refined oil by Commodity Credit Corporation at. the basic crude price plus specified refining costs, freight, and loading. -
Loan and Purchase Values Incr.eased -For:. ----NeW:Crop Soybeans Held Until Next Spring
Measure~ to support prices to. farmers for 1942-crop soybeans 'as originally announced last February included an offer. to pay $la60 per bushel £or high oil-content green or yellow beans delivered at country points, and an offer to lend $1.65 per bushel on high oil-content green and ~ellow ~eans stored in approved warehouses·and delivered at country points on or after J~e 30. Recently the loan.offer has been·i.ncreased to $1.67-per busheLfor delivery on or after J~e 30, and the purchase price has -been amended to increase one cent on the first of each month from January to June. The same discounts for beans of lower oil-content or grade will be'made as in the original plan.
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~urpose of.the new plan ~s to ·encourage farmers to ~ol~ beans in· storage J for a longer than USUc.'9.1 period. Mor~ SC?yber;ns will be ,:produeed :l.n the North e
Central States in 1942 than can be crushe~.1n a y~ar•s op&rations by mills in -
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the region, so that part of the crop will have· io·be ·mov~4 to o~~er areas. -~It would be desirable to defer this movement until after the seas~nal peak
load carr~ed by the railroa~s in the fall and winter.
·i~42 ·Pean~l~fk~titM1i..lfOE~ A~ou.nced. .- t - . I _ . , • , I - ..
·neta~ls.of ~.Ptogram to encourage dis~osition of·farmers 1 stock peanuts for crushing fo~: oil to meet wartime needs -were announced August 25 by the· Depart_m&nt of Agriculture. Similar to previous peanut··marketing programs, it ~1}. l?e conducted -by the Agrieultural Ma-rketing Administration and provides f~r·'th~ ._d'i~J;>Os~-~i~n-·o~ 'bo·t;h ."quota" and "excess" peanuts .'through-designated prod.~ar ,age~cl.es. · . :- · -· ......
· · ·Under the program, ·"Qiiotaft peanuts are those marketed within farm marketing quotas~ and ttexcess" peanuts are those marketed in excess of farm marketing quotas. Oooper~tive producer associations will be designated by the ~ecret~ of Agriculture to bey quota or excess peanuts and .sell them. eith~r fo~ crushing for ~il. for shelling, .for·seed, or to hold them in st9rage Wl\ i1 d~~~d.. is determined.
-I .
Qcrota p~anutu Will be bought by the designated agencies at .prices which average· abcu·i; $12l.t.oo per ton a.:1d are about 85 p&'cent of parity. For excess ~anuts· delivered to the designated agenci'es·, prodtl.Gers will be paid the market va!ue for crushing for oil.on the date of,delivery, less estimated -~~dling costs, or the prices announced January 16 by the Secretary of AgrieUltura for 19~? crop·oil peanuts (equivaTent to $82.00 per ton for United States No._l_.'t\'hit·-e· Spanish !r~'J?e. $7S.oo·ror United States No. 1 Runner Type, ~d $70.00 ~or U~t~~ States Class A Virginia Type) whichever is· higher. Excess peanuts.will·not be subject to the penalties of three cents a pound proyid~d by the amended Agricultural Adjustm~~t Act of 1938 when the peanuts are delivere~ to or marketed through the designated agP.ncies. The designated agencies may dispose of peanuts for crushing for oil at not less than approved prices; for cleaning and. shelling at not less than the price for quota peanuts of like type and grade, plus the cost of handling, plus $3.00 per ton; or for seed at prices not less than the pur~hase price, plus the cost of handling and costs incidental to their sal~ -~_or seed. Any profits from the operation of the,prpgram will be_applied first to the cost of operation, and •second will be distributed to prod.ucers of excess peanuts on an equitable.Qasis. ·
. . Peanuts bought by the designated agencies \dll be graded according to
·-United States standards for farmerst stock peanuts, and for oil content, under supervision of the Agricultural Marketing Administration.
)
The 1942 acreage of peanuts to be'picked and threshed is estimated by the Crop Reporting Board as of September 1, to be 4,173,000 acres· yielding 2,930 million pounds. Of the acreage in the three major peanut-producing areas, l,6o5.000,aQr~~ were allotted to producers for the production of quot~ peanuts, antFit is estimated that· 2-,568,000 acres were planted in exc~ss of acrea~e allotments. Total production of quota peanuts will probably
'be __ around 1,325:- million pounds, leavin-g approximately 1,600 million pounds Of.~ exeess :peani'its,. trot all excesa peanuts will 'be crushed for oil, however,
_e;s_ ,spme will be retained for seed and local uses.·
SEPTEHBER 1942 - 10-
Contractual Restrictions on Pilchard Fishing P~ibited
· With the opening of the-pilchard (sardine) fishing season off the ~ West Coastr the War Production Eoard issued Conservation Order M-206, effective September 1, prohibiting contracts or agreements that would directly or indirectly limit the catch of any fishing vessel or the frequency of its trips to the fishing grounds. Many vessels formerly used for fishing are now in the service of 'the armed forces and it is desirable that maximum use be made of the remaining craft. In 1941 production of pilchard oil amounted to about 136 million poundsv nearly 65 percent of total production , of fish oils in the United States and AlaskaQ The ~argest use of fish oils is in the manufRcture of' paint and oilcloth, but important quantities are also used in the textile industry, in tanning leather, and in the prepara-tion of cutting oils. ·
Government l'urchases of Fats and ~ Reduced in A~t e
Purchases of lard and rendered pork fat by the Agricultural Marketing Administration amounted to about 35 million poUnds in August compared with Approximately 80 million pounds in July and an avere.ge of about 80 million pounds monthly since March. Purchases of salad oils, amounting to nearly 19 million pounds, were larger than in any previous month except June, and purchases of shortening, at 8 million pounds, were the largest that have been made. Margarine, edible tallo\·J, oleo oil, and vitamin A oils were also bought duri~g the month. Total purchases of fats and oils in August ~ amounted to about 69 million pounds, 38 percent under the monthly average since March. Seasonally sm~ll hog marketings, accompanied by some stringency in the dome~tic lard supply situation~ were mainly responsible for the reduced rate of lard purchases in August. A sharp increase in the purchase rate is expected later in the ~ear, when 1942 spring pigs reach market in volume.
Crushing ~ SoybeA-n~ ~ Flaxseed Continues at High Rate
Consumption of soybeans and flaxseed by mills in July, reported to have amounted to 6.6 and 4.,0 million bushels., respectively, indicates that the high rate of crushing of these crops in -~ent months ~~s well maintained. With stocks of soybeans in all positions e;tlmated at 22.3 million bushels July 1, a continuation of the July rate of crushing through August and September would reduce old crop stocks to about 2.5 million bushels before the new season begins.
Stocks of Fats and Oils Near Miniiiiunil;J'Or' kiii"g LeVel--
July 31 stocks of primary fats and oils were slightly smaller than a
'I>
e
month earlier but '"ere still close to 2 billion pO'\lD.ds. !Vhe comparable figure for July 31 a yea!' ago is not kno,,m, but at 2 billion pounds stocks are believed to be about at a minimum working level -in relation ,to the current high a rate of production and disapp~arance. Col~storage stocks of lard and rendere,_, pork fat on August 31, totaling 83 million pounds, were about 205 mill~on poundF smaller than a year earlier and were the second smallest for that date since 1916.
it
i e
FOS-67 - 11-
. Substantial increases in the prospective production of soybean and cottonseed and moderate increases in flaxseed and peanuts v1ere indicated by the Septem'b·.r 1 crop report. A potential production of 1560 million pounds of cottonseP-i oil, 1650 million pou:~ds of soybean oil, 460 million pounds of peanut o.Ll, a"'ld 750 million pou_"fl.ds of linseed oil from domestic seed is possible. .A<.--tua:. production of soybean oil during the 1942-43 crop year probably will 'be smaller than the ·indicated pQtential production because the annual capacity of crushing mills in the northern and 61astern· States falls short of' the prospective production of beans in that area. Total production of cottonseed9 soy"'.:'ean, peanut, and linseed oils-in the crop year 1942-43 may be tentatively estimated at about 4 billion pounds.
SOYBEAN PRODUCTION .Al}'D PRICES, 1933-42
l?!"'oduction and Prices of SoybeanE?, at ~~.2~1.
Production of soybeans for beans in the Ur.ited States increased from •about 13 million ·bushels in 1933 to approximately 107 million in 1941, roughly an 8-fold increase in 8 years., ..Another large increase ''!Till occur in 1942. According to September 1 indications, production wlll reach 211 million bushels this year-, an increase of 98 percent over 1941. ~his increase is partly
___ a result of un"].lsually favorable growing conditions a..'ld partly a response to the wartime need for domestic production of fats and oils and to Goverll .. nwnt guarantees made to farmers last winter that prices of 1942-crop soybeans would be supported at $lo40 to $1Q6o per bushel~ The price of $1.60 will apply to most of the crop in the regular commercial producing areas.
?rices received by farmers for soybeans in the crop years 1934-40 fluctuated mostly \vithin a range· of 68 cents to $lo01 per bushel. In the 1936 crop yef!l' 1 vrhen demand for soybean r.1eal was strong, the average price was $1.,28 per bushel. The average price for the 7 ... year period as a whole was 90 cents. In the 1941 crop year$ the heavy dem?nd for fats and oils of domestic origin c~upled with a strong demand for hig~protoin feedstuffs, lifted the price :pn..i.d to farmers for s,oybeans to $1.55 per bushel, 72 percent above the 7-year average. Government support of prices for the 1942 crop probably will result in a season. average price at least as high as the 1941 price.
The four States of Ohio, Indiana, Illinois, and Io't'ra ~Jill account for about 164 million bushels of the prospective 198 million bushel increase in soybean production from 1933 to 1942o According to September 1 indications, these four States will produce about 173 million bushels this year, 82 percent of the total crop, comp~~ed with 88 percent in 194lo Production of soybeans. for· oil has been concentrated i~ the Corn Eolt for many years; this area was predominant even bef·ore tho ex;mnsion that began in 1934.
Yields of soybeans per acre e.re materially :b...igher in the Corn Belt States than elsewhere. In Ohio~ Indian.a, Illinois, a.TJ.d Iowa yields increased
... 12 ~
from an average of 13.1 bushels :per acr_S) in 1924-28 to 18o4·bush~lf.:r.per .:acre . in 193l.j..08., In the 3 yeaJ~S 1939-41, the a:-v-erage yield was 19o 6.. (See _ta'b!e - e) 2) o Meamrhile yielo.s in the South Atla:n.ti·c States fJ.uctu~ed around an aver-age level of about 12 :;-· .. ;:;1-.:.J~S J?6r- acr-e, and. yields in the South Centra;!.. States -a'l:'ound -a level oi' about 8..,5 bushels :per. acre0 with a sh~ increase, hoivever 1 - in 1940 a:nd 192.~1 ln I·oc:d.s:i..ana,. !Yi:iseissippi~ and ArL:.nsas. Main _reason for the ~.ac:ceasine;ly hl~h yields in the Cern Belt has been the d.evelopment 2nd idd.e~Jlroe,d planting; of high-yielding varieties(;, In other areas soybeans arc gro11m chiefly as a hay crop; the beans 1:1re harvested mostly to }rovide soed for the- next season II s acreage of soy·oeans for hay. "" . . -
'Yello"tor and green ·beans are preferred for crushing ·bE}qause the black and bro'W!l. varieties are consiCl.crably lovtJ'er in' oil contep.t- nnd also produce a darlc-colored meal 1o1hich is -discriminated agains"t by feeders. YeJ.lmlJ' and green beans predominate in tl1e Corn :Belt but bro'W!l and black varietie·s. are most commo:l >-vhere soybeans are gro~t.n ·mainly for ha:y.
..f,,
Agricultural adjustment and soil conserv-ation programs from 1934 to 19t~1 enco~~aged re~uction of corn acreage in commercial corn areas. In Ohio, India...~a, Illinois, and Iowa~ a reduction of 4.5.million acres occurred from 1933 to 1941o In the same period tho acreage of soybeans hnrvested for beens in these States incren~od by 4o2 milliono Soybeans can be gro~m in place of corn in mos·t Corn :Sel'.i areas with relativ-ely little cha..."lge in farm pro.atices-and. in most insta,nces 1dthout additional eq_uip:oent. It appears ~ikely, ther~ e fore, that an iJ:":i)_ortant factor in tho incr~ase in soybean acreage -and produc-tion fro::n 1933 to 1941 was the availabilit;{~ of acreage released from corn. O·t;her 'factors enconraging increased soybean- production have been the fu::'ough'f;;, insect, at\d disease rosicrting q_uali ties of soybeans and the generclly satis,.. factory experience of farmerS 1'fith respect to yiGlds., .An a~ditional factor· - -~·, .: in 1942 has been the 1ID.USUally faVOrable. COndition_ Of pastures and hay crops, ~rhlch has enabled many farmers- ·to forego cutting soybeans for hay, a'llo"l..ring them to mC',ture for hal~v-est as beans.
Prices 1£ _!armer,E_ ~xpi!, JlE. by Increasing Demand
_ The demand for soybew products has increased rapidly in recent years as a rcsQlt both of toc~"lological advances in processing and of growing· familiarity of users \·Jith tho prod-u.cts., The development of processes for re.-moving the bitter flavor of soybean oil only recently made it possible to use· large q:u.antitics of so~rbean oil in food pro.ducts. Since 1934. about 70 percent of the fact.ory con~umption of soybGp!l' _o:tl has been in tho man'iri'a.cture of food products compnred ~ri th an average <5f about 20 percent in· 1931-34., Liv-estock feeders have become more familiar with the me:d ts of -~roy-bean meal and, considering relative supplies, they are willing_ to pay h~gher prices for it than formerly in relation to prices of other hig~prot~in feeds. Soybean meal also finds ~.increasing use in ~nd1J.stry,-..notably in the manufacture of vegetable glue, plastics, and so7·flour0 Soy f~our formerly was used almost en t iroly in 1'heal th foods n, but is now bGing used in "bakery :products sold to -consumers generally.
1; -
'\'
' ""'
-- '
FOS-67 •( 13....;
.Another :t'apid advance in recent years has been made in the use of the solvent .process of e::ictra.ctlng oil from the beqns., This method ;obtains about 11 pounds of oil from a bushel of high qL1al.i'ty soybe3.1s, compared 1.1i ti1. a yield of ab~ut 9 pCJu.."1.ds by the expeller process and S pounc.::J by byd:-a:ulic :Pftosse_s. Up until t.he .19l{L-42 season the grow:.in,.; use o:: t·,H.i l:oJ.:vent process t_ended to reduce the mal•gin bdtween prices of soy:.;Jan p::-ud"Jct;; ar~d prices of soybeans.
· ·~w~ £s:, §..9;y;bew; !roducts fuu:! Unum.}all;y: :Hi__gll
Demand for soybean products has been at R, recc:.·d. level in t~e 1941-42 marketing year., Soybean oil has shared. :;.n the b.c-e:vy d.ema..n.d for &11 fq.ts and oils arising from the high level of consw!le~e p1J.r(~hasing power, and the demand for high-protein :feeds, includ:i.ng so~rl.Jea:n JL(oal§ h3,S e.lso been tu1usual],y strong as a result of the high prices for J.ives·t,ock pro~1.uc1:;s m1d the large numbers of animaJ.s on farms. In 1942<,.,43 those factors vJ:ill -be accentuated. Livestock numbers will reach nei;T recor<l leveJ 3, :consm.1er J_:l1.ITChE .. :d.ng po-;v-er will be
·hif,her than ever 'Qefore, export demand for fats 8110. oils u.:-_u.or lend-lease wiJ.l, be strong, and: ~orts of fats and oils 1-Jill oe :rm:wn smdler than. in any _r:ec_ent year.,
. .
Ftirt~.r. ~~£.11 _m §?:x-beau &op:qcjij,r,R; ~i;f,f,iQl.:Q!
· -- · -A slie.:'lt further incree.se in the ecreage of soyoeans harve~d:cd for ~- · .-.:.,.be·an~ -,·Jitrwut red.u~ing acreage in feed crops appet:)XS to be possible ill 1943
in the North Central States!~ m1d a nodcrate inc1'case could be ootained in . the South~ particularly in Virginia~ N;:n·th Cm-olina,. Kentucky, Tenncss€)e,
Arkansas, 'k>uisinn&, md Mississip:pi 9 na:i.nly by a sh:i:ft of acreaf'e from soy. beans for he,.y to soybeans for beanso Production 11ould not increase in ,Pro
.· ~ortion to ~creage because-~ost of th~increase would oc~· in the South, · whore yields are lo1.1J'ero -· - -
To -expo.nd acr.eege more- than this ·would requir·c a rcduct.ion in. the acreage_ ·of corn- and other feed crops, including hay cllld pasture, belo\v the level necessary for maintaini.'Ylg nec:led, produ.ction of mco.t~ milk, a.'ld eggs10 It is likely, therefore, that soybenn profr~ction caru1ot be iucrcased much. further under conditi~ns.expectcd to exist in the next year or•twoo
A. limiting factor in the further eA."J_)ansion in soybean output, at least for the 2mmcdiate futures is the laek of-adequate crushing facilities in the Northern &tates. .A.n estimated 100 to 110 millio~1 bushels of soybeans probar-bly can be processed in northern ro1d eastern soybean 2nd cop=a mills in the 1942-43 crop yearo .An _additional 6 or 7 million bushel.s C8Il be hro1.dled by West Coast copra mills. A. large reservoir of mill ceiHlCi ty exists in the South, but the shipment of any co:'lsi0.er,-,ble qu.ent i t;:r of soybeans to southern cottonseed. mills for crushing· \·.rill involve a lar;5e expense~ !Jarticularly si!lce most of the meal ro1d part of the oil produced will hRve to be shipped to other areas for consumptiono In ro1y event, cottonseed end pe['lluts are likely to be crushed in the South before soybepnse Next spring ro:d sunm1er there will be a large potential Cfl:-.flr'.City for ·har,C't.ling soybeans in the South, but it is not l:i,ke~y that all of the crop produced this year wi.ll be crushedo Carl·y-over on October ~, 1943 may total 40 to 60 million bushels0
SEPTEMBER 1942 ' . \ . .~
Table 2.-Soybeans: ·Aqreage harvested for beans, yield per harvested acre, and production, by.regions, 1924-42 ·
: Average · : • • • 1942 ______ R_eg_i_on ____ .....:.;::l~92~8il929_33 il93rc3g; 1939 ·: 1940 : 1941 :. ·1
1,ooo 1,ooo 1,ooo 1,oo_o · ·1.,ooo • 1,ooo' ·.1.a6a acreJJ acres acres acres ·acres acres .-acres
Acreage harvested for beans Illinois, Indiana, Ohio and Iowa.: 237 · 593 1,94'1 3,699 3,997 4, 764 8,112 ~;~
Total, 10 North Central State.,: 302 712 2,055 3,914 4,286 5,231 Total. 3 North .A.tlantio states- : 5 · 23 34 34 ~ .. - fE Total, 7 South Atlantic States : 131 158 lS6 259 277 299 1 ---
Total,8 South Central States 21: 63 88 158 221 182 291 Total, United Statee •••••••••• : 495 959 2,404 4,411 4 2179 5,852_ lef,86J
: Yl eld per harvested e.cre· a _ . lBushels Bushels :Bushels Bushels Bu.shels hMs Bushel.,
Illinois, Indiana, Ohio and Iowa.: 13.1 16.9 18,4 22o4 16,8 19.6 ~1.4 Tota.l,lO North C!entral States~: 12.1 15.5 17.8 21•9 /16•7 19.0 ---Total, 3 North Atlantic ·States 3h 15.8 15.3 14,4 14.6 Total, 7 South Atlantic States!¥: l.l .. O ll.2 12,4 12.3 12.3 ro.5 Total, g South Central States~; 8.8 · 7.9 8.1 8.7 10.9 12.4 Total, United States •••••••••• : 11.9 14,1 16;7 20,7 1~.2 18.2 19.5
·Production ~~--~~--~~~~~~~-~--~~~~~-:Mil.:CU. Mil ln. Mil. bu. Mll.bu. Mil bu.- Mil. bu. Mil. bu. e
Illinois, Indiana» Ohio and Iowa.:~2 10.0 36.4 83.0 67,3 93.4 173.3 I
Total,lOli:>rth Central St~tes g/: 3. 7 11.1 J].,4 85.8 .. ·71~5 9g.,.;5 Total, 3 North Atlantic States:3/: ,l ,4 -· .5 .,5 Total, 7 South Atlantic States¥; 1. 7 1.8 2.3 3.2 ~3.4 3.1 Total, 8 South Central States 5}: ·.5 • 7 , 1.3 lo9 2.0 3.6 Total, United States •••.•.••.• : 6.0 13.5 41.1 91_.3 77.4 106.7 -2ll.5
: ' ll
1/ September 1 indications. , · " e . g;·:Ohio, In.diana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, Missouri, Nebr€tska and Kansas. Minnesota not reported before 1938; Nebraska -not reported befol.'e 1940. t~ ~,, j_/ New. York, New Jersey, and Pennsylvania. Nel..r York and Pennsylvania nQt reported before 1934; New Jersey not reported before- 1938. ' · ~ Delaware, Maryland, Virginia, West Virginia, North Car?lina, South Carolina and ~orgia. · 2/ Kentucky• Tennessee, Alabama, Mississippi, Arkansas, Louisiana, Oklahoma and Texas. Texas not reported before 19~4. . 1
FOs-67. 15-
Table 3.- Prices of specified oil-bet:i.ring materials, Lncust 1940 and 1941, J;une-Auc;ust 1942
August_ Iter.l Unit : '1940
. . . 1941 . . ' . Dol • Dolo . . .
Castor beans, Brazilian, f.o.bo : : Brazilian ports ••••••••••••••···~··:Long ton:2J'4s.oo 1/68.40
Cottonseed, Ue s. farm price •••••••••:Shortton: 21.16 36694 Flaxseed, No. 1, l:i:rt..Tieapolis ••••••••• : Bu. 1.50 1.89 Flaxseed, U. S-. farm pri~e •• •••••••• •d 11 1,.36 1.68 Peanuts (for nuts and oil), u. s.
farm price •••••••••••••••••••o•••••:lOO lb. Soybeans, No. 2 Yellow, Chicago •••••• : Bu.
· Soybeans, u. s. farm price ••• • , • o .... .,: "
.81
.67
4.29 1.57 1.29
June
Dol ..
75.00 43.87 2.54 2.35
5.,51 1.72 1.63
1942
July
Dol.
75.00 43.20
2.46 2.28
Aug.
Dol.
75.00 44.04
2.40 2.26
5o99 1.71 1.58 e. . . .
· Conpiled from Oj_}. Pai~t and Drug :::-:.e:;?o;ter, Daiiy Trn.de Bulletin (C~icago) Chicago Journal of -Connerce~ Daily Farket ::lecord .,(I.Iinneapolis) 1 and reports of the Bureau of· AGricultural Economics. · 1/ C. and f., :EeYr York.
Table 4.- =Price per ton or· specified oilseed meals, Au::;ust 1940 and 1941, June-Au_;ust 1912
Item 1/
Copra meal, Los·AnGeles •••••••••••~•••••••••••= Cottonseed meal~ 41 percent protein~ Memphis •• : Cottonseed neal, 41 percent protein, ChicaGo •• : Linseed meal, 34 p~rcent protein, ITinneapolis • : Linseed meal, 32 percent protein, Hew York ., •• •: Peanut meal~ 45 percent protein, f.o~b.
Southeastern mills_ o ••• o. o ................ o •••• :
~oybean meal, 41 percent protein, Chicago ••••• :
Au~ust
1940 1941
Dol,. Dol.,
19.25 37.50 27,.10 34.45 33.40 40.25 24.40 33.50 26.25 28.10
21.94 32.94 24.60 36.20
June
Dol.
L19. 60 34.30 40.55 35.20 31.70
37.30 37.90
Compiled from records of the Agricultural Uarketine; Ad.l!linistration. !:/ _,Bagged, carlots.
1942
July
Dol.
49.50 35.40 41.30 35.40 33.75
36.31 41.80
Aug.
Dol.
50.10 35.20 41.10 34.75 35.60
36.62 42.60
