Bure8.u of Agricultural .Lconor::ic s \/ashington

For reloase SelJtember 16, 1929

:&'AI-m ?HlCl~L

'l'he general averu.ge of rJricer. received by furmers hac u.dvn.nced about 0 points durin{S the }Jast three months, l::1:ce;ely as a result of higner prices of grains, fruits and vegetables o.ncl this advance if; 'likely to be maintained in the immediate futuro.

~'ho conoral lovel of pricos rt!ceivod by producers was higher on August 15 than on July 15, as indicat(Jd by a .cisu L1 tho index of farm prices from 140 to 143, compared with 139 a year ago. Further a<ivD.ncos in prices of all grains (except oo.ts), in potatoJs and et_;gs, wc.ro chiufly rosponsiblC: for tho 3 point advance in the. t:;onc;ral o.v~ra1;o. PricC:s of 1aoat auim~.J.ls, horses, chickens, wool, hay, applus and cottons0ocl wc;re lowur em August 15 than on TulJ 15. f>inco tho r::.idd.lo of Aucust prices of grains, butter, 0ggs, m:d cot­,on havo advanced, whilo livestock prices docli11od fu1·thor, ind.icating that he present lcvol of farm l,ricus in [,'(J1Wrul ir; 1Jrobo.bl~.r at lo:1st equal to ~hat of Au6ust 15. J.-'rice prosp::cts for the m:'1jor farm products discussed in his report su~gost that tho rocont advance in t11o t;On·~ral avcr.::.t~e of prices ocoi vr;d by producers wi 11 be maintained cluri11g tho noxt few wooks.

l<.Iost of the advance in tlw GOnor:tl cor:rr .. odi ty price level from l.lay to •uly was maintained durj ng Aut,'U~~t, nlthou[;h lower prices of textile products, ucls, motals [u1d miscoll'lnoous itons lowtJrud the r;one:r.::.l avor:::.gc sll~~htly. ric0s of farn products aro likoly to conU~mo to GusLnin the {;unoral cor.J-.oul ty price lovol during tho noxt few woeks.

Prices at tho wholeGalo 'markets durints the IJC.st fow 'i/OOkt> declined Od .. Jratoly from tho lJOa}~ rcachod in trw last week of July wh<m tho Annalist nd.ox avorf1.god 150.t:>. By tho oncl of A.Uf:,''lH;t and firrt part of Soptembor the ndo": U.uclinud to 146.3, 'ls '1 result of lower pricor, of con-:~noditicc other bn farm and food products.

. l!'arm product I)ricos o.t Vv'holoso.lo uvEJr::l{;ed 147.4 in Aue,ust 1 ~h 1<17.1 in July and 137.7 in L:a~r, tho r0ct..nt lo·.1 point. :&'ood :lcos avuragod 154.6 in August, 154.2 in ~uly u.nd 14".k.3 in 11:1y. noso groups 8-re likely to nKl.intain thcir rLJcont '.tclvancos.

compnroll product

.3oth of

Toxtilo prices continued to doclino to tho middlu of August whon they '~ra~od 145.3 com~aroll wl th 155.6 last Janunry Vlhon the doclino began. Since

Ullddlo of Aut,"U3t thoy h:1vc ~LdV~:.ncod about a point, ~.md nuy show further VJ.ncos in the noxt fov; woeks.

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Fue:l pricos h·wo continued tl'luir rucEmt doclino, tlloir avorago 'lt

160.2 in tho first vmck of fJoptcrnbor comp'lrud \lith 166 .J last Jmm:.::.ry, lt,L3 ln.st LI:.1rch, \'Jhich \13.s follovwd by :1 rccov.~ry to l63.£i in Juno. LO\lcr (;'asolt:: priceG :tro rusponsi blo for thv dc.:c linu in thin grou)J. J.Iotal prices al,~o averaged slightly lovvcr in August th".n in Jul~', continuing the slightly do­clininG trond since March. Building rnatorio.l prices h~.1vo ronnined pr::1ctical unchanged for tho rust four month:.;.

BUSIFLSS COliDlTI01~S

During August business activity was ag·J.in slightly below tho poak re'\ch-;d in June an<.l 11 rate of ucti vi ty not quite so high as in recent months is to be expected, but the bu~ring power of consumers in the next few months should continuo above the levels for the corresponding period last year.

Pig iron production, although at record levels for August, was about l :per cent bolow that of .July, which is contru.ry to tho usual sGasonal chang Stool output as indicatod by mill opuratio11s doclinod steadily during August and ended the nonth about 12 por cent bEJlow the peak of operations reached i May. Automobile 1)rouuction, which usually is grcu.tor in August than in July continued to slow clown slightly.

Car loadings in Augu.Lt wen groat or than in July or, than in Aue,"Ust lar.t yoar, but the s•Jasonal incroaEo was sor.1owhat luss than usual. Buildin activity in August f•.Lilod to maintain tho advance of July whon contracts avJ::.trrlcd oxcoodud those of Jul.J 1928. The J-.ugust total of contracts was o.(;ai bolC'Vl tho corresponding nonth of ls.st yoar, ar, thoy havo boon ovury month tllis year, o~:copt July. Thcso indications point to a JDvol of activity at tlw presont tir.'lo slit~htly b~low tho pc;ak roached early this summer.

Tho financial situation in Aueust continuod to be m-arked by firmncGs in tho monoy mrkc:t s. ~ho FoclcrJ-1 Hf; serve Bm1f rut J':ow ~ork r:.d sed its re­discount r~to on August 9 from 5 to G por cont but lovJ<Jrcd slightly its b11ying rato of acccptu.ncof3. Cornmcrc.ial paper ratc:s avuraGud slightly higho tr1an tho 6 pur cont ru.tc:..; of rocrJnt tlont.hs. Th0 hitShor lovol of interest ratos vmr. accompanied by an advance in industrial stock prices (after ':1

tcr.1porary recession follovling tho r'.Lising of tho rediscount r::.tto) to now rocord luvols, by thu first wuok of Svptombor. Not import c of eold during August further incroasocl tho monetary gold stock of thp country u.nd Fcdoro.l Rosorvo Banks also incre::;.sed tLoir purchasv5 of bills, tanding to offsot in part tho effect of' hit;h•.r intorost ru.to[j. During tho j_)ast month Fodornl Rocorvo Banl:s roducod thvir lou.m; on socuri tie:s :1nd continued to increase loans for indu~;tri:Ll and ::1gricultural purposus. Those loans for cor:1rnorcinl purposes h::1vo advancud sto:J.dily cinco the lat:>t part of July to the ond of Aut,l'Qst, tho advanc~- boinE; greu.tor than that for tho samv poriod of 1928 • :J.ll

reflecting tho hir;hor lovol of inclustriz1l t1.cti vi ty u.nd tho groat or volume 0

funds required in tho agricultur'J..l Status.

3 ~·

The whoat prict::~ uutlook has not r:atcria.ll;] c.bangcd in the p::.:::t rno:r"th. Jill upward trund in pricfls ifl m:.d 1;!' vvay but thv rist. th1·ough ~uptl.mbvr L.ay not bo quito so murkud an it vms in 1924. .b.n;• IT1rked advance m11y be followed by huu.vy sollir.g r~nd some reaction in pricus. It SE:JGP.lS probabh: tbat the period Januury to March, aftor thu closing of thv Groat 1:.-.kos, >Jhich chcckn tho c:~r.udian movQTl.unt, m ... d boforo thu n~...w oouthc,rn Homisph{;ro crops beein to mov~...

in l'lrgo volum0, will of'fur a moro sutisfactory timo to s~...ll whuat th::tr .. tho prusunt.

Cash ·Nh(1at prices d oc1inod in A1l!:,"USt und or tho prussur<: uf lH.avy markut­ings. Farm pricus as of tho midulo of 11.ugust, ho.vovur, uvc,rugud cor.sidorably r.oovu July, buing 110.7 coi:.ts a bushel as coro.rwro:3d with 102.4 cents a bushel. Tnu wuight<Jd a.v~...rago cash pricus for all clasf:luS ar .. d Lradus at six markuts d~clinud from <m avurage o!.' 135 cc,ntf:l for the W(;Ok t..ndud ~.~.ugnst 2 to 123 cer"ts for th& wouk Gndod ;;.ugust 30. All classes shurod ih the decline but the groat<::st cho.r.go wus in :No. 1 dark norther:!:! svring ·llhich dropped from lo6 cer .. ts to 134 c~...r .. ts. This udjustr.lOr.t, of course, w::..s in yart a shift from ar .. old to a MN crop bas is. Tr"o price of. futures b£..:.s improvud s onev1ha t fron thfl 1 ow points reached in the lattor part ~f' AU!:,"Uflt •

..&'orec:1sts and cstimc .. tes of production to do. to in 29 cuuntriGS totul 2,858,000,000 bushels, or 351,000,000 busl..c-ls loss than ·:1as produced in the samo cour.tries last yc.lar. ']he outturn of tho crcps in thl:l Southt-rr .. Humi­sphore is still ur.cortain but droughty conditions ir. Australia end Argl:lr.tinl1 ir:dicato that th0 product ion ill thos o countrius is likuly to be !it leo.s t 125,000,000 bushuls short of last yt::ar. The world's crop, outside of Russia lr.d ChiJ;.a, is now ostirnatud to bo about 3,400,000f"OOO bushuls, us conpart::d with 3,900,000,000 bushuls last yuur. Thcj increase ir. c::.trqovur offsets a fi3.rt of thu reductior ... in crop, nukil.g the: roducti01: in v;orld supplies about 3oo,ooo,ooo bushols. Taking into uccount thu avuruge o.nnuo.l increase in ~emar.d this roductior. in supply v1ould nornally rais o tho c.vuragc price in iiOrld markt.ts about 40 to 45 cunts pvr bushul ovvr thE:J avt:ragu of the past ~~c.t:r •

J,.s oxpecte:d a mor.th ago huavy m:1rkutings ir. the United States rove ~eprosr;od pricus. The hoo.viost rinrk&ting season, howovvr, is .:.1bout ovC;r for all classos of wheat.

High prCJtoir. contur.t in tho ne·,; whetlt crop h<.ts also bvon a factor in owuri:n~ the lt-VE;l of the avur::tgo pricos uf hard wheats in tho United States. Lsts ::J:..,.dt; to date ir ... dico.tc that thv avur::..gu yrutoin cor..tor.t of tho hn.rd houts is gontJrally o. little higher thun last yuar and prumiums or ... high roteil ... hu.v~ almost disappuarvd. At ~.1innE:Japolis t11o prioe of 15 pur cl:lnt rotein wheat for the wvei~c undod SulJtombor 7 was or.ly 2.6 cents ovur September ,uturos and at l\ur..sas City thu protein promium h:.id practically disappeared. ~avy rnarkutings and congustl3d stora.gu spu.ce maJ· bu a fuctor in the reduct ion f thGsu premiwns. Lnsofar as it is a factor some increase in premium may u €(X.puctod in th0 lattur !Jart of tho yea.r.

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The cash price of 1-Io. 2 hard winter wheat at Kansas City to date has followed fairly closely the course of prices in the 1924-25 season when it averaced 135 cents per bushel. The cash price of No. 2 soft red v.rinter is also on about the same levol as .in tho correspondinG period of l92L1-25 when No. 2. soft red winter at St. Louis averaged 159 cents per bushel for tho soas:;YJ., The latest official estimate of tho harcl rod'spring wheat crop indie:'".t;,_:s a production of 132,000,000 bushels, which is loss than the usual domestic rerluirements for that class of wheat and pric'~'~ to .data havo aver­aged o:!:Jout tho sar.1o as in 1924, whon lio. l dark northern spring at Minnoapol' averaged 158 cents pur bushel. A short crop of durur:J will probably result i prices of that whoat averaging about 156 cents per bushel at Chicago for No. amber durum" Chsrts shovring tl1o course of prices in tho 1924-25 season in cor'lpJ.r•_son with this season aro attached. In studying those. charts it shoul be k-J]!t in mincl that while tho gonoral supply conditions are now qui to simil to vvhat they vrore in 1924,' tho course of prices in tho soasc;m may be modifiu to some oxtont by changes in marketings and difforonces in tho distribution of tho crop.

CORH

Changes in crop prospects during tho past. month have greatly changGd the outlook for corn prices. The present crop forecast of 2,456 million bushels and other supply and demand condi tion.s now point to an average price during Docombor close to present levels. ~his, together with tho present E;mall stocks, indicates that corn prices botweon n0\1 and the beginning of tiw :rlC\1 season will bo .V!Oll rointainod. Thoro aro likely to be marked fluct o.+;ir·-·1:, of cash corn prices on account of uncertainty as to tho market suppli o-: c::la corn which will bo available for current commercial requirements. While changos in crop prospects will not be as gre£J~t as during· tho past two months they may bo sufficient to affect prices materially during the next two months and tho outlook for prices in the l92SJ-30 season.

During August ca::;h corn prices avoraged hi~her than in July. The United States average of farm prices ai of thij middle of tho month was· 95.9 cents against 91.2 cents per bushel in July. 'l'he average price of no. 3 yollovr corn at Chicago was seldom belo;;J 100 conts a:od averaged 101.2 conts per bushel for tho month. The first week in September, Ho. 3 yellow at Chicaco av5ragod 102.1 cents per bushel.

The Crop Reporting Board'::; report as of September 1 forecast the Uni States production of corn as 2,456 million bushols-·-a fi§,i.lro 285 million b·::low that of a month before. Tho present forecast is 380 million bushels below tho estimated production of last year. Production of uino principal Corn Belt States is now forecast as 1,625 million against 1,948 million las year. The oats, barley and grain sorghum crops are ostimatod to be bolO'{/ last year's lovols and this situation will furthor roduco supplies of feed grains bolov1 last year. Total production of corn, oats, barloy and grai~

, sorghums now appon.rs likoly to be about 98 million tons against 115 milllOn last year.

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commercial stocks of corn have· decreased to 6.1 million bushels for tre rloek ended September 6 co;Ilpared vrith 8.4 .million tho con·.'c..sponding weel{ of 18-St year. The decrease of commercial stocks during the lJaGt six weeks of thiS year has been fully as great as d1iring the corresponding period last ye:Jr snd the present low level points to an ali1iOst complete exhaustion of commercial supplies by the end of October. Despite hiGh pricer, receipts during July and !.U[,I'llSt have boon less than last year and it seems doubtful if thero will be any rnarkod increase during f;e:ptornber and uarl~r Octobor to caso tho supply situation in the cash market. Wet process grinding:: continuo to show a good rate of corn utilization, total reported grindings for Aue;ust buing 7. 7 million bushels com­pared with 6. 6 million in July aud 5.2 million for August 1928.

POTATOES

Rocent deterioration has roducod potato crop prospects by 24 million bushels and tho gonoral_ price levol has be8n adjusted upward in line with the indicated small crop. ·If no furthor dotorioration takes place from now on, tho pre~;ent general level of potato prices m.a.y bo maintained, with a possible downward adjustment of prices in the :Cast and a further advm.~.co in tho North central area during the next two or throe months.

Further crop dotorioration in rocent weeks and a chango in prico quota­tions in tho late producing aro::1s from low })rices for tho old crop to higher ;ricos for tho prosont crop has resulted in an unusual advance in tho farm 9rico of YJOtatoos from 87 cants p::.r. bu;)hcl Jul:)~ .. 15 to 139 Augu:.t..l5~ · At the central mrkots, whoro prices have rofloctcd the srr.all surmn0r supply from the Southern States, thoro wore; difforont price trends, At How York tho av·~'rago

price for AU6'USt, $3.27 por hundrcdvwie.;ht was nearly 50 cents higher than in 1uly and about ;jfi2.00 highor than a year ago. At Chicago tho avcrace price forAugust, :~2.45 por hund.rodvlOight, was about 30 cents loss than in July and about ~1.40 higher than last year. At both of those central markets prices tcnd.od dovmward tO';Jard tho ond of AU:gust ui th a recovery on tho Chicago markt:t during tho first v1eok of fleptembor.

Crop prospects ·.vero roducod 24 million bushels d' . .lrin~c; August. Based on September 1 conditions, there is in pro S}1ect a total cr011 of only 349 mil­lion bushols compared with last ;yaar' s r&cord crop of 464 million and the 1925 iliort crop of 321 million, and 354 million bushels in 1926. Considering pro­duction in tho 35 late States tho CrOlJ in prospuct is about 318 million bush­els compared with 421 in 1928, 301 in 1925 aud 326 in 1926. In practically 'll fltatos except N<AJ ;england, tho present esti:r0ates of prorluction arc bolov: :hose of last yoar. Compared with avoraco production, tlw prospocti vo crops tn lTmr 1'nc;land. and Idaho are large, 'Nhilo thos8 in liov; York, Liichigan, lisconsin, Minnesota and North Dakota a.ru slight.

l'roducors throughout tho country an. likvly to receive an average price f around ~1.45 por bushel for their raarketings during the period September ·~!.larch 11rovidod crop coudi tions do not chungu materially from now on. In '26, '-'lith a lato crop about 8 million bushels larcor than tho present ostirnct o .~r this year, the avoratS'o prico rocoived b~r growers VJas about 4?1.35 per bushol. tth Pricos for tho country as a whole on August 15 avo raging ;jpl.39, and some ~vanco since thon, tho gonora.l level of potato prices aprJe~us to b8 approxi-toly oqual to the averat;o for tho soason that may bo ost.::tbli shed by a late

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crop of 318 million bU:sh.els~ and .if the crop is r.Jarketed at a normal rate, no l1".aterial changes in the preE:ent price level would result. There may, however, be someimportant price shifts in some of the important producing areas. Taking into account the supply in these arear, as well as the nationa supply, it appears probable that prices in l)airie r.:a~r be lov1er in November an December than they are at present and in l.Iinnf~sota and Llichigan they may be higher. In new York arid Idaho no material changes are indicated for the no:x two or throe months. Any important changes in crop couditions from now on would of ~ourso alter those price prospects.

TOBACCO

.Fluo-eu~od

,, The average price of fluo-curod tobacco this yoar will probably not

greatly oxceod that of last yoar. Tho avorago prico for tobacco of similar quality will probably bo slightl~r bolow that of last year. The supply and demand situation appears not quite so favorable and tho quality of tho crop somewhat bettor than last ~roar. Tho average price on local markots for the 1929 Georgia crop was 18.4 cents por pound compared with 12.8 conts in Georgia in 1928 whon tho crop was extremely poor and 17.6 cents in the entir belt in 1928.

Bur loy

Present indications arc that tho average price of burley for tho 1929 season ·uiU be botvreon those of 1923 and 1927 dopunding largely upon devclo ments D."'f.c·cting yield and qualit,y during tho next few vwoks. In 1923 tho average price on lor;al markets was 21.4 cents per pound and in 1927 it vms 26.0 con".;s. Tho .AuF_::ust drought has caused a mate;rial reduction in tho indi catod production of burley from that cxpoctod a month 1:1[;0· The indicated total r::;rJIJ:i.y j_s 5 Jlor cent loss than that of 1923 and approximately tho sam as in ]_~27. Tho crop of 1927 v1as tho smallest in rocont years and the stoc tho larcost o::c:cpti:og 1926. 'J,'ho indicated production in 1929, according to Scptu:::lbo:· l c:·op conditions, is 120 million pounds loss and tho stocks larg by approximately tho same amount than in 1927.

Tho 1928 c·rop of I.Iaryland and Ohio export tobacco VJas marketed at gradually improving price.:;, tho seasons average boing approximately 22 cent por pound. Taking into account tho storm damage of last season tho indica­tions aro thc:1t tho quality of tho 1929 crop 'llill bo bettor than last year and prices oqual to or botter appear probable. Both stocks and indicated production aro practically unchanged.

Groen River

Stocks of Greon Rivor tobacco have boon gradually roducod and prices havo gradually improved sinco 1925 Vlhon extremely lovr pricos prevailed· In the avorago price on local markots was 11 cents a pound. If tho quality of 1929 crop is equal to that of last year tho price will probably not bo grea different.

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one sucker

1.'he ~rices of Qnu suckor tob.J.cco havu shovn:1 ~:1arkud imp.covumont during tho past two years fo].lov:ing tho extremely lo· r pricos of 1926. If tho qun.lity of the crop is equal to that of lact ~·oar it is probable ths.t the prico v1ill almost eq·nal the 1928 avcrago price. of 10.1 cents per pound. Tho stocks aro cmallor and, tho indic'tted production larg0r than lo.st year but

ltho total supply is not groatly changed.

Virginia sun-curoq

If tho quality of tho Virginia s·..m-curoc crop is as good or better than last year prices as hiUh or higher :1ppoar probe; blo. Tho indicated :::upply is Glightly smaller than in 1928 and tho amallost .in recent years. Thv disappoar­lnce has doc lined slightly in recent ye~rs. Th ;3 average price on loc'll rrnr-kcts in 1928 \7as 8.5 cents per pound.

Kentucky and Tonnes~ee fir9-cnred

Unless the 1~29 crop of Kentucky and Terutossoo fire-cured tobacco is exceptional i"!l quality tho prices ·;;ill probably nvorage lov1er than those of lo.st yoar. In the IIopk:insville and Clarksville :Listrict tho average price in 1928 vraa 14 cen·cs a pound and in the Paducah district the :worage was 12 cents a pound. T}le indicated supply is 10 per c•mt 1.:1rgcr than l:1st yo:1r.

'il'ginia fire-cured

Present indications aru that tho pricos of Virginia firo-curod will o above those of last yoar provided the quaJ.i ty 1.)f tho crop is :1vorage or bove. In 1928 the prico on local mrl::e;ts aver.:1g~·d 10 cents per pound. The ndicated supply is 22 per cont less than last yuaf•

Lnderson :ctemming

Tho prices of Henderson stemming tobacco h:n"o gradually improved each ear since 1925 when they were oxtrumely lov;. The tot:J.l supply has been less ach succeeding year. Present indications are tbat prices will aver:1ge as igh or higher than la::>t year for tob:1cco equal to that of lc-,.st year in qual­ty. Tho avor.:1go prico in 1928 vms 11.2 cents per 1 ound. The indicated pro­uction according to Sopt'ombor 1 crop conditions ic voll nbovo that of 1927 r 1928 but ntocks have boon so reduced that tho tot-q.l supply will prob::t.bly be 1oout 12 per cent less th::m that of 1928.

~r binder

Prenent indicationn :1re th:1t tho prices of :N~w I.:ngland, New York and llnsyJ.vania Hav<Lna sood and l~ov; England broc.dleaf ci~pr binder tobacco will oqu:1.1 to or better than those of last ;J.TG:l~· for c.cops similar to thoso of

'8t Yo:1r in quality. In Wisconsin the price v1ill lJ.CC.;b:lbly avor.:1ge below th:1t 1928 unlosc tho quality is bettor. The 'l.VerD-go prices roceivod by grovvers 1928 wore 24 cents per pound for NoY! .Cngl::md H:J.VaLtJ sot..d, 21 cents per pound r N ,

evr England bro:1dlortf and 18.2 cents per pound f0r, VJisconsin • .

Cigar fillor

Prices nbt groa.tl;y different f·ro~:t tll:o~;-cJ. of ,1928 appoar prob1.blo for Ponnsylv:mb. and :.Iiami Y:.1lloy ::_'illor ty:pos.,.;pr;oviclr:d, t-ho qualit;y is rimihr to th~~t of last ·yoo.r. In Pennsyl v:mia: tho (J.VO[r'ago price. rccei vod by gro·urJrs in 'l n8 Has 14 cent G ~or pound ::md in t·b,c Hi~rni . .V~d).oy .J. t VIaS; 17 pont S. per pound. Tho indic'ltGd production cmd. stocks: -on: }'l;an.d :iri oach district. aro not materially different fran thocc of l~2S. ..

COTTOl;

Tho cotton crop .dotorio?.'~..t.tod in August and th;Ei September l forecast of production was 14;825,000 o.~los. V/orld consumption of American cotton for tho.soasan·undod July 31, 1929 was only 15,07&,000 balos or 331,000 balos bolov,r th~J.t of' tho pr'JVi·::ms so:-u;on: according to tb,o Intornation':ll Fodor ation of Cotton Spinners. J~von ln.st season's restricted consumption, howovo vr'1s matori '1lly gro·."tor than til•) 1928 crop so tnat· world stock~ at tho begin­ning of this sos.sor. we:ro D.gain roducod. Tho. total world supp1y of American cot t·on for tho pre 1;cnt so as on now am)oars to bo loss than th::~.t for last yo1r and the smallest· since l924-2fl. Duo b.rgoly to lowor L'uropcan demand for ou cotton pricos fcir :middling cot ton at the .ton spot markets last sc:1son a.voro.g 18.67 cents per pound .or appl"'o:x:ir!k."l.toly 1 cent ·por pound loss than in 1927-28 v1hon the supply· W!is 1.2 rnilliun b<.los B'reator.. Prices for tho first half of Soptombor havo boon somo\:!'nt bclovr tl:to avoragu for tho provious season.

Cotton :pricos declined. in tho first half of August, middling cotton at tho ton spot m:.Lrlc.:;ts re:::::.crJ.ing 17 •. 43 cent~ on t11o 15th. For the fird ton d~ys vf 0eptomb8r tho :price ·~wcr:1ged 18.24 .conts •. For tho month of Aut,rust the prico n.vcragcd 18.04 co1ts per pound comparor:'l,·Wi.th 18.29 cents for July and 18.72 conts for AuguGt 1~2G. Tho price rocoivod by producers on tho 15th of tho month avoraeod 18 .o cunt s in Aut..rust, 17.8 ceut s in July, and 18.8 cents in August 1926. 'l'hc vroichtod :worago farm price for tho 1928-29 season wn.s 17.99 cents, co:l}X:-t::od v1ith 20.2 cents in 1927-28 and 12.5 cents

·in 1926-27 and 19.6 cents :;n 1925-26.

Hot· dry weather in rr.ost of tho cotton belt ·uost of Georgia injured th cotton crop so th~1.t tho Crqj Reporting Board roducetl its foro cast of produc­tion from 15,543,000 balo~; iE Aut,ust to 14,825,000 in September. Tho 1928 crop v1as 14,478,000 balos ;;;r 347,000 balE:Js bolow tho September foroc:1st for this yo'1r 1 s crop.

·,-,'orld mill ~~tack~ of American cot ton totaled 2,129, 000 b::.los on Augus 1929 and 2,ll2,000 b:llos en August 1, 1928 accor<.linG to tho I.nternationo.l Foclor.ation of Cotton Spim:·Jrs. Sinco domestic mill stocks of American cotta on August 1 wore 3, 000 b:~/-us lo\Jer than thoy wcro last yo::1r, thic lc:wos foreign mill stocks of b.rar;rj.c:..t.n cotton only 20,000 bales greater th<:m hst yoar. Tho Corrrrrwrcial anl .i!'irnnciul Chronicle reported Amoric:J.n cotton in :B.'Uropoan ports ancl afloat for 1uropo on Auf,rust 2 to bo 342,000 bales loss than at tho boginninC' of lg,r;t so~.son, and tho: Bureau of tho Con sus. reported domestic stoc·kc of Amorib.n cotton oi1 L:Uf,'Ust 1 to bo 295,000 b:J.los. loss than on Aue,rust 1, 1928. Sumrat·rizing' those .. d!.IILL for domestic stock::;, foreign mill

- 9 -

stocks, und LU.ropo::m port and. nflo:.:~t ::,tocks, v.ro huvo ace;ountccl for reductions amounting to 617,000 bc.los in tho -.-,orlcl carryover of b.moric:1n cotton. ;:;1nco l:lSt year's v1orld carryover vt:1s about 5.1 million bale:.>, this would roduco too

I c:lrryover for this yo:1r to about 4.5 rrtillion bn:los. Adding this carryover to 'tho present foroc1.st of production gives b. total supply of 19.3 million b'1los, compared with 19.6 bst year, 20.8 in 1927-28, 23.5 in 1926-27 and 19.7 in 1925-26.

Vlorld consumption of American cotton for tho your onclod July 31, 1929 1111s 15,076,000 bales compared vJith 15,407,000 in 1927-:-28 and tho record con­sumption of 15,780,000 in 1926-27 according to reports of tho Intorrztional Fodoro.tion of Cotton Spinners. Since consumption of American cotton in tho unitocl States was 233,000 bales greater than in 1927-28, foreign consumption vns 564,000 b:1los loss. Whilo tho reduction in .curopo:.1n consumption '1pp(.ars to have been more severo than early reports· indicated, it was evident through­out the last half of the season that Europe VIOUld have a reduced consumption of American cotton. Evon l.:1st season's rostrictod consumption, honovor, vms enough greater than the 1928 production to reduce the world curryovor of !.rnorican cotton materially.

Exports of cotton continued lov during Augv.st, being 226,018 b:J.les compared v1ith 237,b06 in July and 252,627 in J~ugust l:J.st yo.:1r. Stocks of ,·,morican cotton in European ports and afloat for J:.U.rope at the end of Lugust wore below tho so at tho beginning of tho month or of ln.st ye:1r, being 773,000 hlos on August 30, or 200,000 bales loss than on l~ugust 2, ::md 300,000 bales bolov1 those of a ye-:n ago, according to the commercial :md Financial Chronicle.

Domestic consumption of cotton in Lugust was above th'J.t of July and considerably above tho low levels of this season last year, being 558, ll3 bo.lcc in August, 546,457 in July nnd 526,340 in August 1928.

Lctivity in tho cotton textile industries of tho principal foreign cotton consuming eountrios appo:1rs to havo boon somewhat lower in July and tho co.rly part of L.ugust than in tho month ir:rrnodiatoly preceding. Activity in tho cotton textilo industries in the contral :turope!ln countries continues lov1 but in wo.storn E.uropo [mel It:1ly o.ctivity remains good. The cotton tex-tile strike in Great Britain, which startocl on July 29 was endocl on August 19. Tho Arbitration Board decided upon a 6.41 per cent reduction in wages comp::tred 'ilith the 12.82 per cant reduction demtmdod by tho employers. In Japan cotton consumption in July 1o1as slightly reduced fron its provious high level.

l>.ctivity in tho cotton textile industry in the l;nitod St:1tes increo.scd during l..ugust, 'the \Jockly avorn.go production boing nbout 5 por cent o.bov0 that Of July and nearly 2 · por cent above. AUGUst ln.,st ye'1.r 3.ccording to reports of thG Cotton Textile Institute. Sales were about 8 per cent loss than in ;,ugust a YOJ.r ago, but shipments v10ro about tho same and unfillod orders at tho end Of tho month were 23 por cont greater .•

-: 10 ....

'!VOOL

Although wool prices have become stable wHh a few rises occurri.ng H ' I t there are prospects of another. large clip in the Southern emJ.spnere, ::mrl

European demand appears only moderate •.

Prices of domestic wool at Boston were for the most part unchanged during August and the first week in September, j.n marked contrast to the severe decUnes which occurred in most of the previous months this year. The changes which dld occur in August co11stituted advance§. of one-half to 1 cent per p<Jund except for 56 1 s scoured'fleece clothing wool which rose 3 cents per pound. No dec line·s were. registered. On September 7 prices for 64 1 s, '!0 1 s, 80 1 s (fine) strictly combing Territory w·ools averaged 94 cents scoured against 112.5 cents a year ago, and Ohio and similar strictly combjng scoured 56 1 s (3j8 blood) grea~e wool averaged 45 cents compared with 54.5 cents on Geptember 8, 1928. The price received by producers on August 15 at 29.2 cents per p·ound was practically unchanged from that of 29.4 cents on July 15, but w.as 21 pe:r cent below that of 37.0 cents on August 15, 1928.

Prices of .AustraUan wools at the opening of the Adelaide auctions on September 7 were a lHt le ·lower than at the last series and were about 33 per cent under the opening prj.ces last year, but there is not su f.fident infonnation .as yet to determine whether the new prices represent further de cline'S or only adjustments to declines whj.ch have occurred in other markets since the prov.:l.ous sales. Competition at the sales was falrly good, The Continent was the largest buyer although Germany took vory Htt lo wool. Fri. of wool tops, and yarns continued to decline during . .August j.n Great Britai.n a.Yld France.

Imports 'of combing and clothing wools durj.ng July were nearly l mi.ll pounds less than last year but for the seven months ended July .31, imports amounted to· over 80 million pounds or 10 mHHon pounds more than for the same period last year. · ·

Receipts of domestic wo'o 1 at Boston during the past two months werA larger than in 1928 or 1927. Recej.pt s durtng .August amounted to 32 mHli.on pounds or about 6 million more than during .AugUst 1928. However, the total receipts reported for the first eight months o.f 1929 were only 164 million pounds or about ·18 mUHon less than for the ~arne period last year.

Con sumpt i.on of c omblng and clothj.ng wools in mills reporting to the Bureau of the Census was again high, amounting to 30 million pounds dud ng July compared with 27 mHHon pounds in June and 24 mi:J.lion pounds during July of last year. The total consumption of combing and clothing wool re­ported from January 1 to July 31, 1929 amounted to 206 million pounds or 22 mHlion mo:re than was reported for the sawe period l.;tst year. Of this :f.ncrease, 8 m11l1on pounds were domest·lC wools Md. 14 rnlllion pounds were forej.gn wools.

Condit ions in the British, Belgian and Italian wool textile industries were very quiet during August. For the first part of September, however, business in the Bradford market ls reported to have improved conslderably,

- 1l -

3-ccorcling to a cable from Jc~.gricultur:1l CotDr.1issio;.1.or Poloy at London. Fr::mco 'JC1S woll omployud in L.ugust but nuv; yarn salos for import vvor(J crn..":Lll. Tho German wool industry ropurtocl so.tir.f'wtory· <l,ctivity in tho worstncl Mills vrith sufficient nov1 buoinons to koop that incluctry crnployccl for trw Yl'.::Y..t fry,! months· Tho Gorm::m vroolon spinnors, h6vrovor, rcportLCl unsatisf::-~Gtory :;.ctivity :J.nd lack of now ordors.

It is probG.blo that the coming clip ,,Jill bo largor than that of l::1st yoctr in South Africa and lfo-w Zoalan1, but in ~.rgontin8; clrougnt conditions may roducu it, although thoro is no dofinito inforr:ntion on tho oztont of this as yet. Australia is st~rting to shoar itt 1929'-30 clip and receipts of new wool at Sydney hnvo boon hoavior thr~n last yoo.r, duo to :1n earlier s'nson. Do spite tho 5 por cent incroa.0o ·in LustT'1lirm slwop nuMbers on January 1, it is esti­mated by tho L..ustra.lian Council£: of \tool :J.olling Brokers and Gruwers that this %ar's clip will be lower than the record clip of last season. Last year tho fleece weights averaged 8.8 pounds as against <• 5-ycar uveragc of 8.3 pounds. rt is strttocl th,:J..t O.rought conditions v1ill rc:cluco the clip in J(evl South Wales o.n<l Hostern l~ustralia although thoro v;ill oo .~ Ltrgor clip in Quecnsl:mcl. NO groat death lossoG hrwe been roportod, hovruvr:;r, so that a largo clip scorns as cured, avon if flooco ':!eight G ·are c.omovrh::Lt lovtor.

CLTTLE

Roceipts of C'lttlo .'lro lmror than t;wy vre:ro :1t this porivd last year, but shipnonts out to food lots hn~vo boon sr11:1llor :mel inrpocted slaughter vr'ls brgor in July anJ. August th:J-n for those nonthG in 1928. This slie;htly gro'lter supply for packers ::1ncl less activo dor:-nnci. has VJO'lkonocl pricos. This first affected pricos for feeders whict'l turno(!. clovmHarcl in July but mere recently thore has boon [J- v10akunin~; vf choice cattle prices. b. smaller corn crop with higher food prices and l:tst your's uns'1tisfactory oxporj.enco m-:1y keop fcocling operations at <1 low levol, while pour p:1sturon may result in he:1vior m.'l.rkct­ings than would otherwise vccur. Fat cattl0 sh.:;uld thereforE:: sell :tt con­siclorp_ble premiums over cornr:-.on kinds ancl above last year's lov8ls, but foed.er prices v;ill r)robo..bly remain bolcv; thos(l of n. year ago.

Good n.ntl choiee c:1ttle prices rm:ninorl steacl;f into Lut,rust but other gr.1doc declinocl. Chic::1go pricos of choico cJ-ttlo :1ro novt lowur than a yo:J.r ago, averaging ;jj,l6 .2!.i for the last iJOok in Lu.gust Climparocl with 4fl6 .55 fer tho same time last yoD.r. Commcm graL.os an(l foudor steers vroru cunsidor::1bly lower than at tho corrospomlinc p8ricd ;:;f' l::1st yoar. Tho avoracu ce;st of stuckor and fooclor steers shipi10d fror.1 Chic~gu during tho l:1st ..-roc:-= in Lugust Ylas ~pl0.29 compn.rod Ytith .jpll.94 for tho s:-tne ;tOok irt 1928.

, Rocoipts of c::.:.ttlo at tho sovcn lco.cling m.'1.r£ets c:.uring ;_ue;ust were ~19,815 comparocl with 733,787 in .;ul;y .:-tncl 77, f505 in ;.u&rust l~~st yo1-r. Slaughter undor Fodor!ll inupocticn in Aut:,ru[,t vms slightly abc·vo July and. above Aut,JUst last yo~1r, being '?26,000 in J..ugust, ?OG,OOO in July, .:mel 717,000 ln Aut,rust 1928. r.rovemont of stocker and fooclur cattle intv tho C0rn 'bolt frcm tho lec.ding marketc durinr; Lut>ust wa.(; 14 por cent Lr 21,000 head loss than in Aut,"Ust 1928 but w::1s 8 por cont 8.bcvo tho..t Jf Aut:;"Ust 1927. The drought ~~:ring Lugust greatly roclucecl the prcspects fvr curn proclucticn and lowered

0 pasture conditions. These conditions, toGether with the generally un­t~Ofitable results from cattle feeding last fa.ll and winter have reduced

e demand for feeder cattle and explains the lower rice for that rade.

- 12 -

In some areas of the western States pasture conditions are the worst that have prevailed since 1919 •. Winter rango prospects are poor over largo areas in tho northern great· plains and Hocky 1,1ountain States, and in some

. States forced marlcotings of cattle will undoubtedly occur.

Should those unfavorable food conditions force heavier marketings of cattle this fall than would othorwiso bo anticipated this may change tho price situation considerably.

The seasoni;il downturn in prices of tho bettor grades of fod cattle this fall is expected to occur later than tho doclino which started in September 1928, and some improvement from present levels is probable before this decline gets under way, ?rices for fed cattle will probably average higher this coming winter than they did last winter. ?ricos of stocker and feeder cattlo will probi;ibly continuo below those of last year.

HOGS

Heavy hog marketings .during August have caused prices to decline. Some rise appears probabl,e before tho seasonal decline of October and Novombor gets undor way unless tho prospect of a short corn crop causes heavy marketing in tho next fow wooks.

The downward trend in hog prices, wi1ich began the third week in July, continued during August and tho first week in September. The average cost of hogs to packers at Chicago declined from ~10~83 for tho week ended August 10 to ~p9 .92 ,for tho week: ended Sopterrlbor 7, while during tho same period last year tho avoragG cost of hot;s advanced from .;pl0.87 to ~,12.08.

Receipts at primary markets have continued to run somewhat larger than a year ago. Tho average vmekly rocE::ipt s at tho 12 principal markets during August woro 446,278 or 21 por cont above those. of August last yoar, which is largely responsible for the declining prices of tho past seven weeks. Avorago vroights havo also been somewhat heavier than a year ago, ospocially at Chicago v1hore weights ~n b.Ue,"Ust avoragod 8 pounds over a yoar ago. Tho heavier weights wore duo to tho larger porcentago of packing sows v1hich continued to incroaso the spread botvroen prices for packing sows and othor typos of hogs.

Stocks of pork in storage on September 1 ·aero 720 million pounds or 38 million above. those of tho same date a yoar ago and 7 per cent above tho 5-yoar average for that d~to. Lard stockp woro 179.9 million pounds compared with 177. 9. million pounds last your and an average of 147 million for tho past 5 years. Exports of both pork and lard during July continued above a yoar ago.

The wholesale prices for all classes of fresh pork products advance during the month, fresh pork loins making tho biggest advance, amounting t nearly 4P3 .00 for tho period b.ugust 10 to ~;optombor 6.

Considering tho hoavy mar1cotings of hogs during the past 2 months, dications of a smaller total number o:J; hogs: to ,bo .marketed prove correct, may react prior to the usual fall doclino. A smallur corn crop and hie;llcr feed prices may result in 3. largor number of hogs coming to market than wo otherwise be·expectod and in lighter Heights~

- 13 -

Ll,l.tBS

The lamb market durinr, ll.u~ust was fairly stead.y, the Wt•okly avero.gc of good and ch9ice lar.11bs at Chicu~o varying from .. 13.2° for the• ,vc·ok ended t:.ucust

3 to .,)J .i.i6 for tht:J •:iutlk t<n•led August 10. Dur inf~ th;; first Nt>uk in Sc;ptumber pricGS declined SliChtly, avor::.eing vl3.19 for thtJ ">ff("Ck.

Hoceipts of lambs at thu suven lt.:<;...ding r:w.rkE.;ts durinr, .t.ue;ust v-tcre r ... bout

00 u:J.l to Lugust a yu:..r ;.,;e,O, "but inspuctr:<d sl[tUt;hter of shG·-'P <·.nd l,,,mbs w:.c.s 9 p~r cent above n yo,.r ago and was tho largost for L.ny ~C,.ugust ~"~n record c'xc<,pt in 1912 •:rhon it was 8 por ctmt larcer. Supplius during the rt,me.indor of the­present so;~son to ·HOV€>mber 1 will ·depend Ut)On the oxtunt to which unf~,vor·,blo feodine conditions il. the wos tern States affect mn.rkutings. Hnrket ine;s r~ro likely b be somewhat smaller th..-·.n durint; 1928, and if so, some ~~dvance in price may bo oxpoct(HJ. from prt.~st.:nt lovols.

BUTTl'~R

Butter prices haV'3 nclvnncod f.?.irly ste·,c!ily since Aucust 23 and may be exp,Jcted to f(\llow the: usuA-l so:tsonal adv:1nce: throughout tho rcm:.;.incl(-<r of the yo:.r but are not likoly to ret~ch thOSl• of corrusponding p..;rioc1s of n yoi.H P..go i'or s omo time.

Thn :worr:.go price of 92 soon; buttur <::.t Nt•\'l York for .b.U[.USt wns 43.4 cents compar·,c1 \-lith 46.8 cents in .:~u[_;ust 1928 and 42.4 cunts for the 5-yE:ur .~V·.m.cc:. Tho row for the month "i!I.:.S on ;,ugust 6 at 4:5 cents ancl the high "irLS ro:lChod on Aucust 29 r.t L14 cents. Prices hnd aclv~nce6. to 46.0 cunts on ~uptor:1bor 10. Tho farm prico of butterfat on Aut;ust 15 W<lS about the same ns m July l5 in :'•11 sections of thE.< country. Fare1 prices are about thu saw> qs a ye;1r ago <:JXCopt in tho oxtrorne Horth:uos t ~mel ·the; rL~r;ion centering ~cround ::Cbrasko., K.•nS:·LS and Hissouri whoro prices a1·o nbove those of n yt.hr D.go, ?.nd in M i nnus otn, 1-li s cons in n.nr"I I ow a ·r1lwre thu~r '.lrc 1 o·rJe r.

Cold storage holdings on September 1 were the largest on record, l6R,97,1:,000 pounds compared with 1~56,175,000_pounds on the same date last year nd H4,574,000 pounds for the 5-;vear average~. Recei.ptn at the four princi-al markets were 62,029,000 pounds in iiugust compared with 62,200,000 pounds

in August 1928.

Present indic<..~.tions are th~:J.t for the remainder of the f;;,.ll an0 during he wintEJr, production of butter will not ec1ual that of the co1·respondine; eriod a year ago. Pasture conditions which arE! a principal f::~ctor influenc­nc the l)roduction of butter durint: Septt~mb0r D.re much less favort:ble tha.n Year ago. The· average condition for the ten principa.l butter producing tates on September 1 was 60.3 cornpared with 8...5.8 last yt"nr. Tho butter-f~>od Utio promis.EJS to be less f[WOl'<,blt~ to hb[~vy .fuedint; th:,n ;.~ yc•:cr ~~.e;o. The Qrgo storago stocks, hmv0ver, rir~" lil:oJly to 1)rov.:mt prices risinG :J.bovt.~ thoso : ~ ,YU<'.r ngo, beforu Jc.nuary, since much buttt:r ·;!ill move from store.go e.s ··Plnly as a profit c:~n bt::: rCJ:LlLM,d on it. ;.t h)..:LSt thu usue.l S~:<.Lsonal adv:.mco n Pri_ce ma;y bo oxpect(jd during tho nuxt fuw months. For tho p[l.st :five yt'[trs ·comb10:r pricos hrwu nvor~~eod 7.8 cunts .:1bovu .b.ugust pricus.

- 14 -

l<.:GGS

In viuw of tho very low cold storugo holdings at this por~od uf t:ho yoCJ.r wh0n sto!'.uge ·supplies ure CJ.n imi)ortCJ.ut fr.:ictor il~ tht:J prict:J oitu<:.ttior., it sooms probubl\.:J that t;gg prices during the next t·,vo or throe nwnths Nill advance to a p0uk considl:r11bly above pricus for the sumo puriod L.st yoGr, Aft\.;r Novembvr, this yfJ-;._r's lJUll<:~ts, which art1 sumtAN}li.l.t gruutur h• r.umbcr thar. o. your ugo, ::should bugir! to ir.croasG r&coipts somuwh.1t r.1ore thr..~r. usuul ar.d consuquur~tly to lowur prict:~so

Dumuud durir;,g thu pi_._St seCJ.s on has ovon grtiatur thun u your Qgo sine l:J.rgor quuutitiGs hu.vl! movud ht highur prices. Thure is no il:.dicutiorL ut

.tho :vr·osm~t tim~:; tlli.1.t this d<inund will docruase fur som~,; time. During. lmf,'USt the pric.e of 'frGsh firsts b.t Huw York climbt:~d stuadily from 32.2 cur.:.ts on .L,_ugust 1 to 36.2 conts on 1~.ue-;ust 31. Thb avE:rugu for tho r:wnth wa 34 .. 4 cents which is the highest uvt;rr::J.gu for this e-;racie sinco 1921. l<'resh first pricus huvu ruc0ntly bucor;w ir.cr<JGsiugly highur th<.m for similar mor.ths lust yt::ur. Thu Junu 19~9 prico. was 1.2 cun'W mort; thuH in June 1928 July was 2.1 cur~ts mort:~; und 1'.\.Ut:,'US t was 2.9 curlt.a more, t.hctr.·i in 1'::il28. A SUJ:1m·..~ry of prices fo1lo·.-,s:

5-:y:tJar nvurago 1928 1929 C t:~lltS Cv:uts CE!l!tS

July 29.1 30.2 32.2 August 31.3 31.5 34.4 0,0ptt:~r:1bvr 36.0 32.8

~ids largu incr~;;~use in pricu uccurrod in G:pite of compur!..Ltivdy heav r1;;1ceipts at the four murkots, us sh~vr. bb1ow:

6-:y0u.r avvrugu 19;;;8 1929 . 1000 cu.svs 1000 cas t::s 1000 cases

July 1,268 1,274 1,342 August ';hJ9 . 1,007 1,095 bop t ur.1b or 863 885

August ruceipts WGre about 9 por cent grbut0r than for 1~ugust 1928 o for tho 5-yeur avurug0. Thvso huuvhr rucEiipts urt:: reoucil1&; tht: short::J.ge i r0coipts sinco Jur~u:J.ry 1 ac comp::,roc..l with a yoar ago. This diff'uronco is now slightly moru thun 400 thuusand cb.sos p.s cor:J.p.irEJd with 500 thousar~d cas or more dif;foruncv during th0 p.tst ft:;'N nouths.

Cold storagt: holdings of sht:ll uggs wore 8,540 thousarJ.d casos on Buptvmbcr 1 as compt:.:.reci vvith 9.944 thuusand cusosSopt0mbvr 1, 1928 and 9,564 thouse:a~d casE::s for thv 5-yuur avurago. Stocks of :frozen eggs show :J.r. incrt;;;b.S<J of 2,501 pound£:. ovvr l;.J.St year.

CENTS PER

BUSHEL

200

190

180

170

160

150

140

130

120

110

WHEAT~ PRICE: OF NO. I DARK NORTHERN SPRING AT MINNEAPOLIS

WEIGHTED WEEKLY AVERAGE CASH PI11CES { W£EK ENDING FRIDAY)

- /923-24 Crop year ............._ 1924-25 Crop year -·- 1926-27 Crop year _,..J

~ - 1928- 2 9 Crop year

_ 1929-30 Crop year ~---{---~--l -f----t----r--_·· I ~ / !----,- ;--..

I \ 1 1926-27

-~\rli~~-~=~--+----t--1. I · I \:.,.

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I / I'-""' ;\ ,.-/ . \ ........... _, I / ................... ~ \.

/

- //_ ' I "=--t----+---~--~~-

JUNE. JULY AUG. SEPT. OCT NOV DEC. JAN. FEB. MAR. APR. MAY JUNE

U.S. DEPARTMENT OF AGRICULTURE BUREAU Of AGRICULTI.IRAL ECONOMICS

CENTS PER

BUSHEL

220

210

200

190

180

170

160

150

litO

130

120

II 0

100

90

WHEAT: PRICE OF No.2 AMBER DURUM AT MINNEAPOLIS

I i

I I

JUNE JULY AUG. SEPT. OCT. NOV. DEC. JAN. FEB. MAR APR MAY JUNE

U.S. DEPARTMENT Of AGRICUlTURE BUREAU OF AGRICULTURAL fCONOHK~

WHEAT: PRICE OF No.2 RED WINTER AT ST. LOUIS CENTS

PER BUSHE

ZIO L I I I I· (\ I

WEIGHTED WEEKLY AVERAGE CASH PRICES 7 1\ (WEEK ENDING FRIDAY) I

........... /923-2't-Crop year

200 f---------1-------1-- -t92't--Z5Crop year . ----I----+----I--A--·-1926-27Cropyear ..J ·v I" - -1928-29 Crop year _j_ ij :

~\ _,29-JOc .. ,., .. r , .. _,. ---..·/ .!_-+---+--+-- ~\ ~rrv~ ~ '-~--r\ j ~--,_--~---

f-------+--\(928-29 Ll L---t-----+-----+-----+----+-----11-----+---

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~ ......... ~ _,.. ·- • "!" ·, \ I -~ ._ ........ "\. .

1----::--l----f•-+--~rl--w---t-----t---l-----+----t-----t---·-\ -~ ;,+----+-'---l/. ~ \~-,~~

~ /- 1923-2* • \ .1\.

I- - .r--+------=-.-+----A--t-/-A.\...,~/'....~v ~ .. r-f~..._~--t,~-\szs-3l / V ,.

/ '-+-!

190

180

170

160

ISO

140

130

120

110

100

I I I I I I I I I lll I I I I JlJ 11111~1 I I I I 111.1 L~~IILLJI LL~l LJI I I 1.1 I I~_IJil l~ 90

JUNE JULY AUG. SEPT. OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY JUNE

U.S. DEPARTMENT OF AGRICULTURE BUREAU OF AGRICULTURAL ECONOMICS

~

"

CENTS PER

BUSHEL

190

180

170

160

ISO

140

130

120

II 0

100

90

WHEAT: PRICE OF NO.2 HARD WINTER AT KANSAS CITY

I I I I I .I WEIGHTED WEEKLY AVERAGE CASH PRICES

(Wt:t:K t:NDING FRIDAY}

~mJ-Z*Cro'''"' ~V -192ft.- 25 Crop 'fear -·-1926-27 Cropijear ) ~ --1928-29 Cropy•a' 7 - >- \ -1929-30 Crap year

I j',./"1926 27 /924 25;---..7 ~ .r-.1\

~---\ V - r" " -~, ~ ·A ., • ~/ 1928 /9 / \ .... __

\ . I ·~--' --- ~~- r..., ~ \ ·"·..... .¢· ,. \ ................ -.,...., ......... ·-·,. / ~ . ·' . ..,.. -·-·-

}· • ../j '· /i' ~ \~V7 _ '~·----· v \ \JJ' ~~~-" r- .... ,,

\ - ~, j Dfi \~s~~-~~rv K M .1 ''f23 24 "y !929r0

] IJ J 1-T Ill I I lUJ ll I l iII I I Ill I I l J I I 1'1 I I Ill I I I I I I I I Ill I I

JUNE JULY AUG. SEPT. OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY JUNE U.S. DEPARTMENT OF AGRICULTURE BUREAU OF AGRICUIJURAL ECONOMICS

CORN: PRICE OF NO.3 YELLOW AT CHICAGO 1924-25, 1927-28, and 1928-29

CENTS PER

BUSHEL ~===4===;~~~~~===r====~~~~~~~~--r----,-----,-----r--~ -- /928-29 r-------1

_,_-+ _ __L_\ I I ··-- !9Z7-Z8 120

II 0

100

90

80

70

60

.

l .... ~ I 1 • • ... (924-25 I I

..... j ... -u ....- ..... ~-

" ' i:F ..¥~w

I ~

NOV. DEC. JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT OCT.

U.S. DEPARTMENT OF AGRICULTURE BUREAU OF AGRICULTURAL ECONOMICS