Read Ebook: Weather Crops and Markets. Vol. 2 No. 6 by Anonymous

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Compared with the close of the preceding week. Boston was about steady, New York unevenly 50?- lower, Philadelphia - lower, and Chicago lower. Cows were weak to lower at Boston, $l- lower at New York and Philadelphia, and 50? lower at Chicago. Receipts of bulls were light, and prices closed steady to higher at Boston, steady to lower at New York, and 25?-50? lower at Chicago, with very few on sale at Philadelphia. Kosher beef trade was slow, and prices closed around lower at New York and unchanged elsewhere.

DAILY AVERAGE WEIGHT AND COST OF HOGS, WEEK ENDING JULY 29, 1922.

The above prices are computed on packer and shipper purchases.

RECEIPTS, SHIPMENTS, AND LOCAL SLAUGHTER, WEEK ENDING JULY 29, 1922.

Wool Imports at Two Ports.

Imports of wool through the port of Philadelphia during the week ending July 29 amounted to 417,226 lbs., valued at ,165. Imports through the port of Boston during the same week amounted to 2,774,745 lbs., having a valuation of 8,563, and in addition there was received through the port of Boston 48,776 lbs. of camels' hair, valued at ,986 and 244,767 lbs. of mohair having a valuation of ,581.

CHICAGO WHOLESALE PRICES OF CURED PORK AND PORK PRODUCTS.

New Zealand's Production of Butter and Cheese for Export Increases.

The production of butter for export in New Zealand during the nine months ending Apr. 30 amounted to 102,637,920 lbs., compared with 71,412,650 lbs. during the corresponding period ending Apr. 30, 1921. The production of cheese for export during the nine months ending Apr. 30, was 133,579,600 lbs., compared with 118,628,490 lbs. for the same period of 1920-21.

These figures show an increase of 44% in the production of butter and 12.6% in the production of cheese. The above figures relate only to the quantities produced and graded for export and do not include the amounts intended for local consumption.

LIVE STOCK PRICES, TUESDAY, AUGUST 1, 1922.

WHOLESALE PRICES OF WESTERN DRESSED MEATS, TUESDAY, AUGUST 1, 1922.

WEEKLY LIVE STOCK REVIEW.

were considerably heavier. Chicago quality was the best for several weeks, a generous proportion of the supply consisting of good light and medium weight butchers. This, coupled with the narrowest shipping outlet for hogs in weeks, attributed to an extent to unsettled railway labor conditions, was partially responsible for sharp declines, especially on the better grades. Closing prices Were 40?-55? under those of the week previous on bulk of good lights and butchers and 25?-50? lower on mixed and packing grades. A slight reaction was noticed toward the week end, with small advances scored on some of the in-between butchers and better packing grades.

Big packers were bearish and very indifferent buyers, even at the sharp decline, leaving liberal holdovers each day. The week's top at Chicago was , secured on early sessions for good lights and light butchers, but best sold at the close at .60, and bulk of good lights and light butchers sold at the week end from .30-.50. Bulk of good 220 lb.-300 lb. butchers closed at .75-.25. Such shipping orders as were filled called largely for the better grades of mixed packing, good, smooth, light weight sows and these failed to show the extreme decline apparent on other grades.

GOOD PIGS IN DEMAND.

Demand for good pigs at Chicago was broad and such sold readily all week, with bulk of good 100-130 lb. averages clearing from .50-.50. Saturday's closing values on pigs were around 25? lower for the week. Stock pig prices, both at St. Paul and Missouri River markets declined 25?-35?, best strong weights selling at .25-.50 at St. Paul and Kansas City, respectively. Several shipments of good quality thin sows went to the country from St. Paul and Chicago for feeding purposes, costing -. The trade generally displayed considerable anxiety on account of the railway and coal strikes.

Subsequent to Monday when Jersey City had a full supply, the run of southeastern lambs was light and natives from other sections were in smaller supply than during the preceding week. The market-ward movement of range stock from the Northwest was of fair volume, although hampered to a certain extent by conditions arising from the strike of railway shopmen. Feeder demand was narrow at the week's opening but declines then enforced attracted buyers subsequently and both fat and feeder lambs closed about 25? above the week's low spot.

At the week end, choice western lambs were safely quotable up to at Chicago, good Oregons, rather lightly sorted, selling up to .85, and best natives up to .75 straight, with bulk of natives at .50.60 and native culls mostly at -.50. Feeder buyers paid up to .50 for light and tidy weight Western feeder lambs, but a number of loads of heavy feeders sold during the week at .50-.75. Fat heavy ewes sold downward to , a few below .50 at the close, while fat light native and Western ewes reached -.25. Wethers and yearlings were virtually lacking. There was call for western yearling breeding ewes, with none offered and choice quotable to .50. Native yearling ewes were taken on breeder account up to .50-.75, twos to fours mixed up to -.75, with heavies and less desirable kinds on down to and below, depending on age, weight, and quality.

Good butcher weight hogs gained 10?-15? and closed firm at the advance. Top was .70 with bulk of desirable butchers at .90-.60. Activity of shippers, who absorbed around 10,000 head, lent zest and higher prices to the better grades. Mixed and packing grades opened higher, but lacking good competition closed steady to 150 lower, bulk of packing sows turning at .75-.60.

Fat lambs closed weak to 15? lower after a steady to strong start. Natives and westerns topped at .75, bulk of the natives bringing .25-.60 and bulk of the rangers .65. Feeding lambs at .35 downward were lower. Sheep held firm. Choice handy Montana ewes reached .50.

STOCKER AND FEEDER SHIPMENTS.

Week Ending Friday, July 28, 1922.

New Publications Issued.

The following publications were issued by the U. S. Department of Agriculture during the week ending Aug. 1, 1922. A copy of any of them, except those otherwise noted, may be obtained free upon application to the Chief of the Division of Publications, U. S. Department of Agriculture, as long as the department's supply lasts.

After the department's supply is exhausted, publications can be purchased from the Superintendent of Documents, Government Printing Office, Washington, D. C. Purchase order and remittance should be addressed to the Superintendent of Documents direct and not to the Department of Agriculture.

COLD STORAGE HOLDINGS OF FROZEN AND CURED FISH, JULY 15, 1922.

Increasing accumulations of butter and lack of confidence among members of the trade were the principal factors in bringing about extremely weak conditions and radical declines in all markets during the early part of the week ending July 29. The resulting lower prices attracted a speculative demand which was largely instrumental in causing equally radical advances during the latter part of the week. The prices at the close of the week, however, hovered near the same levels as at the opening, and conditions, although not so extremely weak because of lighter stocks, were equally unsettled.

Since early in July receivers have been burdened with heavy accumulations of receipts because of the curtailed storing demand, and the strength of the market has been maintained by the hope that consuming outlets would become larger, that receipts would decrease more rapidly, or that exporters would take considerable quantities. When there appeared to be no immediate outlet for the accumulating stocks, dealers slashed prices and cleared away a large part of the accumulations.

SPECULATIVE INTEREST DEVELOPS.

The lower prices, however, brought forth a speculative interest which was so keen that prices reacted practically to the level on Monday. But with the higher prices buyers again disappeared, the market became very unsettled, and some price reductions ensued.

The strengthening factors are an excellent consumptive demand, possibilities of export and the improbability of any considerable imports. A shortage in stocks of butter in foreign markets makes it probable that considerable butter will be exported and improbable that the imports will be large. Aside from the possibility of exports and imports, the enormous quantity of butter going into consumption is a major factor in the possible trend of the markets.

Receipts at the four markets since Jan. 1 show a surplus of some 58,000,000 lbs. over the same period a year ago. Of these receipts, nearly 11,000,000 lbs. in excess of last year was stored. Import and export figures for the first six months of the year show an excess of exports over imports of 2,365,000 lbs. During the corresponding period in 1921 there was an excess of imports amounting to 6,139,000 lbs. Deducting the 11,000,000 lbs. which was stored in excess of last year and the decrease of 8,000,000 lbs. due to foreign trade, the apparent increase in consumption since Jan. 1, 1922, amounts to some 39,000,000 lbs.

On the other hand, while larger quantities have gone into consumption there are some operators who are bearish and claim that prices will have to rule higher next winter than last winter in order to allow a fair profit on present storage stocks, and that this condition naturally would reduce consumption. It is claimed also that production may continue comparatively heavy, making large outlets necessary. Some also point out that during our winter months the countries in the Southern Hemisphere have their season of flush production and that imports from those countries are a possibility.

Notwithstanding the fact that the markets at present are weak and unsettled, and receivers generally desire to keep current receipts moving, most of those owning storage butter have confidence in holding it at its present cost.

WHOLESALE PRICES OF BUTTER AND CHEESE, WEEK ENDING JULY 29, 1922.

Wholesale Prices of Centralized Butter at Chicago.

MOVEMENT AT FIVE MARKETS.

CHEESE PRICES LOWER UNDER LIGHT CONSUMPTIVE DEMAND Speculative Demand Also Lacking--Prices Down a Full Cent at Wisconsin Primary Markets.

The light summer consumptive demand without the support of speculative storage activity has been insufficient to clear the current make of cheese during the past few weeks, and as a consequence a weaker feeling developed. During the week ending July 29 this weakness became more pronounced, and prices at the Wisconsin primary markets were lowered as much as a full cent in an effort to stimulate trading.

Buyers, however, were not eager to take on any more goods than could be readily used to meet daily requirements. Although a few cars of fine cheese were purchased early in the week for storage, the majority of buyers felt that the market was on too high a plane for speculation.

SPECULATIVE DEMAND ABSENT.

The absence of speculative support has probably been the largest factor in the weaker country markets, and the reflection of this weakness in the distributing markets. Moreover, movement into consumptive channels has not been active for some time. As storage demand has been lacking and the primary markets have been showing signs of weakening, most buyers at distributing points adopted the policy of hand-to-mouth buying in anticipation of lower prices. Advices at the end of the week indicated that some dealers do not look for a revival of trade until prices at country points reach 16?, about 2? below present prices. However, this sentiment is not universal, and many dealers think that present prices may not be far from bottom.

Embargoes on railroad shipments of perishable foodstuffs in the southern and southwestern sections of the country have reduced shipments below normal requirements, and until the rail strike is ended but little support is expected from those sections. In fact, many in the trade believe that while the strike may cause higher prices in certain consuming centers where supplies are exhausted, embargoes on shipments will tend to weaken the primary markets because of curtailed outlets.

At the close of the week the tone of the market was barely steady. Holders were free sellers, and in many instances were inclined to make concessions in order to keep stocks as low as possible. Little export or import business was reported, although small shipments of Split Twins were imported from Canada. However, both the export and import business was of small consequence and did not affect the market. With production in excess of consumption and speculators off the market, many in the trade expect an unsettled market accompanied by lower prices.

IMPORTS OF EGGS DURING JUNE, 1922.

CONDENSED AND EVAPORATED MILK MARKETS STILL SLOW Domestic Products Meeting With More Competition From European Goods--Exports Decrease.

The same relative inactivity which has featured condensed and evaporated milk markets for several months continued during July, and prospects for any materially improved demand are so slight that many of the trade who have held a more or less confident attitude are beginning to lose some of their optimism.

Export demand, upon which canned milk manufacturers have come to depend to a large extent as an outlet for surplus domestic production, has become less of a factor each month. Buying for relief purposes, which constituted such a support to the evaporated milk market especially, has practically ceased, and no additional orders seem to be in sight.

LITTLE FOREIGN DEMAND EXPECTED.

Domestic demand in England is reported as somewhat heavier, but American manufacturers have as competitors an increasing number of European factories which are able to lay down the goods at a lower cost. In fact, foreign demand is not expected to absorb very large quantities of American-made goods in the very near future. Latest export figures are for the month of June and indicate a slight decrease under May and a very large decrease under June, 1921.

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