Part 1

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Transcriber’s Notes

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THE MARKET REPORTER

Published Weekly by the United States Department of Agriculture Bureau of Markets and Crop Estimates

WASHINGTON, D. C. OCTOBER 8, 1921. VOL. 4, No. 15

GROWERS HOLD CLOVER SEED FOR HIGHER PRICES.

Quality of 1921 Crop About Same as That of last Year--Alsike Clover Seed Movement Normal.

The movement of red clover seed from growers’ hands has been below normal, but that of alsike clover has been fully normal, according to reports received by the Bureau of Markets and Crop Estimates during the week ending Oct. 1. There is a tendency on the part of the growers of red clover seed to hold their seed because the crop, which is now being thrashed in many sections, is not turning out any better than was expected at harvest time and as reported in The Market Reporter for Sept. 10.

Although clover prices on Sept. 27 were mostly 50¢ to $1 per 100 lbs. lower than they were a month ago, they have shown little or no change during the past week or ten days. The quality of red and alsike clover is about equal or slightly inferior to that of last year’s stock. Rains during the last two weeks of September have discolored or bleached much of the seed in some sections.

MOVEMENT SLOW.

_Red Clover._--In a number of important sections only 5 to 25% of the red clover seed crop had been sold by growers at the end of September. This season’s movement, however, has exceeded the belated movement of the 1920 crop, but has been a little slower than usual. Growers see evidences of a short crop in their immediate vicinity, and in view of the fact that prices offered are on an average $2 to $4 per 100 lbs. lower than last year, and $25 to $28 lower than two years ago at a corresponding time, they are not inclined to sell freely. In a few sections, particularly southwestern Ohio and southeastern Iowa, the movement has been considerably above normal, the growers already having sold 45% and 35%, respectively, of their crops.

The average prices offered to growers in various sections on Sept. 27 for clean seed, as shown in the accompanying table, ranged from $14.60 per 100 lbs. in southwestern Iowa to $17.25 in southwestern Ohio, compared with a range of $17.25 to $22 at a corresponding time last year.

The imports of red clover seed during July, August, and September totaled 1,792,900 lbs. compared with 305,200 lbs. during the same months a year ago. These heavy imports of old seed from Europe and South America have tended to depress prices for domestic seed. French, German, and Italian correspondents state that large quantities of red clover seed were sold during July and August and consequently stocks of old seed have been reduced greatly. The 1921 crop in these and other European countries was reported to be much below normal because of the drought during the summer, and it will be needed for sowing the acreage there next spring.

The quality of the seed in this country varies considerably in different sections, being better than last year in southern Wisconsin, Ohio, Minnesota, South Dakota, and Idaho and somewhat poorer in central Illinois, and Indiana, Michigan, and parts of other States.

_Alsike Clover._--In practically all of the important producing sections a larger percentage of the crop had left growers’ hands by Oct. 1 than on the same date last year. It is estimated that about two-fifths of the marketable surplus had been sold by growers by that date. On Sept. 27 growers were being offered $13.05 to $16 per 100 lbs. for clean seed compared with prices a year ago of $18.40 to $24.50 and two years ago of $36.20 to $40.

Most of the reports indicated that the quality of the 1921 crop was approximately the same as that of last year; the reports indicating a difference in quality between the 1921 and 1920 crops were about equally divided, some stating that the quality was better and others stating that it was inferior.

The imports of alsike clover seed from July 1 to Sept. 30 were 1,106,700 lbs., compared with 109,700 lbs. for the same period last year. The crop in Ontario, Canada, which contributes the large bulk of the alsike clover seed that is annually imported into this country is less than normal and is estimated to be 60% of the 1920 crop. The decreased production of this seed in the United States and Canada has caused prices to remain rather firm since harvest.

=Red Clover Seed Prices and Movement.=

+----------------------+-------------------------- |Prices offered growers| Percentage of 1921, State or | per 100 lbs., | 1920, and 1919 section. | basis clean seed. | crops sold by | | growers by-- +-------+------+-------+--------+--------+-------- | Sept. | Oct. | Sept. | Sept. | Oct. | Sept. | 27, | 5, | 30, | 27, | 5, | 30, | 1921. |1920. | 1919. | 1921. | 1920. | 1919. ------------+-------+------+-------+--------+--------+-------- | | | |_P. ct._|_P. ct._|_P. ct._ Michigan | $16.10|$20.50|$43.40 | 5 | 5 | 2 N. Illinois | 15.40| 21.00| ... | 5 | 10 | 12 C. Illinois | 15.75| 19.50| 42.90 | 25 | 15 | 65 N. Indiana | 16.70| 19.65| 41.75 | 25 | 15 | 50 C. Indiana | 16.40| 19.40| ... | 30 | 10 | 15 S. Indiana | 15.80| 17.25| ... | 20 | 10 | 10 NW. Ohio | 15.75| 20.00| 44.50 | 45 | 8 | 20 SW. Ohio | 17.25| 21.75| ... | 5 | 9 | ... Minnesota | 15.65| 20.10| 43.75 | 10 | 3 | 15 W. Wisconsin| 16.05| 19.80| ... | 5 | 5 | 10 E. Wisconsin| 17.20| 20.50| ... | 5 | 5 | 5 S. Wisconsin| 16.90| 20.90| 44.20 | 15 | 6 | 35 Idaho | 15.00| 22.00| 43.70 | 10 | 6 | 20 Nebraska | 15.00| 20.00| 43.15 | 5 | 4 | 20 Kansas | 14.75| 17.75| ... | 15 | 2 | 35 NE. Iowa | 15.50| 20.00| ... | 20 | 17 | 5 SW. Iowa | 14.60| 19.50| ... | 10 | 5 | 30 SE. Iowa | 15.10| 21.00| 41.00 | 35 | 5 | 35 Missouri | 15.90| 18.75| ... | 15 | 6 | 50 ------------+-------+------+-------+--------+--------+-------- =Alsike Clover Seed Prices and Movement.= ------------+-------+------+-------+--------+--------+-------- | | | |_P. ct._|_P. ct._|_P. ct._ Michigan | $15.15|$20.40|$38.00 | 15 | 6 | 55 N. Illinois | 13.90| 20.90| ... | 40 | 11 | 85 C. Illinois | 13.85| 18.40| 40.00 | 20 | 20 | 65 N. Indiana | 13.95| 19.80| ... | 60 | 36 | 50 C. Indiana | 14.25| 20.25| 40.00 | 50 | 14 | 10 NW. Ohio | 13.05| 21.70| 38.70 | 60 | 16 | 85 SW. Ohio | 14.45| 22.90| ... | 15 | 7 | ... New York | 16.00| 23.25| ... | 35 | 5 | 45 W. Wisconsin| 14.00| 20.30| ... | 5 | 8 | 45 E. Wisconsin| 14.50| 21.70| ... | 15 | 10 | ... S. Wisconsin| 14.60| 24.50| 36.20 | 40 | 20 | 35 Idaho | 16.00| 23.00| 39.50 | 70 | 10 | 60 Oregon | 14.25| 22.75| ... | 60 | 10 | 35 ------------+-------+------+-------+--------+--------+--------

_A GLANCE AT THE MARKETS._

_Heavy receipts featured the week’s live-stock trading. The trend of cattle prices was decidedly irregular. The hog market had a fairly healthy tone. Sheep and lamb trade showed some improvement. The fresh meat trade throughout the month of September was narrow (pp. 226 and 228)._

_Prices of wheat and corn futures declined steadily throughout the week, but cash premiums strengthened in all markets excepting Minneapolis (p. 234)._

_The movement of fruits and vegetables was near the peak of the season, and prices declined (p. 230)._

_Definite information concerning volume of Danish imports steadied the butter market. Cheese markets were steady under improved demand (p. 233)._

_Hay continued in light supply and prices in most markets were unchanged. General inactivity continued in feed markets, wheat mill feeds registering extreme Weakness (p. 236)._

_Prices of spot and future cotton continued to advance. Production estimated at only 6,537,000 bales (p. 238)._

_The monthly Wool consumption report appears on page 239._

_The monthly table showing carload shipments of fruits and vegetables appears on page 232._

AUGUST EXPORTS OF EVAPORATED MILK SHOW INCREASE.

Shipments of Evaporated Milk During August Exceed Those of Condensed--Export Prices Lower.

The movement of unsweetened evaporated milk in cases during August was considerably larger than that of sweetened condensed milk, and the tone of the market for the former class of goods was proportionately better, as shown by a review of the latest available reports from milk manufacturers. The demand for bulk goods has decreased materially with the approach of cooler weather, especially the demand from the ice-cream trade.

Manufacturers’ reports of total stocks on hand Sept. 1 indicate approximately the same surplus of condensed case goods as on Aug. 1, but show a decrease of over 35% in the quantities of evaporated case goods. A similar condition prevailed with regard to unsold stocks, supplies of condensed case goods being practically the same as on Aug. 1, while stocks of unsold evaporated case goods decreased almost 50%. Stocks of case goods of both condensed and unsweetened evaporated milk on Sept. 1 were less than one-half the quantity reported on hand Sept. 1, 1920.

The export movement during August apparently served to give considerable relief to the general situation. Exports totaling 22,803,000 lbs. of evaporated milk more than doubled the July exports. Exports of condensed milk were but 7,557,000 lbs., although this was 2,000,000 lbs., heavier than in July. The United Kingdom received the heaviest shipments, 12,716,000 lbs. of evaporated and 3,232,000 lbs. of condensed going to that country. France and Germany each received approximately 3,000,000 lbs. of evaporated milk.

Exports of condensed milk during the first eight months of 1921 were but 62,000,000 lbs., compared with more than 221,000,000 lbs. during the same period in 1920, while exports of 116,000,000 lbs. of evaporated milk this year are 5,000,000 lbs. heavier than the shipments in 1920.

Manufacturers’ selling prices to the domestic trade during August remained practically the same as during July, but reductions occurred in prices to foreign trade. The largest cuts averaging 34¢ per case were made in export prices of sweetened condensed milk. Unsweetened evaporated milk prices to foreign trade were not so generally reduced, as some manufacturers seem to have advanced export prices slightly, with the result that the average export price was but 4¢ less per case than during the previous month.

=Wholesale Prices of Condensed and Evaporated Milk.=

(To domestic trade.)

+---------------+--------------- | Sweetened | Unsweetened | condensed | evaporated Geographic section. | case of 14-oz.| case of 16-oz. | cans. | cans. +---------------+--------------- | Aug. | July. | Aug. | July. ---------------------+-------+-------+-------+------- New England | $6.07 | $6.16 | $4.82 | $4.83 Middle Atlantic | 5.95 | 5.89 | 4.88 | 4.79 South Atlantic | 6.47 | 6.47 | 5.02 | 4.97 East North Central | 6.41 | 6.48 | 4.52 | 4.64 West North Central | 6.38 | 6.44 | 4.76 | 4.75 South Central | 6.49 | 6.53 | 4.91 | 5.05 Western (North) | 6.38 | 6.33 | 4.72 | 4.61 Western (South) | 6.53 | 6.37 | 4.78 | 4.67 +-------+-------+-------+------- United States | 6.28 | 6.26 | 4.83 | 4.78 ---------------------+-------+-------+-------+-------

=Prices to Producers at Condenseries for 3.5% Milk.=

(Per 100 lbs.)

+----------------+---------------- |By manufacturers|By manufacturers | of case | of bulk Geographic section.| and bulk | goods only. | goods. | |----------------+---------------- | Sept. | Aug. | Sept. | Aug. --------------------+-------+--------+-------+-------- New England | $1.91 | $1.91 | $3.30 | $3.30 Middle Atlantic | 2.23 | 2.06 | 2.17 | 2.14 South Atlantic | 2.15 | 1.88 | 1.66 | 1.87 East North Central | 1.84 | 1.85 | 1.88 | 1.87 West North Central | 1.80 | 1.80 | 1.77 | 1.40 Western (North) | 1.77 | 1.53 | 2.23 | 2.30 Western (South) | 1.73 | 1.61 | ... | ... |-------+--------+-------+-------- United States | 1.87 | 1.87 | 2.04 | 2.06 ------------------------------------------------------

=Stocks and Exports of Condensed and Evaporated Milk.=

[In thousands of pounds; i. e., 000 omitted.]

+--------------+-------------+--------------- |Sept. 1, 1921.|Aug. 1, 1921.| Sept. 1, 1920. +-------+------+------+------+-------+------- Stocks. | Case | Bulk | Case | Bulk | Case | Bulk | goods.|goods.|goods.|goods.| goods.| goods. ---------------------+-------+------+------+------+-------+------- CONDENSED. | | | | | | Total stocks | 31,773|26,654|30,541|28,529| 71,341|32,766 Total unsold stocks | 21,574|19,074|21,588|24,476| 58,577| 8,733 Total unfilled orders| 339| ...| 425| 14| 300| ... EVAPORATED. | | | | | | Total stocks | 90,503| 770|45,867| 739|170,198| 851 Total unsold stocks | 36,149| 763|68,658| 719|103,812| 738 Total unfilled orders| 6,039| ...|10,025| ...| 3,482| ... ---------------------+-------+------+------+------+-------+-------

+-----------+-----------+----------- Exports. |Aug., 1921.|July, 1921.|Aug., 1920. ---------------+-----------+-----------+----------- Condensed milk | 7,557 | 5,727 | 20,503 Evaporated milk| 22,803 | 11,611 | 5,100 +-----------+-----------+----------- Total | 30,360 | 17,338 | 25,603 ---------------+-----------+-----------+-----------

_Live Stock and Meats_

HEAVY RECEIPTS FEATURE WEEK’S LIVE STOCK BUSINESS.

Trend of Cattle Prices Decidedly Irregular--Hog Market Has Fairly Healthy Tone.

(Chicago, East St. Louis, Kansas City, Omaha, and St. Paul.)

Receipts of live stock during the closing week of September were of generous volume despite the fact that conditions in some departments of the trade during the preceding week bordered on demoralization. An increased proportion of trashy, light-weight cattle indicated that producers were anxious to liquidate surplus holdings before stormy weather sets in, while a corresponding decrease in receipts of corn-feds suggested a decreased number of well-conditioned beef cattle in feeders’ hands.

Chicago’s cattle receipts for the week were the largest since January, while the combined ten-market supply of about 242,300 cattle was practically the same as the week previous but 41,000 short of the corresponding week a year ago.

Following the descent of hog prices during the preceding week to the lowest levels of the year, the marketward movement of hogs expanded materially, the ten-market total at approximately 436,000 being 40,000 in excess of the week previous, and nearly 60,000 greater than the same week last year. The hog run, while continuing to carry an abnormally large proportion of heavy packing sows for this period of the year, showed a considerably enlarged quota Of spring-farrowed, light and underweight stock and average weights decreased at most points. The disposition shown by producers in many sections to unload pigs and immature light hogs was anything but a bullish influence on prices but a revival of eastern shipping demand assisted in checking the decline.

SHEEP AND LAMB RECEIPTS LARGE.

Receipts of sheep and lambs for the week both at Chicago and numerous other western points were the largest of the year, the ten-market total of about 419,500 exceeding the previous week’s supply by approximately 38,000 and being nearly 1,000 in excess of those of the same week last year. The crop, however, carried a heavy proportion of feeders from the western range and the market displayed gratifying stability following the slump in prices during the week previous, which was one of the most severe slumps of the season.

_Cattle._--Higher prices for most grades of beef steers showing effective corn feeding, further seasonal expansion in the movement of both native and western grass cattle, and further evidences of increasing interest on the part of stocker and feeder buyers featured the cattle trade during the week under review. The trend of prices at the different market centers was decidedly irregular. Omaha, where receipts were considerably lighter than the preceding week, showed advances on practically all classes of cattle. Other River markets under review showed irregular declines on grass cattle and comparatively little change on desirable corn-feds. At Chicago, where receipts of northwestern range cattle were nearly double the largest previous run this season, grass steers and the less desirable of the warmed-up and plain, heavy, fed steers sold steady to 25¢ lower, and the better grades of corn-fed steers, including yearlings, all the way from 10¢ to 50¢ higher.

The return of $11 cattle after an absence dating back to last January, marked the week’s trading at Chicago. Two lots of prime Angus and Hereford yearlings averaging 985 lbs. and 891 lbs., respectively, brought that price. The former consignment was made up of natives from an Iowa feed lot, nearly half of which were heifers. The other lot consisted of Illinois-fed, branded steers which originally came from Texas.

The popularity at all market centers of well-finished yearlings on the baby beef order and of finished 1,100-lb. to 1,300-lb. steers over the weighty and more aged bullocks was as pronounced as ever, and the price premiums earned by the former were unprecedented for this season of the year. Thick-fat 1,400-lb. to 1,500-lb. steers of high quality and closely approaching prime grade could not pass $9.25 at Chicago and contrasted oddly with the moderately fat, short-fed yearlings that brought about the same figure. Ripe steers in the 1,600-lb. to 1,760-lb. class that had been grain-fed a year or more, sold at Chicago and Omaha at $8.25 to $8.50 with a plainer, weighty kind that had consumed considerable corn, down to $7.50. Many sales of good and choice 1,200-lb. to 1,350-lb. steers between $8 and $8.75 were made at Chicago and elsewhere. A few loads of long yearlings averaging 1,100 lbs. to 1,175 lbs. sold as high as $10 and $10.50.

A generous proportion of the run, however, all around the western market circuit consisted of branded and native grass steers of mediocre and medium killing quality that cashed at $5 to $6.50, comparatively few straight grass steers being good enough to bring $7. This was true despite the fact that two loads of Montanas reached $7.25 at Chicago. Light grass steers of common quality but carrying enough flesh to make cheap carcass beef, sold as low as $4.25 and $4.50 at St. Paul and Missouri River points and a few, chiefly on the Mexican order, ranged downward from $5 at Chicago.

An increase of nearly 50% in receipts of northwestern grass cattle at Chicago was credited in part to the 20% cut in long-haul freight rates. The week’s total of about 13,000 cattle from that source, however, was but little more than half as large as similar receipts during the corresponding week last year. It seems probable, however, that the Northwest will ship more freely during October, as after this month stormy weather is likely to put an end to cattle roundups.

Liberal receipts of low and medium grade steers and their cheapness “on the hooks” as compared with most grades of she stock had a depressing effect on cow and heifer prices at all markets covered by this report except Omaha. At the latter market light receipts forced cow prices up along with those of most other classes of cattle. Canners and choice dry-fed heifer yearlings withstood the downward tendency and held about steady.

SHE-STOCK PRICES BREAK.

The break in she-stock prices ranged anywhere from 25¢. to $1. Declines were most severe at Chicago, where medium to good grades of fat cows and the same classes of grass heifers frequently showed a break of 75¢. to $1 compared with the previous week-end. A spread of $3.75 to $5.75 took the big end of the week’s supply of grass cows and heifers, while canners and cutters ranged largely from $2.25 to $3.25. The best of the light, corn-fed heifer yearlings sold well in line with finished steer yearlings, but they had to be of the baby-beef type. Owing to scarcity of corn-fed cows and a slackened demand for kosher cows due to the approaching Jewish holidays, few heavy cows were good enough to bring $6 at any of the large western markets.

Bulls sold steady to lower at most points, while calves were sharply lower at both Chicago and St. Paul, little changed at Kansas City and St. Louis, and higher at Omaha because of meager receipts.

The demand for stock and feeding cattle, which has been gaining breadth during recent weeks, was comparatively liberal during the closing week of September and the total movement to the country was the largest of the year to date. Except Omaha, where stocker and feeder cattle shared in the general price upturn, prices of such cattle at points under review were at the lowest levels of the year to date. Well-bred yearlings and light feeders were in strongest demand.

With the exception of a few steers on the fat cattle order, few cattle went to the country costing over $6.75. The bulk of the feeder steers sold within a range of $5.25 to $6.25 and stockers largely between $5 and $6. Some of the best stock steers, however, sold right up with the choice heavy feeders and many plain and common light stockers sold downward from $4.50. Kansas City reported a fully steady market for stock cows and heifers with a good many cows going out at $3.50 to $4, and many stock heifers at $4 to $5 with a few as high as $5.50.

=RECEIPTS, SHIPMENTS, AND LOCAL SLAUGHTER FOR THE WEEK ENDING OCT. 1.=