The Wolf Point herald. (Wolf Point, Mont.) 1913-1940, 1929-04-05

IN the business. with pres
ent values of breeding stock, AM
grass costs tending to rise, specu
lative ventures in beef production
are not to be encouraged.
While the beef cattle population
of the United States and of Mont
ana is less than a year ago, 1t i
expected that the first half of thu
year will see as many finished
cattle go to slaughter and at neal
the same prices as during the
first half of 1928. The market
ward movement the last half o.
the year is expected to be some
what less than in 1928. Prices o.
Montana range cattle will depend
largely upon the corn situation
next fall. The exceptional specu
lation in feeder cattle which mark
ed the fall of 1928 and caused
widespread loss in trade and feed.
ing circles probably will not be
repeated. Nevertheless, with the
prospective tightening of supplies
of finished and feeder cattle dur
ing the last half of 1929 the market
should be firm.
There is no reason to expect any
serious competition from foreign
beef supplies during 1929. Al
though imports of beef stocks
from Mexico, Canada, and New
Zealand showed a sharp increase
in 1928, such meat accounted for
only Sc per cent of our total sup
ply. There is little prospect of
lifting the embargo or Argentine
beef for a period of years. This
large supply will continue to affect
our market indirectly, however,
due to its wide sale in England
at low prices thus forcing added
| Canadian and New Zealand stocks
Upon the United States market.
There is a determination among
older Montana cattle producers to
play the game close" The atti-
tude apparently is, Better a little
surplus of feed for 4 years than
forced liquidation of cattle due to
feed shortage the fifth"
Dairy Products
The present spread between cost
of feed and the prices of dairy
produce in the United States
promises to be maintained during
1929 and longer due to the gradu-
ally increasing demand for milk
and it's products. 1t is probable
this situation will continue until
such time as lowered beef prices
bring more beef cows into milk
production.
The number of COWS in milk in
the United States and in Montana
is practically stationary in the face
of active markets and increasing
population. The number of heif-
ers being kept for milk shows a
response to favorable conditions,
there being an increase of four
per cent in the nation and five per
cent in Montana in 1928.
That any considerable increase
in butterfat prices may be looked
for to be discontinued. The Unit
ed States consumer tends to swing
to butter substitutes when the 90
to SIS cent retail price range is
exceeded. The manufacture OF
olemargarine increased 1873 per
cent in 1928 over 1927. The i'm
p~ortation in December of a limit
ed quantity of New Zealand butter
over the 12-cent tariff wall indi-
Gates another check on the rise
of butter prices.
Montana dairymen with good
pasture and alfalfa hay may look
for a reliable income for a num-
Der of years.
Hogs
Due to the general scarcity of
hogs in the coast states Montana
shipments usually westward,
occasional lots moving to the east
following heavy receipts on the
coast. However, coast prices gen
orally are closely dependent upon
Chicago quotations and the Mont
ma hog outlook is associated with
hat forthe midwest.
Hogs are the principal outlook
'or corn. So long as corn is the
argest crop in the northern Mis-
,issippi Valley we may expect hog
production to respond to corn
Since the consumer de-
nand does not follow closely the
production of pork there occurs
he vicious hog cycle" violent
wings in production and in prices
t frequent intervals.
The market prospect for hogs
n 1929 is favorable. The demand
n the United States is not ex-
-ected to decline, foreign demand
romises greater strength than in
92S, and slaughter is expected to
e considerably less. Should
igher hog prices this year be {
ccompanied by another large /