Evening star., 1932-02-03
PRICE TURN SEEN
|. IN FARM PRODUCTS
Midwest Hopeful That Up
ward Trend Will Soon
Be Marked. 7
BY OWEN L. SCOTT.
Special Dispatch to The Star.


CHICAGO, February 3-Sigrs ac-
cumulate in the Middlewest that agri-
culture has touched rock bottom and
now vergeS on an upward turn The
evidence leads former Gov. Frank. o.
LoWden to declare that when recovery
comes from the present low economic
level, it first will be reflected back on
the land
Grain prices, although approximately
rs per cent above the world level, re-
fuse to be depressed and swing higher
at every opportunity. They are held
back from major advance by heavy
marketing of Southern Hemisphere
wheat. But the bottom seems to be
around 55 cents for the May delivery
of wheat, 38 cents for corn and IS
cents for oats, with the tendency to
range higher
Livestock Prices.
Livestock values have been badly hit
of late, but now G. F. Swift, head Of
Swift & Co., largest packers, expresses
the opinion that the general price
level shows signs of having reached q
fair degree of stability"
The top of the hog market stays
above 81 a hundredWeight, that of cat
tie above $40 for prime steers and best
lambs keep their heads above Sc q hun
drcdWeight. 1t is much the same story
with dairy products, and butter during
January held at about the same level
as year ago, in spite of larger pro-
duction
AS an indication that deflation has
been thorough in rural districts, the
Federal Reserve Bank of the ninth dis
trIct, representing Northwest States.
points out that the total mortgage farm
.JaL.4 H. sr,F~ in of
recently distressing agricultural condi-
tionS.
It's figures are as of 1880 compared
with 1928 and 1920, but in view of
banking and investment conditions a
further decline in total mortgage debt
is indicated for 1881. The survey
showed that during the two years from
1928 to 1880 the mortgage total OF
Minnesota, North Dakota and South
Dakota declined while that Of Mon
tana increased. In 1880 the farm
mortgage debt of Montana and North
Dakota was smaller than that OF 1920,
while in Minnesota and South Dakota
the total was only slightly increased
for the 10-year period. The total pres
ent farm mortgage debt for the four
States, as of January l, 1880, totaled
S1,l59 100000
Moisture conditions over the vast
Middle western farm area, winch
year ago were unsatisfactory, now are
excellent. There is every prospect that
the next crop will have an ample re-
serve of soil moisture to give it an ex-
cellent start. At the same time the
Winter wheat crop of the Southwest
and Ohio Valley, showing an excessive
growth due to the abnormally warm
Winter, is in a dangerous situation
should temperatures suddenly drop be-
fore a snow covering is provided.
Food Products.
Nearly all food products now are
back at pre-war retail prices, and this
is expected to stimulate consumption.
The Institute of American Meat Pack
ers today pointed out that at whole
sale pork loins are selling SO per cent
under 1880. hams from 40 to 40 per
cent lower, bacon 43 per cent down,
while beef prices are off from 80 to 40
per cent. veal so per cent and lambs
SO per cent.
wholesale meat prices,'' the insti-
tute says, have declined commensu-
rately with the enormous declines in
live stock prices"
CCopyright, 1927