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Weekly Farm Price
Outlook
HOGS
Following the unprecedented rise of the past few weeks prices now seem to be in an adjusting period, with undertones of weakness indicated.
Supply is sharply under this time a year ago, although it will be at its seasonal peak during the next week or so. Despite the seasonal increase, demand has been fully adequate but as the peak is nearly fulfilled. Prices will adjust lower and gradually move seasonally downward. The price level will, however, remain above last year on into 1961.
The 1960 spring crop was down 16 per cent from a year earlier, but the fall crop, according to farmer intentions, will be down only three per cent.
Hog producers are starting the build up side of the production cycle. Hog numbers were up in 1959, down this year, and will be up again in .late 1961.
In the 10 corn belt states, intentions to 'farrow were reported three per cent above last year for September-November farrowings, and four per cent above for December-February farrowings. By mid-summer of 1961, added hog numbers will begin depressing prices again._
In Richmond last week, hogs brought $18.75 to $19.25; Southeastern Virginia, $18.25 to $19.; Virginia Auctions averaged $18.75, i and Western markets $17.75 to $18.35.
SOYBEANS
76.3%