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Further adjustment downward seems to be the watchword in slaughter cattle prices. With the January 1 national inventory of cattle and calves on farms up 4 per cent, and Virginia up 1 per cent over last year, supply continues to build. Prices are at their lowest level since the fall of 1961. Beef stock is up 6 per cent nationally, continuing the fifth year of the up cycle. Cattle on feed January 1 were 12 per cent above last year over the nation. Of these, one-fifth were in the 900 to 1099 weight class. Out of nearly 104 million head of all cattle on farms the first of the year, 9 per cent were in feed lots. Per capita consumption is up and the competition from other meats is keener. Of the total current meat supply there is 5 to 7 per cent more pork coming in, and 4 to 6 per cent morebroilers. Storage holdings of all meats exclusive of poultry and fish was up 7 to 8 per cent the first of the year. The on,ly favorable note is in the processed meat picture which, from a supply standpoint, is in a seasonal decline. Expect day to day, week to week fluctuations. Watch the market closely and top out your cattle, selling them at the best finish at the earliest time. Prices: Good grade slaughter steers in Virginia auctions are bringing $23 to *$25; standard, $21.50 to $23; good heifer8, $21 to $21.75; standard, $17 to $19.50. In Chicago, choice grade steers are selling from $24.50 to $25.75; good, $22 to $23.75; i choice heifers, $24 to $24.75 good, $21.50 to $23.50. 1
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