Word: hogged
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Dates: during 1940-1949
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Supply v. Demand. Heretofore the record pig crop has been kept off the market by Administration food-and-price policy. The Agriculture Department guarantees hog raisers a $13.75 per 100 lb. "floor" price-put in effect last year to stimulate hog production. The Office of Price Administration has a $1.07 ceiling on corn. Thus the hog corn ratio is artificially maintained at 13-to-1-so high that farmers would be foolish to do anything with their corn except feed it to hogs...
When the laws of supply & demand are permitted to operate, fluctuations in the corn-hog ratio keep the corn supply and number of hogs in automatic balance. Under the Agriculture Department-OPA rules, they have moved so far apart that only a major hog liquidation can restore any semblance of order. Thanks to the growing feed shortage, this liquidation is now beginning...
...coming rush to market should prove a good thing for the U.S. In the midst of wartime food scarcities the U.S. should be using its feed grains first for poultry and dairy herds, then for beef cattle which eat grass as well as grain. A large hog population, eating vast quantities of corn, is a luxury the U.S. cannot afford in wartime...
...staple of war (munitions, alcohol), as well as in civilian life. The refineries closed because, in effect, the U.S. corn growers were on strike: they didn't want to sell their corn at the $1.07 ceiling price, when they could make a better profit feeding the corn to hogs (or selling it to hog growers via the black market...
Root of the corn-pig crisis is the price ceiling on corn ($1 a bushel) and the price floor on hogs ($13.75 a 100 lb.). By feeding the corn to the hogs, farmers figure they can get the equivalent of $1.35 a bushel for their corn. Last week corn bootleggers roamed the Midwest, buying up corn at above-ceiling prices to sell to hog raisers...