Word: livestock
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This week, the cap started coming off the biggest item in the average family's budget: food (see NATIONAL AFFAIRS). In the livestock market, hog prices this week dropped $2 to $22.50 a hundredweight, lowest in a year. Consumers waited for cheaper pork. The sympathetic break in hides, fats and oils, and cotton suggested possible future reductions in the prices of shirts, shoes and soap...
...below its high mark of last November. What had brought on the break? Government buying had slackened; the Government had almost all it needed for export under present goals. The winter wheat crop looked good, as deep snows had given it both protection and adequate moisture. And livestock feeders had begun to balk at paying $3 and up for corn, so more grain was going to market and less into hogs & cattle...
This would still leave the U.S. with plenty of wheat for its own needs: about 255 million bushels for processed foods, 23 million for seed, up to 177 million for livestock feed, and 150 million for the precautionary carry-over into the next crop year. Secretary of Agriculture Anderson hoped to cut livestock consumption enough to boost exports even higher-possibly to 500 million bushels...
...foreign purchasers more than $5 a bushel, payable in hard-to-get U.S. credit. As for the U.S., it had saved next to nothing so far by Charles Luckman's noisy grain conservation plan. The U.S. was still feeding some 90 million tons of grain a year to livestock; a tenth of that would avert next spring's crisis...
...next time the battle may not be won-even at such cost. Said Dr. M. R. Clarkson, Department of Agriculture scientist: "If the disease ever gets across the Rio Grande, it would cost the U.S. at least $1 billion a year. It will affect all parts of the livestock industry, and it would be almost impossible to check...