Excerpt from The Agricultural Situation, Vol. 13: A Brief Summary of Economic Conditions; December 1, 1929

The most noteworthy feature of the egg market during November was its failure to show any evidence of weakness at the time recent interruption of confidence in the general business situation. The failure of egg prices to follow the declines registered in so man other farm products may be attributed very largely to the firm pos1 tion of the trade In relation to current and reserve supplies, both being considerably lighter for the month of November than for the same month of 1928.

Production of eggs so far this year has been light, and except for intermittent periods, weekly receipts at the principal markets have reflected this condition by being smaller than for the same period last year. Because of the light production, it has been impossible to accumulate very heavy supplies in storage as reserves against the fall and winter months when current receipts are never sufficient to care for all requirements. Some improvement has been reported in the principal production areas, although such improvement has not as yet had time to influence market conditions to any appreciable extent, as receipts so far this month have been approximately 13 per cent less than for the corresponding period in November, 1928.

Prices are ranging around several cents per dozen higher than a year ago, and while this higher selling level has caused some slacken ing up of demand, outlets have been sufficient to absorb the rather restricted offerings with a very close clearance on all grades. The demand for fancy fresh stock has been especially good, and in most cases such eggs have commanded a premium. While some rather sharp advances in prices have occurred Within the past few weeks, indications are that the peak prices for the year have been reached and passed. There may be further advances on top grades, but the major trend from now on should be lower.

The cold-storage holdings of eggs continue to Show a shortage as compared with both last year and the 5-year average. According to the November 1 report, eggs in storage on that date amounted to cases, with holdings of 000 cases on the same date a year ago, and a 5-year average of cases. This represents a relative shortage of 1 000 cases under last year and a shortage of cases compared with the 5-year average. The October reduction in storage stocks was somewhat less than was expected by the trade which apparently made no allowance for an increased resistance on the part of buyers as a result of high prices for storage eggs. _owners of such stocks, however, are said to be making no aggressive effort to press sales, being of the opinion that unless receipts of fresh stock increase more rapidly than is expected, the present rate of withdrawals, if continued, will closely clear the larger part of the reserves by the end of the storage season.

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