Excerpt from The Demand and Price Situation: May 1954

Prices of grade 513925 may average seasonally lower this spring than last, but reductions are expected to be small and prices may prove fairly stable for the year as a whole. As sales of spring reac earlier than usual, the decline in Log prices will likely begin before the 'normal time and the decrease through that fall will probably be more than average for the season.' The annual rate of milk production in April receded from'the record l3o-billion pound rate in the previous months, but pro duction was still a record for April. Reflecting heavy production and the 'drop'in support levels, prices receivedby farmers for. All milk in April were ll percent below a year earlier. Indications are that the chick and 3poult output this year will sustain record production of eggs and turkeys. Br'oiler production also is at record levels. Prices of poultry' products 1 April averaged about 19 percent below a year earlier.' Prices of soybeans have receded substantially from the peak, reached in the latter part of April but still are well above last year because of smaller supplies and increased domestic and foreign demand. Corn prices have been fairly stable since January and probably will continue so during the next few months, reflecting primarily limited supplies in commercial channels. The buildup in carryover stocks of wheat will be'materially slowed down in 195ii 5 he basis of prospects for this year's crop. With smaller supplies prices for both California and Florida oranges are expected to average higher durin ng late spring and summer than in this time of 1953. The aggregate tonnage of commercial vegetables available for spring marketing is expected to be 17 percent larger than average and 7 percent more than in the spring a year ago Indications are that prices received by farmers for processing crops this year will be generally a little lower than in 1953. Potato prices strengt enéd substantially during the first part of May. Prices received by farmers for upland cotton during the first 9 months of the 1953 -51t marketing year averaged lower than for the same months a year earlier except for January, February and April 195a. Prices of most wools at the auctions in the Britis dominionsfearly in May were a little higher than a month earlier, but were below a year earlier. This was reflected in higher quotations for some wool at Boston. Market prices for sales of Maryland tobacco through May 17 averaged 16 percent more than in the comparable period of a year earlier.

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