Show s 1 L IVeS estock OfU t 11 I 1 3 C it 1 A 9 tu at C JL A 9 CT T LOOKS S LIKE TIlE THE WORST THE LOOI IS S OVER OYER I Following the drastic declines s o of the past three months it at appears to tc many in the trade that cattle values have finally reached a level should hould stimulate of beef bed to such an extent as acI to stabilize prices In fact there are many stu- stu students stu students dents of the trade v v I a i 3 f ei that the declines h have ve been sj pre prec that I sonic some upward revis en on of values is m in order although there thee are few f w who ho I look for any great in inthe inthe the price situation f r f-r r some ome fume tm t me to I cone come and it saem beyond reason to to St see the cattle market react back to the levels which prevailed early n n the year The is resigned to the sharp reductions in lamb values as there has been rapid e expansion in breed breed- breedIng breeding breeding ing flocks and even en with a wIde amount of advertising and i sales promotion effort it as as out or of question to stem the de lm nna in lamb prIces But the cattle on IS vastly different According to the statistIcIan there was no sup over oversupply oversupply oversupply ply of beef cattle and the decline IS the result only of depressed trade con conditions conditions and reduced buying power po Improvement in m business conditIons and ami greater grater regular employment should bring bout adjustment in the cattle cattIe market Of course just when hen busane j conditions will III improve to permit such readjustment is 18 another question But there should beno be no to forced ed liquId atlon of breeding herds of cattle such as occurred aught after the slump lump following the World War The present low scale of values should hould inn the l other H hand l-J l Ion on stImulate the re- re rebuilding building of cattle herds her and mane finane should be no noI ing mg at pre present nt prices much less problem than any anytime anytime I fortunately tine time in re recent reent recent ent years the southwestern cattlemen n this sea season se seison son have unusually good feed condi condI- condItIons conditions conditions and Arizona Anzona and New Now cattlemen are in m condition to carry carryover carryover carryover over their herds without sacrifice Stocker and feeder cattle must be priced at much lower lo levels than last season in order ord r to encourage ge the I feeder to bu buy i I In tin n important element which en ento ente to tc mo ino in o the Mocker and feeder situa situation situation I tion is the condition of corn and hay ha crops in the middle west While lt it itis itis breaking up re I is likely that the recent reent I of the prolonged drouth has some someI somewhat somewhat somewhat what relieved the tha situation it lt seems very likely that the demand for stock stocker stocker I Ier er and fee feeder del cattle from the Corn Belt this fall will be he much small smaller r than normally s is a result there probably will III be a greater of stockers stackers kers and feeders marketed In an California than usual In direct contrast to Corn Belt con conditions conditions there were ere bumper crop crops of hay and grain gram in m Cal California orma th s son son and prices have been relatively cly low Apparently the only profitable outlet for this feed will be through the feeding of livestock This has re- re resulted resulted re resulted feeder cattle in some so-me calls for earlier in the season than normally has been as California in m the past st mainly a range feed state stale It is 15 of th the early to estimate course too volume of feeder demand from Cab Cali California forma fornia range cattle feeders as this wall wll depend largely upon whether bather or not the state tate has earl early fall reins r ms There his baa been no contrasting of feeder cattle as yet as buyers an ani tellers sellers are far apart in ID their view Movement of stockers and feeders feed to California 18 ordinarily takes place about November 1st I |