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Show i Los Angeles Union Stock yards, : August 28, 1939 Sharp recovery in hog prices has Been the outstand-' ing feature of the livestock trade ' during the current week. After ' dropping to the lowest levels since late in 1934, hog prices have recovered re-covered more than one cent a pound. Top hogs on the Los Angeles market mar-ket late last week reached $7.75 a cwt. The reaction toward improved im-proved price levels was general at all major markts, apparently reflecting re-flecting broad demand for pork products pro-ducts at the low prices which prevailed pre-vailed earlier in August. It is somewhat reassuring to all members' of the trade that pork products are moving almost immediately im-mediately into consumer channels, for it is generality the rule that when prices are extremely low, a larger proportion of. product will be put down to cure. Instead, it is reported that pork and lard stor- age stocks are well below the five-year five-year average, indicating that the approximate 35 percent increase in hog slaughter so far this year has found immediate outlet as fresh pork. Hog prices arc now about two cents a pound under a year ago. Improvement in the hog market is regarded with relief by cattlemen, cattle-men, for pork and beef are generally gen-erally considered highly competitive, competi-tive, and it is hardly reasonable ! to expect relatively satisfactory ! beef prices to be maintained if' 'pork prices are extremely low. . While the trade is waiting to see I if the present strength in the hoe. ! market can be maintained, students I of the trade nevertheless regard ! the factors l ack of the upswing as a favorable tr.ml, indicating increased in-creased consumer buying power. Cattle imports into the L'n'.ed States for the first six miihs of 1939 were the largest on record. states a United States department, of agriculture release. During this i period, a total cf 491,000 cattle,! other than dairy cattle, were im-j ported into the United States. This i compares with 247,000 cattle dur-j ing the corresponding period in 1938, 315,000 cattle two years ago! and 285,000 cattle three years ago. Of the 491,000 total so far this year, Mexico accounted for 344,000, the balance, or 147,000 cattle, coming com-ing from Canada. Most of the j Mexican imports wore cattle weighing under o99 pounds and paid an import duty of 2.5 cents a pound. |