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Excerpt from Livestock and Meat Situation: December 1973 Higher fed cattle prices and smaller beef supplies are in prospect for this winter. In the past year, high feeder cattle prices, increased feeding costs, and market disruptions in spring and summer discouraged placements of cattle on feed. This backup of feeder cattle from the 1972 beef calf crop, together with a larger 1973 crop, indicates a large number of feeder cattle are available for feedlot placement this fall. This could lead to a large increase in fed beef production by next spring and summer, accompanied by declining prices. Fed cattle prices have stabilized near $40 per 100 pounds this fall after some dramatic declines from near $58 in August. Slaughter is up substantially from the low summer level but is still averaging under last year. Although fed beef production is down from last year, cow slaughter has been up slightly. Feeder cattle prices have dropped since summer, but not as much as fed cattle prices. Further reductions in feeder cattle prices are probable this fall but some recovery may occur this winter as fed cattle prices rise. Hog slaughter this fall is seasonally larger than in the summer but it continues below 1972. Hog prices tumbled from near $60 per 100 pounds in August to in mid-november, but remained considerably higher than last year. Although feed prices have subsided somewhat from midsummer highs, hog producers are still not planning to expand production. The 10-state J une-august pig crop was down 4 percent from last year and intentions for farrowing in the Corn Belt during September November indicate no increase from 197 2. This would result in a slightly smaller total fall pig crop and point to lower marketings during the first half of 1974. Thus, hog prices are expected to remain well above a year earlier through the first half of 1974. Decisions now being made by hog producers will affect second half 1974 pork production. With prospects for a strong hog mar