The Agricultural Outlook for 1934

Excerpt from the report: The domestic demand for most farm products has improved noticeably since March of this year and seems likely to improve further in 1934. In view of the relatively high level of activity in industries utilizing agricultural products, it seems probable that further increases in the demand for farm products will be dependent primarily upon a more pronounced recovery in the output of industries using nonagricultural products, particularly iron and steel. As a result of the agricultural adjustment program, total agricultural production may be held to about the same level as in 1933 when production, especially of grain, was influenced by unusually low yields in some crops. The reduction of large surplus stocks of raw materials is a necessary prerequisite to maintaining any substantial advance in price. Future credit and monetary policies will also be a major factor influencing price movements