The Agricultural Outlook for 1933

Excerpts from the report: The domestic demand for farm products in general has improved only slightly from the lowest level, reached last July. No marked changes from this level are probable during the next few months. Numerous political and financial elements with uncertain influence on business sentiment and business activity still exist; but the need for replenishing accumulated shortages of goods and the existence of sounder credit conditions and more confidence than prevailed during the financial crisis of late 1931 and early 1932, point to the possibility that domestic demand during the 1933-34 season may show some improvement over present conditions. Substantial general improvement in the domestic demand for farm products, however, waits on recovery in the industries that produce durable goods (such as buildings, railroad equipment, and automobiles) and consume large quantities of iron and steel, where extensive unemployment exists. Much will also depend upon changes in political and economic conditions abroad bearing on the removal of some of the foreign trade and foreign-exchange restrictions which now hamper domestic industrial activity for export markets.