Although consumption does not necessarily follow the same seasonal trend as the imports, it is a fact, according to reports of London dealers, that butter stocks are now lower than at the same time last year, when at least 50,000,000 lbs. of Government stocks still remained unsold in England. With comparatively light stocks and the certainty that imports into England after July can not be as heavy as during the first six months, a speculative demand has been stimulated in that country in anticipation of an expected autumn shortage. Although butter production since the war has recovered rapidly in practically all of the important dairy countries, Russia is still out of the world’s market. The cutting off of the Russian exports to England, which amounted to 150,000,000 lbs. annually from 1909 to 1913, was the greatest single factor in bringing about, this change in the seasonal supply of the latter country. The present statistical position of the United States is, therefore, somewhat misleading, unless due consideration is given to (Concluded on page 111, column 2.) IN THIS ISSUE. ╔═════════════════════════════════════════════════════════════════════╗ ║ Page.║ ║=Crop Reports= 106║ ║ Condition of cotton crop on July 25. Truck crop reports. ║ ║ ║ ║=Live Stock and Meats= 107║ ║ Nearly all classes sold at lower levels. Fresh meat markets ║ ║ were slow. ║ ║ ║ ║=Dairy and Poultry= 110║ ║ Butter markets weakened under heavy supplies. Cheese prices ║ ║ were lower. Monthly report on condensed and evaporated, and ║ ║ powdered milk markets. ║ ║ ║ ║=Fruits and Vegetables= 112║ ║ Shipments continued liberal. White potato prices slumped. ║ ║ Most other lines steady to firm. ║ ║ ║ ║=Grain= 114║ ║ Wheat prices continued downward trend. Cash corn fairly ║ ║ steady. ║ ║ ║ ║=Hay and Feed= 115║ ║ Hay demand was dull. Feed prices were easier for most kinds. ║ ║ ║